The Genius Grandson Of The Cash King Becomes A Tycoon [EN]: Chapter 31

#031

“What is this?”

The words were on the first page of the document.

[Jungbu City Hwanggeum-dong Jugong Apartment Complex 1 and 2 Reconstruction Project]

I turned the page to look at the next one.

There were words that would be difficult for a high school student to understand.

But it wasn’t a big problem for Jeong-hoon.

The reconstruction was proceeding based on the so-called ‘Urban Redevelopment Act,’ officially known as the Act on the Maintenance and Improvement of Urban Areas and Residential Environment.

The safety diagnosis had already been passed, and the establishment of the reconstruction association had also been approved.

All that was left was the selection of a construction company.

Two complexes of 5-story apartments with 2,500 units were being built simultaneously, a large scale.

It seemed too big for a single construction company to handle alone.

Financial resources were also a problem; the company could disintegrate if things went wrong.

After the IMF [International Monetary Fund crisis of the late 90s], house prices were only slowly rising.

Construction and sale of 5,000 apartment units.

If successful, 150 to 200 billion won would be left, and if it failed, the company would go bankrupt.

“Jeong-hoon, what do you think?”

“Excuse me? I’m a high school student, so I don’t know much about this field…”

Jeong-hoon chose his words carefully.

“You’re upset that your grandma said that? I had something interesting happen when I went to buy land as promised.”

“Yes? What happened?”

“Well, the land price rose by 10 percent in the meantime. That ridiculous wasteland’s price went up. Hahaha, I felt so good.”

“Because the land price went up?”

“No, Jeong-hoon, there is no reason for such an increase. There must have been something behind it.”

“Really?”

Jeong-hoon pretended not to know anything, but asked his grandmother with a happy face.

“Of course. So I told Man-ho to investigate…”

Grandma paused after swallowing once.

“What was the reason?”

Jeong-hoon asked with a curious expression.

“That’s… I was fooled once before. There are rumors of the capital moving. It’s not the government, but some parties are looking at several candidate sites, and the most promising one is where you pointed out, Jeong-hoon.”

“Really?”

Jeong-hoon stroked his chest.

‘I thought it would be in the public’s interest by 2002.’

But they were already reviewing several candidate sites.

‘I almost missed out on picking it up at a low price.’

“Anyway, you… At first, I thought you were lucky, but after hearing Cheol-soo’s story this time, it seems like it’s more skill than luck. He praised you for grasping the timing amazingly.”

“No, I was really lucky. I wouldn’t have dared to plan it if it wasn’t for the bubble burst.”

“Is that so? You have guts, too. You have to be greedy when everyone is fearful. That’s how you make money. You weren’t swayed by other people’s opinions. Whether it was luck or skill, this grandma will be watching from now on.”

She looked at her grandson, who had made a successful investment, with a loving face.

“Hehe, I’m getting dizzy because Grandma is praising me too much.”

Grandma came back to the main point.

“There is a construction company that wants to participate in the reconstruction project. They want bridge financing [short-term loan]. It’s a real estate project financing that provides loans until the sale money comes in, and the interest rate is good. It’s hard to get money these days, so they came to me. What do you think? Would you lend money to this company if you were Jeong-hoon? Or not?”

Jeong-hoon thought again.

Reconstruction, and now it’s the end of 2000, soon it will be 2001.

Apartment prices will rise sharply from 2006.

An opportunity not to be missed.

The important thing was how to capitalize on it.

“I would never support funding like that.”

“Hmm. I’m curious why?”

Grandma smiled slightly, and Jeong-hoon was a little puzzled by the smile.

She asked her grandson again with an interesting expression.

“Tell me.”

“Apartment construction is about making money from money. Why give it to someone else?”

Grandma’s eyes began to shine for the first time in a while.

It was an answer that did not betray Hyun Jeong-ok’s expectations.

‘I have to eat delicious food.’

