Hong Kong Movies: You Hongxingzi, what the hell is the charity king?

Chapter 776 "775" stirs up trouble in Hong Kong, with all sides slamming their fists in anger.

Old building renovation plan?
Some reporters didn't react immediately, their minds blank for a few seconds.

Some reporters realized what was happening and their eyes widened!
On stage, Kwan Cho's voice was steady and powerful: "Currently, according to a survey conducted by Five Star Property Company throughout Hong Kong, there are 3.3 residential buildings on Hong Kong Island, of which over 8000 are 50 years old or older. Among these, 3000 buildings that are 50 years old or older lack maintenance and have been abandoned." (ps: online data)
"Of these 3000 buildings, excluding those with damaged main beams, the rest can be renovated..."

"According to calculations by engineers from Five Star Real Estate, these uninhabited buildings can be converted into more than 10 housing units, with an average indoor area of ​​50 square meters, which can solve the housing problem for 10 households, or 40 citizens, or 7% of the population."

"More importantly, the speed of old building renovation will far exceed the speed of new building construction. Six months to a year will be enough to renovate them all and then quickly put them on the market!"

"Hiss~~~~~~"

All the reporters present gasped in surprise.

10 sets

If this continues, will the real estate market still be hot?

It's probably pretty cold now, right?
"at last,"

Guan Zu's face was cold.

"In the days to come, as the Legislative Council Chairman, I will not only promote more renovations of old buildings, but also provide more housing options for citizens with housing needs."

"At the same time, I will expedite legislation to restrict and crack down on such behavior by banks, real estate developers, and the media, for the benefit of the citizens!"

"Hong Kong Island belongs to the people of Hong Kong Island, not to a few capitalists, a few banks, or a few greedy people who wantonly plunder and exploit the wealth of the people!"

The voice fell,

Many young journalists who had not bought houses were filled with excitement.

"it is good!!!"

Some people applauded, and then quickly all the reporters in the room joined in.

The entire venue erupted in enthusiastic applause!
With Mr. Guan's words, the reporter who was anxious about not being able to buy a house no longer needs to be anxious.

Mr. Guan, loyal!

Next, we will have a Q&A session with reporters.

The scene was incredibly lively.

The Sun reporter: "Mr. Kwan, you mentioned that 3000 abandoned old buildings could be renovated into 10 housing units. However, many of these buildings are over 50 years old and may have structural safety hazards. How can you ensure that the renovated housing meets current building standards? Where will the renovation funds come from? Will the costs be passed on to the owners or future homebuyers?"

"Regarding safety hazards, we will first have engineers from the Housing Bureau supervise the process. If the hazards can be resolved, we will continue the renovation; if not, we will abandon the project or demolish and rebuild it..."

"As for the renovation funds, the entire project can be led by the Five Star Group, and the funds can be advanced by the Five Star Group."

"As for your question about whether the costs will be passed on to homeowners or future homebuyers, I believe most citizens trust the reputation of the Five Star Group."

Many reporters were immediately convinced.

When it comes to credibility, who can match Five Star Group?
Hard and powerful!
Reporter from The New Paper: "You said the renovation could be completed in six months to a year, but the renovation of old buildings involves the integration of property rights (such as obtaining consent from multiple owners). In the past, old building renovation projects on Hong Kong Island have often been delayed due to disagreements among owners. How do you plan to solve this problem?"

Guan Zu: "I believe many owners of those old buildings will not refuse renovation, because for them, old buildings are abandoned assets. If they are renovated, their assets can be revitalized."

If all else fails, enact a law.

Anyway, legislation is easy.

Legislative Council, I'm in charge!

Sing Pao reporter: "Mr. Kwan, you mentioned that you will push for legislation to crack down on illegal activities by banks, real estate developers, and the media. Could you elaborate on the direction of this legislation?"

Kwan Cho: "In response to false media reports, I will push for amendments to the Defamation Ordinance or the addition of a 'malicious market manipulation offense.' Regarding high-leverage bank loans, I will restrict down payment ratios or loan interest rates..."

Economic Daily reporter: "During the legislative process, there may be resistance from vested interest groups, such as lobbying by the real estate and financial sectors. Do you think the bill can pass?"

Guan Zu: "???"

It got stuck for a moment.

(The lawmakers roared in unison: Damn reporter, you're slandering me! I would never collude with criminal gangs!)

Guan Zu thought for a moment and said, "I believe that most legislators understand their position—they stand on the side of the citizens!"

