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Talking about Houses and Stocks Bubble Revelation in the 1990s

Edit: Lisa Source: Investor News Date: 2018-05-07


Hainan is a big classroom, telling you what is the market with facts.

The 1990s was a special era, and there were too many events worth remembering. In this crucial decade, China’s future has become clearer and confused by confusion.

Hong Kong and Macao returned, China completed the WTO accession negotiations, Beijing became the Asian Games, Shenzhou spacecraft flying, but the most noteworthy is the people's livelihood - housing reform, medical reform, laid-off and sea.

In the 1990s, the people in the system were pushed to the tide of the market economy. In the past, those grand revolutionary narratives were far away, and new life desires began to dominate the times.

Just as today's speculators have discovered the digital currency as a 'hype paradise', accompanied by several generations of Chinese people's 'growth' two themes - houses and stocks, also began to appear in the 1990s, and barbaric development in the roller coaster market .

Some daring lucky ones took the fire in this round of bubble chaos, and luckily accumulated their original wealth that was not clean.

  “Hainan is a big classroom, telling you what is the market with facts”

In 1991, Zhang Baoquan, who graduated from the Beijing Film Academy, was happily preparing to shoot the first commercial film of his life, but received a notice of the withdrawal of the Bayi Film Studio. "Don't you have 500,000? Just go to the sea and earn 500,000 and shoot again." Zhang Baoquan decided to look for opportunities in the South.

He came to this "unaccompanied" special economic zone with only a few hundred dollars on his body. "After the plane door opened, the hot and humid air rushed to me. The first feeling was like entering the sauna room." Zhang Baoquan's impression of Shenzhen is not good. "I was afraid of heat." But Zhang Baoquan was still tarred by Shenzhen. The road was shocked. In those days, many places in China were still gravel roads. The road was barefoot, and Shenzhen people wore good shoes.

In order to save money, Zhang Baoquan lived in a cheap guest house with no air conditioning. "I bought a box of instant noodles and stuffed it under the bed." He waited for an opportunity to find a friend. A friend retired the approval document and the hand-held electric sewing machine in Shenzhen. The company and the boss had a total of three people. Zhang Baoquan hoped to become the fourth person and ended the state of “unemployed people”.

Once, the boss invited a lot of leaders to sing karaoke, which is the first time Zhang Baoquan entered the K room. Among the guests are a couple of 50-60-year-old couples, a very beautiful accompanying girl sitting in the middle of the couple. "Singing and singing, the old man put his hand in from behind the girl's clothes." At that time, Zhang Baoquan was "frightened" and "his wife was sitting next to him." The guest sang almost, and the boss said, “What does the Bao Brothers sing?” and then said: “This is a high school student in the director department of the Beijing Film Academy.”

"At the time, I felt very embarrassed, as if people said that you just came out of the kiln." In 2016, in the villas in the suburbs of Beijing, Zhang Baoquan still remembered the embarrassment at the time. "You are not as good as that. The southerners only look at the money." At that time, art was not worth the money, and the money was the most valuable. Ten thousand households and the director went out, and the smiles on the faces of the people must be given to the ten thousand households."

Later, Zhang Baoquan heard from his friends that his boss’s evaluation of himself was: Zhang Baoquan is a literati and can’t do business. "Basically sentenced me to death." Zhang Baoquan had to leave Shenzhen, and a few months later, he moved to another special economic zone - Hainan.

When I first arrived in Hainan, Zhang Baoquan did not have hot and humid air when he walked out of the aircraft door. He only had the sound of a full-ear pile driver, "Dangdang Dangdang", "There was a construction site everywhere, and instinctively felt that there was an opportunity in this place." In 1992, it was the peak of Hainan's real estate bubble. Funds led by the four major banks poured into the real estate market. “To make money, go to Hainan; to make a fortune, speculation.”

Later, Feng Lun and Pan Shiyi, who were tied with Zhang Baoquan in the real estate industry, “the four capitals of Beijing”, have already begun to accumulate in Hainan. When Zhang Baoquan just arrived in Hainan, Feng Lun’s Vantone was raising funds, and others had asked Zhang Baoquan to let him raise shares. At that time, Hainan had a population of more than 1 million, and there were more than 20,000 real estate companies. No one knew who the house was sold to.

