In 07, there may still be a considerable number of people in China who have not been exposed to the stock market, but for Chen Li and others who are closest to wealth, the topic that fills their ears every day is that even if stocks return to Qingquan, the heated discussion of coal and housing prices has been far behind by stocks.

Before September 07, it seems that everyone is a stock god, and there are countless people who are full of chagrin, the stock market as a whole has increased by six or seven times, like Xinchaorui, which has only quadrupled compared with the previous low, the increase is still small, and stocks that have increased by six or seven times or even more than ten times abound, but very few investors hold a stock from beginning to end.

The vast majority of people, including many institutional investors, usually see a stock rise of 3040, and run away satisfied.

The third phase of the real estate fund of Dashang Capital, in April and May last year, reduced its holdings in Xinrui City, which happened to be reduced to the lowest point, and perfectly missed this wave of big bull market when the fourth phase of the real estate fund chose to reduce its holdings at 16 yuan, I felt that this position was high enough, but I didn't expect it to be even halfway up the mountain.

Zhou Bin, Zheng Wenyuan, Hu Guoming, and Qian Wanli basically chose to reduce their holdings of stocks in their personal names around 223, almost halfway up the mountain.

In June, Xu Yuanzhou was so frightened that they took profits and cleared their positions, and they didn't expect that the market would usher in a more violent rise in the next three months.

Although everyone has made money, they always feel that they are far from eating the biggest bite of the cake, and every previous pullback, even if it is like the new deal raid on May 30, which caused the market index to plummet by 7 a day and a reduction of more than 20 percent in a week, is only a momentum adjustment that lasted from the end of June to the last wave of the big rise in mid-September.

Therefore, when PetroChina went public at a high price of 48 yuan per share on September 20, the vast majority of people did not realize the coming crisis, and even though a considerable number of people felt that they needed to adjust, they only waited for the adjustment to be in place and then entered the market to prepare to open positions.

The assets of the investment management company under the names of Xu Yuanzhou and Ding Yang once reached 13 billion yuan, although they talked about risks all day long, they never thought about leaving.

After Huang Chaocheng injected capital into Chen Li, the market value of the assets under management surged from one billion to 2.9 billion in more than a year, and he hesitated and did not dare to resolutely withdraw.

Countless securities investors, whether retail investors or institutions, have summed up and learned several lessons before October 06 to 07, and one conclusion is that "going short" is the biggest risk of the bull market.

Therefore, in the first half of September, four or five super-large-cap stocks such as PetroChina, CNOOC, and China Shenhua were listed, and 200 billion yuan of funds were withdrawn from the stock market at once.

Huang Chaocheng has planted too much heels, has a strong sense of vigilance, and his position is still maintained at about 30%, Xu Yuanzhou and Ding Yang still hold nearly 4 billion stocks.

And they participated in the fixed increase of Xinruicheng last year, and held 100 million new shares of Xinruicheng, and the lock-up period has also passed in mid-September, and the fixed increase price is 10 yuan per share, which has also accumulated 300 in the past year, but under the reduction of Chen Hai's market value of up to 10 billion, the share price of Xinruicheng can still be firm above 40 yuan, and they believe that after Chen Hai's reduction is completed, the stock price of Xinruicheng should be able to reach a new level after the market adjustment for a period of time.

What's more, the planning adjustment of Jiangwan District, under the promotion of all aspects, especially after Puxin Hongchang and Wanbang Real Estate have auctioned one or two construction land in the area on the north bank of the Longchuan River, the main leaders of the Pujiang Municipal Party Committee have changed their attitudes, and it is likely that the resolution of the Standing Committee of the Pujiang Municipal Party Committee will be formally adopted in mid-to-late October.

Therefore, when the stock price of Xinrui City was adjusted to 323 in mid to early October, Xu Yuanzhou did not decisively clear the 100 million shares held by them to participate in the private placement, but began to take a large amount of money to build a position in Xinrui City again.

Because Chen Li and his indirect control of Huang Chaocheng's investment management company, Huang Chaocheng could not build a position in Xinrui City, but he also increased his position in other stocks slightly.

Huang Chaocheng's investment management company, the first equity trust fund product set up, the initial fund-raising amount was 500 million, and then Zhou Bin, Qian Da, Zheng Wenyuan, and Hu Guoming reduced their holdings of shares in Xinruicheng, and then pulled Chen Li to add 100 million yuan to Huang Chaocheng's side, and by early October, the cumulative profit was also 1.9 billion.

