Chapter 615
Deepening Reform and Opening Up
Another year has passed (1992).
spring.
82-year-old Chen Guangliang and 77-year-old Yan Renmei returned to Shanghai and stayed at the former Shangri-La Hotel, now the Jinjiang Hotel (which differs from their previous life).
At this time, the mainland had already established itself as a major country in the era of "deepening reform and opening up," but foreign businesses did not enter the Chinese market immediately.
As for Chen Guangliang's trip, it was not related to business; it was purely for sightseeing, reminiscing, and charity work.
Over the past 15 years, Chen Guangliang has donated more than US$12 billion (HK$10 billion) to mainland China, roughly equivalent to the net worth of Li Ka-shing, Hong Kong's second richest man in 1991. Of these charitable funds, 70% went to education and 30% to healthcare, elderly care, and other fields.
Of course, Ningbo University is the largest recipient of the donation, receiving a total of US$4 million, making it a key university in China, and even obtaining doctoral programs last year.
"Mr. Chen, Mrs. Chen, it's been so many years!" An elderly woman in her nineties, supported by others, entered Chen Guangliang and Yan Renmei's private room.
Time seemed to flow backwards, taking us back to that era.
Chen Guangliang said in surprise, "Boss Dong!"
Yan Renmei was also surprised. The person who came was Dong Zhujun, the founder of Jinjiang Hotel. She didn't expect that he was still alive.
The two of them visited Shanghai many times, and they usually stayed at the Jinjiang Hotel, which was the predecessor of the Shangri-La Hotel, but they never had the chance to meet this "old friend".
They were old friends, but they had only met a few times in Shanghai in the 1930s. Du Yuesheng had invited Chen Guangliang to dinner several times when they met.
The elderly Dong Zhujun was somewhat emotional, saying, "Mr. Chen recognized me at a glance; he has such a good memory!"
Chen Guangliang held her hand and said, "I haven't forgotten my old friend! How have you been, Boss Dong, all these years?"
"well!"
It's not bad, after all, we've already endured the hardships, so why blame anyone?
Of course, there are also some people who, given the chance, go abroad and are taken care of by their lovers overseas.
This situation has been common since 1977.
Everyone sat down together and chatted about the past.
Dong Zhujun was also accompanied by her eldest daughter, who was one of the first generation of pianists in China.
"I've heard that Mr. Chen has frequently returned to the mainland in recent years, which must mean he often thinks about the country. And Mr. Chen has done so many great things for the country, helping countless people. Compared to those of us who stayed on the mainland, Mr. Chen is still the most patriotic figure!"
Although they had never met before, in recent years, the mainland has elevated Chen Guangliang's status to an almost divine level, with his biography alone having more than a dozen versions on the market.
With the arrival of the great era of deepening reform and opening up, these biographies will profoundly influence the lives of many people. It is likely that many middle school students will carve the three characters "Chen Guangliang" on their desks, hoping to succeed in business if they cannot succeed in their studies.
"I am a businessman."
Dong Zhujun was taken aback because Chen Guangliang's answer was very 'common'.
But soon she heard Chen Guangliang say, "Of course. After acquiring a certain amount of social wealth, one should also shoulder some social responsibilities."
Let others judge right and wrong, success and failure; Chen Guangliang only needs to have a clear conscience.
He donated his wealth in US dollars primarily because the country was so poor at that time, and his compatriots were living in extreme poverty. If it were twenty or thirty years later, he probably wouldn't have been so generous, since everyone would have been well-off by then.
Of course, by then, Chen Guangliang hopes to continue investing in biomedical research and development, as well as donating to medical charities, and of course, to stand up for others in times of disaster.
"Mr. Chen remains a man of noble character," Dong Zhujun remarked with emotion.
Back when she was in Shanghai, she often heard of Chen Guangliang's reputation for repeatedly donating money to save the country and its people. Moreover, she heard that in order not to overshadow Du Yuesheng, Chen Guangliang sometimes donated money in the name of his company or even his employees, which was truly a sign of "noble character".
Of course, Dong Zhujun was even more amazed that after so many years, this person still looked as charming as ever.
After chatting for a while, everyone had a meal.
During this time, Dong Zhujun's eldest daughter also made a request to perform in Hong Kong, and Yan Renmei gave her a business card. Clearly, the performance was a pretense; the real intention was to go abroad.
But in any case, the requests from the deceased are naturally not a problem.
Chen Guangliang and Yan Renmei walked the streets of Shanghai, experiencing the characteristics of this era.
Shanghai is, after all, the most fashionable city in the mainland. Pedestrians on the street are no longer all dressed in traditional clothing. Many people are now wearing woolen coats, jeans, and suits.
On the other hand, many people in Shanghai have relatives overseas. Over the years, when those relatives come back to visit, they bring fashion back little by little.
The two were very eye-catching, firstly because of their extraordinary demeanor, and secondly because they were accompanied by many people, clearly indicating that they were important figures. Many people recognized Chen Guangliang, after all, he had appeared frequently in mainland newspapers in recent years, and he was deliberately dressing older; the 82-year-old man simply looked very energetic.
