“Money house mortgaged assets…”

Su Minguan imperceptibly glanced at her, a smile floating at the corners of his mouth. This little girl had quite ambitious plans.

“Depends on the money house’s strength.” He had tired of watching the mob beat people and strolled with her down the empty sycamore-lined street. “Generally, they’ll drag it out for a year or so first. If they can collect payment or the debtor has other collateral for extending the loan, then all’s well. If they really can’t repay, powerful money houses directly send people to seize houses and furniture, while weaker ones file lawsuits. If it’s a small money house without strength and the debtor flees first, they can only accept their bad luck—that account becomes a bad debt.”

Lin Yuchan shook her head repeatedly. The Qing Dynasty’s financial industry was truly chaotic, completely unregulated. No wonder Su Minguan didn’t like depositing cash in money houses—they were sure to be misappropriated for random lending and couldn’t be recovered when due.

“However,” Su Minguan suddenly said, “A’Mei, with land speculation so hot lately, Shopkeeper Wang isn’t the only one mortgaging assets for property speculation, right?”

Lin Yuchan: “…”

A single phrase awakened the dreamer. Money houses charged high interest and weren’t afraid of one or two bad debts, but if everyone defaulted, the money houses would collapse too!

If she were a money house owner, seeing debtors going bankrupt one by one from stocks while her loaned money went down the drain, she definitely wouldn’t have the patience to drag things out for a year or so collecting debts—she’d hurry to liquidate collateral to save the money house first!

Currently almost everyone in business was speculating in land and losing money. At this moment, those with ready cash were kings.

She trembled with excitement, shaking Su Minguan’s sleeve and softly pleading: “Come with me to Dingsheng Money House!”

Su Minguan shook his head and sighed: “Didn’t we agree you’d accompany me shopping? I just returned this morning! Now I want to eat pan-fried buns.”

She’d almost forgotten—how could she expect him to help for free?

She smiled sweetly: “If this deal works out, I’ll give you twenty-five percent commission.”

Very generous offer—such opportunities might not come twice in a lifetime.

Su Minguan forgot about pan-fried buns, turned, and walked away with long strides, moving faster than her.

Yixing’s business wasn’t easy either now. Under government control, “homecoming passenger transport” basically didn’t make money, sometimes even losing money. He was also watching for various opportunities to fish in troubled waters.

Walking while turning back to warn: “Shopkeeper Hua of Dingsheng Money House—I’ve dealt with him. Old stick-in-the-mud might not be willing to discuss details with you.”

“Twenty-five percent commission.”

Su Minguan’s mouth curved up, adding conditions: “Defeng Company’s assets are huge—you might not have enough money on hand.”

“I’ve been very careful these months, always keeping ready cash.” Lin Yuchan chased his steps, saying proudly, “If it’s not enough, I assume Mr. Su has ample funds…”

“Investment proportional to shares.”

Lin Yuchan’s heart skipped a beat, then evaded: “Premature to discuss.”

Then added: “The business will merge into Boya—you’re already a shareholder.”

“As a thirty percent shareholder of Boya, I sincerely suggest you consider carefully,” Su Minguan glanced back obliquely, saying softly, “Wang Quan is coming too.”

Wang Quan was after all an old hand who’d weathered the commercial seas for decades. The stocks in his hands were already sunk costs—regardless of their value, they couldn’t be converted to silver short term. His thoughts immediately shifted to a more urgent matter: money, house loans.

He regretted it deeply! To get rich quickly, believing Old Huang’s nonsense, he’d not only used Defeng Company’s book cash for land speculation but had even taken out mortgage loans—how could he repay this money now?

At the same time, his heart burned with hatred. If Defeng Company were still as powerful as before, with Master Qi coordinating above and a group of clerks and accountants assisting below—take that good-tempered Mr. Zhan, he might have advised caution when Wang Quan took desperate risks.

Now? His subordinates were all useless. Defeng Company had become his dictatorship. One careless decision could bury the entire tea company’s future.

He must hurry to the money house to arrange payment extensions.

Whether he could repay was another matter. First, he had to buy himself time.

Wang Quan jogged to the street where Dingsheng Money House was located.

