Chapter six hundred and sixty-eight of the impact of the stock market crash
Major real estate companies showed their talents at the auction, but in the stock market, the stock price not only failed to stabilize and rebound, but instead ushered in another round of plummeting.
The Donghua Society had been mentally prepared and didn't care much, but the other major forces were not so calm.
In this land auction, there is no land that is not at an exaggerated price. In addition, the market is limited, and a lot of land can only be used as reserve land. The funds will be trapped in it for several years, even ten years. In the short term, major real estate listed companies will
Profits will be reduced as a result, and short-term investors and institutions will not continue to hold shares in these companies.
The continued decline of the stock market has ultimately had a considerable impact on Hong Kong's economy and society. In the past two years, a large number of citizens have invested their assets in the stock market, hoping to make a fortune there.
However, the advent of the stock market crash left many families impoverished overnight, especially those investors who entered the CBBC market. One moment they had a lot of money, but now they have nothing.
Many employees and even management members of the Tung Wah Association are also part of this, and some even went to extremes and ended their lives, which also had a considerable adverse impact on the development of the Tung Wah Association.
In order to cope with this change, on the morning of May 21, in the conference room 205 of Xinjian Building, Tung Wah Association members and Tung Wah Association's industry executives held a joint meeting.
“This round of stock market crash has dealt a huge blow to our economy in Hong Kong. Not only have many families’ assets shrunk, some even owe a large amount of foreign debt.
I believe there are such employees not only under our Xinjian Department, but also under East Asia, Guanghua, Kowloon Holdings, etc.
I believe you have heard about the incident that occurred at the Tianshui Industrial Park production plant of Taoda Group yesterday afternoon. Now it is even more widely spread outside. Because of this stock market crash, a living life chose to end like this.
He is the deputy manager of our Taoda Tianshui Industrial Park production base. He is a seventh-level manager in the Xinjian department, already a middle-level manager, and his salary is white-collar in Hong Kong.
Before the stock market crash, I had a happy family, with a virtuous wife and two lovely daughters.
However, now such a tragedy has occurred. The happy family has lost its backbone, its home will be taken away, and it also owes a high debt that is almost impossible for this family to repay.
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I say all this not to feel guilty for not taking action to protect the market this time, nor to try to be a saint, but nor to do nothing and let it develop.
At this time, our major charitable foundations must take action to prevent our employees from completely despairing.
Our media should also be active at this time and publicize more positive events.
In addition, our major companies must also provide psychological guidance to such employees so that they can have confidence and hope for the future.
Yijia Group must also take action to provide low-rent housing to our Donghua Association employees who have lost their housing, so that they can have a stable place to live."
These are all smart people present, and they know very well that Li Jianhui's arrangements are mainly to win people's hearts, and at the same time to reduce the Donghua Association's own losses.
You must know that the loans for employees of the Tung Wah Association are mainly from banks under the Tung Wah Association. If these people go to extremes, it will become a dead debt.
Giving these people hope and allowing them to continue working will reduce the negative impact of the Donghua Society and at the same time, the losses of several major banks will also be reduced a lot.
Of course, these policies are currently limited to employees under the Tung Wah Association. As for other personnel, they can only look to other forces and governments.
After the venue fell silent, Li Guobao said: "Affected by this round of stock market crash, our Hong Kong market may be relatively sluggish in the short term, so our next focus will be on external expansion.
Especially the ASEAN market, which we focus on developing, I hope everyone can pay great attention to it. This market will be the foundation of our Donghua Association for a long time."
Afterwards, Lei Juekun, Zhang Guangwen, Feng Jingyao, Li Chunxue, and Li Jianyang also spoke one after another, respectively talking about the main focus of the next development and expansion of the film and television media, real estate, finance, electronic semiconductors, and textile and clothing industries.
On the real estate side, despite the fact that the real estate companies under the Tung Wah Association have acquired a large amount of land for development, they currently have no intention of large-scale development.
In addition to the projects that have been developed so far, the focus of several major real estate companies is still on Baodao, Japan and the ASEAN market.
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In the afternoon of that day, policies for Tung Wah Club employees who were impoverished due to the stock market crash were distributed to major companies, and were conveyed to every front-line employee of Tung Wah Club in Xiangjiang at an extremely fast speed.
And yesterday, the family support policy for the deputy manager of the Tianshui Industrial Park Production Base of Taoda Group was also conveyed.
This wife will work in the management department of Wheelock Land in the new urban area of Tianshui. In consideration of her family, Wheelock Land Group will provide her with free employee housing, although it is only one bedroom, one living room, one kitchen and one kitchen.
It has a bathroom and an area of only 400 square feet, but for this family, it is already quite good.
The two daughters not only attend Tianshui Primary School and Tianshui Middle School for free from primary school to middle school, but also receive HK$800 in living expenses every month supported by the Xin Jian Charity Foundation.
Jiayi TV has reported extensively on this, and also called on citizens not to lose confidence in the current difficulties. The crisis caused by this round of stock market crash is only short-lived. I believe that with the joint efforts of six million citizens, we will soon be able to overcome the difficulties.
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Li Jianhui also rarely attended the special interview live broadcast room hosted by Jiayi TV and expressed some of his views on the current situation.
When asked by reporters about his views on this round of stock market crash, Li Jianhui said: "In my opinion, this round of stock market crash is inevitable. Since the depreciation of the US dollar and the appreciation of the Hong Kong dollar in September last year, our Hong Kong stock market has become hot.
In the past year and a half, the three major indexes have risen rapidly, and the market value of major listed companies has reached new highs. Coupled with the influx of large amounts of hot money over the past year, the market value of many companies has seriously bubbled up before the stock market crash.
Now hot money has withdrawn, triggering a large number of retail investors to sell, and this round of stock market crash has occurred.
However, I am full of confidence in the future of Hong Kong's economy. This round of stock market crash is more about making our stock market return to rationality. Our Hong Kong economy itself does not have much problems.
In particular, the signing of the joint statement will make Hong Kong more stable and will also help promote the economic development of Hong Kong to a higher level."
In the live broadcast room, Li Jianhui also reminded Xiangjiang investors that the stock market is risky and they need to be cautious when entering the market. Remember not to be too greedy, let alone invest all your wealth in it.
At the same time, Li Jianhui also gave chicken soup to investors who were destitute due to this round of stock market crash, so that these investors could regain confidence in their future lives.
As for protecting the market, Li Jianhui gave an ambiguous response, saying only that Xinjian Holdings Group would unite its allies to keep the Xiangjiang stock market within a reasonable range and would never let the Xiangjiang stock market fall into the abyss.