With the release of the Sino-British Joint Declaration and China's promise of fifty years without change, Hong Kong Island's stock market remained volatile, but real estate began gradually recovering.
Both property prices and rents began rising.
During the earlier stock market turmoil, Gu Sheng had mortgaged almost all his businesses to acquire large quantities of quality assets at low prices and consolidate them. Now he was finally reaping the rewards.
Hongji Real Estate, too, had acquired and developed large amounts of land at Gu Sheng's direction.
Thanks to recovering property prices and the introduction of rent-to-own payments, Hongji Real Estate's developments sold out almost as soon as they went on the market.
At the end of March, the Hong Kong Island Securities Exchange, Far East Exchange, Gold and Silver Exchange, and Kowloon Stock Exchange merged to form the Hong Kong Island Stock Exchange.
After the merger, all stocks were reassigned ticker codes, and one question gave the exchange's senior management a bit of a headache.
Who would get 0001?
The 0001 code was for the company that best represented Hong Kong Island. Originally, the exchange had planned to give it to Li Ma Sing's Cheung Kong Group.
However, as the property sector began recovering, Gu Sheng's Hongji Real Estate also showed tremendous strength.
Gu Sheng himself, in particular, was extremely forceful.
"0001? Is anyone more qualified than Hongji Real Estate? Who? Why don't you ask him yourselves?"
"Or do you have a problem with me?"
"No one represents Hong Kong Island's business community better than I do!" Gu Sheng said.
A week later, the exchange opened. Hongji Real Estate was renamed Hongji Group, and the exchange's 0001 ticker belonged to Hongji Group.
In May, Gu Sheng injected 160 million through Hongji Real Estate to acquire a 50.26% stake in Wing