Chapter 368: Liquid Courage for the Timid
"Hong Kong's future economy?" Yang Wendong thought for a moment, then said, "Although I have businesses across various industries, what I know best is manufacturing. So my advice to the colonial government would be: focus heavily on industrial development.
That includes current industries like plastics, toys, garments, textiles, and metalworks. These sectors might not generate huge profits, but they create a massive number of jobs. The success of service industries is rooted in these manufacturing sectors. If Hong Kong wants to one day transition into advanced industries like Japan or the West, these foundations must be solid. Only then will we have the opportunity to transform."
Manufacturing was the backbone of any real economy. While some service industries might seem more profitable on the surface, without a strong industrial base, those services would collapse too—unless in unique circumstances, like in tourist cities. But those were exceptions, not the rule.
David Trench nodded. "Indeed, industry is vital for Hong Kong. But Eric, could you be more specific? How do you envision this transformation happening?"
Yang Wendong replied, "Traditional industries should shift toward branding. For example, with garments—right now, Hong Kong is purely an OEM hub. But we could move toward developing our own Hong Kong-based brands."
"But that's very difficult," David Trench said, shaking his head.
"It is," Yang Wendong acknowledged. "It depends on whether factories have the ability and vision. But there's another direction—electronics.
With advancements in semiconductor technology, the electronics industry is growing rapidly. Just this year, Fairchild Semiconductor came to Hong Kong to invest in transistor manufacturing. I have factories for transistors and televisions too. The profit margins for these products are much higher than for garments, and the workers in these factories earn far more than those in traditional manufacturing.
If we have more factories like this in Hong Kong, the city's overall economy will soar."
High-tech industries lead to high wages—that was a universal truth.
In his previous life, mainland China began its major industrial upgrading in the 2020s, achieving breakthroughs in semiconductors, automobiles, shipbuilding, and aviation—all for this reason. Only by mastering these core industries could the national economy thrive, the military grow stronger, and even ordinary workers earning 3,000 yuan per month could one day be making 4,000 or 5,000, or even 6,000.
David Trench nodded thoughtfully. "I'm aware of how important the electronics sector is. But I'm not sure how to begin. In Japan, the government provides subsidies to support the semiconductor industry. That's not something we can do here."
Yang Wendong smiled. "I understand. The colonial government has its limitations. But you can offer incentives in the form of land and tax breaks to electronics companies. Also, the University of Hong Kong can establish related academic programs.
Hong Kong businessmen are incredibly shrewd. If the policies are right, entrepreneurs will naturally pour into this field. And with more such companies, the government will enjoy higher economic returns in the future."
The colonial administration adhered to a free-market ideology. In fact, when banks failed, they initially didn't want to intervene at all. It was only after the financial sector was shaken that HSBC was asked to step in and rescue them.
Still, it wasn't accurate to say the colonial government did nothing. They simply didn't want to spend their own money. In other ways, they were willing to act—for example, historically, Hong Kong had been sanctioned by the U.S. multiple times, prompting the Governor to personally visit Washington and negotiate. And when the textile industry struggled to sell its goods, the Governor led Chinese factory owners on marketing trips to South America.
In short, the government wasn't exactly responsible—but it wasn't irresponsible either. Part of that was because they needed to look out for themselves. If Hong Kong's economy faltered and social unrest broke out, a declining British Empire wouldn't be able to suppress it.
After pondering for a moment, David Trench said, "Thank you, Eric. Let's have a private discussion sometime. I would very much like to explore Hong Kong's future with one of its most successful entrepreneurs."
"Of course. I also hope Hong Kong's economy continues to prosper," Yang Wendong nodded.
Once David Trench and Sir Robert Black moved on, Bai Yujie let out a sigh of relief and patted her chest. "That was so nerve-wracking… Two Governors right in front of me! I didn't dare say a word!"
"Well, you're here already. You had to expect you'd meet the Governor eventually," Yang Wendong said, smiling. "Didn't mentally prepare for that?"
"I did! But when he actually stood in front of me, I got nervous anyway," Bai Yujie replied awkwardly.
"You'll get used to it," Yang Wendong said. "He's just a man, not a tiger."
"Easy for you to say," Bai Yujie muttered. "For regular people, someone like the Governor can change the fate of thousands with just one sentence."
"That's true," Yang Wendong laughed. "But do you think I can't?"
