National Tide 1980.

In March 1991, the Japanese stock market once again began a precipitous decline.

The Nikkei index has fallen below 24000 points, with the market losing nearly half its value, and individual stocks suffering even more devastating losses.

While foreign institutions were reaping huge profits through stock index futures, countless Japanese institutional and individual investors suffered devastating losses. Brokerage firms were packed with people frantically selling stocks, their cries and curses creating a symphony of despair.

Japan's Ministry of Finance was forced to intervene in the market, leading the establishment of a bailout fund using public funds such as postal savings, labor retirement pensions, and insurance premiums. It also mandated that banks and financial institutions enter the market to support prices and stipulated that listed companies "only buy and do not sell" to lock up circulating shares.

At the same time, the cost of securities lending by securities companies and the margin requirements for stock index futures were raised in an attempt to curb the short-selling offensive of foreign capital.

Even so, the non-performing loan ratio of Japanese banks continued to rise rapidly, consumer confidence collapsed completely, and even giants like Toyota and Mitsubishi reduced their equipment investment and expansion plans due to asset devaluation and financing difficulties.

That spring marked the beginning of Japan's "employment ice age."

During the peak of the bubble economy, companies engaged in a "pre-selection war" to attract talent, and college students were considered "God's favorites."

After the bubble burst, the job market instantly reversed from a "seller's market" to a "buyer's market," and corporate recruitment almost came to a standstill.

Even recent graduates from the University of Tokyo and Waseda University have to send out resumes everywhere and attend a few job fairs in order to barely secure a relatively decent job.

The disastrous consequences of this economic bubble are now backfiring on the Japanese people in a way that is making them want to vomit blood.

However, no one could have imagined that while the Japanese economy was in a slump, Hainan Island, on the coast of the South China Sea, was quietly brewing another wealth bubble that was enough to ignite everyone's passion.

Unlike the deathly silence of Tokyo, the air in Hainan, besides the salty sea breeze, is permeated with a suffocating, money-fueled frenzy.

It was as if all the speculative fervor that had fled the Japanese bubble economy had poured onto this fiery island.

This frenzy first rose from the shores of Donghu Lake in Haikou, then spread along the eastern highway all the way to Sanya, completely consuming the peace along the way.

Hotels, guesthouses, and even small eateries and restaurants near the land bureau have been transformed into bustling, 24/7 stock exchanges.

The most valuable "hard currency" in these places is stacks of "red line maps" stamped with bright red official seals and yellowed land approval documents.

Countless outsiders, dreaming of getting rich, gather here. They don't need to see with their own eyes whether the land is barren or wild. They just need to tap their fingers on the map and shout out a price with great enthusiasm. In just a few minutes, the value of that thin piece of paper can double.

The days of being a "scalper" are long gone; in Hainan today, everyone wants to be a "landlord."

Gold prospectors from the mainland, some of whom had just disembarked from the ferry and hadn't even unloaded their backpacks, were swept up by this frenzy and rushed into the land bureau's gates.

Land prices have skyrocketed like a kite with a broken string, without any logic whatsoever.

Yesterday, the barren slopes were worth three to five thousand yuan per mu, but today someone dares to ask for a high price of six or seven thousand yuan per mu.

Everyone is spreading the word and gambling on it.

They're betting that policies will become more open, that banks will be more generous, and that there will always be someone even more "foolish" who will pay ten times the price to take over.

The entire island of Hainan is like a pressure cooker on a raging fire, with the valves hissing and crackling, and everyone can clearly feel the enormous energy surging wildly beneath the surface.

A single spark can ignite a wealth storm that sweeps everything.

Amidst the hustle and bustle, in a simple tea stall on Jiefang Road in Sanya, Nian Jing and Jiang Hao sat facing each other. Nian Jing was disheveled, his trousers rolled up and covered in dark red mud. He held a cup of warm chrysanthemum pu-erh tea, tilted his head back and drank it all in one gulp, the sound of his Adam's apple bobbing clearly audible in the noise.

No wonder he was in such a hurry. He had just returned from an inspection of a barren wasteland on the outskirts of the city. The soles of his boots were still covered in soft, damp red soil. He hadn't eaten or drunk anything all day, and his throat was so dry it felt like it was about to burst into flames.

"Hey, have you had enough to drink? Give me a straight answer first: is that piece of land we looked at today ready to be acquired?"

Jiang Hao leaned forward, his voice low, but his eyes held an barely suppressed excitement. His fingertips tapped lightly on the tea table, revealing an undisguised anxiety.

