Time flies, and in the blink of an eye, it is September 1983.

On the 8th, the Hong Kong Association of Banks announced that it would raise the deposit interest rate by 1.5% from the next day, that is, 7% for savings deposits.

Even so, the Hong Kong dollar exchange rate fell to a new all-time low. On the 14th, the exchange rate of the Hong Kong dollar against the US dollar fell to 7.89 Hong Kong dollars per US dollar, and in just one year after Margaret Thatcher's visit to Beijing, the Hong Kong dollar depreciated by 1/3.

On the 16th, Hong Kong Government Financial Secretary Pang Laizhi openly said: "It is impossible for the government to stabilize the Hong Kong dollar exchange rate at any specific level, it must depend on market forces." ”

He accused Hua Xia Bank's Hong Kong branch of buying large amounts of dollars to deepen the crisis, and warned that the decline in the Hong Kong dollar could not be stopped unless Huaxia "gave a positive stance on the progress of the negotiations".

On this day, Lin Zhichao came to the Hong Kong Governor's Mansion and met with Hong Kong Governor Youde.

The Governor took over as MacLehose's Governor last year (1982) and is a diplomat like MacLehose.

At the same time, he has a deep relationship with China.

As the saying goes, 'the cycle of cause and effect', when Youde visited the capital in later generations, he had a heart attack and was the only governor of Hong Kong to die in office.

Walking into the Governor's office, Youde accompanied Lin Zhichao to sit down on the sofa.

With Lin Zhichao's status in Hong Kong and his relationship with Reagan, Thatcher, and bigwigs, of course, he has to call Lin Zhichao 'Sir Lin' as a Hong Kong governor, and his attitude is also very respectful.

Of course, Youde is Lin Zhichao's direct 'leader', and the county officials are not as good as the current management, so Lin Zhichao also respects Youde very much.

Soon, the two sides got to the point, and Youde said: "Sir Lin, the Hong Kong dollar has been speculated by many forces recently, resulting in the instability of the Hong Kong dollar, I don't know what you think?" ”

Many of the forces he mentioned must include Huaxia Bank. Of course, others are worried about the stability of assets, not pure speculation.

Lin Zhichao said: "The appreciation of the US dollar has been evident since 1981, when I also exchanged a lot of US dollars in order to achieve the purpose of asset preservation. It's just that speculation and speculation are indeed intensifying today, but I am very confident in the Hong Kong dollar, and at present, there are just people taking advantage of the negotiation situation to seek personal gain. ”

He hasn't exchanged dollars since mid-1982, so many people know that companies like Cheung Kong and Hutchison have dollar cash flow, but they have nothing to say.

After all, at the end of 1982, the US dollar was still 6.49 Hong Kong dollars against the Hong Kong dollar, and at that time the Sino-British negotiations had already begun. In mid-1981, the US dollar was only 5.2 against the Hong Kong dollar. At the end of 1981, the US dollar was only 5.5 against the Hong Kong dollar.

You De saw that Lin Zhichao believed in Hong Kong dollars so much, and immediately felt that Lin Zhichao was different from the rumors - the rumors were more gentlemanly, but now it seems to be a little cunning. After all, if you believe in the Hong Kong dollar, why do you have a lot of dollars in your hands?

So, he said, "I was surprised that Sir Lam had such confidence in the Hong Kong dollar. Sir Lam is also a business leader in Hong Kong, but now that the Hong Kong dollar is being speculated, I wonder if you can give some advice? ”

He deliberately discussed this issue in depth.

Lin Zhichao said: "Well, if the Hong Kong government promotes the linked exchange rate and maintains it at a certain level, it is indeed the best way. ”

Youde immediately said: "No, now that speculation and speculation are hot, and the strong promotion of the linked exchange rate must be self-destructing the city wall." ”

Lin Zhichao nodded and acknowledged this. The imposition of a linked exchange rate will only lead to greater financial instability; Only when the exchange rate in the market has stabilized will the Hong Kong government set the linked exchange rate to maintain it at a certain level.

Youde took the opportunity to say: "Can Mr. Lin come forward to maintain the credibility of the Hong Kong dollar?" ”

Lin Zhichao was not surprised, and seemed to have known Youde's intention to find him.

He did not shirk it, but said directly: "I have never thought of letting companies move out of Hong Kong, and I am very firm about the future of Hong Kong, so I am also very optimistic about the prospects of the Hong Kong dollar." Since Governor Youde is saying this now, I am willing to contribute my own strength, that is, to convert most of the US dollars of his enterprises into Hong Kong dollars to show my support! ”

At this time, the Hong Kong dollar exchange rate has exceeded 8, and according to Lin Zhichao's understanding, the 'linked exchange rate' behind it is 7.8, and Lin Zhichao did not think of converting a large number of Hong Kong dollars when they are the least valuable (9.6), the first is that it can only be maintained for a short time (the Hong Kong government will not sit idly by and watch the Hong Kong dollar collapse), and the second is that Lin Zhichao's identity is not allowed to do 'speculation', at least on the surface.

