Chapter 100: Chapter 86: Estate Planning

Chen Pingsheng hadn’t paid much attention to “Claralover,” mainly because his wallet was getting thinner.

Previously, through a major event hosted by Yang Mi, he accumulated savings of 180 million.

Then he gave his wife Song Yanxi 50 million to open five Water Cloud Space stores in the second ring.

He also invested 10 million in Fei Yangyang.

In the meantime, he randomly spent over 70 million hoarding properties, among which the Water Cloud Space villa with over a thousand square meters alone cost 28 million per unit.

Another property was between the second and third ring at Diaoyutai No. 7 Courtyard, priced at 60,000 per square meter, and he bought a unit of over 400 square meters.

It was smaller than the one in Wanliu, but it was very comfortable for his whole family.

If he were to live in the second ring in the future, he wouldn’t want to live in a villa; a large flat felt more comfortable.

Of course, provided that the space is big enough.

Over 400 square meters, he thought it was pretty good.

Additionally, he bought five more small apartments, over 100 square meters each fully furnished, in Shijingshan as employee dormitories.

All these transactions added up to nearly 1.3 billion spent.

Plus, going home involved donations and big banquets, buying cars and houses, which took almost 20 million.

He had less than 30 million left on him.

Money just flies; before you know it, your balance is down to this.

Investing in any big TV series was no longer likely.

He could only wait until Tengying finished shooting “Hua Qiangu” or when Water Cloud Space opened, then he would have significant income.

He had to spend these 20 plus million carefully.

Bai Xin went to tutor Chen An’an, who might snooze during class but wouldn’t under Bai Xin’s instruction.

She always learned something.

Having realized that he was buying more and more properties, Chen Pingsheng went to check the accounts with his wife.

To calculate how much their family spent on properties in the last year.

Song Yanxi would give birth to her second child by June, and now his sister Chen Qi had moved into his house.

Primarily to help take care of his sister-in-law and also to take over the kitchen.

His own sister, he definitely had to put her to work.

His sister Chen Qi, who used to be thrifty when she had no money, earned a modest salary but managed to save quite a bit.

After getting that 3 million, she went and bought a white Porsche 911.

The on-road price was about 1.5 million.

The remaining 2 million, she followed her sister-in-law’s advice and bought a small 80 square meters apartment in Shijingshan.

Considered as a financial investment.

Properties in Shijingshan also soared in price, increasing by 10,000 per square meter from the beginning to the end of 2013, a short span of just one year.

Now, the prices in decent locations are over 20,000.

With housing prices skyrocketing, those migrating to the north grew increasingly anxious.

Fortunately, that was no longer a concern for his family.

Song Yanxi was reading in her room, relaxing and cultivating her temperament; a wealthy pregnant woman without too many worries, thus able to focus on improving herself.

“Wife, how much did we actually spend on buying properties last year? Do you have the numbers?” he asked.

Of course she kept track of the money spent on property. After putting down her book, Song Yanxi said,

“Yes, our family spent a total of 1.4 billion on properties last year, rising from initially over 10,000 per square meter to now 20-30 thousand; this investment is a steady income.”

Song Yanxi was quite proud; without realizing, her family had hoarded properties worth over a billion in Capital City.

All paid in full, with no bank loans whatsoever.

That was very comforting.

Housing affairs weren’t something Chen Pingsheng was responsible for, he curiously asked, “Did you also keep track of the property price increase last year?”

“Yes,” she replied.

Song Yanxi pulled out a computer, her face serious as she said, “The first house we bought was in Shijingshan, and by early last year, the price was only 15,000 per square meter, but by this year, it has already risen to over 20,000, if you calculate based on last year’s prices, this increase is almost 60%.”

What does 60% mean? It means that in just one year, the house prices near the fifth ring of Capital City have nearly doubled.

This is undoubtedly extremely exaggerated.

It also means that for people in Capital City who don’t have parental support, those earning less than 300,000 annually simply can’t keep up with the housing prices.

Take a 100-square-meter house from last year, for instance. It only cost 1.5 million in full payment.

A down payment of 30% would be 450,000.

By this year, the same house.

The full payment has risen to 2.4 million, and the same down payment of 30% is now 720,000.

Look, you earn an extra 300,000 in a year, and you have to pay about 300,000 more for the down payment.

If this rate of increase continues, those earning less than 300,000 annually without parental support can’t even dream of outpacing this housing price increase over ten years, even if they don’t eat or drink anything.

After all, nobody can earn 300,000 a year and save another 300,000.

This is really exaggerated.

Even unimaginably so.

Pingsheng himself used to be just on the threshold of earning 300,000 a year, and God knows how hard it was for someone like him, with no educational background or connections, to make this kind of money in Capital City.

He could confidently say that at least 80% of families in Capital City couldn’t reach this income level.

This means that if housing prices continue to rise like this, they could very well ensnare the lives of ordinary people.

Moreover, it could trigger even more significant problems.

Overthinking the situation indeed.

His family clearly belongs to the group that profits from rising house prices.

Didn’t you see how happily Song Yanxi was crunching the numbers? Last year alone, their family invested 140 million in property.

With no off-plan properties, their investments have so far yielded a return of over 80 million.

Meaning his family owns property in Capital City valued at more than two billion.

Not to mention they have four companies that are performing quite well.

If you really look into it, his family qualifies as wealthy.

Though not quite to the level of the grandes dynasties, they are undeniably affluent.

Total assets are at the five billion level.

This is not some stock market or internet estimation’s virtual property but firm and still rising cash assets.

As stable as can be.

“Honey, let’s not invest in more Capital City property this year,” he said.

“If not Capital City, then where do we invest?”

“Magic City,” Pingsheng said. “Over there lies the freer financial capital of Ten Li Foreign Market. Our family could shift our property investments there, and also possibly expand Water Cloud Space to that area.”

The properties in Capital City surely won’t be touched; if they buy anything more, it would only be in Magic City.

And it would primarily be luxury large flats.

Once you have money, a lot of things need to be planned in advance.

Like personal finance, which is undoubtedly very important.

If he had a bit more money, he would like to go to Xiangjiang.

With the current scale of his family’s assets, they are not yet qualified to buy property in Xiangjiang, where prices can be as high as 100,000 to 200,000 per square, and a casual 500-square-meter apartment could cost upwards of a hundred million.

He just doesn’t have that kind of strength yet.

Of course, property prices in Xiangjiang are calculated by the foot, so a thousand-foot luxury home would actually be about a little over a hundred square meters here.

It’s just that the property prices there are so high, that’s why there’s talk of luxury homes.

Basically, the definition of a luxury home is one that ordinary people can’t afford in their entire lives.

Like how he used to be.