Although the governor warned him repeatedly, Xian firmly believed that this person liked to be stubborn and self-serving, so he did not listen to the governor's warning, and continued to hoard land and speculate on houses.

At this time, rumors that the central government was going to carry out macroeconomic regulation and control also came out from various channels, and a small number of sensitive people began to sell the real estate in their hands, and Feng Lun, Pan Shiyi, Wang Shi, Ren Zhiqiang and others had already begun to withdraw.

Although they didn't get accurate news like Jia Lei and Xian Duxin at that time, they still escaped from this catastrophe with their keen sense of smell.

The governor's words were confirmed at the end of June, when the central government suddenly issued 16 documents on June 24 to crack down on the island's chaotic real estate market, while tightening monetary policy and rectifying the country's financial order.

This time, the central government's regulation and control was unprecedentedly strong, and the land price of the island was cut by half at once.

Shortly after the issuance of the 16 documents of the country, at a symposium of the Island Chamber of Commerce, President Ma once again reminded his own people present that it is the smartest thing to get rid of the land as soon as possible, and to take the money in hand.

After the meeting, President Ma also deliberately found Xian Duxin, who is the vice president of the Chamber of Commerce, and solemnly told him again that this time the macro control is different from the past, and it will be very strict, and let him sell the land in his hand.

However, Xian Duxin still did not listen, not only did he not sell the land worth more than 1 billion yuan in his hand, but also refused the customer who took the initiative to come to the door with tens of millions of checks to buy land with him.

Xian believes that at the most prosperous time, his family had two Mercedes-Benz cars, several villas and several factories, but after the bursting of the real estate bubble in Hainan, in order to continue the project, he sold his villa and Mercedes-Benz car to continue to maintain the project.

In May 1993, Xian Duxin believed that the construction of a three-star hotel in Sanya was about to start, and he was preparing to build another hotel in Haikou, and the whole design was completed.

Suddenly, a Malaysian businessman came to the island, claiming to be a representative of a British bank, and he told Sin to stop and let him invest in the construction of two five-star hotels, which was also received by many government officials and officials in the island province at that time.

It turned out to be a scam, and Sin not only spent a lot of money on the design and evaluation of the five-star hotel, but also was defrauded of $4 million by two fake checks from the Malaysian businessman.

Around the same time, an accountant from Mr. Xian, along with two other employees, stole 4 million yuan, which was used to pay for the construction of a 16-story hotel in Sanya.

And these three people shared the money to buy a car and buy three houses, and Xian firmly believed that his group of friends, who had to give up since then, hired professional accountants.

Between '93 and '94, there were people who mobilized Sin to raise money for the company, but he refused.

"I'm not short of money, and I don't understand the management after the listing, so I simply don't get on it. Xian Duxin said unconcernedly.

In the end, the richest man in China at that time shrank by half in half a year after the real estate bubble burst in 93, from 10 to 500 million.

In 1994, Forbes first announced the list of billionaires in mainland China, and the top 10 that year were: Liu Yonghao brothers, Zhang Hongwei, Xian Duxin, Mou Zhongzhong, Zhang Guoxi, Luo Zhongfu, Luo Xijun, Li Xiaohua, Rebiya Kadeer, and Zong Qinghou.

And Liu Yonghao, who was ranked first at that time, had a net worth of only 1 billion yuan, which means that in 93, Xian Duxin was the richest man in China, even if half of the assets in his hands evaporated, he finally entered the top 5.

In fact, after the bursting of the island real estate bubble, Xian Duxin did not have a chance to turn around, but he missed one opportunity after another.

Although Xian believed that he was first defrauded of 4 million US dollars by Malaysians for building a high-end hotel, and then because "the relationship between the government and the inability to save face", he invested tens of millions of yuan in the project of Wuzhishan without any argumentation, and in the end it was almost all lost.

But his biggest bargaining chip is still in the government relationship, Xian firmly believes that he is also a member of the CPPCC of Island City, and he still doesn't want to give up his richest man.

At that time, the government of Haidian District, Beijing, once found Xian Duxin and invited him to develop real estate projects in Haidian District.

Xian Duxin also organized an investigation team to visit Beijing for this matter, but he did not invest his own funds in the capital in the end.

Xian Duxin made an incredible decision to invest his money in Hengyang, a little-known secondary city.