Jiang Hao is Nian Jing's brother-in-law. In his early years, he frequented government compounds and ministries. He has extensive connections and is well-informed in Beijing. He can not only accurately interpret policy trends, but also is good at finding speculative opportunities in a chaotic market.

During his trip to Hainan, he kept a close eye on policy developments and anticipated the surge in land prices.

After settling down in Hainan with Nian Jing for over a year, they initially made two land deals in Haikou with great success, easily earning hundreds of thousands of yuan, which made them both envious.

At that time, teahouses and restaurants in Haikou were filled with people carrying "red line maps" to discuss business. The atmosphere was ten times more lively than in Sanya. A mu of land was priced in units of tens of thousands, and one could make tens of thousands of yuan just by reselling it. It was faster than any other business.

The more popular a place becomes, the higher the barriers to entry become. For these "small players" with limited funds, Haikou has long been a dead end, so they have no choice but to settle for second best and move to Sanya, the second largest city on the other side of Hainan Island.

As luck would have it, the two had just arrived in Sanya when they came across a village selling off its land. There were only two or three families with the strength to compete for it, which gave Jiang Hao great hope. He had been investigating the local market for the past few days.

However, Nian Jing, who was in charge of the on-site survey, kept his head down and remained silent. He took out a crumpled drawing from his canvas bag and carefully laid it on the greasy tea table.

He used to be the head of the internal affairs department of a construction company. Although he didn't directly manage construction, he had been immersed in the industry for many years and was very clear about land use and infrastructure cost accounting. "Even if I haven't eaten pork, I've seen pigs run." So every time he inspected a plot of land, he had to personally confirm it before he could feel at ease.

His silence at this moment clearly indicates that the feedback was not ideal.

"Jiang Hao, I'm not trying to discourage you, but this land looks cheap, but there are quite a few hidden problems."

Nian Jing frowned, pointing to the markings on the blueprint, his voice full of worry. "Look at this area. It's right next to the mudflats, the soil is very soft. If we build houses here, the foundations will need extra reinforcement, making the cost at least 20% higher than in the city. Besides, Sanya's infrastructure is simply not up to par. This is the far suburbs; water and electricity haven't even reached here yet. Even if we get the land, we'll run into obstacles everywhere we go. The most crucial thing is the sheer size—several hundred acres. The village insists on selling it as a package, refusing to break it down into smaller units. They're clearly trying to get rich quick!" He paused, then added, "I asked the local construction teams, and the price of building materials in Sanya is skyrocketing. Steel bars and cement all have to be transported from outside the island, and transportation costs alone account for 30%. If we really dare to acquire large tracts of land, it'll be a do-or-die situation. The funds we have simply can't support the subsequent development. The risk is too great. If we get stuck with it, we're all finished!"

Jiang Hao, however, didn't take it seriously. He reached out and pushed the blueprints aside, his tone tinged with impatience.

"Brother-in-law, you're just too technically savvy, making simple things complicated! What's the situation in Hainan right now? With the establishment of a province and a special economic zone, people from all over the country are flocking here. Housing is a necessity, and land is an extremely scarce resource. Who's going to wait for you to develop it slowly? We're not acquiring land to build ourselves; we're waiting for the price to rise so we can resell it and make a quick buck!"

He leaned closer to Nian Jing, his voice lower and more seductive, “There’s something I haven’t told you yet. I ran into an old acquaintance here today, the head of a company under the Ministry of Water Resources. He bought thirty acres of land here last month for only 5,000 yuan per acre. Just one month later, someone offered 7,500 yuan per acre! Do the math, how lucrative is that? And I’m sure that before long, Sanya will be as bustling as Haikou. Those who couldn’t get land in Haikou will flock here. We don’t have to wait long at all. In just a month or two, when the land price rises to 8,000 or 9,000 yuan, we’ll sell it to the next buyer. It’s a sure-fire way to make money!”

The two argued for more than half an hour, each sticking to their own version of events.

Nian Jing remained hesitant throughout; he was content with modest wealth and lacked decisiveness.

Having already earned hundreds of thousands, I no longer want to take big risks.

This speculative approach of "getting something for nothing" always made him uneasy, as if a stone was hanging over his head.

Seeing that he was unmoved by reason, Jiang Hao became a little impatient, picked up his teacup, took a big gulp, and slammed the cup down.

"How about this, I'll ask around among my acquaintances to see if there are any smaller, more suitable plots of land, or if there's any inside information on policies. You should also think it over carefully. We can't let our funds sit idle all the time. Every extra day we stay here is another day's worth of food and lodging money wasted. If we're not going to buy land, we might as well go back to Beijing and deposit our money in a bank to earn interest. What's the point of all this trouble here!"