Zhang Baoquan went to Hainan to first meet Ma Yuhe of Hainan Minyuan Company. The source of the people who are preparing for the listing has become the big black horse of the Shenzhen stock market. Ma Yu and the technique of "empty gloves and white wolves" graduated from elementary school, which made Zhang Baoquan greatly surprised. Ma Yuhe told Zhang Baoquan his story: How did he get rid of the 400,000 of the only 500,000 capitals when he first arrived in Hainan, and how to cooperate with the troops with the remaining 100,000 and find a construction team to fund Building a house, and finally got the listing indicators. Although the "Dark Horse" source was forced to suspend business in 1997 and became a famous case in the history of securities, this thinking of capital operation left a deep impression on Zhang Baoquan at that time.

"That was the most insane time in Hainan, drumming and spreading flowers. A poor man can become a millionaire overnight." The millionaire at that time can reach the current billionaire. Hainan’s speed of making wealth in the past can make today’s currency circle shame.

Zhang Baoquan saw such a myth. A person who went to Beijing from the sea, borrowed 2 million, borrowed 2 million, did not buy the land, but bought two Mercedes-Benz, specifically to run local leaders, please lead the meal, entertainment, the result of a large piece of land, take out a part When you change hands, you really have money. After the rich, this person returned to the poor home Guangzong Yaozu, promised to help the hometown government get rid of poverty, the county raised 20 million to him, and he also promised to earn two or three times. He bought the money, but did not expect the Hainan real estate bubble to burst.

"The price of land has fallen by half, and it has really become a 'negative Weng'." Zhang Baoquan recalled the misery of this friend: "The old family said that he is a liar, 20 million is terrible for their hometown, and finally the old public security bureau came. When people went to Hainan, they took him away. Later, I heard that I was tortured and completely finished." Zhang Baoquan said that the worst thing about the bubble is the multi-millionaire and the millionaire, because they all borrowed several times from the bank. The money is on the land.

Zhang Baoquan, who just arrived in Hainan, took a lot of effort to register a real estate company. "It took a month to run the section chief and the director." Zhang Baoquan remembers that there was no bus in Haikou at that time. "If you can't afford to fight, you can hit a motorcycle. Motorcycles are three yuan no matter where you go. But motorcycles are afraid of people seeing them. When you get 100 meters away from the Trade and Industry Bureau, you will get off. Get the clothes done, then walk in."

Zhang Baoquan remembered that there was a "maco chief" at that time. "The chief of the section was full of pockmarks. He had to entertain him not only to have dinner, but also to sing and dance." After a month, the money was used up.

The whole company is Zhang Baoquan alone. "I cook, type, clean, and general manager, I am doing it alone." At that time, “all financial institutions went to Hainan to do real estate.” There were many investors and fewer entrepreneurs. Soon, a financial institution in Beijing came to talk about cooperation. The assistant president hoped that Zhang Baoquan could help them register a real estate company. Zhang Baoquan, who just ran for one month in the Trade and Industry Bureau, helped them register the company in a week.

One day, the assistant to the president came to Haikou with four or five people. "I am very serious about negotiating with me. I want to jointly develop real estate in Hainan, and I was alone." The conditions for the negotiation are: all projects are divided into five parts, co-financing, joint operation, sharing risks and sharing profits.

"I was happy when I heard it, because I have no money. Co-financing is definitely for them to raise money. Banks have money, they just don't work, so they use me to operate." Very smoothly, the two sides signed joint development. contract. Zhang Baoquan also started a real business life. It was already at the end of 1992, leaving only a few months before the Hainan real estate bubble burst.

When the bubble burst in half a year, Zhang Baoquan had jointly developed three projects in Hainan. "The money will definitely not be returned, but the assets are all there, because my contract is well written. Although the price has fallen, but it has not become a negative asset, at least the financial institution has no loss, but it can't be realized. Just because In this way, the bank is also very grateful to me."

In Hainan, Zhang Baoquan also bought a ship to do the shipping business. Wang Shi started his business in Shenzhen in his early years and started from the sea. "Just judge that the economy is too hot to look at the freight rate of the ship: the economy is overheated, this freight rate must rise by 50% or even double, the owner is looking for a ship, the shipowner is sleeping at home every day; when the economy is not optimistic, like now The shipowners are looking for goods everywhere, and they can't find the owner."

In the early years, the economy was overheated. Zhang Baoquan’s fleet had three ships of more than 20,000 tons, and two years later, he became the top ten shipping company in Hainan. "After the New Year, the tax bureau came to give us a red envelope. After two years of selling the boat, I made a lot of money." Zhang Baoquan did the sea while doing real estate. “At the beginning, I really did business to make money, but after the real estate began to collapse, the shipping company also supported our transition.”