"Hu Nan's political x master is here, senior officials are also here, and Hainan's deputy head of the CPPCC West has passed, it can be said that this matter was a sensation in Hengyang back then!

I took 3 million as a prize and carved a gold medal in pure gold as a gift to everyone, with the company's logo on it. Years later, Xian Duxin recalled.

At that time, many people speculated about the reason why Xian Duxin invested in Hengyang, but no one could guess correctly, and in the end, Xian Duxin personally solved the mystery for everyone.

"I invested in Hengyang because of emotional problems, because a person I love is in Hengyang. Xian Duxin said affectionately.

Jia Lei recalled the deeds of the richest man and threw the news behind him, Jia Lei didn't want to see him now.

Xian Du believes that this person is very rigid and self-serving, and he is also very righteous, Jia Lei even thinks he is very stupid!

This person has been deceived again and again by many foreigners, partners, company employees and even relatives and friends, and each time he has to be deceived by tens of millions, but this person has not learned a long lesson at all, and he will still be deceived next time.

Even their company's accountant can casually defraud millions from the company's accounts and use them to buy a car and spend it themselves.

Jia Lei doesn't want to deal with him, Jia Lei still has his own things to do.

"Brother Fei, you tell Jinshan that whoever wants to check out, he will buy the shop directly, and you don't need to notify me anymore. Jia Lei said.

"Okay! I see. Ah Fei nodded and said.

In the month when the island's real estate bubble burst, Mr. Li Ka-shing's location theory was truly verified, for example, the house price of the office building in Nanyang Building, which is located in the best part of the island, not only did not fall, but also rose slightly by 1,000 yuan.

Of course, price increases only happen in the best locations and better projects, most of which have already been built and put into use.

For example, Jia Lei's Wuxin Wholesale City......

There are a lot of speculators who lost money in other places and hurriedly wanted to sell the shops in Wuxin Wholesale City to protect the capital, and then returned to their hometown with the money.

Jia Lei received nearly 30 shops back in the past month, and then he did a shocking thing.

"Brother Fei, you go outside and put up this advertisement, saying that Wuxin Wholesale City has become a celebration of the upcoming Army Day, and decided to take out 10 shops to sell to soldiers or military families at a price of 12,000 square meters. Jia Lei said.

"Jia Lei, are you crazy, right? The prices of houses all over the island are dropping, why do you still want to increase the price of your shop?" Ah Fei asked in disbelief.

"I just want them to know that the price of our shops in Wuxin Wholesale City will only increase and will never fall, even if the island's real estate market collapses.

I do this to reassure the other owners in the wholesale city!" Jia Lei explained.

"What you said does make sense, but I'm worried that the real estate market is so bad now, what if our shop can't be sold?" Ah Fei asked embarrassedly.

"Huh...... Now that the renminbi has depreciated so much, everyone is desperately hoarding goods that can maintain their value, and my shop can not only maintain its value but also help them rent it out to make money, so fools don't buy it. Jia Lei said.

"Oh, since you're so confident, let's give it a try. Ah Fei said helplessly.

"Don't worry, scarcity is expensive! I only released 10 shops this time, and many people will definitely come to buy them when they see that there are few shops and restrictions.

It's called hunger marketing!" Jia Lei said with a smug smile.

Jia Lei's hunger marketing really worked, and by the day these 10 shops went on sale, there was a long queue of hundreds of people outside early in the morning.

Jia Lei's shop was sold out as soon as it was taken out, and at this time, the owners who originally wanted to check out in Wuxin Wholesale City stopped their plans when they saw this scene, and those owners who sold their shops regretted their bowels at this time.

In fact, the housing prices on the island do not fall in a day, and the low prices of land and unfinished buildings fall rapidly, and ordinary buildings can only drop about 1,000 yuan per square meter a year.

And some good projects in good locations actually bucked the trend in July '93 and rose slightly a little, until two years later, when the island real estate completely collapsed, the price really fell.

****

"Jia Lei has an accident!" Ah Fei walked over anxiously with the newspaper in his hand and said.

"What's wrong?" asked Jia Lei puzzled.

"Du Gong and the owner of their real estate company ran away with the money, and Lao Du hanged himself in the building he bought last night!" Ah Fei said.

"Why did Du Gong die? Although the housing prices on the island have fallen, they have not fallen to the end?" Jia Lei asked.