Just then, two men in Zhongshan suits entered the tea stall. They were tall and straight, with serious expressions, and looked like government officials.

The two looked around, found a quiet table, ordered two cups of tea, and began to talk in hushed tones.

Jiang Hao, with his sharp ears and quick mind, immediately perked up his ears. After listening for only a few words, his expression changed drastically. He quickly tugged at Nian Jing's arm and gestured towards the two of them with his lips.

Following his gaze, Nian Jing vaguely heard the keywords "city planning," "Yalong Bay," and "international resort." Her heart skipped a beat, and she couldn't help but get up to get closer, but Jiang Hao pressed her down.

Jiang Hao reacted even faster, grabbing a newspaper from the table as a disguise. He walked quietly to the next table behind the two men and sat down, pretending to rest and want some peace and quiet. In reality, he held his breath and strained his ears like radar.

Not long after, the two government staff finished their tea, got up, and hurriedly left.

Jiang Hao immediately got up and went out to take a look. When he came back, his face was filled with uncontrollable joy. He sat down and patted Nian Jing on the shoulder.

"I'm so lucky today! It's like the heavens are helping me! Those two people were definitely from the local government. I heard them clearly. They said someone wants to invest in building an international resort near Yalong Bay, and the project has already been approved, with an investment of over 100 million! Think about what that means? It means that land in Sanya is definitely worth investing in, and land prices are going to skyrocket! The village you went to see today is right near Yalong Bay! Now you can rest assured, right?"

Nian Jing's eyes lit up instantly, and her previously furrowed brows completely relaxed.

Even if he's conservative in his thinking, he understands the driving effect of an international resort with an investment of over 100 million on the surrounding land.

Once this project is implemented, the supporting facilities will inevitably be improved, and the problems he was worried about, such as high infrastructure costs and inadequate supporting facilities, may be solved.

This was like a reassurance, instantly dispelling most of his worries.

"It's good, but the timing of this news is too coincidental. It must be true."

Nian Jing couldn't help but ask another question, her tone carrying a final hint of caution.

"Don't worry about that, I'll go check it first thing tomorrow morning!"

Jiang Hao patted his chest and assured him, "Didn't I tell you we ran into an acquaintance here? He definitely knows people at the local land bureau and planning bureau, and he can verify it with a simple inquiry. As long as the information is true, we'll act decisively and can't hesitate any longer! If we don't seize the opportunity to acquire land now, once the news is officially announced and everyone realizes what's happening, it'll be too late for us! We'll just be watching others make a fortune while we starve!"

He became more and more excited as he spoke, his eyes gleaming with the light of wealth, as if he could already see land prices skyrocketing and him making a fortune.

Nian Jing remained silent for a moment, then looked down and re-examined the blueprints on the table, quickly weighing the pros and cons in his mind.

He recalled the barren land he had seen during his inspection earlier, and now, thinking back to the international resort project, the once desolate land seemed to have instantly transformed into a glittering gold.

If the supporting infrastructure can keep up, the increase in infrastructure costs can be completely covered by the profits from rising land prices, and the risks will be manageable. A moment later, Nian Jing suddenly raised his head, his eyes becoming incredibly determined, and grabbed the blueprints on the table, stuffing them into his briefcase.

“Okay, we’ll do it your way! Go and find out the information. If it’s true, we’ll acquire land on a large scale! We are indeed a bit tight on funds. I’ll call home tonight and tell Hui’er to help us raise some more money. We can’t let ourselves live like ascetics, eating instant noodles every day like those poor gold diggers with no connections, just for the sake of business, can we?”

Upon hearing this, Jiang Hao's face lit up instantly, and he slammed his hand on the table, almost knocking over the teacup.

"Good! That's more like it! Brother-in-law, let's each do our own thing. I'll go verify the information tomorrow, and you'll be in charge of raising funds! I have a feeling we'll make a fortune this time! Once we've made enough money, we'll return home in glory, in a grand manner, with two cars to drive back, so the neighbors can see we're not losers!"

The two couldn't sit still any longer. They quickly paid the bill, grabbed the blueprints, and headed outside.

The sun in Sanya was still scorching and dazzling. The streets were bustling with people, and everyone's face was filled with restlessness and anticipation. The shouts of vendors, the sounds of bargaining, and the honking of car horns intertwined to create a frenzied symphony.

Nian Jing and Jiang Hao mingled in the bustling crowd, walking briskly and firmly toward their accommodation.

Their fate, at this moment, became inextricably linked to the soaring land prices in Sanya.

They once again plunged headlong into this inevitable and turbulent gamble for wealth. (End of Chapter)