It is difficult for Huang Chaocheng to withdraw at this time, and if the investors behind him do not redeem it, he must ensure that the position is above a certain proportion according to the promise made when selling the trust fund product, unless he decides to completely liquidate and dissolve the product of Chaoying Trust Fund.

On the weekend at the end of October, everyone gathered together for a drink, and at this time, after more than a month of adjustment, the market picked up the upward momentum again, and some aggressive stock prices began to hit new highs again, and everyone's mood that had been anxious for nearly a month began to soar again.

"Now I can find the business department of a bank in Pujiang at any time, and I am full of people queuing up to buy funds, and now I will see when the market index will break through the previous high. Xu Yuanzhou said with confidence.

At present, the new funds raised by public funds every month are more than 100 billion yuan, and from the beginning of the establishment of public funds, they must buy a corresponding proportion of stocks within a certain period of time.

In the view of Xu Yuanzhou and many professionals, as long as the phenomenon of bank business departments queuing up to buy funds does not ebb, they can bring a large amount of incremental funds to the securities market every day, and the balance of deposits of urban and rural residents in the country in 07 years once approached 18 trillion yuan, bringing unimaginable space for deposit moving.

Since May 30, the State Council has taken many measures to cool down the stock market, but it often ushers in a more violent rise, which in turn causes the follow-up policy space to become very limited.

Huang Chaocheng was a little worried, he was the most proud in 05 years, he was slapped on the head, and it was only two years ago, and it was not enough for him to forget the huge trauma that made him stand out of the window several times and think back to his past life.

After throwing away the consumption of 100,000 yuan in the Oriental Charm Club, Chen Li also drank a little too much, and when the driver drove the car over, he just sat in, and Huang Chaocheng got in from the other side.

Chen Li thought that Huang Chaocheng was going to take his car back, so he asked Zhou Bin to sit in the passenger seat and asked Huang Chaocheng where he lived now.

"I always feel like people are getting a little too optimistic right now. Huang Chaocheng said.

"It's normal, the stock market has created more wealth for everyone in the past year, far more than any profiteering industry," Chen Li glanced at the bright night outside the window, he could hear that Zheng Wenyuan and Zhou Bin actually intended to let Huang Chaocheng increase their positions just now, Huang Chaocheng was difficult to go against Zheng Wenyuan and Zhou Bin's will, and he couldn't say anything just now, he didn't want to sweep Xu Yuanzhou's interest just now, and said at this time, "If you think it is necessary to control the risk, then force the dividends"

His cumulative investment in Huang Chaocheng is less than 200 million, but the reason why he chose to reduce his holdings of Xinruicheng shares in his name during this period is also because he feels that the stock price of Xinruicheng at this time far exceeds his own value.

Chen Li has stronger confidence in the future development of Xinrui City than anyone else, and he also plans to develop Xinrui City to a market value of 100 billion yuan from the backdoor listing of Xinrui City, but this is his plan for the next ten years.

In just two years, the market value of Xinrui City reached 130 billion yuan, and he himself was dumbfounded, so he chose to reduce his holdings.

After accumulating wealth to a certain extent, Chen Li became numb to the numbers in his account, even if he reduced all the shares of Xinrui City held in his personal name, Xinchao Rui Real Estate and Xinchao Rui Commercial still held 1.36 billion shares of Xinrui City, firmly controlling the controlling stake of Xinrui City.

The 10 billion yuan obtained by Chen Li's reduction and cash-out, in addition to the additional investment in Zhongda Guanlan Venture Capital Fund and Industrial Investment Fund, are mainly lent to the listed company Xinrui City, which is also the reason for his reduction in the announcement before.

Although the price of coal continued to rise in '07, and the average price of new houses in Qingquan was sprinting to a high of 8,000, there were too many new real estate development projects in the past two years, and the total number of residential and office buildings newly opened in Qingquan in '07 was nearly 9 million square meters, which was twice that of '06, four times that of '05, and 10 times that of '3 and '04.

This number is staggering.

A large number of new houses are listed, although the total transaction volume of the Qingquan real estate market continues to rise sharply, but the allocation to specific real estate is shrinking, and the shrinkage is quite severe.