Her forgotten tenacity,

Jeong-hoon was awakening it.

***

In the detached building of Sugeumjae, a high-end Korean restaurant on the outskirts of Jungbu City, three men were seated. Hong Pan-soo, the director of the reconstruction association, who was in a good mood thinking about the women who would be arriving soon, raised his glass to Chairman Kwon Yul.

“Hyungnim [term for older brother or respected male figure], let’s have a drink.”

Kwon Yul looked at the man sitting across from him, pointedly ignoring Pan-soo.

He turned his head and said to Pan-soo, who was sitting next to him pouring the wine, with an unpleasant expression.

“Ahem, you should have told me in advance if it was a meeting like this.”

“I’m sorry, Hyungnim. I had no choice because you hated it so much. But shouldn’t we meet at least once with our members? Hahaha. Have a drink, Hyungnim.”

Pan-soo laughed loudly and emptied the filled glass at once.

“Hello, Chairman.”

The man handed over his business card.

Lee Cheon-sik, CEO of Jeokseong, a demolition specialist.

A company that has been growing rapidly as a demolition company recently.

What’s unique is that when this company showed interest, other companies gave up bidding.

As the chairman of the association, Kwon Yul directly called several demolition companies to inquire about cost reduction.

It is common sense that the more bidders, the lower the cost.

But strangely, they all said they had no plans to bid.

Why? It is the reconstruction of 5,000 apartment units.

No company is eyeing this place, where demolition costs alone are at least 40 billion won.

It was strange.

The words he heard while passing by lingered in his head.

‘It’s a bit difficult to go in because Jeokseong has marked it….’

Is this possible in Korea in 2000?

A company that smells fishy didn’t suit our reconstruction.

It didn’t suit his personality either.

He hated back-door deals.

He didn’t want to fall for money because he had so many hidden dreams.

But as he feared, ‘Jeokseong’ came in.

“What power did you use to silence all the other companies?”

In response to Kwon Yul’s question, Chun-sik answered with a confident smile.

“No. We just get selected because we offer the lowest price. Our motto at Jeokseong is the best quality at the lowest price, Mr. Chairman.”

“Is that so? Cheaper is always good. There’s no reason to refuse if it benefits the members. What’s your estimate?”

“We’re thinking about 70 billion won, making it very cheap. We’re not making any profit. We’re just participating with the idea of doing something good.”

He suddenly stood up and bowed 90 degrees.

“Please take care of us, Mr. Chairman.”

Kwon Yul’s eyebrows twitched.

“Are you kidding me? Our calculation is a maximum of 40 billion won, and you’re saying 70 billion?”

Breaking the tense silence, Lee Chun-sik, the CEO of Jeokseong, spoke.

“Since it’s just us, I’ll make a definite promise, Mr. Chairman. You can trust me.”

“What are you talking about?”

Kwon Yul’s voice rose.

“I’ll give you 5 billion won in cash. And 2 billion won for the person next to you. That’s 10% of 70 billion won. You won’t find a rebate like this these days. We’re doing it because it’s us. The number is good, isn’t it? Ten percent! Haha.”

Unlike Chun-sik’s hearty laughter, Kwon Yul’s lips trembled.

“What? You…….”

Kwon Yul slapped Pan-soo, who was sitting next to him, across the cheek.

“You son of a bitch, what do you take me for, calling me to a place like this?”

A reddened cheek.

Pan-soo’s face, suddenly slapped, also flushed unpleasantly.

“Hyung [older brother/respected elder], why are you acting so clean all by yourself? It’s nothing. Other chairmen all take it. And these guys’ money doesn’t hurt, everyone’s fighting to get a piece. Come on… isn’t this position you’re in to make a buck anyway?”

Kwon Yul couldn’t find any reason to stay any longer.

He stood up from his seat.

“I’m leaving. I’ll call a board meeting. You’re fired.”

Lee Chun-sik smiled slyly as Kwon Yul left.