As for 77-year-old Yan Renmei, time has not diminished her beauty; she still possesses a great temperament and exudes an air of nobility.
"The development of the Shanghai Stock Exchange is of utmost urgency!"
Yan Renmei held her husband's arm, knowing that although he seemed to be on vacation, he would still care about the country's development and would also be meeting with the new leaders in Beijing.
She said, "The time has come, and I believe the future is bright!"
Chen Guangliang said with a smile, "The two of us will definitely be able to witness it."
Yan Renmei was deeply moved. Her husband could easily live to be 100, she completely believed it. But she dared not say that she herself could also live to be 100.
Of course, Yan Renmei doesn't have that kind of anxiety. She has a good mindset, and her relationship with her husband is still good. Her children and grandchildren are capable and filial. What could she possibly want in life?
Of course, she hopes to witness the future together with her husband.
"Mr. Chen, Shanghai needs you, even more than Ningbo!" a citizen in his forties or fifties suddenly shouted.
As soon as he said this, a lot of people gathered around.
Chen Guangliang waved his hand, indicating to his bodyguards and public officials that they didn't need to be nervous. He smiled and said to everyone, "I've already retired and don't care about too many things anymore. Of course, the domestic situation is very good right now, and I believe that everyone can definitely create a new economic miracle."
Can we catch up with Japan?
A citizen asked a question in a frenzy.
At that time, in the eyes of the Chinese people, catching up with the United States was naturally a pipe dream, but they also hoped to learn from Japan, Singapore, Hong Kong, and other countries and then catch up.
It's about catching up, not just surpassing. "The future is very promising!"
Everyone applauded.
There is hope of catching up.
Of course, I'm not talking about GDP per capita, but rather the future prospects in fields such as science and technology and industry.
Chen Guangliang's previous life was in 2025. At that time, China's automobile industry had grown rapidly. Although Toyota was still the world's number one automaker, China had transformed from a car importer to a major exporter. That was progress.
Catching up is a concept that is difficult to describe in terms of GDP per capita; rather, it should be viewed from the perspective of various technological and industrial sectors.
For example, in fields such as artificial intelligence, new energy vehicles, robotics, and electronics, China was indeed already in the 'first tier' at that time.
It cannot be said that Japan has caught up with China by 2025, but with the prospect of China's rise, Japan has lost a lot of things - it is no longer as invincible as it was before 2015.
Therefore, he never saw China become a 'moderately developed country' in either of his two lifetimes, but he believed that China would definitely become stronger and stronger.
"Mr. Chen, you're so popular, should we arrange for security?"
Chen Guangliang quickly stopped the accompanying public officials, saying, "We're all compatriots, there's no reason for us to be on guard. Don't worry, nothing will happen!"
That being said, Chen Guangliang would indeed be easily recognized in places like Shanghai, Ningbo, and Beijing if he were dressed as he does now and accompanied by many people.
Sometimes, local governments also have to send accompanying personnel, so he can't keep a low profile even if he wants to.
Returning home in glory?
He certainly doesn't need it anymore; even if he doesn't return to his hometown, his legend will still be everywhere.
His influence in Ningbo and Shanghai is now enormous.
If these are the goals, Chen Guangliang's life has already been very fulfilling.
After Chen Guangliang left Shanghai, he left no trace.
He didn't talk about investment or donations, as if this trip back was simply a return to his hometown.
But soon, Shanghai saw a surge of investment, and the city government immediately realized that without Mr. Chen Guangliang's return to his hometown, there would have been no such amazing investment projects.
First, Nanjing West Road attracted the attention of Cheung Kong Holdings and Wharf Holdings, who acquired the development rights to the former Shangri-La Hotel (now Jinjiang Hotel), the New Town Garden (a large residential complex), and the development above the Metro Line 1 station. They plan to invest in projects such as Tai Fook Plaza (a brand under Cheung Kong Holdings), Times Square, and the redevelopment of the Shangri-La Hotel. Once completed, this investment will completely transform Nanjing West Road.
Secondly, there's Pudong. Ping An Financial Group, CK Asset Holdings, and Wharf Holdings submitted a planning proposal to the municipal government, aiming to develop Pudong into an international financial center. The three groups will each build in this area: Ping An Bank Tower, Shanghai World Financial Center (one of the three buildings), Shangri-La Hotel, Poly Plaza, and a high-end residential community.
Finally, Hutchison Whampoa, part of the Cheung Kong Group, invested in the Port of Shanghai.
Overall, the Shanghai Stock Exchange saw a surge in investment.
In early May, the Cheung Kong Centre building in Hong Kong finally opened after six years of reconstruction.
The original site of this building was occupied by the Hilton Hotel, Gongbei Hotel, and Garden Road parking lot. The land was merged and developed through a land transfer method.
Designed by American architects Leo A. Daly and Cesar Pelli, the building features a square floor plan, a movable platform, an underground air conditioning system, and a facade made of giant glass with a fiber optic lighting display system.
