Jiang Cheng knew very well that without powerful backers behind Company and Evergrande, their project approvals would never have gone so smoothly.
Years later, after the sudden real-estate tempest, everyone realized property was a bottomless pit.
The web of vested interests behind it was staggeringly complex.
Because of that, Richest Man Wang's "Old Xu" toppled from his pedestal overnight and was clapped in irons.
Jiang Cheng gave a slight nod. "As you say, few people truly understand real estate; for Dawen to have reached this scale is no small feat."
Seeing Jiang Cheng being polite, Madam Wang at his side spoke up:
"Your view is rather novel. Since you invest in property yourself, do you think there's still room for the sector to grow?"
Jiang Cheng turned to her and replied:
"Xingchen Investment's real-estate exposure is concentrated in tier-one cities—the King of Fengtai plot in the capital and western Chengdu. I haven't considered smaller third- or fourth-tier cities for now."
Richest Man Wang cut in: "So you believe small cities offer no prospects?"
Jiang Cheng nodded. "In my view, those markets are saturated; they don't need more projects. Of course, that's just my humble opinion. In property, Uncle Wang, you certainly know better than I."
Richest Man Wang waved a hand and laughed. "Xingchen Investment has shot to tens of billions in six months. You're being modest. At this pace you'll probably overtake Dawen Group in a few years."
Ma Huatong nodded in agreement. "It's an era when every sector can blossom."
Richest Man Wang continued: "I'm getting old—my vision can't match you youngsters. Let's just chat; what do you think of the market?"
Ma Huatong added: "I'm also curious about the younger generation's view. Chairman Jiang, shall we exchange ideas?"
Jiang Cheng of course knew the future direction of Dawen.
What else could Dawen become?
The current model—using the Company mall template to spin off property—was certainly compatible.
Mindful of his friendship with Wang Congcong, Jiang Cheng said, "Then let me share my humble view. Real estate has peaked; it looks booming, yet history shows markets follow a parabola. Once profit tops out, it slides. In short, oversupply."
The moment he finished, the eyes of everyone present changed.
In Richest Man Wang and Ma Huatong's gaze, open admiration showed.
"I agree. We've rushed too fast. Old Xu shot to the top this year on property, but that's what worries me: more peers, yet who will buy the flats? The hard part is we're stuck holding them. Can't advance, unwilling to retreat—tough. I can only trim exposure slowly."
With that, Jiang Cheng said no more on the topic.
"Uncle Wang, you're still very forward-looking."
Richest Man Wang gave a wry smile. "Getting old; the market changes too fast. Let's go back to the internet. As you said, I didn't favor it at first, but now I want to pivot."
His tone carried helplessness and bewilderment.
He knew he had rich experience and resources in traditional industries,
but the fast-moving internet left him somewhat at sea.
Wang Congcong interjected: "E-commerce sells goods; you sell services—different paths."
Ma Huatong nodded. "Different indeed. The encirclement failed; Ali's share of e-commerce keeps growing."
Richest Man Wang shrugged. "How is it different? Isn't e-commerce just moving the physical world online? Don't you agree, Jiang Cheng?"
Suddenly called upon, Jiang Cheng set down the fruit and replied:
"Uncle Wang, in my view e-commerce is a lifestyle—new and modern. Older folks may not adapt easily, but for the young, the internet and online shopping will merge into daily life."
"So you think future consumers will favor online shopping over brick-and-mortar?"
Jiang Cheng nodded. "You know I invested in TikTok; it just added live-streaming. Going forward, live-commerce will be a mega-trend, even a nationwide habit woven into ordinary life."
After those words, Richest Man Wang and Ma Huatong stayed silent a long while.
Even Wang Congcong looked as if meeting Jiang Cheng for the first time, his gaze altered.
After all this time, Wang Congcong's first impression had been: this guy's richer than me,
splashes cash like a Tycoon,
mysterious background, dates even higher-caliber women.
In short, a Second-generation rich richer than himself.
But after today's remarks even he had to admire Jiang Cheng's market insight.
The man wasn't just a money-burning princeling; he truly understood business dynamics.
Madam Wang was first to react, turning to Jiang Cheng:
"Jiang Cheng, Auntie thinks your analysis is brilliant; I haven't admired anyone this much in ages."
Huang Yuqi chimed in: "I don't understand business, but what you said makes sense. In remote areas online shopping can be more convenient than physical stores."
Seeing the two women gaze at him with sparkling eyes, Jiang Cheng sighed inwardly:
Now I've gained two more swagger points—whose turn is it to guide me to the "essence"?
Richest Man Wang and Ma Huatong also nodded in praise.
"With vision like yours, it's no wonder we see you as the rising star who'll surpass us."
Ma Huatong added: "Chairman Jiang, if you spot a good project, Penguin would love to partner."
Jiang Cheng shook his head. "Xingchen is also hunting for new directions. If you have any worthy projects, Ma, let me know."
Ma Huatong said: "We're evaluating one; the platform wants us to lead the round."
Richest Man Wang asked: "Which platform?"
"An e-commerce site called Pinduoduo."
Ma Huatong finished, and Jiang Cheng frowned. "The name sounds familiar."
Ma Huatong explained: "There's a new site, Pinduoduo, unlisted, still promoting. Market penetration is low, but the model is novel—group buying, even ten-billion subsidies…"