From the registration of the company in October 1992 to the collapse of Hainan Real Estate in June 1993, Zhang Baoquan experienced a baptism of the economic crisis. More than 20,000 real estate companies have closed down 95%, and Hainan has three major landscapes – “Tianya, Cape, and Unfinished Buildings”.

In 1994, Zhang Baoquan returned to Beijing to re-start his business. “The South is very market-oriented. Hainan is a place where dreams begin. The most important thing is to tell me what the market is.” The entrepreneurial environment in Beijing was still very bad. “Beijing is still a dual-track system, doing real estate in Beijing, or else State-owned enterprises, whether they are affiliated with state-owned enterprises, must rely on relations." At that time, only 10 state-owned enterprises in Beijing had real estate development qualifications. Zhang Baoquan wanted to develop the Jindian Garden project now located in Xizhimen. However, due to reasons such as changing leadership, the project was not successfully established.

Zhang Baoquan had to cooperate with a qualified real estate company of the Ministry of Civil Affairs, but just after the completion of the chapter, the Ministry of Civil Affairs was out of the way. "In their name, they want to kick me off, sell this project, and make a fortune." Zhang Baoquan is very angry. "I have planned and bought the house for relocation. I have spent thousands. Tens, that tens of millions of people are enough to make me bankrupt."

Later, Zhang Baoquan found a complaint from the Beijing Construction Committee, saying that the company is only qualified and has no development strength. The Beijing Construction Committee was also very aware of the situation before and after the project. Later, it was approved that the company of the Ministry of Civil Affairs had to pay 20 million guarantees to the account of the construction committee within two months, otherwise the project would be withdrawn.

"In 1996, when it was the lowest tide of real estate, they jumped up and down to find money. But these two months are also like a feeling of death for me." Fortunately, the other party did not find a penny. After the project was cancelled, the project finally returned to Zhang Baoquan.

"Hainan is a big classroom. In a short time, like acting, telling you what is the market with facts." In 1993, Hainan's real estate regulation and control allowed land prices to fall by half in one month, causing everyone to collapse.

However, the Hainan real estate bubble in the early 1990s trained a large number of entrepreneurs. Many of the 92 entrepreneurs who became famous later experienced peaks and crashes in 1993. Zhang Baoquan said.

"In order to buy stocks, nothing can be ignored."

At the same time that Hainan Real Estate has entered a frenzy, there is still a new thing that is being heated up by the whole people - stocks.

In August 1992, more than 1.2 million people flocked to the Shenzhen Special Economic Zone from all over the country to snap up the new shares subscription lottery. They lined up day and night, a series of out of control caused confusion on the night of August 10, the Shenzhen Municipal Government responded urgently, calling it the "8·10" incident, and the folks called it "8·10" stock mad.

Yi Junpeng is now in the middle of a certain business unit in Guangdong. Before August 8, 1992, he was a junior high school student in Shenzhen who had no relationship with the stock. On Saturday, August 8th, it was sunny. He was woken up at less than 7 o'clock during the summer vacation. The father told him to go out for breakfast and go out. "The team has been lined up and there are people everywhere."

The mother is also urging: "Hurry up, stocks don't wait for people!" She counted the things she was waiting for in the queue: kettle, fan, wind oil, and more than ten identities borrowed from relatives. certificate. For junior high school students who know adults, Yi Junpeng only remembers that it is especially important for them to look at this lineup. During the summer vacation, parents are talking about a new word at home or at home. One day, Yi Junpeng asked what was “new”. His father stared at the stock market news in the newspaper and painted with a pen circle. He said: “It’s just waiting in line to grab the lottery table. In the middle of the sign, you can buy new shares and make big money.”

This explanation is generally reliable. In the early 1990s, a large number of enterprises were preparing for listing. Before the IPO, they would subscribe for new shares. The “new” of investors is the qualification for the earliest subscription. Under normal circumstances, the price of the stock after listing will be higher than the purchase price, and the stock is basically the lowest on the first day, slowly rising. "Playing new" can really make money. When the Yi family went to the queue, the domestic stocks were not only rising, but they continued to be mad for several months.

In March 1992, the deep property listing transaction, the closing price of the first day of listing was 11 yuan, compared with 3.6 yuan per share at the end of October of the previous year, nearly doubled; the same period of Shenzhonghua, Shenhuafa also by each The issue price of 3.75 yuan and 1.9 yuan is up to 12 yuan.