At first glance, his vision went black.

The money house entrance was also surrounded by people!

“Shopkeeper, my father took his coffin money to speculate in land—now he’s lost everything and is being treated at the medical hall!—Here’s my cash receipt, five hundred taels, three-month term. I don’t want the interest—just let me withdraw it quickly. Amitabha, it’s a matter of life and death, save my father—”

“I want to withdraw money too! I know you lent money for land speculation—I don’t care, I just want my money!”

“Everyone listen—we can’t forgo interest, can’t undermine our people! We must all demand both principal and interest!”

“I’m withdrawing one hundred taels! Not much—take my receipt first!”

Several clerks pleaded desperately, nearly kneeling, begging depositors to remain calm—if they didn’t urgently need money, please come back in a few days.

…

Money houses colluded with property developers—one issuing stocks recklessly, the other lending mindlessly, giving Shanghai an unlimited money cheat code. Now that the game couldn’t continue, both sides suffered mutual losses. Clever depositors all rushed to withdraw funds, fearing money house bankruptcies.

Though Wang Quan was the boss of an established tea company, among the panicking financiers he couldn’t rank high. After looking around, he could only obediently go to the back of the line and wait patiently.

Hoping to negotiate reasonably for the money house to give him a few days’ grace.

While queuing, from the corner of his eye he suddenly saw a figure flash—it seemed like that little girl he couldn’t crush, brazenly bringing someone and cutting in line through the money house entrance!

Wang Quan: “Hey…”

Looking back at the rapidly forming queue behind him, he still gritted his teeth and stamped his feet, reluctant to pursue.

Besides, even if he caught up with her, what could he do?

He was already barely keeping himself afloat!

“Master’s good fortune, Miss’s good fortune, please have tea.”

Dingsheng Money House’s head manager, Hua Bingsheng, personally hosted, having tea served.

Before him sat a businessman in his early twenties, handsome and composed in manner. Manager Hua didn’t mind calling him “Master.”

“Master” meant head of household, meant wielding great power, meant he’d obtained entry to high social circles.

Young men usually enjoyed being called “Master,” like concubines being called “Madam”—though modestly demurring on the surface, they were secretly pleased and would accept after a few humble words.

Manager Hua still remembered over a year ago when this spirited young ship owner insisted on buying steamships, even paying deposits, but then a very routine loan operation was rejected by all foreign banks. When he humbly came to the money house for loans, Manager Hua had received instructions from foreign firms not to lend him a single coin. A few words sent Mr. Su away.

Now the wheel of fortune had turned. Su Minguan hadn’t gone bankrupt and seemed to be doing well. The money house was short on cash—money was king. Manager Hua could only secretly hope Su Minguan wouldn’t hold grudges and might help him a bit today.

So he respectfully called him “Master” to show sincerity.

Who knew the man wouldn’t buy it? He smiled and softly said to the girl beside him: “Am I that old?”

Hua Bingsheng’s heart dropped, quickly laughing awkwardly: “Young Master, Young Master, you’re a Young Master, heaven’s favored son. Come, have tea.”

Inwardly grumbling—calling you Master was honoring you. Looking at your bearing, you don’t seem like a family head either. Bringing women around, too—simply frivolous, at most a pampered young master.

The world was unfair—even a pampered young master could make big money while he, working hard running a money house from dawn to dusk, was about to have his shop smashed. Heaven was blind.

The crowd outside made noise, kicking the threshold loudly. Manager Hua could only secretly pray these sounds wouldn’t disturb Young Master Su’s investment mood.

“So, how much does Young Master want to deposit with us?” Manager Hua exchanged pleasantries briefly before impatiently getting to the point. “I don’t dare boast about other things, but arranging extra high interest for you is no problem…”

Young Master Su listened with one ear while the other, finally seeming to suddenly react, laughing: “Oh, I’m not investing money. I’m just accompanying a business associate to visit. Miss Lin is interested in your collateral.”

Manager Hua was greatly surprised, giving Miss Lin a special look.

“Business associate”?

