In 2009, Xu Hongyao sounded the gong for the listing of Hongyuan Real Estate on the Hong Kong Stock Exchange. That golden Hermès belt shines under the light - it is the medal of his grassroots counterattack and the starting point of a two trillion bubble.
It took him 23 years to go from 8 million to 200 billion. The myth of "high turnover" allowed Hongyuan to sell RMB 600 billion a year and increase its debt to RMB 2.4 Trillion. Mineral water costs 6 billion to go in and 200 million comes out, and cars cost 40 billion to build without a single mass-produced car. He said "Hongyuan wants to become China's Samsung", but he didn't know that Samsung uses the profits of one industry to support the next one, while he uses the debts of all industries to support each one.
In 2021, the financial director said that "the cash flow will not last three months." 2.4 Trillion. One million people have paid down payments and monthly payments but cannot live in a house. The supplier held a commercial note of 200 billion and could not pay it back. Xu Hongyao said: "I'm already lying down."
Lao Zhou bought Hongyuan Jade Bay, waited six years, and spent 1.03 Million in exchange for a rough house. Zhang Li paid 4,200 per month for seven years, but the house had no windows, elevators, water or electricity.
In 2026, Xu Hongyao stood in court, wearing a gray jacket without a belt, and was sentenced to eighteen years. He went in at the age of sixty-seven and came out at the age of eighty-five - there was a high probability that he would not come out alive.
Three hundred thousand people are still making monthly payments. Three hundred thousand houses are still in ruins. The belt is broken.
Concept: A person's rise can be a microcosm of an era, and a person's fall can also be a wound of the same era. The real tragedy is not that Xu Hongyao was sentenced to eighteen years, but that the old Zhous still have to pay off the mortgage for that rough house for twenty-three years.