(The councilors shouted: That's right! We stand with the citizen, Mr. Kwan!)

Sing Tao Daily reporter: "Old building renovation only increases supply in the short term. In the long run, the problem of tight land resources on Hong Kong Island still exists. Besides old building renovation, are there any other plans to increase housing supply?"

Guan Zu shook his head: "I think you've misunderstood something. Land resources on Hong Kong Island are not scarce. There are still many, many undeveloped areas."

"As for how the Hong Kong Island government will increase housing supply in the future, the government will consider that..."

I'm just an ordinary citizen, why am I thinking so much?

Don't you feel guilty?
The press conference ended an hour later.

The reporters left with a lot of information; they were quite full!

……

Before the media even reported it, the news had already spread throughout the companies that Guan Zu had criticized and condemned.

……

"Bang!"

HSBC Bank, executive office!

Beside the mahogany table, HSBC tycoon Brandon, his face ashen, slammed a newly printed copy of a press conference onto the table in anger, causing the liquid in his coffee cup to splash out of the rim due to the impact.

"Guan Zu has gone mad!"

His voice was strained with anger.
"Instruct the public relations department to issue a statement immediately, emphasizing that the 'ultra-low down payment' is to help citizens realize their dream of homeownership, and is by no means a malicious hype!"

The risk control director standing next to him said, "Boss, given Guan Zu's reputation, his call to action could easily lead to a boycott of our bank by citizens, or even them withdrawing their deposits... Should we suspend that loan program first?"

He was well aware of Guan Zu's reputation. HSBC had suffered losses many times before, and if this call for a "boycott" were to escalate into a public movement, HSBC's very foundation could be shaken.

"Pause?" The president looked up sharply, glaring at him. "We absolutely cannot stop! If we stop, it's tantamount to admitting we're wrong! Notify all branch managers that starting tomorrow, everyone will work overtime to call major clients and explain the situation, making sure to reassure depositors!"

……

……

Cheung Kong Holdings, Boss's Office
Young Master Li tapped his fingers lightly on the table, his gaze fixed on the words "hoarding and withholding sales" and "maliciously manipulating the market," his face revealing no emotion.

The secretary brought over some tea.

"Any news from New World Development or Wharf Holdings?" he suddenly asked, his voice unusually calm.

“Mr. Li Ji called and asked if we should issue a joint statement to refute it.”

Young Master Li remained silent for a moment, then slowly shook his head: "Rebuttal? Guan Zu dared to name names in the position of Legislative Council Chairman, so he must have solid evidence."

He got up and walked to the floor-to-ceiling window, gazing at the skyscrapers of Central.
"Pass down the notice: all properties currently on sale will reduce prices by 5% starting today."

The secretary was stunned: "But what about the board members..."

Young Master Li: "Tell them that compared to the plummeting stock price, this profit is nothing. Of course, if they disagree, I'll have them talk to Master Guan in person..."

Young Master Li had been manipulated and molded by Guan Zu so much that he couldn't muster the slightest thought of resistance.

……

……

Soros Fund Management.

In Rodney Jones' office, a group of people were discussing Guan Zu's press conference. Their expressions weren't exactly panicked, but rather a mixture of doubt and curiosity.

"Boss, Guan Zu is really arrogant. He dares to openly criticize banks, real estate developers, and even us."

Jerry's tone was slightly teasing.

Jones stood up, walked to the window, and looked down at the bustling street scene of Hong Kong Island, his eyes full of doubt:
"Banks and real estate developers are all powerful entities. Does he think that issuing a statement and calling on citizens can change anything? What does he want to do?"

"I want to see how the banks and real estate developers will retaliate."

Each member's eyes shone with anticipation.

Inside the office, the tense atmosphere did not spread; everyone felt that Guan Zu's accusations were nothing more than an insignificant farce.

They firmly believe that in this game where finance and real estate are intertwined, they will be the ones who have the last laugh.

……

The South China Daily.

The deputy editor-in-chief was so angry that his face turned red and his hands clenched into fists.

"Damn it! These idiots! I told you long ago not to let profit cloud your judgment, but you wouldn't listen! Now look what's happened, we've offended Kwan Cho and the entire population of Hong Kong Island, our newspaper is doomed!"

The editor-in-chief gritted his teeth and said, "We've worked so hard to build the newspaper's reputation, and they've ruined it all!"

……

Banks, real estate companies, and newspapers alike became increasingly swayed by Guan Zu's press conference.

