The Red Era: Living in Seclusion in a Siheyuan as a Boss

Chapter 794 Corporate Going Global!!!

The Asian financial crisis a few years ago had severe consequences, leaving Southeast Asian countries in a state of chaos, with no signs of full economic recovery to date.

In downtown Bangkok stands the "Sathorn Unique Building," originally a 185-meter-tall "luxury apartment building." Construction was halted when only two floors remained due to the Asian financial crisis, and it has since become one of the world's tallest unfinished buildings.

This building, which is jokingly called the "Ghost Tower" by locals in Bangkok, now has exposed steel and concrete on its exterior walls, and its empty windows look like countless pairs of lifeless eyes.

When the rainy season arrives, rainwater pours down through the unfinished pipe system, forming small waterfalls in the empty stairwells.

The once glamorous sales office is now filled with the bedding of homeless people and discarded building materials.

Ironically, this unfinished building has become a new "must-visit" spot in Bangkok.

Trendy young people come here with cameras to take photos, and adventurers also like to sneak in at night to explore. Social media is filled with numerous "ruin aesthetics" photos with it as the background.

The Bangkok Metropolitan Administration is heartbroken over this unfinished building and has discussed solutions many times, but these have been shelved due to property disputes and huge renovation costs.

Not far from this unfinished building is the famous RT-Mart Paragon shopping center in Southeast Asia.

RT-Mart is a well-known Asian supermarket chain, and is considered one of the world's three major retail giants, along with Walmart and Carrefour.

The brightly lit and bustling shopping mall stands in stark contrast to the gloomy and dilapidated "Ghost Tower".

The neon lights reflected off the glass curtain wall seemed to mock the colossal structure not far away, abandoned by the times.

Occasionally, tourists stand on the overpass, holding up their digital cameras to capture these two completely different worlds simultaneously—one a thriving modern business environment, and the other the scars left by the financial crisis.

Late at night, after the shopping mall closes, stray cats begin to wander in the shadows of the unfinished building.

They nimbly leap over broken concrete slabs and nest among rusty steel bars.

Sometimes, the sound of metal clashing can be heard; it's unclear whether it's the night wind causing the noise or if there really is a legendary "building spirit" wandering around.

Security guards in the vicinity said they often saw flashlights flickering inside the building, but they could never find anyone during their patrols.

Bangkok residents living nearby say that every evening they can see a flock of crows circling on the roof of the unfinished building, as if they are inspecting their steel kingdom.

A few years ago, marked by the sharp drop in the Thai baht's exchange rate against the US dollar, a dramatic financial crisis first broke out in Thailand, known as the "Tom Yum Kung crisis." It then quickly spread to the Philippines, Malaysia, Singapore, South Korea, Borneo, and other countries. The economic development of many of these countries has not yet recovered to pre-crisis levels.

"In 1997, I had just joined the company when the financial crisis suddenly hit. The company became a liability overnight, and many people's year-end bonuses disappeared in the blink of an eye."

Lim Chun Wen, an executive at a Malaysian real estate company, clearly remembers that at the time, the Malaysian ringgit to US dollar exchange rate plummeted from 2.5 ringgit to 5 ringgit to 1 US dollar. "This was a huge blow to imports. My friend had already paid a deposit, but after the exchange rate plummeted, he simply gave up on the imported goods."

Malaysia and other Southeast Asian countries are generally export-oriented economies, making them vulnerable to external demand fluctuations.

Since many raw materials and components rely on imports, the sharp drop in exchange rates has increased import costs, and the volatile exchange rates have made it even more difficult for businesses to estimate production costs.

International speculative capital was the trigger for this financial crisis.

European and American financial giants have intervened in the foreign exchange market on a large scale and launched a sustained offensive, causing the local currency to depreciate severely.

Despite some countries in the region using large amounts of foreign exchange reserves, it has been to no avail. Foreign exchange reserves are facing depletion, a large amount of foreign capital has withdrawn from the region, and currencies have depreciated rapidly.

In 1996, new funds flowing into the five countries of Borneo, Malaysia, the Philippines, Thailand, and South Korea reached US$930 billion, while the following year a total of US$1050 billion flowed out.

In just one year, net capital outflows reached $120 billion.

Sudracha, the then-governor of the Central Bank of Borneo, later recalled that it was the worst period of his career, saying, "I couldn't sleep well for several months and was struggling to cope every day."

At that time, many foreign banks and other creditors refused to extend loan terms, and many Asian companies went bankrupt, reduced production, and laid off employees.

According to statistics from the International Labour Organization, from September 1997 to September 1998, more than 20 million people were laid off in Borneo, and the wealth of many middle-class Asian families shrank dramatically.

A major Malaysian bank agreed to lend us RM1 million last week, but cancelled the loan this week. However, we still have to repay the previous loan this week.

He described the situation at the time as "completely overwhelmed." "After multiple corporate restructurings and numerous negotiations with creditors (mainly banks), and with the support of many friends, we finally escaped the fate of liquidation and won the battle to turn things around. However, some companies are still stuck in the mire."