Lee Chun-sik offered Pan-soo a drink.

“Things are working out better than expected. Well, it seems like we’ve said our goodbyes, don’t you think? Let’s have a drink.”

“……That’s…….”

They both emptied their glasses in one go.

“Just a moment, I’ll take this call.”

Chun-sik answered with a confident voice, showing courtesy.

“Yes, Chairman. It’s going well. The new chairman has promised to push it through.”

Chun-sik, who was on the phone, looked at Pan-soo.

Pan-soo also looked at him.

Pan-soo didn’t say anything, filled his glass, and emptied it alone.

5 billion won in cash for the chairman’s share.

Clean money that wouldn’t cause a stomachache was drawn before his eyes.

It was a moment when Chun-sik’s bitter smile and Pan-soo’s uneasy hope coexisted.

***

Jeong-hoon was reviewing the reconstruction project proposed by his grandmother.

The initial plan was to consider a bridge loan.

At Jeong-hoon’s suggestion, they were aiming to enter the construction business and win the reconstruction project.

There were restrictions on participating in the bidding as a new company.

So, they reviewed mid-sized companies based in the area and found several companies with quite favorable conditions.

While reviewing the documents, he received a call from Man-ho.

Rumors were circulating that ‘Jeokseong’ was likely to become the demolition company.

Jeong-hoon checked the chairman’s disposition.

If there was a fishy smell, he would stick with Jeokseong.

If not, Jeokseong would obviously kick out the chairman.

“They say that chairman is clean. He also has some political ambitions, so he’s clean to the point of being obsessive. He hates creating any potential problems later on.”

“Then he won’t be swayed no matter what.”

“Probably. They said he’s definitely not someone who would be swayed by money and pleasure.”

“Then the chairman is in danger?”

A person who cannot be swayed.

From Jeokseong’s perspective, they can just get rid of him.

Jeong-hoon immediately asked Hyun-soo to protect the chairman.

From his perspective, Chairman Kwon Yul had to be there.

Only then, although it would be a difficult game, would it be worth trying.

Jeong-hoon had many things to decide in a short amount of time.

He started reviewing the documents again.

***

Chairman Kwon Yul couldn’t understand at all.

How could they invite him to such a place?

He was extremely displeased with Pan-soo.

A construction expert who had been in the construction company for over 30 years.

He expected his promotion from director to president to be a natural result.

Everything was in place.

The trust of subordinates, the support of the company’s largest faction, and brilliant performance.

He dreamed of becoming the first president from an employee background.

Everyone said it was possible.

However, the result of refusing to create the group’s slush fund was a dishonorable retirement.

He lived like a dead mouse for a while [lived in obscurity/without power].

He was so angry and resentful that he couldn’t bring himself to do anything.

But could he give up his old habits?

He was pushed into the reconstruction association chairman election and was elected.

As an expert, he did his best to reduce costs.

He also rejected all the construction companies’ lobbying.

He kicked out all the guys trying to steal the association’s money.

He weeded out the guys who were playing tricks.

The popularity of the members soared.

He secretly began to dream of politics, which he had forgotten.

But Jeokseong intervened, and Pan-soo was acting up.

His longtime neighborhood junior [younger friend/associate].

He was a good person, but he was too greedy for his capacity.

He was thinking about this and that when he was heading home.

“Chairman Kwon Yul?”

It was someone he had never seen before. He thought it was one of the thousands of members and greeted him.

“Hello.”

“Thank you for your hard work.”

“No. I’m a member. Just doing my job.”

“Thank you. Always working hard; please take care of the rest in the afterlife.”

“Pardon?”

A cold sensation pierced his side.

When he touched it, something wet and warm flowed out.

He tried to hold onto his fading consciousness.

It wasn’t enough.

“Damn it, just another day where nothing goes right.”

Kwon Yul could only manage a bitter smile as he watched the man disappear into the distance before losing consciousness.

