Chapter 671 Project 50,000 Rental Units
In the Study
Victor briefed Hardy on Hong Kong's recent developments. Although Victor regularly sent detailed reports, nothing compared to an in-person update.
HSBC and Wells Fargo Bank were thriving. Global Shipping handled an unending flow of goods, reinvesting profits into new vessels. It had become Hong Kong's largest shipping company. Global Times was now the city's leading newspaper, and ABC Radio held the highest listenership. Earlier this year, ABC Television officially began broadcasting, making it the first TV station in Hong Kong.
As there were no local TV manufacturers, televisions sold in Hong Kong were imported from the United States. Given the small user base, programming was limited to eight hours daily, featuring imported content such as news, commentary, MTV, cartoons, dramas, movies, and variety shows.
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HD Films had recently established a branch in Hong Kong, acquiring land for a new headquarters and studio complex.
The Hardy Industrial Park, one of Hardy Group's core ventures in Hong Kong, now hosted over 100 enterprises. Most were in a mature and stable production phase.
Hardy Pharmaceuticals, which had acquired multiple companies over the past two years, now produced over 60 types of medicines, including supplements in that area. The company had become the largest pharmaceutical firm in Hong Kong.
These products were marketed in the United States, Europe, and Japan.
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"Boss," Victor reported, "the Hong Kong government has notified us that Princess Margaret plans to tour Hardy Group's Hong Kong headquarters and the industrial park. I've already assigned teams to tidy up and enhance the sites."
Hardy nodded. "I'll personally accompany Princess Margaret during her visit. You'll assist me and provide detailed introductions when needed."
"Understood, boss," Victor replied.
Hardy then inquired, "How's the investigation into Hong Kong's real estate market progressing?"
Victor explained, "Since Hong Kong stabilized economically over the past two years, growth has accelerated, and the population has surged, now officially exceeding 2 million. The actual figure, considering unregistered individuals, is likely around 2.4 million."
He continued, "The population boom has created a severe housing shortage, especially in Kowloon's informal settlements. Many people need housing but lack the upfront funds, necessitating loans."
Hardy recognized this period as Hong Kong's first real estate boom, expected to last about a decade. He planned to capitalize on it, leveraging Hardy Group's extensive land holdings, acquired cheaply during Hong Kong's earlier crises.
Even if he released land now, it would yield tenfold profits. But Hardy intended to hold onto the land, knowing that real estate values would continue rising. From the 1950s to the 1980s, Hong Kong's land prices were projected to grow by approximately 200 times.
Hardy's strategy involved constructing office buildings and affordable rental apartments, maintaining ownership to generate rental income and benefit from land appreciation. When prices peaked, he would sell in bulk for maximum profit.
A few days later, Princess Margaret arrived in Hong Kong aboard the royal jet. Governor Grantham, accompanied by officials, welcomed her at the airport.
This marked the visit of the highest-ranking royal member in Hong Kong's history. Given the city's delicate social climate, the visit was expected to significantly bolster stability.
Hardy and Victor were also present, standing just behind Grantham.
Princess Margaret, elegantly dressed, exchanged pleasantries with Grantham before warmly embracing Hardy. The scene was captured by journalists, sparking commentary the next day about Hardy's closer rapport with the princess compared to Grantham.
After disembarking, Princess Margaret was escorted to a luxury yacht—Hardy's own—to cross Victoria Harbour to Queen's Pier, where a welcome ceremony awaited. Margaret, familiar with the yacht, glanced subtly at Hardy, recalling shared memories aboard.
At Queen's Pier, thousands of citizens gathered, with even distant rooftops crowded with onlookers. Following a brief speech by the princess, which drew applause, she toured the streets in an open-top Rolls-Royce, greeted by cheering crowds, including schoolchildren waving Union Jack flags and holding plastic flowers.
That evening, Princess Margaret stayed in the Peninsula Hotel's presidential suite, having specifically requested an external venue for greater mobility rather than staying at the Governor's Mansion.
A grand banquet was held that night at the Peninsula, attended by officials, legislators, business leaders, and social elites.
The following day, Margaret began a packed schedule, visiting government offices, legislative halls, trading firms, Hardy Group's Hong Kong headquarters, and the industrial park.
Day ThreePrincess Margaret accepted an invitation to board Viscount Hardy's yacht for a scenic tour of Hong Kong's stunning seascapes. The yacht sailed out of Victoria Harbour, returning to the dock only in the evening.
As the princess disembarked, a crowd of journalists eagerly awaited her at the port.
A reporter asked, "Your Highness, how did you enjoy touring Hong Kong's bays?"
"It was wonderful. Hong Kong's scenery is truly captivating. I love it here," Margaret replied with a warm smile.
Another journalist followed up, "What did you and the Viscount discuss during the trip?"
The question caught her off guard. Truthfully, their conversations that day had been minimal; their "discussions" were far more physical than verbal, and most of her spoken words consisted of "Oh," "Yeah," and "My God."
Hardy, quick to take control of the narrative, smiled and interjected, "The princess and I talked extensively. She expressed great concern for the livelihood of Hong Kong's residents. Upon learning about the rapid population growth over recent years and the severe housing shortages, she inquired about possible solutions."
He continued, "The princess suggested constructing affordable rental housing. We spent the entire day discussing this topic."
"Did you reach any conclusions?" a journalist pressed.
"The result of our discussion is that the princess plans to propose that the Hong Kong government allocate funds to work with private enterprises to build affordable housing. Since constructing such housing is not particularly profitable, the princess requested Hardy Group to take on this responsibility."
"Mr. Hardy, are you willing to accept this responsibility?" the reporter asked.
Hardy nodded with a smile. "Hardy Group is a socially responsible company. We are committed to addressing practical issues in Hong Kong. Ultimately, the princess and I agreed to launch a project to build 50,000 affordable rental units with a 30-year usage lifespan."
"These rental units will provide a temporary solution for many families. As their financial situations improve, they can move into better housing. This project will significantly help Hong Kong families in need."
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