……

It finally came to noon.
ATV and TVB gave prominent coverage to Kwan Cho's press conference.

"This morning, at the Legislative Council building..."

"Legislative Council Chairman Kwan Cho-lam held a press conference..."

"At the press conference, Mr. Guan Zu severely criticized and condemned the recent real estate speculation frenzy..."

"At the same time, he stated that he possessed sufficient evidence to prove that Soros Fund Management, banks such as HSBC and Standard Chartered, New World Development, China Fortune Land Development, Cheung Kong Holdings, Wharf Holdings, Kerry Properties, and newspapers such as the South China Daily colluded to drive up property prices..."

The camera focused on Guan Zu's speech:

"Hong Kong Island belongs to the people of Hong Kong Island, not a cage where a few capitalists, a few banks, or a few greedy individuals can wantonly plunder and exploit the wealth of its citizens!"

"At the same time, I call on the citizens of Hong Kong Island to resolutely boycott this newspaper that inflates housing prices and lacks any corporate conscience!"

……

Chen's Tea Restaurant
The tea restaurant was packed with diners at noon, and Guan Zu's press conference was playing on the TV.

Two middle-aged men at the next table slammed their hands on the table, spilling half of their iced lemon tea from their enamel mugs.

"Damn it! Those HSBC bastards!"

"Last month they called to urge me to take out that 'super low down payment' loan, thank goodness I didn't believe them! This afternoon I'm going to withdraw all my savings and switch to Five Star Bank!"

The proprietress, wearing an apron, walked by carrying a plate of char siu rice, echoing her grumbling:

"And that *South China Daily*, it's heartless! Starting tomorrow, I will never buy *South China Daily* again!"

"Yes, I will never buy those newspapers like the South China Daily again!"

……

Central, a company canteen.

Amidst the clinking of stainless steel plates, the television news was broadcasting Guan Zu criticizing real estate developers by name.

Several employees threw down their chopsticks, gathered around the television, and, filled with righteous indignation, began to curse and swear.

"Cheung Kong Holdings' new development, they said last week that there were only three units left, but now it seems they were just hoarding them!"

"My wife and I were originally planning to grit our teeth and buy in, but now I see through it all. It's all a scheme orchestrated by capitalists! We're not buying anymore! Let whoever wants to buy, buy; let those capitalists speculate and play around!"

"The housing prices have skyrocketed in recent years, all because of these people! Mr. Kwan is right, Hong Kong Island belongs to us, not their ATM!"

"Can't these companies have any conscience at all?"

"Them? Conscience? We'd be grateful if they had even half the conscience of the Five Star Group!"

"What am I going to do when I need to buy a house in the future?!"

"It will get more and more expensive, and less and less affordable!"

"You damn bastard, you've got a whole house shovel!"

……

A residential building, inside a family's home.

The family of three sat on the living room sofa, staring at the television.

Retired teacher Mrs. Chen was so angry that her hands trembled.

"No wonder the South China Daily keeps touting rising property prices; they've been taking bribes!"

She pointed to the stack of newspapers on the coffee table, grabbed the South China Daily, and stuffed it into the trash can.
"If you buy this newspaper again, I'll throw away your dad's reading glasses!"

Uncle Chen, standing nearby: "…………"

innocent.

Son: "Mom, don't keep your retirement savings in Standard Chartered. Five Star Bank's interest rate isn't bad either. I'll transfer it out this afternoon."

Mrs. Chen nodded emphatically: "Okay! Take it out and deposit it at Five Star Bank!"

But soon he was worried again.

"But we still need to buy a house!"

"You two brothers are getting married. If you don't buy a house now, the price will be even higher and it will be even harder to buy one later..."

At this point, Mrs. Chen, Uncle Chen, and their son fell silent.

This reality is cruel.

Just at this time,

The television coverage continues.
Guan Zu was on stage, explaining his plan:

"3000 buildings...renovating over 10 housing units...solving housing problems for 10 households...7% of the population..."

"Six months or a year will be enough to renovate them all... and put them on the market..."

Xinhua News Agency stated that it will increase the land supply for low-rent and affordable housing in the future, so that citizens will have a place to live...

Mr. Chen and Mrs. Chen's eyes lit up.

The son's eyes lit up.

Thud~~~~
"Great! Let whoever wants to buy these expensive houses from these developers buy them!"

They're not in a hurry anymore!

(End of this chapter)