Nowadays, the exchange rate of 8.0 is a little higher than the 'linked exchange rate', so it is no problem to convert most of the US dollars of Cheung Kong Group, Hutchison Whampoa, Wharf Group, etc. into Hong Kong dollars. The reason why it is not redeemed is because many companies still need to develop overseas.

Youde was also stunned, Lin Zhichao agreed too happily!

After all, in business, in the face of interests, there are a few businessmen who are willing to lose their own interests and do good deeds.

"With Mr. Lin's support, I believe that the Hong Kong dollar can be much more stable!"

"Your Excellency the Governor of Hong Kong is serious, and I am just doing my best to maintain this hard-won prosperity."

Subsequently, after the two chatted for a while, Lin Zhichao got up to say goodbye.

Youde looked at Lin Zhichao's background and fell into thought, his predecessor Sir MacLehose described Lin Zhichao to him - he was a man full of money-making cells, a real god of business; But in addition to that, he is also a gentleman businessman who is very willing to help people and give back to the society.

Very high rating!

Today, Youde finally felt the charm of Lin Zhichao for the first time.

Lin Zhichao has made too many contributions to Hong Kong, so much so that he is the idol of Hong Kong people, and of course, there are Hong Kong people who originally advocate a money society. Lam Chi-chiu, on the other hand, was an industrialist and a shipping man who brought jobs to tens of thousands of people in Hong Kong; In addition, Lin Zhichao is willing to donate, and only supports one Hong Kong Polytechnic University, which is already highly respected by the public.

In the following days, Cheung Kong Group, Hutchison Whampoa and other companies announced that they would support the stability of the Hong Kong dollar and exchange the US dollars in their hands for Hong Kong dollars. At the same time, the US dollars of these enterprises are specially introduced as the exchange decision made in 1981 for the sake of the stability of the assets of the enterprises when the US dollar appreciation was initiated, and none of the US dollars were exchanged after the Sino-British negotiations.

Lam himself also announced in the media that he supports the Hong Kong dollar and is firmly optimistic about the development prospects of Hong Kong's economy.

With its huge influence, Hong Kong dollar speculation and speculation activities have decreased a lot for a while, and the Hong Kong dollar exchange rate also fluctuates between 8~8.2.

Hutchison Building.

The building is located in the middle of the Furama Hotel (later the AIA Financial Center) and the Golden Gate Building (the later Bank of America Building), which was rebuilt by Lee Kar-shing in 2018 as the 'Cheung Kong Center Phase II'.

In terms of floor area, it is larger than the buildings on the left and right, and it is indeed a first-class high-quality Central Building.

At its peak in 1981, the value of such a building was actually worth more than one billion Hong Kong dollars. When Cheung Kong Group purchased Hutchison Whampoa, the total market value was only about 2.4 billion.

However, today's Hutchison Whampoa, with a market value of about 5 billion Hong Kong dollars, is not that the stock market environment has improved, but that Hutchison Whampoa has successively privatized Watsons, Hebao, Hutchison Real Estate, and Junyi Warehouse in the past few months. The total cost is 20% of the new shares, plus HK$1 billion in cash flow.

Today, Cheung Kong holds only 44% of Hutchison Whampoa, a 20% diluted stake.

However, Lin Zhichao is not worried, because he will continue to increase his holdings in the future. On the contrary, now that Hutchison Whampoa has privatized all its listed companies, it is equivalent to Lin Zhichao occupying more interests.

in the conference room.

Lin Zhichao is having a meeting with a layer of foreigners, and everyone has long forgotten the three 'pseudo-giants' of Richardson, Peter Wei, and Xia Boyin, and they have cooperated with Lin Zhichao and Ma Shimin's changes to Hutchison Whampoa.

"Hong Kong dollar speculation seems to be stabilizing, but in fact it is still vulnerable to the broader environment. Recently, China and the UK are in the fourth round of negotiations, and I don't expect the outcome to be good. Once this kind of news is released, there will be a wave of decline in the Hong Kong dollar, and even a wave of scrambling for shopping materials. So, does the retail department have a large number of canned food, daily necessities, rice oil and other materials that should be stored? ”

In the first half of the year, PARKnSHOP launched an advertising and price war for more than half a year, and although the price was not the lowest, it lasted the longest. The consequence of this is that the monopoly goal is initially achieved, and Wellcome Supermarket is dragged down, which is worse for Hongkong Land; As for other small and medium-sized supermarkets, the overall turnover is 20~30% less.

