yournovel Chapter 148 A Stage of Victory
Chapter 148 A Stage of Victory
Central, Far Eastern Capital office.
Outside the window, Victoria Harbour was shrouded in gray. The banners for the handover celebrations had not yet been taken down, but the excitement in the financial markets had already overshadowed the political ceremony.
Ling Yun sat behind his desk with three reports spread out in front of him, while Li Ziyu stood beside him, holding a calculator.
"Let's start calculating," Ling Yun said.
Li Ziyu nodded and flipped to the first document.
"Regarding the mortgage loans from our Bangkok company, we borrowed a total of 19 billion baht from five banks, including principal and interest."
What's the current exchange rate?
"The Thai baht opened at 50.2 against the US dollar this morning, and it should reach around 51 this afternoon."
"Calculate based on 51."
Li Ziyu presses the calculator.
"190 billion baht, at an exchange rate of 51, requires... US$3.72 million. Adding penalties and fees for early repayment, the total is approximately US$3.85 million."
How much money is in the account?
"The Bangkok company's account, which previously had $7 million plus $6000 million in liquid funds frozen, totaling $7.6 million, has remained untouched."
"Pay off the loan first," Ling Yun said. "Get it done today."
"Okay." Li Ziyu noted it down. "After repayment, the account balance is $3.75 million."
"Next is the pre-sale payment." Ling Yun flipped to the second report.
"The total pre-sale funds for Digital City amounted to 312 billion Thai Baht. We previously exchanged 12.38 US dollars through black market channels. After deducting 10% for the middleman, we actually received about 11.14 US dollars. This amount is 600 million in the Singapore account and 5.14 million in the Bangkok account."
"But the pre-sale contract is still in effect," Ling Yun said. "According to the agreement, if the project cannot be delivered, a refund is required."
"How do you plan to cancel?"
"The portion owed to high-ranking officials and dignitaries was refunded in US dollars as agreed," Ling Yun said. "The Thai baht they actually paid, converted at the black market exchange rate of 37 at the time, totaled approximately US$400 million. It was transferred to them from their Bangkok account."
"What about ordinary people?"
"Refund in Thai baht," Ling Yun said. "Refund the original price as per the contract. Refund the exact amount they paid in Thai baht."
Li Ziyu looked up.
"But the Thai baht has already depreciated by half. The same amount of baht they receive back is only half its original value."
"The contract states that the refund will be in Thai baht, but there's no clause about preserving its value," Ling Yun said calmly. "Besides, they might not even refund it."
"Why not return it?"
"Because the Thai baht is still falling." Ling Yun stood up and walked to the window. "If you withdraw today, you'll get a bunch of depreciated baht. If you don't withdraw, at least you'll still have a purchase contract. Although the project has stopped, the land is still there, and the company is still there. Ordinary people will hold on with hope rather than get back half their money."
Li Ziyu thought about it.
"That makes sense. But what if someone actually backs out?"
"Then let's get a refund." Ling Yun turned around, "But we have to go through procedures: application, review, and waiting in line. It'll take a month or two. By then, the Thai baht might have fallen to 60 or even 80, and the money they get back will be worth even less."
"Could this be...?"
"Too ruthless?" Ling Yun finished for him. "That's how the business world is. We didn't break the law; we acted according to the contract. They should have known the risks when they signed the contract."
Li Ziyu didn't say anything more.
"Execute it." Ling Yun sat back in his chair. "First, transfer four hundred million US dollars from the Bangkok account to those powerful figures. Do it in batches, don't transfer it all at once."
"What about the refund notices for ordinary citizens?"
"We'll issue this today. Use gentle wording, express your apology, and explain that the project is suspended due to force majeure. Customers can choose to receive a refund or continue waiting. Refunds will be returned in Thai Baht as stipulated in the contract."
"Understood."
The operation began in the afternoon.
Li Ziyu directed his finance team to initiate early repayment applications with five Thai banks. Given the enormous sums involved, the banks were more than happy to oblige—the Thai baht was plummeting, and receiving US dollars was a welcome relief.
The repayment process went smoothly, with $3.85 million transferred out in five installments.
Bangkok company account balance: US$3.75 million.
Next came the refund.
Four hundred million US dollars were transferred to twelve designated accounts through eleven offshore banks. Behind each account was a powerful Thai figure.
When transferring the money, Lingyun called Li Taijian.
"The money has started transferring. Tell your friends to check their accounts."
"Thank you, Mr. Ling!" Li Taijian said excitedly. "They've been going crazy these past few days, the Thai baht price is changing every day..."
"Tell them to shut up," Ling Yun said. "They've taken the money, so they should behave themselves and not go around talking about it."
"Understood, understood."
After hanging up the phone, the refund notice was also sent out.
The announcement was posted at the Digital City sales office and appeared in the Google category of three Bangkok newspapers.
The message is simple: Due to force majeure, the project is suspended. Customers can choose a refund (Thai Baht at the original contract price) or continue to wait (the company promises to handle it properly).
At 4 PM, the first batch of feedback arrived.
After finishing the call, Li Ziyu reported to Ling Yun.
"The sales office phones have been ringing off the hook. Ninety percent of the customers are asking: Can we get a refund in US dollars?"
Answer: According to the contract, only Thai baht can be refunded.
"and then?"
"Then they hesitated. Some cursed, some cried, and some asked if they could exchange it for house options."
"Tell them they can wait. The contract will remain valid after the project is restructured or transferred."
Will it really work?
"Maybe," Ling Yun said, "Maybe not. But having hope is better than having none."
In the evening, the data was compiled.
Customers requesting refunds account for less than 5%, and all of them have made small investments, totaling less than 300 million Thai baht.
Most customers choose to wait.
"You see," Ling Yun said to Li Ziyu, "that's human nature. Faced with loss, people would rather cling to illusory hope than accept a definite loss."
"Then we saved a lot of money."
"It's not saving, it's making money," Ling Yun corrected. "The pre-sale funds of 590 million US dollars are in our hands. After refunding the 400 million from the powerful and wealthy, we still have 190 million left. This part is the net profit."
Adding the remaining 375 million in the Bangkok account, and the NDF liquidation profits in the Singapore account...
Lingyun did some calculations on the paper.
"Total profits are estimated to be between eight and nine hundred million US dollars."
Li Ziyu took a deep breath.
"So many..."
"But it's not over yet." Ling Yun put down his pen. "This is just Thailand. The storm is spreading to the Philippines, Indonesia, Malaysia, South Korea...
"What's our next step?"
"Wait," Ling Yun said. "When other countries can't hold on any longer, our NDF contracts will bring in even more profits."
Outside the window, the sky was gradually darkening.
The lights of Hong Kong gradually came on.
The city has just returned to normalcy, but it has already been caught up in the storm sweeping across Asia.
Lingyun was standing right in the eye of the storm.
They calmly calculated every penny of profit.
Cruel, but true.
This is the game of capital.