Chapter 911 Stock Market
The land in Jiangdong was acquired very quickly, but the land south of Zhongshan Road is not yet available. It is only a preliminary negotiation now. Because of the existence of farmland and local villages, some resettlement work needs to be done locally. The earliest it can be obtained will be next summer.
In addition, there is the matter of the alley where Song Yuanchao originally lived. For this purpose, Song Yuanchao has negotiated with the district over there through his connections and proposed a renovation plan for this area.
Compared with acquiring two plots of land, the renovation of the old alleys is much more difficult. After all, this is the city center and many people have lived here for two or even three generations. It is psychologically difficult to accept leaving their original place all of a sudden. In addition, it is difficult for some people to accept moving from the city to the southwest of the eighth district, or to the area south of Zhongshan Road.
However, Song Yuanchao had the idea of renovating this area many years ago. Moreover, his investment in this project did not take into account too much commercial interests. On the contrary, Song Yuanchao wanted to renovate the old buildings in the old alleys to retain the original appearance, while also solving the dirty and messy environment here through renovation, so as to build a unique old Shanghai-style community.
To put it bluntly, this is somewhat similar to the Xintiandi model of later generations, but it focuses on residential areas rather than commercial development.
In addition, Song Yuanchao had no intention of taking this opportunity to drive all of his old neighbors away. Instead, he hoped that most of them could continue to stay where they were and live the same life as before.
Of course, it is impossible to meet everyone's needs based on the renovation. Even if Song Yuanchao hopes that some old neighbors will stay, there are conditions.
For example, after the renovation of the Shikumen houses, they will be restored to the original layout of one building for one household. But now there are several families living in one building, so it is naturally impossible to meet these requirements.
Those who are willing to stay can pay a sum of money to make up the difference in the renovation price, thus obtaining the property rights of the entire building. As for those who cannot pay this money, Song Chaoyuan will not treat them unfairly, and they can move to the new building in the future and get a new house with a much larger area than the original house, thus improving their living conditions.
This plan was determined by Song Yuanchao after comprehensive consideration. To be honest, adopting this plan will not only not make money in the lane renovation project, but will also result in a certain loss. The loss will be compensated by the commercial operation of the excess commercial housing in the new community. Overall, the two projects are carried out simultaneously, and the final profit is not much.
But Song Yuanchao thought it was worthwhile to do so. Moreover, the real estate industry in Shanghai was just starting out, and the prices of houses were not expensive. The land acquisition costs and construction costs were very low, which were not comparable to the high demolition costs decades later.
From this perspective, even if the project is not profitable at present, Song Yuanchao will still make a profit in the long run, and the profit is extremely generous. Song Yuanchao is not a profiteer, and he will not exploit his old neighbors. His plan is really very generous, even to the extent that the local coordinating comrades do not understand it. However, Song Yuanchao did not explain much and directly asked the people of the newly established Shanghai Real Estate Company to handle it according to his requirements. As for other things, he did not say anything.
On November 26, the Shanghai Stock Exchange was officially established. The following month, on December 19, the Shanghai Stock Exchange began trading, marking the reopening of the domestic stock market after the reform and opening up.
The Pengcheng Stock Exchange was established slightly later than the Shanghai Stock Exchange. It was established on December 1st. This event can be said to be a major event after the reform and opening up.
Decades have passed, and those elderly people in the country who knew and understood the stock market have long entered old age. Most ordinary people have no idea what stock trading is, let alone what stocks are.
On the first day of trading at the exchange, there were eight stocks listed, which were later called the "Old Eight Stocks".
That day was Wednesday. The stock opened in the morning, and the opening index of the first trading day was 96.05 points. It closed in the afternoon at a high of 99.98 points. The total transaction amount for the whole day was 495,000 yuan.
On this day, Song Chaoyuan went to a securities company specifically and opened an account there. As a participant in history, Song Chaoyuan witnessed the opening and bidding of the Shanghai stock market, and participated directly with great interest.
Since this was the reopening of the domestic stock market, many tasks were still in the process of exploration, even for the people in securities companies. Everything was very rudimentary, and bidding and transactions were mostly done manually and by telephone. The bids were then written directly on the blackboard for public disclosure.
This mode of operation is somewhat similar to the early stock market in some Hong Kong TV dramas. For example, there is such a plot in the famous Hong Kong TV drama "Big Times". Traders wearing vests hold phones on their shoulders, fill out orders quickly and shout to bid stocks with traders in other seats. The whole scene is almost as lively as an auction house.
This was the first time that Song Yuanchao had seen such a situation. In his previous life, Song Yuanchao had also played stocks, but that was in 1992. After New Year's Day 1992, the country issued the first batch of stock subscription certificates. The price of a subscription certificate was 30 yuan, which was not a low price. Moreover, according to the winning rules of the subscription certificate, if you did not win the lottery, the 30 yuan would be wasted.
You should know that in 1992, Song Chaoyuan's salary was only 120 yuan, and with bonuses it was only about 150 yuan.
A subscription certificate cost 30 yuan, and Song Yuanchao could only buy five even if he didn't eat or drink for a month. At that time, Song Yuanchao happened to pass by a bank to withdraw money after work one day. He saw an elderly lady crying and wiping her tears at the door of the bank, and a large group of people were watching around.
When I went up to her and asked, I found out that this lady had come to the bank to deposit money a few days ago. I don't know if it was because the comrades in the bank didn't explain it clearly to her, or maybe because she had a task to sell subscription certificates, the lady bought 20 subscription certificates with the 600 yuan that she was going to deposit in the bank.
