I lost my vegetative state, and I became the richest man in the world

Chapter 697 The interest rates of major banks in Xiangjiang have been raised!Home prices in Xiangjiang fell slightly! !

It has been more than half a month since I came back from Yanjing.

Yang Ming has been commuting normally.

1981 10 Month 23 Day.

Friday.

Just as Yang Ming sat down, Lin Xiuzhi made him a cup of coffee.

After drinking that cup of coffee, when Lin Xiuzhi was about to make another cup for the boss, she said, "Go and call Meris."

Meris had already returned to work in the office of the general manager of the Imperial Group.

The important contracts and documents that belonged to the chairman's office now, originally needed to be signed by Yang Ming, are now handed over to the secretariat, and then handed over to the general manager's office after the secretariat has processed them.

After the general manager, Meris, read it, he handed it over to the various departments.

In other words, the work equivalent to Meris has increased, but Meris is still very happy.

Meris came to Yang Ming's office.

Lin Xiuzhi closed the door.

"Mai Lisi, do you feel that Xiangjiang's housing prices are not right now?"

According to Yang Ming's previous understanding.

The blazing wind of property speculation drove up land and property prices, which were far from the actual affordability of the citizens of Xiangjiang at that time.

According to statistics, in 1975, the small and medium-sized residential buildings in Xiangjiang cost about 230 yuan per square foot, and the price of a 400 square foot residential unit was about 9.2 yuan.

At that time, the average monthly household income of citizens in Xiangjiang was 1300 yuan, and the purchase price of a small residential unit was equivalent to about 6 years' wages of citizens.

However, at the peak of real estate in 1981, the price per square foot of small residential units had risen to about 1000 yuan, and the price of a 400-square-foot residential unit had increased to about 30 yuan. The average monthly income of citizens was about 3000 yuan. The payment for small residential units is already equivalent to about eight and a half years' wages of citizens.

That moment came in 1982.

This year was the bleakest year for the Hong Kong real estate industry. Land prices, property prices, and rents all fell sharply. Investors’ bidding interest in official land auctions was generally low. Many pieces of official land will be taken back.

When the real estate market collapses, land prices will naturally bear the brunt.

In 1982, land prices in Xiangjiang generally fell by 40% to 60%, and the biggest decline was in industrial land and high-end residential land.

For example, the selling price of industrial land in Kowloon Bay, calculated in terms of floor area, fell from a peak of RMB 1980 per square foot in December 12 to RMB 360 per square foot in October 1982, a drop of as much as 10%.

高级住宅用地，亦从1980年9月每平方尺1502元的最高水平，跌至1982年5月的每平方尺540元，跌幅为60%。

The sharp drop in land prices led to a sharp drop in the fiscal revenue of the Xiangjiang Governor's Mansion. In 1982 and 1983, the fiscal revenue and expenditure of the Xiangjiang Governor's Mansion showed a deficit of 39.35 billion yuan.

The sharp drop in land prices led to a sharp drop in property prices and rents.

In 1982, residential property prices generally fell by [-]% to [-]% compared with the peak period.

The downturn in the market has greatly reduced the transaction volume and increased the vacancy of buildings.

At this time, it was almost the end of 1981.

Yang Ming remembered that Xiangjiang's housing prices at this time had already begun to feel uneasy.The most obvious one is that the interest rate of Xiangjiang Bank has started to rise.

In March 1978, in order to make Xiangjiang a global financial center, the Governor's Office issued 3 financial licenses in one go.

This means introducing a large number of M-funded banks and R-funded banks to Xiangjiang, which makes Xiangjiang one of the three major financial centers in the world.

These banks entered Xiangjiang to make money.

When Xiangjiang Real Estate was very popular, the bank also played a big role in promoting it.

Mortgage interest rates are very important.

At this time, the bank raised the interest rate, indicating that the bank also felt that the housing prices in Xiangjiang had risen to a certain level, and began to be a little scared.

Even so, there are many banks in Xiangjiang, including British-funded banks, including Huifeng Bank, Zhada Bank, and Hengfei Bank, etc.

In addition, there are a series of Chinese-funded banks such as Bank of East Asia, Hang Lung Bank, and Overseas Trust Bank.

American bank, Citibank.

major Japanese banks.

And Swiss Bank.

The interest rates of these banks are different.

American-funded banks and Japanese-funded banks may feel that the housing prices in Xiangjiang are not right, and raise interest rates appropriately. Those Chinese-funded banks still don't take it seriously, but still lend a lot to real estate speculators.

Especially when Huifeng Bank dared to lend money to Carrian Group for real estate speculation, other Chinese-funded banks continued to lend money to Carrian Group.

So much so that Yang Ming already knew that the current house price had actually dropped a bit, and the naked eye hadn't seen it yet.

Just like many cities in China later, housing prices in many cities were still rising on the surface. In fact, after Li Jiacheng sold a large number of domestic real estate, domestic housing prices began to fall, but some places did not see it.

Now the housing prices in Xiangjiang are the same. The housing prices in Central District of Xiangjiang are still very scary. Whether it is the price of ground land or the price of the entire building, it is still rising, giving people a very hot situation.

This feeling is very similar to that before the bubble of Dongyang Real Estate. Many investors who did not know whether to live or die still rushed to buy buildings.

"Mai Lisi, the interest rates of some banks in Xiangjiang have risen, have you noticed?"

"Boss, that is indeed the case. It started in September. Among them, the interest rates of Japanese-funded banks and American-funded banks have increased significantly, but the interest rates of Chinese-funded banks have not changed much for the time being."

At this moment, without Yang Ming's reminder, Meris felt something was wrong.

The main reason is that Xiangjiang's current room is too high.

In the Central District of Xiangjiang, the price of many real estate projects has exceeded 20 square meters. What is the concept? In the future, the highest housing price will be this price in the first-tier cities in China.

In other words, the highest house price in central Xiangjiang in 1981 is equivalent to the highest house price in the center of a first-tier city in China 30 years from now.

At this time, Meris also felt that it was outrageous, which was very abnormal.

Even if Xiangjiang is rich in land and gold, it is impossible for this house price.

Under normal circumstances, at most it is a third of the price, or even lower.

At that time, the Murray Building plot purchased by Imperial Group for more than 6 Hong Kong dollars per square meter was actually very expensive at that time. If it were changed to today, it might cost 30 Hong Kong dollars per square meter.

It is equivalent to an increase of about five or six times from 1978 to now.

"Boss, the housing prices in some places have dropped slightly as you said. Like those second-hand houses, some areas in Xiangjiang are actually unsalable, but many people have not reacted yet."

For this.

Yang Ming told Meris and others about it last year, and he kept telling them to prepare.

In addition to selling a large number of houses at high prices and getting a lot of money back, they are also preparing for the upcoming plummet of Xiangjiang Real Estate.

Now it seems that step by step according to the plan that the boss said, Meris really sighed, how did the boss know?

Is it really the law of market development?

Merris found it impossible.

If that is the case, then the house price in Xiangjiang cannot be predicted as the boss said.

It is very likely that the boss knew some news that they did not know in advance, for example, they may know some news from China that others do not know.

　Chapter 3!

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(End of this chapter)