While his influence was no match for the Governor's on paper, Yang Wendong still wielded immense power within his own company—without political constraints. A Governor had to answer to the British authorities, deal with public opinion, and work within a colonial bureaucracy. Yang Wendong, on the other hand, was the absolute decision-maker in his empire.
Of course, that was just about potential influence—it wasn't like he planned to abuse it.
As the formal speeches ended, the event turned more casual. The Governor was now deep in conversation with several British officials, and most other guests stayed around and chatted in small groups. It wasn't a rigid conference—more like an elite gathering where everyone mingled in their own circles.
Yang Wendong was chatting with Huo Yingdong and Cheng Yutung. He didn't approach too many others, mostly because many of Hong Kong's property tycoons in this era weren't well known to him in his past life. Many of them likely wouldn't survive the coming real estate crashes—or they'd emigrate.
So in recent years, regardless of how big a player someone appeared to be, Yang Wendong didn't bother cultivating ties unless he saw long-term value.
"Mr. Yang, I have two big projects," Cheng Yutung said with a grin. "Want to invest in one?"
Yang Wendong asked, "What kind of projects?"
"One is a large residential complex in Causeway Bay. The other's a commercial office tower. Combined, we're talking over 600,000 square feet," Cheng Yutung replied.
After listening to the details, Yang Wendong asked, "When will the projects be completed?"
"Probably by mid-1965," Cheng Yutung said. "But we plan to pre-sell units—launch the first batch of show flats by the end of '64."
"You mean sell all at once?" Yang Wendong asked.
"No, we'll split it into two phases," Cheng Yutung explained. "The first phase will go on sale at the end of next year, and the second by mid-'65. You know how it is—we want to maximize profit. If we sell too early, we risk lower returns. Plus, we need to think about cash flow, so phased development makes more sense."
"I'll think about it," Yang Wendong replied calmly, not revealing his true thoughts.
Anything tied to 1965 was out of the question. According to historical records, after the bank run on Hang Seng Bank in '65, the property market began to stagnate. Prices declined, and confidence dipped sharply.
From his perspective, these seemingly promising real estate projects were ticking time bombs.
Given the butterfly effect he had already set into motion, Yang Wendong had no way of knowing exactly how things would play out. The crisis could hit earlier, or it might be delayed. That uncertainty was enough for him to steer clear of ventures like this. There was no need to chase the very last cent—especially when doing so meant courting risk for relatively low reward. It simply wasn't worth it.
Zheng Yutung nodded. "Alright, I'll send over the project documents tomorrow."
"Sounds good." Yang Wendong smiled and gave a light nod.
After the two went their separate ways, Yang Wendong passed a waiter and casually picked up two glasses of red wine, handing one to Bai Yujie. "Try this—it's not expensive, but it's got a surprisingly good flavor."
"Really?" Bai Yujie took a sip, then looked pleasantly surprised. "Wow, you're right."
"You think the colonial government would serve cheap wine to Hong Kong's top elite?" Yang Wendong asked with a grin.
"Good point," Bai Yujie nodded, taking another slow sip. Then she tilted her head and asked, "You're not really planning to invest with Zheng Yutung, are you?"
"What gave it away?" Yang Wendong asked in return.
"Just a feeling. If you were genuinely interested, your tone and expression would've been different," she said casually.
"Haha, you know me well." Yang Wendong chuckled. "Honestly, when it comes to residential real estate, unless it's a massive development with long-term value, I'm not all that interested."
While he didn't entirely avoid residential real estate, Yang Wendong generally pulled out during the peak of a bull market. That was when the risks were highest and the profits, often, came from squeezing the life savings out of average families. Sure, if he didn't do it, someone else would. But still—he didn't want to be that someone.
"Why not? You think it's beneath you?" Bai Yujie asked.
"You could say that." Yang Wendong shrugged. "It's like your dad's renovation business. It does well, right? But do you think he'd waste time taking on a job to redo just a single kitchen in a tiny apartment?"
Once the scale of your business reached a certain level, smaller deals naturally became unappealing. It was only human nature.
"Fair enough," Bai Yujie nodded. "The kind of residential projects you pass up are the stuff most developers dream of. My dad's always wanted to try his hand at real estate, but he never had the guts."
"Recently?" Yang Wendong asked with a sudden look of concern. He hadn't heard anything about that.
"Yeah, just lately. I heard him say some of his friends have made more money in a single year of flipping small housing developments than he's made in a lifetime of renovations. So now he's tempted," she said.
