Hong Kong, January 20, 1998, Great Cold.

Feng Yiping, standing on the 22nd floor of a high-end residential building in Wanchai, finally looked down at the Golden Bauhinia Square not far away. On the night of June 30 last year, Feng Yiping was also here, using a high-power telescope, watching at 0:00 on July 1, the mighty PLA soldiers raised the five-star red flag there.

With the rise of the five-star red flag, on the other side, Charles, who may be the second worst in history since the reign of Emperor Kangxi of the Qing Dynasty, may not be able to ascend the throne in his lifetime, left sadly with the last governor of Hong Kong, who would jump out from time to time in the future, who would occasionally bark at the disgusting sound of people.

Carrying a backpack and pushing the boarding box, Feng Yiping once again took a look at the "thousand-foot luxury house" among the Hong Kong people who had rented for nearly a year, and then locked the door and went downstairs.

He also wanted to buy a house, so that his sister, who is still worried about not becoming a Shanghainese, became a Hong Konger. However, although the housing prices in Hong Kong are already falling, there are still too many bubbles. When buying at this time, it is impossible to get along with himself and money.

From 1994 to last year, in less than four years, Hong Kong's housing prices overall rose by nearly 70%. Many years later, a large number of mainland residents bought property in Hong Kong and brought their rooms back to their current levels. Later, those who clamored that mainland residents raised Hong Kong's housing prices should really look back and see the current situation.

People of all kinds of people on the road were still in a hurry, but they could vaguely see the feeling of surviving the disaster on their faces. It is also that the past year has been a bad experience for these countries in Asia.

Ten years are like a cycle of destiny. Before that, Southeast Asian countries had grown rapidly for ten consecutive years, and some countries and regions were named as the Asian Four Tigers (South Korea, Taiwan, Singapore, Hong Kong) and the Asian Four Tigers (Thailand, Malaysia, Philippines, Indonesia).

Take Thailand as an example. A peasant woman you met in the outskirts of Bangkok, or even a hawker on the street, might be a member of the stock army. At that time, they felt that money was too easy, so they were keen on beach villas, luxury goods in Europe, and electrical appliances in Japan.

Like the American rich class, they send their children to private schools and travel and vacation every year. Even the small owners are preparing to buy Mercedes-Benz.

However, everything about such prosperity has fallen into turmoil since the beginning of 1997.

The day after Hong Kong's return, the situation finally became clear. After several resistances, the Thai government had to announce the abandonment of the thirteen-year-old exchange rate system that was pegged to the US dollar and was forced to announce the implementation of a floating exchange rate system.

Subsequently, after a few symbolic and weak resistance, the governments and central banks of the Philippines, Malaysia, Indonesia, Singapore and other countries gave up their actions to defend their own currencies, allowing them to fight but not fight back, and allowing international speculators to call for the wind and rain. They were rampant for a while.

In November, the crisis spread to South Korea. Later, the Japanese financial industry, which had a large amount of investment in South Korea, brought it into it, causing a series of Japanese banks and securities companies to go bankrupt, and the Southeast Asian financial crisis officially turned into an Asian financial crisis.

In this game of robbing money by hot money, Feng Yiping is like an inconspicuous little shrimp. He followed them in shorting, from Thai baht to Philippine peso, Malaysian ringgit, Singapore dollar, Indonesian rupiah, Korean won, and shorted the US and Hong Kong stocks in October. Last month, he concentrated all his funds, used ten times of leverage, and finally shorted the Korean won once, which was the time he made the most profits in a single transaction.

Although he also lost some of his losses at the beginning with the resistance of various governments, the final result was considerable. As his profit increased, from the beginning, ineligible to apply for financing leverage, to the later 5 times and 10 times of leverage, the dollar assets in his UBS account also increased step by step. Now it has reached eight digits. Although it still starts with 1, he is already very satisfied.

In the past, he was just an ordinary low-end customer of UBS. These days, senior UBS employees have contacted him to sell various financial products to him, but he is unmoved and has bought some Apple stocks. Although Jobs has returned last year, Apple's stock price is still hovering at a low point.

Some people make money, and of course some people lose money.

In Thailand, people who felt that making money were too easy a few days ago now had no jobs and then no cars. The paint of the new house had not dried yet, so they had to sell it. The children were transferred to public schools, and the romantic and luxurious European tour was cancelled.

Many students from private universities cannot adapt to this change. In order to maintain decentness, even better clothes and shoes can only be rented now.

Although the scenery is still so beautiful and charming, and the skyscrapers are still so lined up, there is a bottomless gap between the wealth that was once and the down-and-out now.

In Indonesia, even the children of President Suharto, who later became famous for his corruption and ranked first in the World Bank's "Corruption Rich List", had to sell their companies to avoid losing all their money.

In Malaysia, the top ten rich people lost tens of billions of dollars in the stock market alone.

Of course, Feng Yiping, who made a little money, felt no guilt at all. Soros also said, "In terms of financial operations, there is no morality or morality. This is just an operation."

In addition, as he said, even without this hype, what should come will come.

In addition, these Southeast Asian countries are immersed in the atmosphere of high growth. Their local currencies are seriously overvalued, but they have not taken regulatory measures like China. The foreign exchange reserves are insufficient, and the stocks and foreign exchange markets are not controlled. The currency can still be exchanged freely. Once their foreign exchange reserves are empty, they can only watch the hungry wolves making waves on their foreign exchange markets.

Even when our country was the world's first foreign exchange reserves, it would not be unwilling to relax its controls. We must have considered this. After all, no matter how much foreign exchange reserves a country has, it is still more than hot money that can be concentrated in the international market.

Moreover, there is also the Soviet Union ahead, which can be said to be an example of being dragged down by Western countries such as the United States and other Western countries. It is normal to have stricter financial controls.

On the bus to the airport, I heard the two in the front row saying with lingering fear, "It's finally over! Fortunately, although I cut some meat in the stock market, I don't mention the ones I bought before, the buildings I invested in last year have good returns at present."

Feng Yiping looked at them with some pity behind him, and wanted to say to them, "Dear, you think so beautifully, you just came to an end, it's far from over."

Yes, starting from the second half of this year, this storm will usher in a new wave. For example, Hong Kong's total stock market value will evaporate by more than 2 trillion Hong Kong dollars this year. After that, the real estate market will also plummet. The one in front must have bought a mortgage, and there are more than one, which will definitely become a negative asset.

Alas, I don’t know if the person in front will become a member of the army that jumped off the building.

When he entered the airport, he couldn't help but look back at the two people. The middle-aged man wearing windbreakers and trying to dress up well. He looked at a child with pity and even as if he was looking at him. He almost said that mainland Qian would say that, but he was a little hesitant, and he couldn't tell whether Feng Yiping was a mainlander.

There is no way, even if these Hong Kong people have lost their pants, they still have a sense of superiority in front of their mainland compatriots.

However, Feng Yiping was not a waste of time in Hong Kong this year. When he was free, in addition to reading and charging books at several university libraries, he also fully appreciated all aspects of Hong Kong. Of course, in addition to those places where the Eighteen Forbidden City were dressed, he also spoke more easily in Cantonese and English. Besides, with tens of millions of dollars in the bank, he was naturally confident, so it was normal that he couldn't tell it.

After a few hours of flight, in the afternoon, the flight finally arrived at the provincial capital. After taking the luggage out of the airport pass, I saw my parents and sister waving to him at the exit. (To be continued...)

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Chapter completed!