Chapter 47 - Going to China (3)
Chairman Lee continued talking.
“The hard money lenders at that time suffered a bitter blow when the banks took the promissory note discount service that they had been providing to companies. That was the reason why I quit the hard money lending business and moved to the real estate investment business. I went to Apgujeong Town, Gangnam District in Seoul and started investing in condos. The condos in Gangnam were already selling at a high price, but I was certain that people would be willing to pay even more for those condos. I was sure about it because I knew that people preferred the convenient location of Gangnam, and they also had a desire to show off that they were living in a nice community—the Gangnam area.”
“You must have made a fortune from that investment.”
“I did. But then the IMF happened.”
“Gosh, you must have lost a lot then.”
“No, actually I didn’t.”
Chairman Lee wagged his head.
“I was actually so excited because it could be a huge opportunity to make big money.”
“Huh? During the IMF crisis?”
“Right before the IMF crisis, the officials in the Ministry of Economy and Finance saw the signs of an upcoming financial crisis in this country. They, however, denied their awareness by stating that our economy was fundamentally strong. I had been in the money market for too long to believe them and I had the opposite view. By that time, I had already liquidated my assets; I sold dozens of condos I owned in Apgujeong Town along with all of the promissory notes I was holding. I believed the only way I could survive was by securing cash.”
“I see.”
“Once the Korean economy began to experience the financial crisis, the building owners who couldn’t handle the interest rate hikes started putting their buildings on the market, and many companies with significant debts went bankrupt. At that time, I acquired the 25 billion won building in Cheongdam Town.
“Oh, I see.”
Manager Gweon and Jong-Suk were listening intently to Chairman Lee’s story while sitting next to him.
“Guess how much that building is worth today.”
“Um, I don’t know. Maybe 30 billion won? 40 billion won?”
“I’ve got a bite!”
Chairman Lee reeled in the fish.
The sun was about to set. Chairman Lee and Manager Gweon left for home. Gun-Ho and Jong-Suk laid out a picnic mat on the grass and started drinking. Jong-Suk said as he poured the soju in his paper cup, “Sometimes I don’t understand Chairman Lee. He knows that we both have no money. Why does he keep saying we need to pay attention to the real estate market?”
“Haha. Yeah. Weird.”
As Gun-Ho was responding to Suk-Ho, he talked to himself while he poured the soju in his paper cup.
‘Wow. Chairman Lee is something. He knows everything, I mean literally everything. He is on a whole different level.’
Gun-Ho went to Gimpo International Airport and met the shaved-head restaurant owner’s uncle.
“I already reserved a hotel for you.”
“Oh, the hotel in China? Isn’t it expensive?”
“It’s a three-star hotel. The price is about the same as a motel in Korea.”
“Okay. Thank you.”
“Oh, and I believe I didn’t give you my name. I’m Hee-Yeol Byeon. I had worked in L Group for a long time before I retired three years ago.”
“Oh, really? How did you start the restaurant in China then?”
“The location of the last branch office of L Group that I worked for is in Shanghai. After retiring, I started my own business and then I blew most of my retirement pay because of some sort of fraud. It left me with 50 million won, so I acquired that restaurant in Hangzhou City with it.”
“Oh, I see.”
“I’ve heard that you used to work in a company before too.”
“Right. Not long though. I used to work at an electronic assembly company in Asan.”
“Oh, so you were not a business person.”
“No. The restaurant in Noyrangjin was my first business experience. You can talk to me in a more informal way; you are way older than me.”
“Well… If you haven’t exchanged your money yet, you can do so here.”
“How much do you think I should exchange?”
“200,000 -300,000 won should be good. It’s up to you. Today’s exchange rate is displayed on the electronic board over there.”
Gun-Ho exchanged 300,000 won with Chinese Yuan. The current exchange rate from Korean Won to Chinese Yuan at that time was 120:1. Gun-Ho received 2,500 Yuan.
Gun-Ho boarded the plane to China. Everything seemed marvelous to him.
“Wow. I am on board. I guess I achieved a certain level of success in my life! Even though I lost 20 million won in Noryangjin!”
The plane took off and Gun-Ho couldn’t take his eyes off from outside the window even though all he could see was the clouds, and they looked like cotton candies. Gun-Ho looked at Hee-Yeol Byun in the next seat and he was dozing off; he must be very tired.