"Hey, what you said is that the houses that have not fallen to the end are those that have been built, like the half-built unfinished houses in Lao Du's hands, and no one wants them at all.

Lao Du and the people in his hometown borrowed 10 million to buy a house, and he definitely couldn't pay it back now, so he took advantage of people's inattention and hanged himself in that building with a rope. ”

"Damn! This boss is so bad, he actually deceived the contractor and migrant workers from the countryside like Lao Du, is he still human?" Jia Lei said angrily.

"Real estate companies have run this kind of thing on the island, and in just over a month, there have been hundreds of real estate company bosses on the island who have run away with money, and many migrant workers are now forcing Lao Du to ask for money every day, so he hanged himself. Ah Fei sighed and said.

"By the way, you said that Du Gong hanged himself, so is there anyone to handle his posthumous affairs?" Jia Lei asked with a frown.

"That's what I'm going to talk about, because Lao Du also owes money to the group of migrant workers under him, so no one is willing to collect his body. After all, we have known him once, so I want to help Lao Du collect his body. Ah Fei said.

"Then you go, will I give you three days off enough for the funeral?" Jia Lei asked.

"That's enough! Now there are people hanging themselves and jumping off the building in Haikou every day, and the funeral home has no place to hold a ceremony for Lao Du, we just need to cremate him. Ah Fei said.

With the development of Article 16 of the country, the real estate companies that failed to evacuate in time and stayed on the island have fallen into the danger of breaking the capital chain, many real estate companies have financial crises, and many real estate companies have even directly closed down or run away.

According to later statistics, in this island real estate bubble, 95% of the 13,000 real estate companies on the island fell into bankruptcy, and thousands of developers absconded with their money.

The hard-earned money of countless small and medium-sized investors evaporated overnight, and the worst losses were those speculators who bought drawings and off-plan houses, as well as ordinary people who invested in real estate investment bonds.

"The financial typhoon has landed!" Jia Lei said as he stood on the roof of Wuxin Wholesale City and looked at the lights in the distance.

With the withdrawal of a large number of speculators, many of the island's nightclubs, hair salons and various entertainment venues have closed one after another, and the island has become even more lonely with these signs.

Before the island's real estate bubble burst, the island's entertainment industry and tertiary industry were still very developed, and the streets were full of all kinds of beautiful ladies, who sat in gold and silver, and sent tens of thousands of dollars from the island to the post office every month to send money home.

But now there are only two kinds of people left in Hainan, where people are empty: debt collectors and lawsuits.

And the gloomy unfinished buildings on the side of the road!

"Brother Fei, you said that when I came, why were all the bosses who drove Mercedes-Benz cars on the street, holding Big Brother and Miss Ling, all of a sudden?" Jia Lei asked helplessly as he looked at the dim lights in the distance.

"Those people are either dead or gone, and I heard that most of them have gone back to the mainland stock market and the property market to fool these uninformed ordinary people, and those who remain on the island are the losers who pedal bicycles on the streets.

I'm afraid these people don't have the face to go back, so they can only stay here and live slowly!" Ah Fei said with a sigh.

"What's the point of surviving? At least they're still alive, aren't they? They are much luckier than Lao Du!" Jia Lei said.

*****

According to later statistics

The island province, which accounts for only 0.6% of the country's total population, has a backlog of commercial housing left after the bursting of the real estate bubble in '93, accounting for 10% of the country's total.

There are more than 600 "unfinished buildings" in the province and more than 16 million square meters!

Countless property speculators were forced to commit suicide by jumping off buildings, and there is a sad story buried under almost every unfinished building.

In addition to property speculators, people who speculate on land on the island also end up miserable, of course, the worst is the island's financial industry!

Because 70% of the funds in the island's real estate market come from bank loans, after the bursting of the real estate bubble, thousands of financial institutions on the island closed down one after another, and thousands of developers fled the island.

According to the data, there were 18,834 hectares of idle land in Haidao Province at that time, with a backlog of 80 billion yuan, and the bad debts of the four major state-owned commercial banks alone were as high as 30 billion yuan.

And that's not counting the losses of other local banks and private funds, which means that the losses caused by the bursting of the island real estate bubble amounted to about 1,500.

For a time, "the end of the world, the cape, and the unfinished building" became the three major landscapes of the island.

Please remember that the first domain name of this book is .. m.