Chapter Seventy-Three: A Hall Full of Distinguished Guests, Awaiting the Right Offer

The prefectural seat of Wu Commandery was located directly north of Wuxian, its back resting against the vast Tai Lake. Willows draped gracefully along the lakeshore, a few pleasure boats drifting by, while pavilions and towers stood among one hundred and eighty courtyards. Three hundred servants hurried to and fro along winding corridors that traversed the entire estate, fully displaying the leisure and prosperity of a great southern clan. This day, Cao Ding hosted a banquet in a lakeside courtyard, which contained but a single building—a towering pavilion rising some thirty feet. The topmost floor of the pavilion was especially spacious, capable of accommodating a hundred guests. Its staircases spiraled around the exterior, lending it a unique appearance.

From the top floor, one could feast and drink while taking in the splendid scenery of Tai Lake. This pavilion, known as the Lakeview Pavilion, was reserved by Cao Ding for entertaining esteemed guests.

At this moment, the heads of the four great families of Wu Commandery, save for Zhang Yun, were all gathered in the Lakeview Pavilion, and even the ladies of their households were present. Besides them, Sheng Xian and his wife, as well as other prominent clans from various parts of Wu Commandery, attended. It could be said that those seated here were the very people who could decide the fate of Wu Commandery itself. Since both Cao Ding and Sheng Xian had jointly extended the invitation, these local magnates naturally showed due respect. Moreover, Cao Hong had returned this time to sell his businesses—his holdings in Yangzhou were extensive and all highly profitable. How could they not attend?

Apart from the local gentry, the nominal lord of Yangzhou, Inspector Chen Wen, was also present, having been invited by Cao Ding himself. He sat at the seat of honor, with Cao Ding and Sheng Xian flanking him below, while the heads of the four great families and the other local notables were seated as guests.

The assembled guests were all old acquaintances, exchanging polite conversation. Some cast occasional glances toward the entrance, clearly awaiting the true host of the day—Cao Hong.

After the time it took to drink a cup of tea, Cao Hong and his wife, accompanied by Zhang Yun, entered the Lakeview Pavilion. All present, except for Cao Ding and Sheng Xian, rose to greet them. Cao Hong cupped his hands to the assembly and said, “Thank you all for waiting so long; I am truly ashamed.”

The guests assured him it was nothing. The head of the Lu family, Lu Qian, even laughed and said, “Zilian, you’ve traveled a long, dusty road and barely caught your breath upon arriving in Wuxian before we dragged you here. It’s we who should be embarrassed.”

Cao Hong replied with a smile, “Old Lu, you jest.” After paying his respects to Cao Ding and Sheng Xian and presenting Sheng Meizhen, he guided his wife to the ladies’ table, then took his seat below Cao Ding. Raising his cup, he said cheerfully, “Allow me to toast you all first!”

The guests responded in unison, raising their cups. After two more rounds of toasts, Cao Hong set down his cup, surveyed the room with a smile, and began, “I trust you all already know the purpose of my return to Wu Commandery. Many of you are old friends and business partners, so I’ll speak plainly: all my businesses have ceased operations, and the inventories have been tallied and recorded in the ledgers, which will be sent to Wuxian in a few days.”

At this, the guests grew attentive, curious to hear how Cao Hong intended to dispose of his assets. After all, his holdings were scattered throughout Wu Commandery, and selling them off piece by piece would be troublesome and time-consuming. Many clan heads from other counties had come specifically because they hoped to acquire the businesses in their own localities and did not wish to see outside families encroach on their home markets—especially the four great families of Wu Commandery.

Conversely, many clans, including the four great families, coveted Cao Hong’s businesses outside their own counties. Thanks to his connections with Chen Wen and Cao Ding, his enterprises were spread across Yangzhou, especially in the lucrative grain transport industry, which was almost entirely in his hands. Whoever acquired his docks in the various counties would control Yangzhou’s grain transport. In this region where waterways far surpassed roads, grain transport was the most profitable trade by far, whether moving goods or people—profits were tremendous.

To acquire businesses outside their own counties meant gaining access to markets previously beyond their reach—a tremendous boon for business expansion, as it also meant taking over Cao Hong’s former clientele. Competition was inevitable, and many had come hoping to plead their case and win the assets they desired.

Cao Ding and Sheng Xian exchanged glances, surprised that Cao Hong addressed the matter so directly upon sitting down. From what Cao Ding knew of his nephew’s temperament, selling off the businesses he had built with his own hands would be more painful than cutting off his own flesh—especially since they were gold mines. He had expected Cao Hong to at least keep the grain transport operations in Yangzhou.

But the Cao Hong of today was not the man he once was; he had his own considerations. He intended to discuss the details with Cao Ding and Sheng Xian after the welcoming banquet, but for now, he needed to resolve the matter at hand.

Zhang Yun smiled and said, “We all know you’re planning to sell your businesses, but is it your intention to sell them all, or retain some? And how do you plan to set the prices? I believe that’s what everyone here most wishes to know.”

Cao Hong replied, “I have already halted all operations—naturally, I mean to sell everything.”

This declaration caused a stir throughout the gathering. To sell everything? Cao Hong’s holdings in Yangzhou were vast; selling them all would amount to an enormous sum. Even the four great families could not swallow it whole. The visitors from other counties felt their trip well worthwhile, for now they had a real chance to acquire the assets in their home territories.

Cao Hong went on, “As for prices, I will not set them myself. I will let you all bid.”

The crowd was puzzled. Gu Yong asked, “Zilian, what do you mean by this?”

Cao Hong smiled, “I believe you all are already quite familiar with my businesses, and you have a clear idea of which ones you wish to buy, and how much they are worth to you. Since that is the case, there’s no need for me to assign a price to each. If multiple parties wish to purchase the same business, it would put me in a difficult position. Therefore, I ask you to write down on slips of paper the businesses you wish to buy and the price you are willing to offer, then place the slips in your cups to be collected by the servants. I will review them one by one. If the price is right and there is only one buyer, the sale is made directly. If the price is not appropriate, we can negotiate further. But if several wish to buy the same business, then it will go to the highest bidder. I trust you all know which businesses are the most coveted.”

This method, in modern terms, would be called a sealed bid auction, with no reserve price, letting the buyers name their offers. Such a concept did not exist in the late Eastern Han, so Cao Hong’s proposal drew astonished exclamations and lively discussion. Cao Hong himself simply smiled and let them talk.

Cao Ding and Sheng Xian sank into thought, weighing the practicality of this approach. The head of the Zhu family, Zhu Jun, turned to Gu Yong at his side and asked, “Yuantan, what do you think of this method?”

Gu Yong, only twenty-two, was a strikingly handsome young man in the classic Jiangnan style, with a high ceremonial cap and a flowing blue robe, his demeanor refined and aloof. With eyes half-closed and an air of indifference, he replied, “Zilian truly has a knack for making money.”

Zhu Jun inquired, “How so?”

Gu Yong explained, “When one is determined to acquire a particular asset, one cannot help but worry about competition. Even if there is none, the mere fear of it will drive up the bid. In this way, Zilian will fetch excellent prices for the vast majority of his businesses.”

Zhu Jun suddenly understood and cursed inwardly, “That Cao Zilian—greedy for gold since childhood. Even now, selling off his estates, he can’t resist squeezing every last coin. Ruthless!”

Lu Qian stroked his beard, supremely confident: “No matter what, I must secure the grain transport! The Lu family’s wealth is unrivaled in Wu Commandery. I refuse to believe anyone can outbid me.”

Meanwhile, many others had already begun calculating what price to offer for their desired assets.