The crisis loomed like a dark cloud, and at this critical moment, China fully demonstrated its responsible great power character, not only fulfilling its commitment not to devalue the RMB, but also supporting the economic stability of Southeast Asian countries through international organizations and bilateral aid.

Cai Zhiwei, senior president of Kasikorn Bank in Thailand, who was working in the Hong Kong division of UBS at the time, said: "The decision not to devalue the RMB effectively curbed the continued spread of the financial crisis. China made a great contribution and played an important role in the stability of Asian and even global finance."

Only when the currency exchange rate is stable can business be done well.

The economic structures of the four "Little Dragons" and "Little Tigers" were very simple. If the RMB had depreciated at that time, other countries' currencies would have had to depreciate as well, with unimaginable consequences. "Xia Kingdom withstood the pressure, stabilized Asia, and reassured the people!"

Following the financial crisis, countries in the Asia-Pacific region adopted a series of measures in terms of monetary policy, fiscal policy, and industrial and commercial policy.

Economic policies have become more cautious, conservative, and balanced in their formulation and implementation, especially in the area of ​​industrial and commercial policies, which tend to favor the introduction of Chinese-funded enterprises to counter the continuous exploitation by European and American capital.

The RT-Mart shopping center near the "Ghost Tower" is one of the famous Chinese enterprises that has made a strong overseas expansion under this background.

The "RT-Mart" shopping mall, covering an area of ​​50 square meters, was originally a shopping mall called Siam Paragon, which is one of Bangkok's landmarks and one of the largest shopping malls in Southeast Asia.

After the financial crisis broke out, Siam Paragon was plunged into a debt crisis.

Xia Guo's "RT-Mart" chain supermarket group is one of the holding companies under "Liu's Financial Investment Group".

Backed by the Liu family, known as the "Rothschild family of Asia," the RT-Mart Group defeated numerous competitors to acquire this famous shopping center in Southeast Asia.

After the successful acquisition, Siam Paragon was renamed "RT-Mart Paragon Shopping Center".

Today, this shopping mall has become a symbol of China Fortune Capital's expansion in Southeast Asia.

Upon entering the mall, the counters of Xia Guo brands occupy the most prominent positions. From Huawei mobile phones to Li Ning apparel, from Haier home appliances to Qingdao beer, everywhere demonstrates the rise of Dongda Commercial Power.

During traditional holidays in the Xia Kingdom, the shopping center also hosts the Xia Kingdom Culture Festival, where lion dance performances and theatrical performances attract local residents to stop and watch.

Meanwhile, in the staff rest area on the top floor of the mall, several young managers from China were looking down at the unfinished building not far away.

“Every time I see that building, I’m reminded of that thrilling battle a few years ago.” Wang Lei, the marketing director, lit a cigarette. “Our generation is lucky to have caught up with such a good time. Now, Southeast Asian countries are actively attracting Chinese capital and technology.”

As night falls, the neon lights near the shopping center are projected onto the mottled exterior walls of the unfinished building, creating a peculiar interplay of light and shadow.

Some daring young people began uploading videos of their adventurous "ruin explorations" to the internet video website "Youku".

In the video, they wear gas masks and carry powerful flashlights, navigating a crumbling stairwell. Such adventure videos are countless on Youku's overseas platform, sparking a trend among many young people.

Local police had to put up warning signs in the surrounding area, but that still couldn't stop the adventurers.

Bangkok police are having a major headache because someone is finally going to take action to fix the abandoned building that has been sitting unfinished for years.

Recent rumors suggest that a well-known real estate group from China is in talks with the city of Bangkok to acquire and renovate this unfinished building.

Some of the homeless people in the neighborhood are both hopeful and apprehensive – they know that once the project restarts, it also means they may have to say goodbye to this “auspicious place” that they have been running for many years.

Compared to ordinary citizens, the Bangkok Metropolitan Government was overjoyed.

Because the company that came to negotiate the acquisition of this famous unfinished building was not an ordinary real estate company; it was the "Yida" Group from Xia Country.

Yida Real Estate Group was founded in 1982, and like RT-Mart Group, it is backed by Liu's Financial Investment Group.

Liu's Financial Investment Group is the largest shareholder of Yida Group, holding 39% of the shares. Chairman Wang Jianlin is the second largest shareholder, holding 15.3% of the shares.

Bangkok's neon lights shimmer under the night sky, and this city, once ravaged by the financial crisis, is now reborn.

The acquisition plan of "Yida Group" is like a shot in the arm, bringing the long-dormant unfinished buildings back into the spotlight.

According to insiders, after the successful acquisition, Yida Group plans to transform the 185-meter-tall Sathorn Tower into a comprehensive landmark building integrating commerce, offices, and hotels. The project is tentatively named "Bangkok Pearl Tower".

In a conference room at Bangkok City Hall, Zhang Mingyuan, President of Yida Group's Southeast Asia region, was having the final round of negotiations with Mayor Surachet.

“We will preserve the main structure of the building and adopt the latest seismic reinforcement technology,” Zhang Mingyuan said, pointing to the rendering on the projection screen. “The revolving restaurant on the top floor will be designed with all glass, offering a 360-degree panoramic view of Bangkok.”

