Chapter 293: Family-Controlled Monopoly
Hong Kong stood alongside New York City and London as one of the world's top three financial centers—a major hub for international finance, trade, shipping, and innovation.
Since the 1990s began, its real estate sector had surged relentlessly, becoming—alongside finance and tourism—one of the city's core economic pillars.
As 1997 approached, many long-established British conglomerates began pulling out, relocating businesses to London or Singapore. Firms like Jardine Matheson, Swire Group, and HSBC were busy harvesting profits and transferring large amounts of capital back to the UK.
That morning, in a bedroom at a Repulse Bay villa, Aaron lay over Joey.
"It seems Hong Kong filmmakers aren't too happy with Taipei's new regulations on artist salaries," he remarked.
"Not at all," Joey replied, gently running her hand along his back. "Directors, actors, even crew members—most of them are dissatisfied. They still believe Taipei can't do without Hong Kong cinema."
For years, Hong Kong films had dominated markets across Southeast Asia, Taipei, and even South Korea. That success had given the industry confidence—even in the face of Hollywood.
Aaron smiled faintly.
"Haven't Jurassic Park and Speed already shown them just how powerful Hollywood blockbusters can be?"
Wang nodded.
"Some filmmakers are definitely starting to worry."
"Alright, let's get up," Aaron said, giving her a light squeeze before getting out of bed.
That afternoon, at the Peninsula Hotel, Aaron met with Michael Kadoorie over tea.
As the owner of The Hongkong and Shanghai Hotels—the parent company of the Peninsula brand—Michael had taken over the family business after his father, Lawrence Kadoorie, passed away the previous year.
"The Peninsula Hong Kong truly lives up to its reputation as the 'Grande Dame of the Far East,'" Aaron said, sipping his coffee. The hotel was even constructing a new 30-story tower—further cementing its flagship status.
Michael Kadoorie, now in his fifties, smiled.
"Mr. Anderson, you seem quite optimistic about Hong Kong's future."
The Kadoorie family held significant influence across electricity, textiles, real estate, and banking. From CLP Group to the Peninsula Hotels and even participation in the Daya Bay Nuclear Power Plant, their reach in Hong Kong was immense.
Aaron nodded.
"With growth like this, how could anyone not be optimistic?"
"But at the same time, Hong Kong feels… difficult to break into."
Finance, real estate, utilities—almost every major sector was tightly controlled by a handful of powerful families. Whether British or Chinese, these conglomerates operated as deeply entrenched, family-run monopolies.
Michael chuckled.
"Aaron, you're a rising power in Hollywood. Your focus should be entertainment—and Hong Kong's entertainment industry is highly developed. It suits you perfectly."
Aaron shrugged.
"But Hong Kong is still a small place. How big can its entertainment market really be?"
His gaze drifted across the sea—toward mainland China.
That was the market that truly mattered in the long run.
Earlier that year, China's film authority had approved a policy allowing the import of ten foreign films annually—films that reflected "excellent global cultural achievements" and "advanced cinematic techniques."
But because of the complex web of interests involved, the decision sparked intense debate. As for when the first imported blockbuster would actually hit theaters—no one knew yet.
That evening, at the Repulse Bay villa, Aaron lounged on the sofa, flipping through the newspaper. The Venice International Film Festival was in full swing, while Dawnlight's Pulp Fiction had officially opened in North America.
"There are really a lot of great films this year," Joey said as she sat down beside him.
Among Chinese-language cinema alone, there were standout works like Ashes of Time, Chungking Express, In the Heat of the Sun, and To Live.
"There really are," Aaron replied with a smile, setting the paper aside.
"At Cannes earlier this year, Pulp Fiction had some serious competition for the Palme d'Or."
"The Chinese film To Live won the Jury Prize and Best Actor, and Three Colors: Red also received strong acclaim."
As for Hollywood, there was no shortage of hits either—already released were Forrest Gump, The Lion King, and Interview with the Vampire.
And still to come were heavyweights like Pulp Fiction, The Shawshank Redemption, and Léon: The Professional.
"By the way," Aaron added suddenly, "how's that VCD manufacturing company you've been looking into on the mainland?"
Joey nodded.
"Right now, the VCD market in China is dominated by Wan Yan—they hold over 90% of the share."
"But because of limited content, overall shipments aren't huge yet. They've started acquiring audio-visual companies and releasing music content on VCD."
"I've already bought a few media companies and retail outlets in Beijing and Shanghai, mainly to sell VCD discs and players."
"Not bad at all," Aaron said approvingly. He pulled out his checkbook, wrote out a check for $2 million, and handed it to her.
"Take it. Expand the business when the time comes."
She hesitated.
"I have money."
Aaron smiled.
"This is nothing to me—just consider it an investment. You know I have Haihua Investment here in Hong Kong."
"Alright then," she agreed without much fuss. With China's recent exchange rate reform—moving to a managed floating system—$2 million now translated to over 17 million RMB.
"Next, I'm heading to Japan," Aaron said. "Are you staying in Hong Kong?"
"I'll go back to Taipei first, then head to the mainland," she replied. "Will you come?"
"The mainland…" Aaron thought for a moment.
"Sure. Once I'm done in Japan, I'll come to Beijing to find you."
Although China–U.S. relations were somewhat tense that year, Aaron still saw an opportunity—perhaps he could open discussions with China Film Group Corporation about importing foreign films.
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