Chapter 225: The Queen's Road Central Land King
After examining the scale model, Yang Wendong donned a safety helmet and headed to the construction site.
Zheng Zhijie introduced, "Mr. Yang, the foundation work is almost done. In a few more days, some buildings will begin construction."
"Eight floors—shouldn't take too long, right?" Yang Wendong asked.
Zheng Zhijie replied, "We're operating on a 24-hour construction schedule. It'll take about 7 to 10 days per floor. The first three floors will be slower due to higher specifications, but the upper floors will rise quickly."
"Alright. Make sure everything is safe. I'll have third-party firms come inspect each building," Yang Wendong reminded him.
"Rest assured, Mr. Yang," Zheng Zhijie said. "We wouldn't dare to cut corners on quality. This entire industrial zone is being built by Gammon Construction. They've worked on many major buildings in Central—they have a solid reputation."
"Gammon Construction?" Yang Wendong paused, recalling he had heard of them in his previous life.
Zheng Zhijie added, "They're among the top three construction companies in Hong Kong."
"Mm." Yang Wendong didn't dwell on it. He looked at several buildings rising in the distance and asked, "Are those the worker dormitories?"
"Yes, those are the dorms," Zheng Zhijie replied. "According to the plan, each floor has 40 rooms, each with six beds—one dorm building houses up to 2,000 people. But Mr. Wei said realistically it won't be that crowded, since many workers have families and won't be staying here."
"That's up to them. Personal choice," Yang Wendong nodded. "What are the living conditions like?"
Wei Zetao chimed in, "Each person gets a one-meter-wide bed and a locker. Two people share one desk. There are ceiling fans and lights in every room. Each room also has a balcony for drying clothes. Bathrooms and showers are communal, and we strictly prohibit high-powered appliances or open flames. Boiled water will be available from centralized stations."
"Sounds decent," Yang Wendong said, thinking it resembled college dorms in the early 20th century.
While people from his past life might consider dorms without AC, entertainment, or private bathrooms intolerable, in this era, just having a place sheltered from wind and rain was already an improvement.
Wei Zetao added, "Compared to how many people in Hong Kong currently live, this is a huge step up."
"Alright, then let's stick with this for now," Yang Wendong nodded. "Once they're finished, we'll see if improvements are needed."
Plans were one thing; seeing the final product was another. He couldn't comment in detail until the buildings were complete.
The final stop was a large single-story warehouse. Inside were layers of tightly packed wooden crates stacked three high.
Wei Zetao said, "Mr. Yang, these are plastic pellets imported from Taiwan—produced by Formosa Plastics."
"Wang Yongqing's factory has ramped up production quickly," Yang Wendong nodded.
The company he had invested in last year—soon to become Formosa Plastics—was already bearing fruit. The new Formosa plant went operational last month and had begun mass production of plastic raw materials.
Wei Zetao continued, "Yes, because they had ample funding and didn't deal with slow bank loans, Mr. Wang's efficiency has been excellent—two months ahead of schedule."
"What about pricing?" Yang Wendong asked.
"It's about 20% cheaper than what we were importing from the U.S., and slightly cheaper than what we used to get from the British-run trade firms. Once Mr. Wang's production scales up and we build up a steady inventory, we'll be in a position to start competing seriously with the existing importers."
"Good," Yang Wendong nodded. "Our industrial park is huge. Eventually, we'll open it to outside tenants—but don't lease to textile, garment, or mechanical shops. Only plastics-related factories. That way, we can form a cluster ecosystem. With our lower prices, everyone benefits."
"Understood," Wei Zetao replied. He also understood the bigger picture—Yang Wendong was preparing to dominate Hong Kong's plastic raw materials supply chain.
At noon, Yang Wendong treated the company's senior management to lunch at a nearby dai pai dong (street food stall), and afterward, he went with Zheng Zhijie to visit the Changxing Tower on Des Voeux Road in Central.
"Nineteen floors already? That's fast," Yang Wendong said, counting the floors of the 25-story tower.
"We injected more funds after acquiring the property. The original contractor picked up the pace," Zheng Zhijie said. "We expect the structure to be topped off by October. Interior work is already underway up to the 15th floor. If all goes well, the tower will be fully completed by year-end, ahead of schedule."
