Since the 24th of last month, the Xiangjiang property market has continued to see housing and store listings. Similarly, the rental and sales of office floors have also continued to increase, and prices have begun to decline.
In just over 20 days, the number of new housing listings in Xiangjiang has exceeded tens of thousands of second-hand houses, and there are no statistics on newly launched properties.
However, during this period, there were very few buyers, which made the homeowners in Xiangjiang who were about to sell their properties even more anxious. For this reason, they had to lower their prices repeatedly.
After the property market entered a cold winter, not only the real estate speculators and the middle class people who were preparing to immigrate and eager to sell real estate were anxious, but also the small real estate companies in Xiangjiang began to be unable to hold on at this time.
These small companies themselves do not have much capital, and their ability to resist risks is very weak. Many of the funds for project development and real estate development come from loans. The decline in housing prices means that the properties they mortgage to banks are not enough to borrow so much.
funds, they need to make up for the gap.
The property market is facing the coldest winter in several years and is temporarily unable to withdraw funds, making them pessimistic about the future.
In order to withdraw funds to protect themselves, these small real estate companies have joined the army of price reductions. In some areas, the price of Xiangjiang property market has dropped by a quarter compared with its peak.
At a time when the Xiangjiang property market is facing such a severe moment, on the morning of the 17th, Li Guangyu attended the meeting of the Xiangjiang Real Estate Business Association.
When Li Guangyu entered the conference room, he saw that many members inside were frowning, obviously worried about the recent situation in Xiangjiang.
After saying hello to some elders, Li Guangyu came to sit next to Li Shauji.
The most relaxed people here are Li Guangyu, Stanley Ho, Li Shau Kee, Li Ka-shing and Guo Desheng. They all develop real estate in Japan. There have been no major projects in Xiangjiang for more than a year. In addition, there have been more and more investments in Xiangjiang properties in the past year.
Clean up and have a lot of cash on hand.
Since Zheng Yutong got on the train later, he, Chen Zengxi, Zhao Shizeng and others were also developing properties at Xiangjiang Metro Station. This time, the pressure was very high.
At the meeting, Chairman Fok Yingdong gave a brief account of the current situation of the Xiangjiang real estate market and asked those present for their current views and suggestions.
Huo Yingdong himself is not anxious at all. He is not engaged in real estate development, and the pressure on him in this regard is not very high at the moment.
Li Guangyu, Lee Shau-kee and others are currently keeping their own affairs in mind. They will not express any opinions at this time. They still think that the property market will continue to fall, and then they can enter the market to hunt for bargains.
The most anxious person at the moment is Chen Zengxi of the Hang Lung Group. They have put all the group's funds into property development at Xiangjiang Metro Station. Many of the funds came from their own Hang Lung Bank. Once the property market continues to decline, Hang Lung Bank will soon
They may be implicated here and suffer crowding from the citizens, and then their family's losses will be great.
When Chen Zengxi saw that Li Guangyu and others did not speak, he said: Xiangjiang is currently in a sluggish property market due to some political factors. I believe this problem will be solved soon. At this time, we need to maintain the stability of property market prices to avoid a collapse.
As long as this incident is settled, the property market will pick up.
These views of Chen Zengxi have been supported by many members. They all hope that the association staff will work together to maintain prices and prevent the property market prices from falling rapidly to protect their interests.
As long as the property market does not fall, they do not need to replenish funds from the bank or take out more properties as mortgage, so their pressure will be much less.
They can only bet that this incident will pass quickly, otherwise many of them will not be able to bear the consequences of the property market collapse.
Li Guangyu doesn't care about such issues. Anyway, they currently have no properties to sell. At this time, they still want to use the power of the association to unite to keep the property market prices from falling, which is basically impossible to achieve.
Nowadays, real estate speculators and people who want to leave are constantly selling properties, and the real estate business association cannot restrict them. By then, these members who maintain prices are afraid that all the properties will fall into their own hands.
Vice Chairman Stanley Ho said: Zeng Xi, I'm afraid this will be difficult to achieve. Don't you know the current situation in Hong Kong? How can our association alone stabilize the price of the property market? If you really want to do this, then I'm afraid
Members of the association finally
They will be dragged to death. The property market price is currently falling not by our association members, but by many speculators and small and medium-sized real estate companies. If we do not follow up and withdraw funds as soon as possible, but instead think about maintaining the property market price, I am afraid that in the end it will be just
Make wedding clothes for others.
Of course Chen Zengxi himself is aware of the current situation, but he does not want the property market price to collapse so quickly. He needs a buffer time to prepare.
Due to his radical approach in the past few years, many of Hang Lung Group's development funds came from loans from Hang Lung Bank. Once the property market drops rapidly, Hang Lung Bank is likely to be hit by a thunderstorm, especially because the Xiangjiang Monetary Authority has strengthened its supervision of financial institutions.
Supervision of investment institutions and banks.
Chen Zengxi is very clear that Stanley Ho, Li Guangyu and others hope that the property market will fall as soon as possible. It would be better if some groups went bankrupt or even went bankrupt. This will have a cascading effect on the stock market, and the stock market will continue to fall, so that they can earn more
profit.
Regardless of whether we are in the same association, no one has the same idea. It is simply impossible for Li Guangyu, Stanley Ho and others to harm their own interests and maintain the stability of property market prices.
Just like last month, they held a press conference in the morning to be optimistic about the future of Xiangjiang and would increase investment in Xiangjiang. In the afternoon, they suppressed the market that had just rebounded in the stock market.
I'm afraid that at this time, the Li Group and its interest groups hope that some real estate groups in Hong Kong will collapse as soon as possible, so that they can not only make a lot of money in the stock market, but also have one less competitor in the real estate industry in Hong Kong in the future.
Chen Zengxi said: At this time, if we groups are not prepared to maintain the price of the property market in Hong Kong and join the army of price reductions, I am afraid that the property market in Hong Kong will collapse in an instant. You must know that it is still us who occupy the majority of the housing supply. Once these flow into the market,
It will only intensify the panic in the market. When the time comes, real estate speculators and small and medium-sized real estate developers will not hesitate to sell at a loss, which will be a disaster for everyone.
Huo Yingdong knew what Chen Zengxi was thinking. He hoped that the Xiangjiang property market would remain sideways and prevent the property market prices from falling. As long as the association agreed to this point of view, the Xiangjiang property market would still be able to survive with their ability.
It's a pity that Chen Zengxi made the wrong calculation this time. How could the Li Group and other interest groups make the property market go sideways? They all hope that the property market will fall to a trough so that they can enter the market to buy the bottom.
Huo Yingdong himself does not agree with this approach. Isn’t it true that the current housing prices in Xiangjiang are not high? They have increased so much in just this year, but now they are thinking about maintaining their own profits sideways. It will take decades for the citizens of Xiangjiang to be able to buy
To afford a house, this is just a shameless act, and he will not support it.
Chen Zengxi also failed to achieve his wish at the end of the meeting, and his proposal was not approved by the association.