The author | Cat brother
The source | Big Cat Finance (ID:caimao_shuangquan)
In Hong Kong, the Fok family is not the richest man, but it is an absolute tycoon.
The grandchild Huo Qigang has only recently become a member of the Legislative Council, his wife Guo Jingjing is the queen of Diving in China, while his father has experienced marriage and divorce with his Hong Kong sister Zhu Lingling, and the rest of the Huo family's children also have many scandals.
Therefore, when the Huo family's legacy case once again entered the public eye, it took the lead in the entertainment version, and then became social news and became a topic of discussion after tea and dinner.
In 2006, Fok Ying Tung passed away, and the legendary Hong Kong rich man enjoyed the treatment of "national burial", the national flag was covered with coffins, and the big figures in the political and business circles helped him.
At that time, there was no dispute over the inheritance, because in 1978, Huo Yingdong had already made a will, and it was only 20 years after his death that he could divide the inheritance, according to this time, 2026 was the day when the Huo family was officially separated.
Similar to the gambling king, Huo Yingdong also married a three-room wife according to the "Great Qing Law", but the main asset is in the big house, and their respective career directions also have their own emphases:
The boss Huo Zhenting focused on sports, and later the "diving queen" Guo Jingjing married his eldest son Huo Qigang, who was the most well-known;
Huo Zhenhuan, the second eldest, took over the family business, was the main force in dividing the property, and was the strongest in terms of financial resources;
The third Huo Zhenyu focused on the cause of the foundation, and in charity, he went the farthest.
However, only 5 years after Huo Yingdong's death, because of the inheritance, the brothers fought.
In 2011, the Huo family property dispute case officially broke out.
After Huo Zhenyu accused his second brother Huo Zhenhuan of embezzling family assets, including some company equity and overseas deposits, totaling about HK$1.4 billion after his father's death, Huo Zhenyu demanded the removal of the executor of the estate and investigated the number of the estate.
After a dozen lawsuits, the beneficiaries of the inheritance were all defended, including Fok Yingdong's three widows.
In 2012, under the mediation of former Chief Executive Tung Chee-hwa and former Secretary for Justice Leung Ai-sze, the Fok family completed the "Great Reconciliation", dividing Fok Yingdong's HK$30 billion estate into three parts, the second house and the third party divided 10 billion yuan equally, in the form of monthly pocket money, while the big house woman received 20 billion yuan.
This was a relatively dignified result, but the peace situation lasted only one year, and the property dispute case returned.
This time it was because of a contract.
As a patriotic businessman, Fok Yingdong started in Hong Kong, but because it was later not tolerated by the British government of Hong Kong, his real estate industry was mainly in the mainland, the most important of which was invested in his hometown of Nansha in Guangzhou.
Before the settlement, Huo Zhenyu was dismissive of his investment in Nansha, describing it as a "pig bone", and in the past internal mediation meeting, Huo Zhenyu had asked Huo's industry to withdraw from the mainland, and under the education of Tung Chee-hwa, he realized that Nansha was a "golden mountain".
In 1997, Fok Ying Tung Family Business Yourong Company transferred part of the interests of Nansha to the Fok Ying Tung Foundation at a price of 1 yuan, but in the details of the contract disclosed in 2013, it was stipulated that After 10 years, Yourong could buy back at a price of 1 yuan.
Although the two companies involved are the names of the Huo family, the foundation's money cannot be divided as inheritance.
When it was time to buy back in 2007, Huo Zhenhuan, who had the largest say in the family business, did not buy back, which meant that the nearly 10 billion Hong Kong dollars of equity in Nansha could not enter the family business, that is, the brothers and sisters could not share the money.
Therefore, Huo Zhenyu once again filed a lawsuit, requiring this part of the rights and interests to enter the company under the name of the long house, and Huo Zhenhuan and Huo Zhenting, who knew about the matter, misled their younger siblings to make compensation.
Since 2013, the property dispute case of the Huo family's big house has continued again.
During this period, Huo Zhenyu successively filed lawsuits against four younger siblings and multiple family companies, some of which were settled, some of which were rejected by the court, and some of which were tried.
Once the lawsuit was fought, it was many years.
By January this year, Huo Zhenyu and Huo Lina and Huo Liping formed an alliance, pointing the spearhead at Huo Zhenhuan and Huo Zhenting, after all, in Nansha, Huo Zhenting also had a lot of investment, and Guo Jingjing had also stood for related projects in Nansha.
At this time, the equity of Nansha was almost worth 7 billion yuan.
The presiding judge said the case was "sad" and that no one was for personal gain, that Huo Zhenyu was concerned about family interests, and that Huo Zhenhuan only wanted to realize his father's real estate dream.
Real estate is the main accumulation of Huo's wealth source, And Huo Yingdong said to himself, "Speaking of it, it is still developed by real estate."
Chinese mainland real estate to learn from Hong Kong, and the founder of Hong Kong real estate is Fok' s.