This makes the sales decline of Qingquan Xinrui City in 07 years more serious than imagined, the whole year is expected to shrink to about 40% of last year, plus the last 500,000 square meters of residential buildings in Xiushan Xinrui City are all completed and sold out, and the third and fourth phases of Xinrui Star City can not be opened this year, and the sales of Jinchen Yueyuan in nine months this year are not full of 200 million, it is expected that even if the urban construction plan of Jiangwan District is adjusted, but before the overall location of the north bank of Longchuan River forms a certain climate, the sales of Jinchen Yueyuan are difficult to increase sharply all of a sudden, which makes Xinrui City's operating income this yearThe return of funds has shrunk by nearly 50% compared with 06 years.

Of course, due to too much amortization of costs in the early stage, although the scale of revenue in the later period has been greatly reduced, the net profit of listed companies this year can still be maintained at the same level as last year.

In the later period, even if the sales volume of Qingquan Xinrui City continues to decline sharply, it is unlikely that there will be a loss, but in the end, Qingquan Xinrui City has a total of one million square meters of total construction area, and the part of the profits locked in several office buildings and residential parts will take a longer period to cash.

Of course, if Qingquan's housing prices plummet below the cost of construction, Qingquan Xinrui City would also lose money, but that situation is almost impossible in theory.

The construction investment of the third and fourth phases of Xinrui Star City and the second phase of Jinchen Yuechen this year is extremely high, and the residential construction land reserve with a total construction area of 1.5 million square meters has been added in Shangdu, Yinghe, Los Angeles and other places, which makes the cash reserves of Xinrui City extremely expensive.

Now that Huang Chaocheng has such worries, Chen Li can understand it.

"Then take 400 million out to pay dividends, just control the asset scale at about 2.5 billion. Zhou Bin sat in the passenger seat and said.

"Let's take 900 million out of dividends, and control the assets managed by Chaoying to 2 billion, which is enough for you to play. Chen Li saw that Huang Chaocheng wanted to speak and stopped, so he said for him, he couldn't control Xu Yuanzhou's decision-making, after all, he was not directly involved in the investment, Huang Chaocheng took the lead in leading everyone to play, so he decided directly.

In this way, Chen Li's investment as a limited partner can directly recover more than 70% of the principal, and they participate in the equity investment of the investment management company as a general partner, and they can get nearly twice the dividend of the investment amount, so that no matter how the stock market fluctuates in the later stage, they are invincible.

Huang Chaocheng is worried that the risk is too great, so he naturally prefers Chen Li's more conservative plan, so that he can directly receive nearly 50 million management dividends, and can continue to manage private equity funds with a scale of about 2 billion in the future, which can barely be regarded as a turnaround in this big bull market.

Zhou Bin spread his hands, he naturally would not oppose Chen Li's decision.

Although Zhou Bin regretted that he reduced his holdings in Xinrui City at the beginning of the year and reduced it to the halfway point of the mountain, when he held Xinrui City, not only the principal was lent to him by Chen Li, but the cumulative profit was also five times, plus this profit dividend, in addition to the shares held by him and his Lao Tzu in Xinchaorui Commerce, Binhai Coal Industry, Dashang Capital, Chaoying Investment, etc., the cash directly held by him was also 500 million.

Perhaps the sharp rise in the stock market has greatly stimulated the nerves of everyone, and also distracted a considerable part of the energy of the high-level, the pace of expansion of the new tide sharp system this year is much lower than last year: this year's construction land reserve is only 1.5 million square meters in terms of buildable area, and three medium-sized residential projects have been newly started, and the other more important is the continued construction of the existing project, and the three comprehensive shopping center projects prepared by the new trendy business will not be officially operated until the middle of next year, and the total number of stores of the new trendy real estate has expanded to 1,500, and it has also begun to adjust some stores with low single-store profits。

"By the way, I'm going to Jiahu in two days, and you're going with me?" Chen Li said to Zhou Bin.

Jiahu is located in the north of the Pujiang River, and it is also an important economic town in Dongjiang Province.

Chen Li originally wanted to kick Yan Qiwei over and take charge of these two projects, but the secretary of the Jiahu Municipal Party Committee attached great importance to Xinrui City, and proposed to meet and chat with the senior management of Xinrui City