Shanghai is more lively. On May 21, 1992, the Shanghai Stock Exchange cancelled the daily limit. The Shanghai Composite Index rose to 167 points from the previous day's closing of 617 points, up 105%, of which light industry machinery rose the most, reaching 470%. In the unprecedented super bull market, many ordinary people who seized the opportunity turned into millionaires. At that time, a mainland employee came to work, with a monthly salary of up to two or three hundred.

More and more people know that the stock market is coming fast, and even believe that stocks can make a fortune overnight. In addition, Deng Xiaoping encouraged the stock market test when he talked in the southern part of 1992. No one had been interested in a few years ago, so that he had to go to various government units and stocks sold in the streets, which became a hot commodity. Regular channels can't buy, and people who are eager to seek stocks will go to the "yellow cattle market" to try their luck. At that time, in the north of Shenzhen Lizhi Park, people often handed over the stock in the moonlight.

Everyone wants to "play new" and stocks are in short supply. Shenzhen has to follow the example of "lottery" in Shanghai. On August 7, Shenzhen announced the announcement of the IPO in 1992: the sale of 5 million new lottery subscription forms, and the withdrawal of 500,000 effective lending forms at one time. The winning rate is about 10%. Each winning form can subscribe for 1,000 new shares. Issue 500 million shares of domestic public shares; the subscribers will queue up to purchase the lottery table with the ID card, and one ID card will be purchased, but each subscriber can bring 10 ID cards, and each lottery table will be 100 yuan. The release date of the lottery is scheduled to be held from August 9 to 10, 1992.

Shareholders can easily calculate, according to the market, the price of new shares issued in Shenzhen after the listing can be at least 10 times, if you invest 1000 yuan to buy 10 lottery tables, unless the luck is too bad, how can one of them, in the purchase of 1,000 new shares And will soon be able to get a million dollars. If the signing is not stocks, the light transfer lottery table can make a lot of money. Yi Junpeng listened to his father and said that some people bought 300 coupons in Shanghai. The total cost of hiring people and queuing ID cards was less than 10,000 yuan. They sold them and earned more than 700,000 nets in a few days.

The front page of "Shenzhen Business Daily" on August 7th published the full text of the announcement and the specific address of 303 sales outlets in the city. At that time, the "Shenzhen Business Daily" was released to the whole country, and because of the development of the special economic zone, the newspaper was able to travel to Harbin and other major cities in China. Coupled with the smooth flow of radio broadcasts, landlines, and pagers, countless Chinese people like Yi Junpeng’s father who wanted to make a fortune in the stock market quickly confirmed the news.

Well-informed stockholders heard the wind heard earlier. On August 5, 1992, the Shenzhen Post Office received a parcel of 17.5 kilograms, of which 2800 were actually ID cards. At that time, the relevant departments estimated that about 3.2 million ID cards were "flyed" to Shenzhen, all of which were used to purchase new shares. The Yi Junpeng family lived in the East Gate of Luohu at the time, and was located in the old city of Shenzhen's commercial concentration, occupying a geographical advantage. But when they started to line up two days in advance, just after 11:00 am on August 8, they could not find the front position.

"Many people, people are crowded, people are everywhere, more and more, more and more crowded." When the editorial board of Shenzhen Evening News and famous photographer Zhao Qing recalled, they could not find more direct than "people". Language to describe the hot scene. Zhao Qing was in his twenties. He had just arrived in Shenzhen for a few months and worked as a photojournalist in Shenzhen Business Daily. Before and after the "8.10" incident, he used a film camera to record hundreds of crowded and helpless queues. Recalling the picture, Zhao Qing said: "They drink water desperately, looking really pitiful, so many people line up, hope very embarrassed."

He remembered a small business office directly opposite Lichee Park. The business window was officially released on the morning of the 9th. Everyone came to work early and had nothing to do. At the beginning, it was quite popular. Some old people took stools and radios to sit and listen to the drama. Three or four-year-old children and teenage girls are there to play, and there are hawkers selling drinks on the side. People from all over the world come together in groups and speak in their hometown dialects.

Later on the 8th, the platform in front of the business office was full of people, plus the weather was too hot, there were people who jumped in and the crowd began to shake. The Yi Junpeng family also lined up in Luohu. He remembered that the closer to August 9th, the more people waiting to buy the lottery table, the more arguing, arguing, and shirking. Fortunately, people want to make a fortune, in order to buy new shares, the people who line the team endure. Under the guidance of the on-site public security, men and women are young and old, one after another, reaching out to embrace the people in front of them.