This girl had seemingly introduced herself earlier, but Manager Hua’s attention was entirely on Su Minguan. As for the woman beside him, Manager Hua considered himself proper and always faced Su Minguan, not looking much in her direction, assuming she was a concubine the young master brought out for leisure.

Looking more carefully, the “concubine’s” eyes indeed had a shrewd, meticulous light, unlike those boudoir housewives.

Business associate, then. Young Master Su had interesting tastes, more sophisticated than his youth.

Manager Hua was distracted and missed Miss Lin’s opening words. He hurriedly focused, adjusting his attitude, pretending to speak with an ordinary young man.

“…so Miss is interested in that… that tea company?”

Manager Hua was quite pleased. His money house had extremely low lending standards, and the collateral they occasionally seized was of mixed quality. Generally, after a seizure, it took a long time to find buyers.

Now with a ready buyer appearing at his door, he couldn’t help putting on airs.

“Honestly speaking, the assets are decent quality—storefront, furniture, equipment, and tools, but…”

“But the repayment date hasn’t arrived yet, right?” Lin Yuchan immediately interjected. “Wang Quan’s land price valuations were inflated when he mortgaged. Now, with land prices falling, as I understand, money houses have the right to immediately demand partial repayment or require additional collateral. But the stocks in his hands can’t cover the land price losses, and he has no other collateral. So… why don’t you name a price? If the debtor defaults, I can immediately take over, saving you time losses. After all, you have no experience running tea companies and can’t collect much interest—you’d still spend money maintaining it. How much discount can you offer?”

Manager Hua was stunned, involuntarily turning to look at Su Minguan.

What was this little girl’s background? Speaking of “valuations,” “debtors,” “defaults,” “interest”—as if she understood!

Was this Sun Wu teaching female soldiers, coming here to gain experience?

Su Minguan focused on appreciating a chess set in the reception room, casually saying: “Negotiate with her—I don’t interfere.”

Manager Hua naturally didn’t believe it, thinking: This young master’s hobbies are quite diverse—last time buying ships, now switching to tea production. Tomorrow, will he go beyond the passes to dig cordyceps?

Lin Yuchan: “Oh, right, clearance and transfer procedures would naturally be handled by the money house, right? After all, you have more experience. If you approve, I can pay a deposit first.”

Manager Hua boldly stole glances at this girl’s features.

Wang Quan hadn’t defaulted yet, but she was already eyeing his collateral—this deal wasn’t from good people.

Like a patient not yet dead, while someone already had designs on the patient’s wife. Premeditated.

He glanced at Su Minguan, increasingly feeling this young master was the mastermind persecuting Wang Quan. But what old or new grudges required him to stay behind the scenes, using a female merchant as his front…

He laughed dryly: “I must clarify—if that Wang Quan ultimately raises the money…”

“Just don’t give him extra extensions. Nine times out of ten, he can’t repay this money.” Lin Yuchan immediately said, “If he repays, you don’t need this deposit either—just return it intact to me. It’s like I provided you several days of interest-free loans. You lose nothing either way.”

Manager Hua looked helplessly at Su Minguan again, but he completely ignored him.

He could only follow her words: “Well then, the deposit… preferably ready cash, Miss, you understand…”

“Ready cash is fine, but with a five percent discount, trade custom, you understand.”

Manager Hua broke out in another sweat. Five percent discount—meaning to get her to pay ready cash, for one hundred taels on paper, she’d only pay ninety-five taels actual silver, hitting his cash shortage weakness! Usually, wasn’t it ninety-nine and a half percent?

He secretly stamped his feet. Today’s performance was subpar—a few sentences, and he’d been led into a dead end by a young girl!

A carved Western mirror hung on the reception room wall. Manager Hua turned and suddenly saw his reflection and the confident girl opposite him. Suddenly enlightened, he truly understood.

This Miss Lin was the real protagonist he had to deal with today!

Young Master Su said he wouldn’t interfere, and he didn’t. The so-called “business associate” was genuinely a “business associate.”

Unfortunately, he’d realized too late. Earlier, he hadn’t taken this supposedly concubine girl seriously, instead constantly observing Young Master Su’s expressions, studying his face, listening for subtext…

One careless moment, Lin Yuchan flanked him. Each trap she’d dug in her words, he’d stepped into without exception.

