Hong Kong people are wealthy, but some can no longer afford housing in their city.
After the Hong Kong real estate market crash of 1982-1984, following the signing of the Sino-British Joint Declaration in 1984, Hong Kong’s housing prices entered a 13-year bull market prosperity period. By the end of last year, Hong Kong housing prices broke through 10,000 Hong Kong dollars per square meter for the first time! Calculated in Hong Kong dollars, this price was truly terrifying.
Units between 70㎡ and 100㎡, known as Type C units, are the mainstream housing type in Hong Kong. At 10,000 HKD per square meter, a 70㎡ apartment would cost 700,000 HKD, requiring at least 200,000 HKD for down payment and mortgage… With that money, one could buy a whole apartment in Luohu Tiancheng with cash.
The Hong Kong buyers shared similar thoughts with Old Duan. As Hong Kong property prices rose, Shenzhen’s properties seemed poised to follow suit. Even if not for personal use, it would make a good investment.
Since the term “public area” emerged, Hong Kong apartments were nicknamed “water-injected houses” by locals. Taking the smallest Type C unit of 70㎡ as an example, after deducting public areas and wall space, having over 50㎡ of actual space meant the developer was conscientious. Paying 700,000 HKD in installments, working extra years for the bank, just to own a property slightly larger than a pigeon cage—was it frustrating? Extremely, but there was no choice. The real estate market was controlled by major developers, and buyers were powerless to change these industry practices.
Qihang’s property advertisements promised 90㎡ of actual space for 90㎡ units, catching many buyers’ attention. With Golden Sand Pool’s reputation preceding it, Hong Kong buyers were willing to check out Qihang’s new development.
While queuing, two Hong Kong buyers whispered:
“If this were in Hong Kong, Qihang Real Estate would go bankrupt instantly.”
“Not counting public areas? What’s there to profit from…”
“Impossible, with such expensive land prices, they’d lose everything!”
“Shenzhen’s land is cheaper.”
Old Duan couldn’t help but interject, “Shenzhen’s land isn’t cheap either.”
These prices weren’t cheap at all. Exceeding 1,400 yuan per square meter, it was far from affordable. Only self-employed businesspeople who’d made good money could afford apartments in Luohu Tiancheng.
The Hong Kong buyers ignored Old Duan, considering him an amateur.
Hong Kong’s real estate market was booming. Many Hong Kong residents lost interest in work, with ordinary citizens queuing overnight to view properties and wealthy merchants taking helicopters to property viewings. Hong Kong real estate offices never closed before midnight. Though prices were high, they kept rising. Buying meant profit, and some speculators even gave expensive gifts worth hundreds of thousands of HKD to sales representatives to secure the best units… Such was the madness of Hong Kong’s current property market.
Wherever new properties are launched, Hong Kong buyers flock there with fierce determination.
Though Luohu Tiancheng wasn’t in Hong Kong, it wasn’t far. With cheaper prices and no properties to buy at home, why not look here?
These experienced property viewers had become semi-experts, ignoring Old Duan whom they considered a bumpkin. Though annoyed, he held his tongue. Having arrived early, Old Duan was near the front of the queue, as were the two Hong Kong buyers. When their turn came, the Hong Kong buyers followed the sales consultant to view the show flat, while Old Duan pushed his way into the sales office.
Why bother with show flats?
First come, first served!
Old Duan studied the model and selected two 90㎡ units.
He carried a black leather briefcase containing 100,000 yuan for the deposit.
The sales consultant explained the difference between a “subscription deposit” (refundable) and a “booking deposit” (non-refundable).
“Non-refundable is fine, I’m buying,” Old Duan declared.
“Would you like to apply for a bank loan?”
“Full payment!”
He didn’t want the unease of owing the bank money.
Thanks to good business at the Chengrong Electronics Market, Old Duan could afford to pay in full. He’d also secured exclusive distribution rights for electronic dictionaries in Fujian Province, recently arranging consignment sales with local Xinhua Bookstores. Calculating quickly, including today’s deposit, he could gather about 200,000 yuan in cash, maybe falling short by tens of thousands, which Chen Xiliang could help with. With his stall at Chengrong Market, he’d quickly earn it back.
“Sir, please review the contract. For full payment, you’ll need to pay the remaining amount within a week. Is that acceptable?”
“No problem—”
“Please sign here, then follow me.”
The sales consultant led Old Duan outside, where golden rabbits were displayed.
Being among the first in line and decisive in purchasing, Old Duan was the first customer to complete the deposit and contract process, making him the first to smash the golden rabbits.
The rabbit models, made of plaster and covered in gold foil, looked adorably festive.
The sales consultant handed Old Duan a hammer:
“Sir, please choose two rabbits to smash. Your purchase benefits depend on your choice… Good luck!”
Xia Xiaolan was quite crafty.
She’d arranged the golden rabbit smashing activity outside the sales office, letting potential buyers watch.
There were as many rabbits as available units, their golden gleam dazzling Old Duan’s eyes.
This had been mentioned in the advertisements.
Old Duan held the wooden mallet, unsure which to strike.
The onlookers were more excited than him.
“Hit the one on the left!”
“The middle one in the third row.”
“No, they must have hidden the big prizes in the back rabbits. Brother, hit the ones at the back!”
Each rabbit looked identical—was there a pattern to their placement?
Old Duan wasn’t sure.
He couldn’t figure out any pattern, and talk of prizes being in the last rabbits was nonsense. Nobody could guess Manager Xia’s strategy.
Old Duan decided to leave it to luck. Two random strikes shattered the plaster, revealing prize tickets inside. The sales consultant collected and handed them to him:
“Congratulations! One is a 5,000 yuan discount voucher, the other is a 5% discount on the property price.”
Taking out a calculator, she computed, “For your two units, the full payment is 261,000 yuan. With a 5,000 yuan discount on one unit and 5% off the other, you’ll only need to pay 249,500 yuan, saving 11,525 yuan!”
Though aware this was Manager Xia’s marketing tactic, Old Duan was delighted.
Tactics aside, the savings were real—what’s not to like?
The crowd buzzed with excitement, some calling Old Duan foolish, claiming they could get better discounts… The sales consultant smiled silently—only buyers could smash rabbits, what right did non-buyers have to comment?
By the time the two Hong Kong buyers returned from viewing the show flat, Old Duan had already left the sales office with his purchase contracts. Amateur or professional, all that pointless talk meant nothing now. His path was clear—wherever Manager Xia built properties, he would buy them. One unit for every new development—his goal couldn’t be clearer!