" Regardless of the age of sex, whether you know it or not, you will stick your back on your chest. In order to buy stocks, you can ignore anything." Yi Junpeng felt. But at that time, he was only 13 years old when he was squeezed into the long team. His brain was awkward and he couldn’t think about it. "How can you not feel bad? After a few days and nights, when you are sleepy, you will be forced to sleep there. You will not sleep completely, afraid to be squeezed out by others, and step by step to move forward." He said that he always remembers the team. The taste inside - very strange, everyone did not take a bath in the queue, those who come from other provinces may be from the train, they have not washed and rested.

There are also many people waiting in line from factories in Shenzhen and Dongguan. Some factory owners have suspended their business and queued up for dozens of dollars for each worker. Workers can't enter the SAR without border defense certificates, and the boss will send money to farmers near Shenzhen's “second-line customs” to let them take the road to avoid the inspection. A number of Shenzhen retired officials who experienced this incident said that about 1.2 million people had queued up in more than 300 new stock subscription outlets in the city.

The first wave of chaos appeared before the 9th sale. In the days of so many people, the Shenzhen Municipal Government set up a coordinated order headquarters on the 8th, investing seven or eight thousand police forces. "Every point has public security to maintain order. By the morning of the 9th, additional armed police and border guards were added." Zhao Qing said. A former resident in the deep army remembers that almost all of his troops were dispatched, and the soldiers joined hands to form a wall of people, ordering the crowds in an orderly manner.

The need for order maintenance was initially due to the excitement of the investors who were eager to make a fortune, and then the disappointment and anger of the dream. Some outlets opened less than an hour, and they announced that the lottery table was sold out; some outlets were out of control, the sales time was constantly pushed back, and the sales were sold one minute every night. The crowd's violentness increased by one point, and even opened the outlet salesperson. The stockholders suspected that there were staff frauds, thousands of people lined up, only a few dozen people bought, but the oxen were holding a lot of lottery tables for sale, the price was several times higher than the original price.

The weather is also very ground. "Thirty degrees of high temperature, a big sun for a while, it rains for a while, people line up late at night, the toilets are afraid to go, certainly can not stand." Yi Junpeng also saw someone fainting at the scene, the police on duty to bottle water His brain.

It was another dawn, but the chaos continued to escalate. The front page of "Shenzhen Business Daily" on August 10th Street printed the results that investors did not want to see - "The city's new share subscription lottery table was released one day," the lead emphasized: "At 9 o'clock last night, the city More than 300 outlets have all been sold." The salesperson who came to work at the outlet also shouted over and over again: "No, no." People refused to leave, continue to surround, Yi Junpeng saw the team lined up for a day or two. It was squeezed in a matter of seconds.

"The expression of people is desperate, noisy, but what can you argue? It’s all swearing." The investors who have tossed for days and nights but have nothing to gain are more angry. Thousands of people gathered in Shennan Road, causing Violent incident. Tear gas and water cannons are used passively at this time.

In order to stabilize the situation, Li Wei (the former secretary of the Shenzhen Municipal Party Committee and the main pioneer of the Shenzhen stock market), who was inspected in Xinjiang, proposed to eat the grain and issue the 5 million stock quota in the next year, and continue to sell it on the afternoon of August 11. The printing factory in Shenzhen started to print the exchange coupons overnight, and the incident was stabilized. On the afternoon of the 11th, people gathered again to queue up to buy opportunities to exchange stocks, and never sleep.

Yi Junpeng, who followed the parents to queue up for "new", remembered that he had bought the lottery table and signed it. "At that time, as long as I could buy it, I earned it, but the stock I queued for was initially lost. point".

After the “8·10” frenzy in Shenzhen stock market, the first round of bear market in the new China stock market, the CSRC was established. People’s illusions of “buying stocks for one profit and robbing new shares for ten” were finally shattered.

In December 1992, the Shenzhen Municipal Party Committee announced the results of the “8·10” incident investigation: more than 100,000 private lottery draws, involving 4,180 cadres and employees. Many people who believe in it believe that the truth may be more serious than this.

"In that storm, counted, only the thief and the ox are the happiest." Yi Junpeng joked.

The queued stocks all carry a lot of cash, and the stockholders are fighting inside, exhausted, and the thieves are not stealing, and some succeed in going to spend the day;

Some people have realized the mystery of 'arbitrage' in the reform process, and have concentrated on the 'fairy' 'yellow cow'. With the great historical reforms of the following 20 years, they have quickly accumulated the 'unclean' original wealth. , boarded the success cover of the airport bookstore.

After all, history is written by the winner.

The most comprehensive strategy to raise the quota to 50,000, pay attention to the WeChat public account: the financial notes, reply to the "flowers" to obtain.

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