In 1953, Fok Ying Tung and his wife Lu Yanni jointly registered and established Fok Hing Ye Tang Real Estate Co., Ltd., and later established Fong's real estate, entering the real estate, the first business was the embassy building in Causeway Bay, shocking the market.
However, the purchase and sale of the whole building, the cycle is still too long, how to let more people participate in the market transactions?
In the later sale, Huo Shi began to sell in layers, suddenly lowering the threshold, allowing many rich people to participate in the real estate game, but this is not enough, after all, not everyone can take such a large amount of money.
(Photo: Advertisement of Huo Xingyetang)
Subdivision.
Fok Ying Tung bought from the Kadoorie family the plot from Yau Ma Tei Public Square Street to Dongguan Street, which will build more than 100 residential buildings, which can provide more than 600 units of housing.
When the more than 600 units were still in the house, Huo Began to distribute sales instructions to the public to buy a new building in installments, pay part of the deposit first, and then pay the balance in installments with the progress of the project.
Buying a house to spend is also buying a dream, so that Huo's money has money to build a building, and more ordinary people can cross the threshold of buying a house.
Then, making loushu and selling "louhua" swept throughout Hong Kong, and in 1956, the Hong Kong government at that time issued a consent letter for pre-sale of louhua, and "louhua" was officially regularized and became a formal trading system.
As the initiator of this system, Huo Shi naturally relied on it and made a lot of money.
Later, with the implementation of the housing reform in the mainland, commercial housing to the market, just established the province of Hainan, learned the essence of selling building flowers, originally let more people get on the car to sell the building flowers, became a speculation of the building flowers, the south gold panning became a game of "drumming and passing the floor flowers", some people burst out of the market, some people tragically took over.
In 1994, a year after the bursting of the real estate bubble in Hainan, the Urban Real Estate Management Law was promulgated, and huo's "selling house flowers" was once again written into the law, but the name was the pre-sale system for commercial housing.
The existence of the pre-sale system has been very controversial in recent years, but it has not been officially determined.
In 1979, Fok, who was at odds with the British government at the time, began to invest heavily in the mainland.
Coming from a real estate background and having good relations with the mainland, Fok Yingdong also constantly suggested to the above that commercial housing should be opened and land should be used for a fee, but this matter is too advanced in the mainland, and suggestions can only appear in some inspection activities and sporadic reports.
At that time, it was still the era of welfare housing, "as soon as a person was born, the state owed a house", but where are there so many houses?
Later, Shenzhen built a special zone, but the speed of urban construction has not been able to keep up, because there is no money, not only the local government has no money, the central government can not give any funds, only policies, feel the stones to cross the river.
Huo Yingdong was very puzzled, "You have land, how can you not have money?" Money can come from the land."
So Shenzhen began to lead the team to Hong Kong to study, and at the end of 1986, it drafted a reform plan, and began to prepare for the use of state-owned land transfer fees to raise funds for urban construction.
On December 1, 1987, the Chinese mainland "first auction of land" was sold, with an area of 8588 square meters and a 50-year transfer period of commercial residential land, which was auctioned at a reserve price of 2 million yuan, and finally bid by the Shenzhen Housing Company, with a total transaction price of 5.25 million yuan, and by the current standard, the final transaction premium rate was as high as 162.5%.
"Land finance" officially entered the stage of history.
In 1988, the land was used for a fee and entered the Land Administration Law, and "land use rights may be transferred in accordance with the provisions of the law" was written into the Constitution. Over the decades, land has become the most important source of revenue for many local governments.
Speaking of which, the pre-sale system originating from Huo's and the land use right transfer system proposed by Huo's proposal are crucial to the development of China's real estate market, but now it is also showing its "two-sidedness".
In the beautiful moments of previous years, the real estate wealth is unprecedented, the rich list is almost contracted by real estate, and the richest man in real estate should not be too much. But now, the same system, the same means, the rich people of the past, have become the protagonists of the thunderstorm incident, and they are more lamented.
After the thunderstorm, the doubts about the pre-sale system are even greater, and the house that paid for the money can be finally obtained? Will there be more rotten buildings? Will house prices collapse?
Under various questions, the real estate developers shouted "Bao Jiao Lou", and the owners were also trembling.
If you go back to house prices, are they the culprits of rising house prices?
At first, pre-sale + mortgage did lower the threshold and allow more people to afford to buy a house, but objectively, the hole in the speculation was also torn open, and it did push up the house price, so that many people could not afford to buy a house.
Even Huo Qiwen, vice president of Fok Ying Tung Group and son of Fok Zhenhuan, complained that Hong Kong house prices were too high and "could not afford to buy a house".
The paid transfer of land has indeed solved the local financial problem, but it is also true that with the rising land prices over the years, the house prices have risen more fiercely.
However, local property merchants fell on the rich list, housing prices began to loosen, or for many people to provide opportunities, in 2021, China's real estate transaction volume exceeded 180,000, creating a record high.
How long will this record last? Can house prices be reduced? How much room is there for land finance? ......
All kinds of questions, now far from answering, to China's contribution to these institutional innovations, can the Huo family still provide some new ideas?