Chapter 44 — Buying Tomorrow
Huaihai's winter air carried a faint tang of coal smoke as Chen Hao stepped out of the car. Ahead stood an aging but well-positioned department store, its once-grand façade dulled by decades of wind and rain.
The building was in decline, the owners eager to sell, and most local investors hesitant. But Chen Hao saw it differently.
"Main road, near a new subway exit, within walking distance of two universities… in three years, this spot will be gold."
To the property agent, he merely said, "I'll take it. Cash."
In the weeks that followed, Horizon Group began acquiring several other prime properties across Huaihai Province — some old shopping centers, a few disused cinemas, and even a riverside warehouse district. Officially, these were "strategic assets for future business development."
Inside Chen Hao's head, the reasoning was far simpler.
"These will drain cash faster than opening another hundred restaurants. And if they don't produce profit for a few years? Even better."
Back in the home province, expansion continued at full steam.
Two new Patriot Burgers were opening in provincial capitals of neighboring provinces, but most growth stayed concentrated in the original three provinces. La Stella Italiana was adding outlets in upscale districts, with a deliberate push into business zones where rent — or rather, the purchase cost — was highest.
Every new outlet sat on Horizon-owned land, keeping leasing to a bare minimum. Chen Hao reasoned it would tie up more funds and "lock in" his losses. His managers praised the foresight.
Meanwhile, the cold storage and logistics division was buzzing. In a strategy meeting, operations head Zhang Wei laid out the numbers.
"If Huaihai is to be connected to our supply chain, we'll need two large hubs — one in the provincial capital and one in the southern industrial belt. It's going to be… costly."
The room fell silent for a moment. Chen Hao broke it with a faint smile.
"Then we make sure we do it right. A weak foundation will only cost us more in the long run."
His words landed as prudent leadership. Only he knew that the "cost" was exactly what he was counting on.
By the end of the quarter, Horizon's books showed unprecedented capital outflow. To the outside world, this looked like bold expansion. To Chen Hao, it looked like progress toward losing money.
But somewhere deep down, a faint, troubling thought lingered:
"Every time I've tried this before, it's made us stronger. This time… will it finally work?"