"If your dad's looking to get into real estate, I support him," Yang Wendong said seriously. "But not right now. Property prices are already sky-high. Even my own real estate company is scaling back. You guys should steer clear for now."
"Really?" Bai Yujie's eyes widened. "Alright, I'll tell him tomorrow."
"Mhm. If your family has any investment plans in the future, feel free to run them by me. I can give you some advice," Yang Wendong said with a reassuring smile.
"What kind of advice would you give now?" she asked curiously.
"For the next year or two, don't take any wild risks. Just focus on running the renovation business well. And make sure you streamline your team—cut unnecessary fat."
"Got it." Bai Yujie nodded slowly, clearly taking it to heart. Then she went back to sipping her wine.
There wasn't much else to do in a setting like this. When people got bored, they usually turned to food or drink to pass the time. Tonight, the only real options were wine or some light desserts.
Around 9 p.m., once the higher-ups from the colonial government felt the timing was right, the banquet gradually began to wind down.
As the host, Yang Wendong obviously couldn't leave early. So he stayed until about 10 p.m.
"You've had a bit much, haven't you?" he asked, noticing the flush in Bai Yujie's cheeks and the dazed look in her eyes.
"I'm fine. I feel perfectly clear," she replied, though her speech was slightly slurred.
"Yeah, no. You're not going home tonight. You'll stay here at the hotel—it's safer," Yang Wendong said after some thought. "Even if I had someone escort you home, I'd still be worried."
In the 1960s, Hong Kong Island was relatively safe. But an intoxicated woman could easily end up hurting herself—or worse.
"Mhm… I'm sleepy anyway," Bai Yujie murmured, nodding a little too enthusiastically.
So Yang Wendong escorted her to the presidential suite at the top floor of the hotel. After helping her settle onto the sofa in the living room, he said, "I'll call up two female staffers to keep an eye on you. Take a shower and get some rest—they'll make sure you're okay."
"No need, I'm fine," Bai Yujie said as she stood up and casually made her way to the bathroom, as if nothing were wrong.
Yang Wendong had no choice but to wait outside. He sat on the sofa, listening to the sound of water running in the bathroom, and his mind began to wander. It had been a while… especially since both Su Yiyi and Bai Yushan were now pregnant.
Before long, Bai Yujie came back out, her shower finished. Yang Wendong stood up and asked, "Feeling any better?"
"Still a little dizzy," she replied with a faint smile. She picked up a glass of water, took a sip, and said, "But better now. You've had quite a bit yourself tonight, haven't you?"
"Yeah, about the same as you," Yang Wendong laughed. "Good thing I'm not driving."
After a pause, Bai Yujie said, "Then why don't you stay here tonight too? The presidential suite has more than one bedroom, after all."
"You're not afraid I'll do something bad?" Yang Wendong teased, grinning mischievously. He didn't need to drive anywhere, anyway.
"You think you could take me?" Bai Yujie replied with a smirk.
He blinked, caught off guard—because she was right. Bai Yujie was a physical education instructor at a university. She might look slim, but she was deceptively strong.
"Pfft!" Bai Yujie giggled. "Relax, I'm not going to do anything bad to you."
"You little troublemaker." Yang Wendong reached out and took her hand. He'd held it earlier downstairs for the sake of appearances, but this time felt… different. This time, he pulled her gently toward him.
"Ugh, your breath smells like wine," Bai Yujie said, quickly turning her head away.
Yang Wendong laughed. "So if it didn't smell like wine, you wouldn't mind?"
"Go rinse your mouth!" she shot back quickly.
"How about we both take another shower?" Yang Wendong suggested with a grin.
"Mmm…" Bai Yujie's face turned red, but she nodded slightly in agreement.
In the bathroom, the sound of the water cascading from the shower filled the room. The water kept running for a long, long time—nearly an hour.
*P.S.: Yeah, I know this scene might feel a bit rushed. But this isn't a single-heroine romance novel. Writing multi-heroine stories makes it tough to develop each female character fully. If I give one of them too much personality, logically, she wouldn't accept sharing a man—at least not in a modern legal or emotional context (even if the laws allowed it in 1960s Hong Kong). It's really hard to balance.
You can't have both purity and a harem. You can't have strong independent female leads and still expect them all to coexist happily in a polygamous setting. So… this is the best I can do for now.*
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