“Chairman, wake up!”

A large man hoisted him up and put him in a car.

Arriving at the hospital, Jung-hoon found Grandma’s secretary, Kwak Hyun-soo, in front of the emergency room.

“What’s the chairman’s condition?”

“He lost a lot of blood but is recovering. Fortunately, he was found early, so his life isn’t in danger.”

“Too bad. If I had gotten here ten minutes earlier, I could have stopped it.”

“I’m sorry. If I had arrived just a little sooner…”

“It can’t be helped. It’s enough that we saved his life.”

“I’m sorry.”

Kwak Hyun-soo was initially suspicious of Jung-hoon’s instructions.

Suddenly being told to guard the reconstruction association chairman.

And immediately.

But that order saved the man’s life.

He was puzzled by how calm Jung-hoon looked, even in this situation.

‘Is he really a high school student? How can he be so calm?’

And how did he know there would be an attack?

Doubt arose.

He even had the unbelievable suspicion that Jung-hoon knew the future.

But that was definitely not the case.

Seeing him bickering and hanging out with Eun-soo, he seemed like any other high school student.

‘He sees several moves ahead.’

He couldn’t help but be amazed by Jung-hoon’s accurate predictions, as if he could see the future.

Hyun-soo became curious about what this high school student would do in the future.

***

“This is Yoon Jung-hoon.”

“Yes.”

“President, have you thought about it?”

“Yes, I’ve thought and thought about it.”

President Lee Soo-hong looked at Jung-hoon.

At first, he thought of him as an invader.

He thought his company was small but solid.

He was confident that everything would be resolved if he could just get through this crisis.

The building he had recently won a contract for.

The client demanded a 15% kickback of the construction cost [a bribe or illegal payment].

If he gave 15%, there would be nothing left.

The larger the size, the smaller the profit margin.

Besides, he didn’t feel like giving bribes.

He had grown to this point without bribes.

He thought he could move forward without such money.

The day after he politely refused, a surprise inspection came from the city hall.

A fine of ten million won [approximately $7,500 USD].

The following week, he was accused of wage arrears [unpaid wages].

There were wages that had never been delayed.

The following week, a complaint was filed with the prosecutor’s office, and he was summoned.

The site was gradually becoming a mess.

And no construction payments were coming in at all.

At this rate, he would go bankrupt in a month.

While desperately seeking money, an acquaintance introduced him.

There might be hope if he went to that person.

Fortunately, she was living in Jungbu City now.

“Yes, what’s the matter?”

“I think I’m going to go bankrupt.”

“Why?”

“I refused a bribe.”

“Hehehe, so that’s what happened.”

“Things aren’t working out. The funding has been cut off. Please help me, Madam.”

Hyun Jung-ok looked at the high school student sitting next to her.

“Jung-hoon, you take care of it. You decide whether to lend him money or not.”

“Pardon?”

To think that a mere high school student was deciding his fate.

Lee Soo-hong’s pride was hurt.

“Is your pride hurt?”

“No… it’s not.”

He was about to speak informally to the young student, but he was unconsciously overwhelmed by his presence.

“How much do you need?”

“500 million won [approximately $375,000 USD] would put out the immediate fire.”

“What about after that?”

Soo-hong couldn’t answer.

He hadn’t thought about what would happen after that.

He had naively been optimistic that everything would be fine once this crisis was resolved.

“President, did you think that was all…? How did you run a company with such a lack of awareness? Didn’t you notice any strange signs at all?”

Jung-hoon’s voice grew louder.

Lee Soo-hong was flustered by the high school student who was pushing him.

He was busy wiping away his cold sweat as he listened to the scolding without knowing why.

“What are you talking about?”

“Do you still not know that your company is on the verge of being dismantled?”

Jung-hoon simply looked down at President Lee Soo-hong with a pitiful gaze.

The Cash King’s Genius Grandson, Becoming a Tycoon.