In the end, under the interference of the media, well-known figures in the business and political circles, Parknshop Supermarket withdrew its troops in Mingjin, after all, the influence of public opinion has become greater.

Of course, in Lin Zhichao's view, this is business, and it is to give profits to the public, which is not 'not martial arts' at all.

A.S. Watson's President Holland, said, "Yes, we have maintained sufficient supply in the past six months, especially since August, we have begun to reserve half a year's inventory. ”

This boss has given a ruthless blow to Hong Kong's retail industry, not only to increase the share of supermarkets in the entire retail market, but also to beat department stores, but also to beat small and medium-sized supermarkets. The most important thing is that the market share of Watsons Retail Group has increased a lot in the past six months, and it has initially reached a monopoly in the market.

If you add the 7-11 convenience store under Cheung Kong Group, Hong Kong's retail is really a monopoly.

Lin Zhichao nodded with satisfaction and said: "All our companies must not refuse Hong Kong dollars, and they cannot refuse under any circumstances." This is the bottom line issue that a Hong Kong enterprise adheres to! ”

Outlander hurriedly said, "No problem! This is also a matter of the credibility of our business, and we will not make such mistakes. ”

Since the privatization of its listed companies, Hutchison Whampoa's profitability has also increased significantly, and it is expected to reach a normal profit of HK$1.2 billion this year; As for the exchange of 300 million US dollars into 2.4 billion Hong Kong dollars, it is actually equivalent to more than 600 million non-recurring profits.

The main business of this group company is not real estate and finance, so this year's profit continues to grow.

After the meeting.

Lin Zhichao and Ma Shimin came to the office and chatted.

Ma Shimin said: "When does the boss plan to take Hong Kong Electric?" As far as I know, the war between the Keswick family and the Neurbik family has already had a result, and it should be that Simon Keswick should replace Nebijian as the Taipan. And the resignation of Niu Bijian and Bao Fuda is also a matter of this month. ”

This year, Hongkong Land has sold a 38.8% stake in the Hong Kong Telephone Company, bought by Dadong Telegraph Co., for HK$1.4 billion. In addition, Yeely also sold a 51.7% stake in South Africa's Relis Company to cash out HK$1.3 billion.

During this period, Lin Zhichao sent people to lobby Hongkong Land to trade 'Exchange Building', 'Dairy Farm International', 'Wellcome Supermarket' and 'Hong Kong Electric Company' to Cheung Kong Corporation, but did not really take action.

Because he knows that Niu Bijian is a donkey, unlike losing assets such as HK Electric and Exchange Building from him, even if the company goes bankrupt.

Anyway, it's not his own company, what is he afraid of!

Therefore, Lin Zhichao plans to wait for Simon Keswick to come to power before launching a real attack.

The two assets sold by Jardine Matheson and Hongkong Land are not worth mentioning at all for the liabilities of the two companies.

Hongkong Land's highest market value is only 15 billion Hong Kong dollars, and this year's debt has reached 20 billion Hong Kong dollars, and this year's losses will be as high as more than one billion Hong Kong dollars (interest swallows up profits).

"When Simon comes to power, as long as the Keswick family is not stupid, they all know that the strong man has broken his wrist. The only company in Hong Kong that can escape billions of cash is our Changshi enterprise. As for overseas enterprises, they do not even dare to accept Hong Kong dollars, let alone invest in Hong Kong. ”

Ma Shimin said: "Indeed, no wonder the boss is not in a hurry!" Hongkong Land's debts are already much higher than its own assets, and without Jardine Matheson's bailout, it would have had the only way to go bankrupt. The only pity is that Nicson sold the equity of the Hong Kong Telephone Company to Dadong Telegraph, which made our Hutchison Telecommunications lose the opportunity for development. ”

Lin Zhichao said with a smile: "Sooner or later, British companies will fade out of Hong Kong, so there will be opportunities in the future." Buying these assets is not buying antiques, and it doesn't have to be a must. What's more, the funds in front of us were all occupied by US dollars, and now we are just exchanging, and this time it is equivalent to earning more than 600 million, so at that time, the Hong Kong telephone company was sold, and I was not sorry at all! ”

The two communicated and had a unified opinion.

It is definitely a priority to develop Hong Kong assets, and then go overseas when the strength is sufficient.

In terms of establishing a foothold in Hong Kong, Ma Shimin and Lin Zhichao have maintained a high degree of agreement, which is very important.

And Ma Shimin also understands that no matter who wins the negotiations, as soon as the answer is revealed, Hong Kong's economy will immediately return to the upward channel.

Based on this, he also firmly believes that Hong Kong's local development is more suitable for the current Hutchison Whampoa, especially when the Hong Kong Electric Company has not yet arrived.

(End of chapter)