Lin Yuchan looked into Manager Hua’s eyes, unhurriedly delivering her final line: “Currently, everyone in business lacks money. Even if you auction this tea company, you probably can’t get the original loan amount. I can take it at the original mortgage price—that’s already very favorable terms. Half an hour enough for you?”

Manager Hua excused himself, fleeing to the bathroom.

In his final moment of panicked departure, he saw the seated young man and woman exchange a knowing smile.

Lin Yuchan held the freshly signed sales intention contract with Dingsheng Money House, beaming with joy, feet floating, fiercely kissing the document folder’s cover.

“He agreed!”

If Wang Quan couldn’t repay on time, his mortgaged assets would enter liquidation, and Dingsheng Money House permitted Boya Company priority purchase at seven thousand taels. Three thousand taels of ready cash deposited paid immediately, transfusing fresh blood to the money house on the brink of a run.

Su Minguan snatched the folder, dissatisfiedly wiping where she’d kissed it.

“You got it wet.”

Lin Yuchan: “I didn’t…”

Su Minguan flagged a rental carriage, pulling her up.

“Alright. Now go get the silver to pay me back. If you’re late, I’ll charge interest.”

Due to the sudden circumstances, encountering Wang Quan was purely coincidental, so when negotiating at the money house, Lin Yuchan didn’t have enough ready cash for the deposit—this couldn’t be blamed on her. Which single woman casually carried huge sums?

Fortunately, Su Minguan provided a friendly advance payment, allowing her to complete the performance.

Mr. Su was unambiguous about money matters. Seeing Lin Yuchan nod, he reminded: “Plus that twenty-five percent commission…”

Lin Yuchan weakened, saying softly: “I was just talking…”

Su Minguan had only sat there showing his face without helping her speak at all!

Heaven and earth as witnesses, it was truly all her performance.

But she knew their tacit strategy was exploiting people’s current tendency to underestimate women, making Manager Hua focus most energy and attention on Su Minguan, imagining redundant information, allowing her to exploit gaps and score a beautiful contract with wild punches defeating the old master.

Who told Manager Hua to never take her seriously as a proper merchant, not giving her a proper look ninety percent of the time? He reaped what he sowed.

She wasn’t stingy, and if this contract could be fulfilled, even paying an extra quarter of the price, she’d still profit greatly.

So she looked up with a sweet smile: “Won’t shortchange your commission. But wait till year-end to settle with other accounts.”

Saying this, she deliberately hugged the contract folder again, then opened her arms in the carriage, embracing the “fee-charging face-shower” bad boy.

“I’m nervous inside.” She retracted her earlier elation, whispering in his ear, “Defeng Company is much more expensive than Xuhui Tea Shop. Seven thousand taels—if anything goes wrong, Boya will probably collapse…”

The carriage jolted, and Su Minguan gently held her back.

“Everything has a first time.” He said softly, “Before I bought Guangdong, I’d never done deals over ten thousand taels. When signing, my palms sweated and I couldn’t hold the pen.”

Lin Yuchan felt calmer, about to thank him for the encouragement when suddenly another line came to her ear.

“Yixing’s accounting department is still hiring, A’Mei.”

Lin Yuchan: “…”

Wanted to throw him off the carriage.

Her shoulder just moved when he held her tighter, laughing softly while gently kissing her neck.

Summer clothes were thin—he could smell her collar’s scent by lowering his head.

His lips touched and immediately withdrew, quickly releasing her and creating some distance.

Lin Yuchan had been taken advantage of for nothing, greatly indignant, leaning over to get even.

But Su Minguan lowered his head, smiling, dodging slightly, only looking at her gently once, his brow showing hidden worry.

Lin Yuchan nervously opened that day’s Maritime Commercial Daily.

Shanghai’s sudden population drop triggered the real estate bubble burst, creating a minor financial crisis. Since property developers were mostly foreigners with greater gambling tendencies, foreigners lost more heavily than the Chinese in this crisis.