The project proposal on the negotiating table shows that the $12 billion project will indirectly create 3000 jobs.

After the news broke, land prices in the surrounding area rose immediately.

In a coffee shop in the RT-Mart shopping mall across from the unfinished building, several local real estate agents, calculators in hand, excitedly discussed potential profits.

“Hahaha… Property prices in this area are about to rise again,” veteran real estate agent Somchai told his clients. “Just like RT-Mart acquired Paragon a few years ago, gentlemen, buying now is a sure win.” Statistics on his Warwick laptop showed that rental prices for surrounding shops had already increased significantly.

Several homebuyers smiled and nodded in agreement. The real estate agent, Songchai, was right; they had encountered such a good thing several years ago.

At that time, RT-Mart came to acquire the Paragon Shopping Center.

After the successful acquisition, "RT-Mart Paragon" reversed the decline caused by the financial crisis and was revitalized, becoming one of the most prosperous commercial districts in Bangkok and even Southeast Asia.

This has led to a more than 80% increase in housing prices here since the end of the financial crisis.

The "RT-Mart Paragon" shopping mall, built with huge investment from the "RT-Mart" group, is very famous throughout Asia and a must-visit destination for foreign tourists in Bangkok.

Otherwise, you'll have wasted your trip to Bangkok.

"RT-Mart Palace" is extremely convenient to access, directly accessible via the BTS Skytrain Siam Station footbridge. It boasts over 270 international luxury brands, including Hermes and Chanel, as well as a dedicated area for local Thai designer brands.

The main building is decorated with vertical gardens and waterfalls. The second basement level houses the Siam Ocean World aquarium, the largest in Southeast Asia, covering an area of ​​1 square meters. The fifth floor is equipped with Asia's largest IMAX private cinema.

The mall's business formats encompass a variety of functions, including luxury shopping, food courts, art exhibitions, and family entertainment, with an average daily foot traffic of over 15 people.

Siam Ocean World, the largest aquarium in Asia, can accommodate 20,000 people.

Siam Ocean World houses over 30,000 marine creatures of more than 400 species, including corals, grey sharks, and even penguins, sharks, manta rays, and large spider crabs.

Here you can not only admire marine life up close, but also touch starfish, with live commentary in English and Thai.

With two shark feeding shows every day, the aquarium also plans to allow visitors to participate in the feeding in the future, making it the largest aquarium in Southeast Asia!
There is also a famous food street on the basement floor of the "RT-Mart.BaiLiGong" shopping center, with bright interior decoration that is eye-catching.

The food street features cuisines from many countries, including local Thai food, Japanese food, Chinese restaurants, kimchi, Western restaurants, juice bars, dessert shops, and bakeries.

In addition to upscale restaurants and large supermarkets, there is also an affordable food court with a spacious area that can accommodate 1500 people. The elegant dining space features a large aquarium, where you can enjoy your meal while watching the fish swim in the water.

The shopping center, located on the GF floor, is the largest food hall in T country, featuring specialty light meals such as matcha donuts.

The first floor houses jewelry and fashion boutiques such as Louis Vuitton, Chanel, Gucci, and Tiffany & Co., as well as a Starbucks flagship store.

The second floor houses a health and beauty section and the Asia Books bookstore.

The third floor is a T country local designer brand and colorful cultural and creative area.

The fourth floor of the main building is a digital products and home appliance section, mostly featuring well-known Chinese home appliance brands.

On the fifth floor above, you'll find a luxurious IMAX theater equipped with a sofa bed and a Dolby Atmos sound system, where you can enjoy the ultimate movie-watching experience.

One floor up is the clothing area, which brings together more than 20 designer brands from China and Thailand, including Kloset (women's wear), Merge (affordable luxury), and Smileyhound (streetwear).

The lingerie section features localized international brands such as Sabina and Wacoal, while the footwear section, Labella, uses traditional Thai silk to create handcrafted shoes.

Under the cover of night, the "RT-Mart · Paragon" shopping center is brightly lit, with the glass curtain wall reflecting the dazzling starlight.

As the IMAX theater closed, the crowd surged towards the sky bridge leading directly to the BTS Skytrain, while the underground Siam Ocean World remained bustling with activity—the nighttime diving show was about to begin.
Trainers in fluorescent diving suits are dancing with manta rays, attracting tourists to take photos with their phones.

At this time, the administrative office area on the sixth floor of the mall was brightly lit, and Lin Zhiyuan, CEO of RT-Mart Southeast Asia, was reviewing the quarterly report.

Through the floor-to-ceiling windows, one can just see the unfinished building outlined by neon lights.

His assistant handed him a report: "Mr. Zhang from Yida Group just sent a message saying that they have reached a preliminary agreement with the municipal government and would like to invite you next week to discuss a business collaboration plan."

Lin Zhiyuan's lips curled up slightly.

Three years ago, under his leadership, the Siam Paragon was successfully acquired.

The surrounding area was still experiencing a period of economic downturn.

Looking through the glass curtain wall, the newly completed Four Seasons Hotel now complements the light rail extension under construction.

(End of this chapter)