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Home > Story of a Big Player from Gangnam

109 Letter of Intent 2 – PART 2

 Gun-Ho and Min-Hyeok headed to Pudong Airport in Shanghai to go back to Korea.

"I have two to three months left before signing the actual contract. I will have to prepare 1.5 billion won, and I don't think I have enough cash in my bank account."

Gun-Ho had spent 6.5 billion won earlier to acquire the vacant lot in Gangdong District. At that time he had to sell some of the Kumho Chemical stock for 300 million won to prepare enough funds. The price of the Kumho Chemical stock had increased, but it was still a bit early to sell it.

"Should I sell the stock again? I shouldn't sell it little by little like this."

While Gun-Ho was thinking about the funds he had to prepare, Min-Hyeok seemed to have his own things to think about.

"There are two to three months left before the contract signing. What should I do during those months? I can't go back to being a residential manager again."

Gun-Ho talked to Min-Hyeok while smiling.

"You will be very busy before the contract signing. You have to learn the Chinese language at a private institution. Also, learn some computer skills as well. You know how to do PowerPoint, right?"

"I know. I used to work with PowerPoint and Excel when I worked at a quality assurance department."

"That's good. When we give a presentation in a hotel while promoting the industrial park, we will have to use PowerPoint."

"I was thinking about it too. I think you give me the contents of the presentation since you know better than me, then I will make the presentation material using PowerPoint."

"Okay, I was going to do it."

"Let's buy some liquor and cosmetics at the duty-free shop over there."

Gun-Ho purchased two bottles of liquor and cosmetics then handed them to Min-Hyeok.

"Why are you giving these to me?"

"Your father is at home, right? He doesn't drive a bus anymore. Bring those liquor to your father and give your mother the cosmetics."

"Wow. Thank you, Gun-Ho."

"Also, until you actually go to China, I will give you a basic monthly salary. Ms. Ji-Young Jeong at our office will send you a monthly salary of 1.5 million won to your bank account."

"Whoa! You are giving me a monthly salary already?"

"For the cost to learn the Chinese language, bring the receipts to our office. Our company will pay for your education as a training fee."

"Thank you Gun-Ho. I hope I don't impose."

"Don't say that. You will work hard for our GH Development Company to make a lot of money."

"Haha. I hope we make a lot of money."

"We will."

Gun-Ho gave Min-Hyeok a tap on the shoulder while saying it.

Gun-Ho and Min-Hyeok were working to make this 1.5 million dollars small joint venture work out without knowing how valuable this experience would be for them.

When Gun-Ho and Min-Hyeok came back to Korea, everyone seemed to know about the joint venture already.

Manager Kang and Ji-Young brought the economic newspaper to Gun-Ho and made a fuss about it.

"Sir! Look at this!"

There was a big picture of Gun-Ho and the president of Jinxi Construction Company signing the letter of intent, on the economic newspaper. It said,

"A Korean company, GH Development will participate in developing Jinxi Industrial Park in Jiangsu Province, China. The industrial park will be located between Shanghai City and Suzhou Town in Jiangsu Province, which is known to be an excellent location for business. The president of GH Development, Gun-Ho Goo (34) stated that in addition to the great location of the industrial park, they will offer an exceptionally low rental price and excellent benefits such as corporate tax-free, and he expected many Korean companies to be interested in moving to the industrial park."

Gun-Ho received a call from Jong-Suk.

"Bro, I saw you in a newspaper. I'm so envious of you. If you start the joint venture, give me a position there."

"F*ck off, man. Those stupid journalists are writing fiction."

Gun-Ho received a call from his sister as well.

"Gun-Ho, are you in a newspaper? I heard it from Seung-Hee who was doing the insurance sales. You are doing great."

"No, no, it's nothing."

"I told our mom and dad. Dad bought the newspaper from a convenience store and made a newspaper clipping."

"He didn't have to do that."

"I will let you go, brother since you are probably very busy."

Gun-Ho received a call from the Attorney, Young-Jin Kim who was working at Kim&Jeong.

"President Goo? I saw the newspaper. Good job. I'm sure you made the right decision. The business will surely go well since you are doing it with Professor Wang and Deputy Mayor Li. Congratulations."

"It's just the beginning. I'm worried. I'm not so sure if I made the right decision."

"I talked with Jien Wang on the phone. He said it is a Cash Cow business so you won't lose money in the worst case scenario. Also, he said that if Seukang Li gets promoted in the government, you will have better days with him in the future."

"I hope so."

"You will."

Gun-Ho received another call. This time it was from a lady.

"Are you President Gun-Ho Goo?"

"Yes, I am. Who's calling please?"

"You don't remember me? It's at Hannam Town."

"Hannam Town?"

"I am so disappointed. You already forgot about me. It's Mi-Hyang Jang from the Pine in Hannam Town."

"Oh, I see. How did you get my number?"

"I saw the newspaper that you are doing a joint venture with China. Congratulations. Why don't you stop by our restaurant; I'd like to give you a congratulatory drink."

"Than... Thank you."

It was from the hostess of the secret bar in Hannam Town.

Ji-Young received a call to the company phone and looked at Gun-Ho.

"What? It's for me?"

"Yes, this person wants to talk to you."

"Me? Maybe because of the newspaper?"

"He said he is calling from Yangji Construction Company."

"I've never heard of that company before."

Gun-Ho took the phone while thinking it was weird.

"Hello, President Gun-Ho Goo. This is Gwang-Ho Yoo, the president of Yangji Construction."

"How can I help you?"

"I am calling to talk about the land you own in Gangdong District."

"The land? What about it?"

"I'd like to talk to you in person. Are you available right now?"

"Yes, I am in the office."

A man in his late 50s came to Gun-Ho's office. He was with another man who looked like in his 40s and was neat looking.

"I'm Gwangho Yoo, the president of Yangji Construction."

"I'm Gun-Ho Goo."

Three men greeted each other and sat on a table. Jin-Young brought green tea.

"You acquired the vacant lot in Gangdong District. As a matter of fact, we were very interested in that land and we missed it."

Gun-Ho was wondering why these people came to him while giving them a wary look.

"First, congratulations on acquiring a very good real estate property. As you already know, that land is situated in an excellent location for an office-tel. If you plan to build a building there, I'd like to work with you. We have brought our portfolio that shows our work so far."

The president of Yangji Construction handed Gun-Ho a pamphlet.

Gun-Ho slowly talked to them after looking at the pamphlet.

"I have no plans to build anything yet. I don't have money for it."

"No one builds a building these days with their own cash."

"Then how do they build a building without money?"

"I've looked at the real estate registration of the land, and there was no lien or anything attached to the land. So, you can borrow money from a bank with the land. Once you build an office-tel, you won't have to worry about lease or sell because of the location."

"Building a property there will take around one or two years. Then how do I pay the loan interest during that period?"

"Say, you borrow 5 billion won. The interest will be about 300 million won, then you can build a building with the remaining 4.7 billion won."

"If I wanted to build a 15-floor building, the cost will be twice more than that. I don't think I can handle the cost and the loan interest."

"Sir, you don't have to wait until the building is completed to sell it. You can sell it before the completion. You can pay off the loan before the building is even completed."

"Well, I will have to think about it. I've spent too much money already on acquiring the land."

"You will have to pay a lot of property tax on a land like that. It's 200 pyung large and located on the main road of Seoul City. It's better to build an office-tel and sell them off."

"I don't know."

"Once you build the building, you can just give the sales work to an agency. You don't have to do anything. You can just sit there and collect money."

"I'm not sure."

"Well, just give us a call any time. We will be waiting for your call."