Except for those few property developers who caught wind and fled in time, numerous expatriates suffered losses. Ladies’ jewelry boxes dimmed, customs officers sighed at work, and even the Municipal Council Police Band suspended several performances because activity funds had been misappropriated for property speculation.

Fortunately foreigners had deep pockets and couldn’t be hurt too severely. That Mr. Gibson who jumped in the river was an exception. Most people still lived peacefully, at most exchanging jokes and complaints when meeting.

As Lin Yuchan knew, many wealthy compradors like Tang Tingshu, Xu Run, and Zheng Guanying had heavily invested in real estate. Now with their wealth shrinking, they lost heart even for working with foreign firms. Zheng Guanying’s mansion had been tightly shut for days—Boya Company couldn’t even deliver holiday gifts.

The masses of ordinary Chinese who’d been harvested suffered worse. Many had believed in foreign merchants and firms, bankrupting themselves for property speculation. When stocks plunged, already struggling families faced added hardship. Daily there were people blocking foreign banks, only to be driven away by police batons. Some truly couldn’t repay their debts and fled Shanghai overnight.

All foreign property company stocks crashed. Maritime Commercial Daily has exceptionally published opening prices of various property companies for public reference.

British United Property Company stocks, with fifty taels face value, had peaked at nine hundred taels. The day after Mr. Gibson’s suicide, they were halved to four hundred fifty taels, with limited sales recovering only over a hundred shares.

Third day: three hundred eighty taels. Fourth day: three hundred taels.

Then two hundred taels, one hundred taels, fifty taels, breaking below face value…

Ten days later, British United Property Company’s name disappeared from Maritime Commercial Daily.

All the stocks it issued became expensive waste paper with no buyers.

Other property companies fared similarly, with only differences between early and late death. Some companies simply declared bankruptcy, leaving shareholders with piles of junk. Others backed by major foreign firms with strong funding, though not collapsing, were badly damaged, closing doors for holidays, leaving lonely shadows on Shanghai’s scene.

When the city gate caught fire, the fish in the moat suffered. When real estate collapsed, supporting industries—brick kilns, sawmills, construction companies—also had chain reactions, closing in droves.

High-end restaurants were deserted, Fuzhou Road business was slow, and government offices had long queues of various economic disputes and debt collection lawsuits.

All Boya employees, large and small, hearing those daily changing numbers in newspapers, couldn’t help but feel frightened.

Today, Lin Yuchan returned from inspecting the orphanage factory, estimating that all employees had finished work. She took out her key and found the door ajar.

Strange aromas and heat wafted from inside, as if someone had prepared a Manchu-Han imperial feast.

Lin Yuchan carefully pushed the door open—

“Wow!”

A whole table of dishes: white braised pork, lamb tripe soup, mushroom chicken, crucian carp tofu, vegetarian roast goose, fragrant pearl beans, stone flower cake, kelp noodles… plus a pot of Jinhua wine. Red, yellow, green, and white dishes filled the small dining table in layers, steaming aromas drilling into people’s bellies through their noses, instantly transforming anyone into a fragrant balloon.

All Boya Company employees—Manager Chang, Manager Zhao, street vendors Aunt Hong and Aunt Nian, five apprentices, housekeeper Aunt Zhou—stood up together to greet her.

Lin Yuchan happily stepped back: “What’s all this? Not going home?”

Chang Baoluo shyly said, “Treating you to dinner.”

Aunt Zhou rubbed her hands, somewhat embarrassed: “Madam, I was pig-headed with greed. Good thing you didn’t let me speculate in land—otherwise I’d have wasted my whole second half of life!—Ai, those foreigners’ hearts are so black, even wanting poor women’s money!”

Aunt Hong laughed: “Little sister, haven’t you seen how many people are seeking death on the streets lately! Almost every businessman has lost money, only we’re still eating and drinking well. We have to admit defeat!”

Lin Yuchan suddenly understood, laughing out loud.

“Good, everyone sit, let’s eat together.” She took the lead pouring wine. “Keep voices down when laughing—don’t make outsiders hate us.”

Boya’s Western building hung dim oil lamps at the entrance. Inside was fragrant and warm, secretly celebrating behind closed doors during Shanghai’s early depression.