Here is the investment story of a savvy elder from Hangzhou:

In the downturn of 2012, he bought stocks.
Before the stock market peaked in 2015, he sold all his stocks, earning 500,000 yuan, and then used the 500,000 yuan as a down payment for a pre-sale property in Hangzhou.
In 2022, before the real estate crisis hit and after owning the property for five years, he sold the property with minimal deed tax, earning over 3 million yuan.
He then invested all of it in Zhejiang Zhongjin's wealth management products, with an interest rate of 4%, which seemed very stable!
During this period, he topped up his investment several times, reaching a total of 5 million yuan, and enjoyed considerable interest!
On December 8, 2025, Zhejiang Zhongjin collapsed. After 13 years of investing, his final investment result: -2 million yuan!