On the day of its completion, the HSBC Building and Ping An Bank Building in Central finally had another 'rival'.
Of course, in this life, the history of the Bank of China Tower in Hong Kong changed because the Bank of China in Hong Kong won the bid for the "Garden Road prime land" in July 1989, which was the site of the Universal Plaza built by Eagle Group in the previous life. Therefore, the Bank of China in Hong Kong could only spend a huge sum of HK$35 billion to acquire the land in 1989, and with the construction costs, the total investment was HK$6 billion.
Undoubtedly, the Bank of China's loss of the then "Central Land King" in 1947 led to its current huge investment. In the previous life, the Bank of China Tower only paid HK$1 billion for the land and a little over HK$1 billion for construction, totaling just over HK$2 billion. As for the Central Land King in 1947, that was an investment by the Bank of China under the Nationalist government.
In any case, the Bank of China in Hong Kong has finally made up for the regret of not having a top-tier skyscraper as its headquarters, after all, this is a guarantee of its credibility.
In this way...
This area has formed a pattern of four major skyscrapers: Ping An Bank Tower, HSBC Tower, CK Asset Holdings Centre, and Bank of China Hong Kong.
The Chen family, however, occupies two buildings.
Of course, in the heart of Central, Hong Kong, the Chan family also owns a large number of high-quality properties, including Exchange Square, Shangri-La Hotel, Cheung Kong Plaza, Poly Mansion, Lane Crawford Building, and Hutchison House.
When the Cheung Kong Group Building was put into use, the headquarters of Cheung Kong Group was also located in this building, and Chen Wenjie specially reserved a 'Chairman's Office' for his father.
Although his father did not move in, he still chose to keep one room.
Cheung Kong Holdings, the oldest of the five major conglomerates, originated in 1927 and represents my father's most important legacy.
"Father, Grandpa's office has been checked and there are no problems!" The eldest son, Chen Zerui, respectfully walked into another chairman's office.
"Okay. Remember, tell the people in the office that the office needs to be kept clean and tidy."
"I've already given all the instructions, so there's absolutely no chance of anything going wrong."
59-year-old Chen Wenjie nodded, his gaze towards Chen Zerui remaining serious. He said, "As long as your grandfather is alive, we have it much easier. If your grandfather is no longer here, whether I am still here or not, you just need to remember—be 70% steady, and that's all."
34-year-old Chen Zerui stiffened. He knew his grandfather's importance, and said seriously, "In recent years, Zheng Jiachun of the Zheng family has taken over, and in just a few years, New World Development has accumulated huge debts. We young people should take this as a warning to ourselves."
Chen Wenjie waved his hand and said, "That's not the reason I'm telling you these things today. It's because I believe that with your grandfather's health, he can live to at least 100 years old, or even longer. By then, the Cheung Kong Group will have already reached its expansion limit, and stability will be the most important thing, not development. Moreover, since the 1990s, the Cheung Kong Group's dividends have always been very high."
In 1991, Cheung Kong Holdings' recurring profit was HK$88 billion, while its non-recurring profit reached HK$17 billion (from the sale of some Japanese assets). In March of this year (1992), its dividend payout reached HK$86 billion, which was higher than the annual profit of the most profitable listed company in Hong Kong, making shareholders extremely happy.
Despite making large investments in mainland China and overseas, Cheung Kong Holdings still manages to maintain high dividends, which is the most frightening thing.
Based on the current situation, Cheung Kong's dividends in the 1990s alone may have reached HK$70-80 billion. Of these funds, 50% will go into the private hands of the Chan family, and the other 25% will go into the Chan Kwong Leung Foundation.
This wealth will be hidden away and invested by Chen Wenjie in more stable assets—overseas land (farms, ranches, etc., for rental), mineral equity, securities of high-quality companies, collectibles, and so on.
Entering the first quarter of 1992, Hong Kong's property market continued its upward trend from the previous year, with transaction prices of major private housing estates in various districts of Hong Kong and Kowloon rising to over HK$5000 per square foot by the end of March.
However, as the second quarter began, the effects of the Hong Kong government’s series of measures to crack down on property speculation, especially the policy of restricting 7% mortgages on properties, gradually became apparent. The property market’s ability to absorb demand weakened, transactions decreased significantly, speculation subsided, the market became quieter, and prices began to decline.
However, just as prices for small and medium-sized residential properties were sluggish, starting in the second quarter of 1992, prices for large luxury residences began to rise sharply, increasing by 2% to 3% in just six months. The average price per square foot in Imperial Garden and Braemar Hill Garden rose to over HK$6500, while Yau Yat Tsuen and Yau Yat Kuk in Kowloon Tong also rose to nearly HK$6250.
Office rents remained stagnant for more than two years. However, in 1992, due to the vacancy rate dropping to its lowest point, they rose sharply again.
Meanwhile, the Ping An Index also climbed to a new high of 8000 points in June. (End of Chapter)