"No need to rush too much—we're not pressed for time," Yang Wendong replied.
"Understood."
"How's the leasing going for the shopping center downstairs?" Yang Wendong asked.
"If we count the upcoming Carrefour supermarket, we're basically fully leased," Zheng Zhijie replied. "Also, as per your request, we're building a cinema inside the complex."
"Mm. The cinema and supermarket may not make us much profit, but they'll attract foot traffic," Yang Wendong nodded.
In his past life, many cinemas were integrated into malls and office towers. He had once dreamed of this, but it was hard to implement in this era.
Cinemas now were large, single-auditorium spaces due to the limited number of films and high operating costs. Office buildings usually didn't have enough space on one floor for this.
Only large malls had the potential—and even those were few and far between. Most were owned by major consortia with no interest in renovating just to add a cinema.
But now, owning the former Liu Chong Hing headquarters gave him the perfect setup. The mall downstairs had ample room, making it the ideal test case.
Zheng Zhijie continued, "But the cinema will open later than the rest of the mall. The area has to be retrofitted, and it'll take time."
"That's understandable," Yang Wendong nodded. Cinema auditoriums required sloped seating, which meant significant reconstruction.
Zheng Zhijie then said, "Mr. Yang, let me show you where our key tenants will be located. On the first floor…"
Yang Wendong listened casually. He recognized some of the international brands—mostly British ones. Due to Commonwealth trade protections, many foreign companies had difficulty entering Hong Kong markets.
After hearing the report, Yang Wendong asked, "It's not fully leased out yet, right?"
Zheng Zhijie replied, "Not yet. In the early stages, when it was still under Liu Chong Hing Bank, some well-known brands had signed leases. After we took over, I also signed a few deals, but there are still a few spaces that haven't been finalized. However, for those remaining units, I don't plan to bring in any major brands. Within the next two months, I'll get them all leased."
"Alright," Yang Wendong nodded. "Reserve a larger unit for me. I'm planning for Yiyi's clothing store to open a branch inside."
Even though the store focuses on mid- to low-end fashion, it's still very suitable for high-end malls, because most shoppers are just ordinary people. Within upscale malls, the truly luxurious brands are actually a minority.
"Understood," Zheng Zhijie agreed.
After inspecting Changxing Plaza, the group returned to the new headquarters of Changxing Real Estate at the Geely Building.
Zheng Zhijie also brought along some financial reports. "Yang Sheng, here are Changxing Real Estate's financial documents from the past six months. Over this period, we've been developing four residential projects. One of them has already started pre-sales, and based on that project alone, the net profit will be around HK$1.1 million. The other three projects haven't reached pre-sale yet, but based on current housing prices, we estimate at least HK$2.5 million in profits from them."
"Isn't pre-selling units now more strictly regulated?" Yang Wendong asked as he flipped through the documents.
"Yes," Zheng Zhijie confirmed. "Last year, there were some cases of unfinished developments in certain areas. Many citizens who had purchased pre-sale units suffered significant losses. There were even protests demanding the Hong Kong government intervene. So earlier this year, the government introduced regulations requiring that certain milestones be met before pre-sales can begin."
"That's actually a good thing. The market needs boundaries," Yang Wendong responded calmly.
While fewer restrictions on pre-sales would benefit his real estate company, he preferred the market to remain stable and only crash during the few crises he remembered from history—so he could maximize profits.
Zheng Zhijie continued, "Actually, the downturn in the real estate market during the first half of this year is partially due to that policy, and perhaps also contributed to the run on Liu Chong Hing Bank. If you trace it back, this might have been one of the causes."
"A small shift can shake the entire system—that's how financial and real estate markets work," Yang Wendong nodded.
The business model of Liu Chong Hing Bank was bound to run into trouble eventually. However, since he had prior knowledge of the timeline and prepared accordingly, he was able to benefit greatly. Of course, it wasn't like he was kicking them while they were down—selling their properties to him had actually been the best option for the Liu family; otherwise, their losses would have been even worse.
