Chapter 585 - Digging for Gold Again

Before he knew it, the day of the Hong Kong Government's land auction had arrived. Scheduled to begin at 3 PM, the event was set to take place in a large conference room within the Governor's Office.

Xia Yu arrived with Pao Yugang and Huo Yingdong. When they received their bidding numbers, they found that their seats were placed near the front, all in the same row.

As top figures in Hong Kong, their appearance in the room instantly drew a lot of attention.

Xia Yu scanned the large conference room and noticed that quite a few people had arrived, at least several dozen, including prominent figures such as Zheng Yutong, Guo Desheng, Zhao Congyan, Xu Shifen, and Wang Dehui. There were also some of lesser stature, like Zhou Yongtai, Lei Juekun, Wu Shilun, and Teng Rushan.

In addition to the Chinese bigwigs, a significant number of British businessmen were present as well. Representatives from Swire Properties, Wheelock and Co., Fung Group, Landmark Group, and Hutchison Whampoa were all in attendance.

Xia Yu was confident that those who hadn't yet arrived would still make an appearance. After all, the Hong Kong government was putting up fifteen sites for auction, half of which were on Hong Kong Island and held substantial value. It was only natural that these sites would attract property developers from across the region.

This time, Xia Yu had brought along Liu Shihao and Huo Jianning. Liu Shihao, the general manager of Jiuding Property Development Company, was here to familiarize himself with the auction process and to network with industry counterparts in Hong Kong. As for Huo Jianning, he was brought along purely for the experience, to help accelerate his growth.

Since the auction hadn't started yet, Xia Yu and the others didn't take their seats immediately. Instead, they mingled with Pao Yugang and Huo Yingdong, introducing Liu Shihao and Huo Jianning to others in the room. If they could glean any useful information, it would be a bonus.

However, the businessmen present were all seasoned players, and although the conversations were cordial, Xia Yu and his group didn't manage to extract any valuable information.

As time passed, and the staff reminded everyone to take their seats according to their assigned numbers, Xia Yu observed that at least 40 property developers of various sizes had arrived.

Despite the increased number of sites offered by the Hong Kong government compared to previous auctions, there were still only fifteen up for grabs. This meant that on average, only three companies would secure a site.

If giants like Landmark, Hutchison Whampoa, Swire Properties, and New World Development managed to secure two or three lots each, it would become even harder for the others to get a piece of the pie. Given the strength of these property giants, it was unrealistic to expect them to settle for just one lot.

As the auctioneer took the stage, Xia Yu exchanged glances with Bao Yugang and Huo Yingdong.

The three of them had discussed the momentum of the real estate market in Hong Kong. Xia Yu, with his knowledge of the future, knew that the market would be booming in the coming years, with property prices doubling annually. However, the rest of Hong Kong's developers did not have the same foresight.

This foresight made Xia Yu and his allies more determined than the others, with higher expectations for the land they had targeted.

Xia Yu was set on acquiring at least three plots of land in this auction!

The auction began shortly after.

The first lot to be auctioned was a warm-up, with the most valuable sites strategically placed later in the lineup to ensure they fetched higher prices. This initial site, located in the Kwun Tong district of Kowloon, was of mid-to-low value, with an official starting price of HK$60 million.

In theory, this site should have been targeted by small or medium-sized property companies, as the major players typically wouldn't be interested. However, Xia Yu, having lived in Hong Kong in a previous life, knew that this area would become highly prosperous in the future.

This plot was located right next to a future MTR station, part of the Central to Kwun Tong line, which was scheduled to be built a year later. Given this, Xia Yu knew the site was a hidden goldmine. While its current value was pegged at HK$60 million, Xia Yu estimated that once the MTR was completed, acquiring the site would cost no less than HK$400 million. Further development could yield nearly a billion in profit.

In other words, Xia Yu was determined to win this plot!

"Bid number 32 has offered HK$67 million. Any other bids?" announced the auctioneer, scanning the room for the next bidder. He was taken aback when Liu Shihao, seated in position 8, immediately raised the bid by HK$10 million, rather than the customary incremental increase of HK$1 million.

Although the auctioneer was experienced and had seen his fair share of surprises, this bold move still caught him off guard.

"Bid number 8 has offered HK$77 million!" he called out.

The prominent seat number, combined with the unexpected HK$10 million increase, signaled an intent to win at all costs.

The major property giants, who had not initially paid much attention to this lot, took notice and began to wonder what Xia Yu was up to. They speculated that there might be some hidden value in the land that they hadn't considered.

However, with the auction already underway, there was no time for deep reflection.

The developer who had placed the previous bid, holding number 32, was disheartened. The "God of Stocks" himself had shown interest in this land. After a brief internal struggle, the developer sighed and chose to bow out.

A few other small and medium-sized developers, who had intended to bid, decided to yield as well. Competing against the "God of Stocks" in his first auction bid seemed unwise, even if they could afford it. It was better to maintain goodwill than to face potential losses.

"Bid number 35 offers an additional HK$1 million!" called out another bidder, who subconsciously glanced over at Xia Yu after raising his hand.

To his surprise, Xia Yu and his group didn't even look in his direction. Instead, Liu Shihao simply raised his red card once more.

"Bid number 8 raises the bid by HK$10 million again!" the auctioneer announced.

"The current bid is HK$88 million! Any more bids?"

The bidder holding number 35 stiffened. After a moment of hesitation, he decided to target a different lot. Competing with the "God of Stocks" for this piece of land was bound to end in conflict, and with fourteen more lots still up for grabs, it wasn't worth the risk.

This sentiment was shared by many others in the room. After Liu Shihao raised his card, there was a collective silence. Although there were exchanged glances, no one dared to place another bid, much to the auctioneer's frustration.

"HK$88 million, first call!"

"HK$88 million, second call!"

"HK$88 million, third call!"

"Sold!"

"Congratulations to bidder number 8 for winning the first lot for HK$88 million!"

Though the auctioneer was slightly disappointed, he consoled himself with the fact that the site had sold at a 46.7% premium—still a decent outcome.

A smattering of applause followed, and Xia Yu smiled at the others in the room.

The first target was successfully secured, and Jiuding Property Group's portfolio was further strengthened!

Next, the auctioneer introduced the second lot, located in the Southern District of Hong Kong Island, with a starting price of HK$80 million. This time, Xia Yu didn't have Liu Shihao raise his hand.

However, the atmosphere had shifted. With Jiuding Properties—a giant in the industry—having won the first lot, many small and medium-sized developers became anxious and adjusted their bidding strategies, hoping to secure a lot while the giants were seemingly inactive.

Unfortunately for them, Huo Yingdong, who had plans to hoard land, stepped in. His aggressive bidding style, raising the price by HK$10 million each time, startled the crowd. What was going on with today's auction? Why were the real heavyweights so eager?

Zheng Yutong, Stanley Ho, Lee Shau Kee, and others began to contemplate the strange turn of events.

Meanwhile, Huo Yingdong's fierce bidding showcased the decisiveness and dominance of a true leader, intimidating the smaller property developers.

In the end, Huo Yingdong secured the second lot for HK$121 million, and the crowd once again applauded to celebrate his success.