A few days after returning home, the children learned about this when they went to visit their aunt on their day off. After learning about it, they complained to their aunt and told her what was going on with the subscription certificate. After knowing the situation, the aunt immediately panicked and rushed to the bank to return the subscription certificate, but the bank would not return the subscription certificate that had already been sold. Seeing that her money had become a pile of "waste paper", the aunt could not help but sit at the bank and cry and curse.
After hearing what happened to the old lady, Song Yuanchao was very dissatisfied with the bank staff and immediately helped the old lady negotiate with the other party. However, not only did the bank refuse to return the money to the old lady, it also said some weird and sarcastic words to her, which made Song Yuanchao so angry that his lungs were about to explode.
In particular, a bank employee said coldly that since Song Yuanchao was so kind, why didn't he help the old lady himself? Anyway, the subscription certificates sold by their bank were absolutely impossible to be returned. If Song Yuanchao really wanted to help, he could just buy the old lady's subscription certificate. Wouldn't that be the best of both worlds?
Besides, this subscription certificate is issued by the state. Who says you will lose money? Maybe you can make money if you buy it. Song Yuanchao bought it, doing a good deed and making money at the same time. Why not?
The crowd watching these words said it was nonsense. If there is such a good thing, why don't you bank people buy it yourself? Why do you have to trick the aunties into buying it? Saying this now is purely easy talk, fooling the kindness of young people.
Song Yuanchao was also very angry, but looking at the old lady with white hair, helpless and haggard appearance, Song Yuanchao suddenly thought of his deceased parents.
At that time, Song Chaoyuan had just been divorced and lived alone. If he was well fed, the whole family would not be hungry, and he did not have much expenses. After being instigated by the bank staff, Song Yuanchao took out his passbook and withdrew money on the spot to buy the 20 subscription certificates from the aunt.
The old lady took the money and thanked Song Yuanchao profusely, but the bank staff looked at him as if he were a fool, and most of the onlookers thought that Song Yuanchao was too impulsive. It was right to help others, but he couldn't get himself involved! Six hundred yuan, this was half a year's salary for an ordinary person, it was a pity to spend it like this.
After doing this, Song Yuanchao didn't take it to heart. He threw the subscription certificates into a drawer when he got home. After a long time, he almost forgot about it.
Two months later , on March 2, the subscription certificate lottery began. The winning rate for the first lottery was 10.3%. At this time, Song Yuanchao remembered this matter after reading the newspaper. He found the subscription certificates and checked them. He found that he had won two numbers. Then he took the subscription certificates to the stock exchange to inquire about the purchase of stocks.
Who would have thought of the stock exchange? Song Yuanchao only then realized that the subscription certificates that no one was interested in more than two months ago had become a hot commodity. Because the purchase rate of the subscription certificates was too low, it was later announced that the proportion of winning the lottery had been adjusted, and it was not just one draw, but four draws, and the winning rate was gradually increasing.
Now, the price of a winning subscription certificate has risen from the initial 30 yuan to more than 3,000 yuan, and some people are even willing to pay 4,000 yuan to buy it. If someone has a consecutive number of subscription certificates, the price can be negotiated, and the highest can reach nearly 5,000 yuan per certificate.
Song Yuanchao was stunned when he heard the news. If the twenty subscription certificates in his hand were calculated at a price of around 4,000 yuan, wouldn't that be a full 80,000 yuan?
This is not a small amount. You have to know how much the housing price in the city was in 1992. With a price of 80,000 yuan, you can buy a very good house in the city.
Because of this incident, Song Yuanchao became interested in stocks. He did not sell the subscription certificates in his hand immediately, but went to the securities company to inquire about how stocks were traded.
After understanding the situation, Song Chaoyuan took out his savings and used the winning subscription certificates to purchase original shares. In the following months, the subscription certificates he held won prizes one after another. Until the last lottery on August 10, the winning rate of the subscription certificates he held reached 90%. Except for a few certificates that he sold due to insufficient funds, he used the rest to purchase original shares.
In the next two years, Song Yuanchao made a lot of money from the original shares, even though the stock market crashed in 1992. When the stock market began to recover around 1993, the value of Song Yuanchao's shares became even higher.
At that time, Song Yuanchao would watch the stock market on his Motorola Chinese phone every day when he went to work. He would often put a book about stock trading in his bag. As for the securities newspaper, he would buy every issue. He would look for stock commentary programs when he turned on the TV, and study the stock market trends, K-line charts and other things with relish. He even made a notebook at home to record the opening and closing prices of the stocks he bought every day, and draw trend charts to study and analyze whether these stocks had opened an upward channel or were about to fall...
During that time, Song Chaoyuan was almost obsessed with stocks. He talked about stocks every three sentences with his colleagues, and he used stock terms all the time, as if he had become a stock expert. Unfortunately, the good days of making money did not last long, and the days of losses lasted longer. No matter how good the theoretical research was, it was useless. Song Chaoyuan's performance in the stock market in the next few years was so dismal that it was really not worth mentioning.
In a word, whatever you buy will fall, whatever you sell will rise, if you don’t buy it won’t fall, once you sell it will rise…
By around 1996, Song Yuanchao did the math and found that he had almost lost all the money he had earned from purchasing subscription certificates and original shares. He had even lost a lot of money. This result made Song Yuanchao discouraged, and he sold all the stocks he had in a fit of rage and never touched this thing again.