Zheng Zhijie pulled out another document. "Yang Sheng, next I plan to continue participating in residential land auctions on Hong Kong Island organized by the government. These are the target locations."
"Sounds good," Yang Wendong agreed after browsing the material. "Just give me the full dossier before each auction."
Although the property market in Hong Kong was sluggish in the first half of the year, it had started to recover in the second half—albeit slowly. After the incident with Liu Chong Hing Bank, many banks had become more cautious, slowing down the rebound.
"Understood." Zheng Zhijie paused briefly before continuing, "Yang Sheng, there's one special parcel of land. The government requires it to be developed into a large hotel. Originally, we weren't involved in the hotel business, but the location is too good to ignore."
"Where is it located?" Yang Wendong asked.
"2 Queen's Road," Zheng Zhijie replied.
"Queen's Road? Number 2?" Yang Wendong was stunned for a moment. Wasn't that historically the location of Cheung Kong Center developed by Li Ka-shing?
It was said that this land originally hosted the Hilton Hotel in Hong Kong. Later, in the 1980s, Li Ka-shing acquired the property, but because Hilton had a 50-year contract with the original owner, Li was stuck and couldn't redevelop it right away. Eventually, after acquiring Hongkong Electric, he leveraged its power and local connections to pressure Hilton into leaving, reportedly paying them off. After Hilton left Hong Kong, Li tore down the hotel and built what would become the Cheung Kong Center.
So now, it appeared that this very land was up for auction by the government.
"Yes," Zheng Zhijie confirmed. "The location is outstanding, and it's large too—38,000 square feet. The government stipulates that any bidder must construct a five-star hotel with over 600 rooms."
"38,000 square feet?" Yang Wendong did a mental calculation. "That plot might be worth around HK$30 million, then?"
At that time, commercial land in Central Hong Kong was typically selling or trading at over HK$800 per square foot. And a premium site on Queen's Road would fetch even more.
Zheng Zhijie nodded. "HK$30 million might even be conservative. This is prime, king-tier land. If it were zoned for an office building, the final price could be even higher."
"Which companies are interested in the land?" Yang Wendong asked again.
"Jardine Matheson's Hongkong Land, Swire Group, and Hutchison Whampoa have all expressed interest in bidding. Additionally, some consortia from Japan, the U.S., and the U.K. are also rumored to be interested."
"It's not surprising that such a prime location would attract so many major consortia," Yang Wendong said. "Hong Kong is already becoming Asia's new economic star, and Central is its economic core. Premium land in Central is bound to be hotly contested."
"Yang Sheng, are you interested in bidding on this parcel?" Zheng Zhijie asked.
"Of course I am," Yang Wendong replied without hesitation. "A site like this on Queen's Road—38,000 square feet—you might not see another opportunity like this in the next decade."
Although, like in the original history, he could wait until the late 1970s to buy the already-built Hilton Hotel, he'd still have to deal with Hilton's long-term contract. Realistically, it wouldn't be until the late 1980s or early 1990s before he could take full control of the property. He wasn't about to sit back and wait 30 years.
Building a hotel at such a prime location was a superb investment. Even if it suffered losses during the 1966 economic crisis, the long-term prospects remained strong.
Moreover, with his rising status in Hong Kong, he frequently needed to meet people for negotiations and talks. Often, these meetings were held in foreign-owned hotels, which didn't always feel entirely secure.
Now, opening a hotel of his own would not only solve that issue, but by the 1980s, depending on demand, he could either continue operating it or tear it down and build a super skyscraper—it would still be a highly profitable endeavor.
"Shall I register on your behalf?" Zheng Zhijie asked.
"Hold on," Yang Wendong said. "A project of this scale—I need to talk to the banks first. Schedule a meeting with Ho Sin Hang from Hang Seng Bank. I want to discuss financing options."
"Understood," Zheng Zhijie replied.
P.S.:
(According to historical records, Hilton Hotel's total investment in the 1960s was USD $14 million.)
(End of Chapter)
Get 30% off on my Patreon and enjoy early access to new chapters.
You can also purchase the next 100 chapters of the novel directly from my Patreon page.
Hurry up! The promotion ends on February 2, 2026.
Read 40 Chapters In Advance: patreon.com/johanssen10