Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 86

26th. A Difficult New Home (3)

“There are no problems on the romance front. But… Shinseong is a concern.”

Seon Hae-cheol’s brow, which had been furrowed upon hearing my words, smoothed out.

“The Panama copper mine?”

“How did you know about that, Uncle?”

Seon Hae-cheol, seeing my surprise, said nonchalantly, “Claire told me. She said she told you when Tae-jin and I went out to talk?”

I couldn’t convince him by saying that in a year, a buffet of tempting dishes would be laid out, starting with Hanko Steel, which we would devour. So, I played along with Seon Hae-cheol’s question.

“Yes. It would be a waste if Haedong Corporation handles the mine investment and operation, and your affiliate handles the mine infrastructure construction, because it would be more profitable to consolidate the project.”

“It’s definitely a waste. If Haedong Construction gains experience in mine plant projects, they can win other projects as well. Do you have something in mind?”

“The Yeongdeungpo shopping mall. I had a deal with Shinseong while helping Korea Hotel get into Central Square before…”

Hearing about the secret deals that took place back then, Seon Hae-cheol looked at me as if I was making a fuss over something trivial.

“If you increase the size of the Yeongdeungpo shopping mall and absorb Shinseong’s surplus funds, that would work. Since mine development is a high-risk business, they’ll think it’s more profitable if a guaranteed profit is in sight, right?”

“I guess so?”

“Is that even a question? How about developing the Mullae-dong clothing factory as well as the Yeongdeungpo Textile Factory?”

Hearing Seon Hae-cheol’s words cleared my head.

In the original timeline, the ‘Yeongdeungpo Sub-Metropolitan Area Basic Improvement Plan’ would be announced next year. It’s a project to redevelop the rundown Yeongdeungpo-dong and Mullae-dong areas. How could I have forgotten this!

In addition to the Yeongdeungpo Textile Factory, our family also owns the Mullae-dong clothing factory, with another company’s flour mill in between. I was too naive to only develop the textile factory site first, thinking of competing with the Yeongdeungpo Station Lotte Department Store.

If I bring the Yeongdeungpo redevelopment project forward by a year, it’s a piece of cake to empty Shinseong Corporation’s coffers. From the moment the first shovel goes in to the tape cutting ceremony, we can absorb funds worth trillions of won [trillions of Korean won, a very large sum of money].

Seon Hae-cheol chuckled as he saw my face, mouth agape and corners of my lips turned up.

“You rascal, you’ve been circulating hundreds of billions of dollars in the paper business, and you still need to be spoon-fed this?”

“Come on, Uncle. Are stocks and real estate the same? Still, the group’s cash is growing steadily, isn’t it?”

Seon Hae-cheol looked at me and laughed heartily.

“Haha, I didn’t know our nephew was weak in real estate?”

‘It’s not that I don’t know, it’s that I’m pretending not to know, Uncle.’

Seeing my embarrassed smile, different from my inner thoughts, Park Tae-jin said, “Still, it’s a world of difference compared to three years ago. Haedong Corporation, the group’s holding company, alone has 3 billion dollars plus 1 trillion won, right?”

Seon Hae-cheol nodded, looking at Park Tae-jin.

“That’s right. Haedong Securities also has over 400 million dollars, based on the principal, invested in the S&P 500 index fund with CMA [Cash Management Account] funds raised from customers.”

“My uncle is also reducing the debts of the heavy industry affiliates and putting the surplus cash into index funds.”

As I planned, the Haedong Group was busy creating a ‘Money Train’ to weather the cold wave of the financial crisis. When the cold wave starts, we just need to hand out the tickets generously and take what we want.

“So. Shinseong and other groups are trembling and pushing in their chips, but the Chairman will throw them away without hesitation. What’s there to hesitate about? When you go for it, go big.”

Seon Hae-cheol is right.

Even though Haedong Corporation indirectly invested 2.2 billion dollars in the US stock market, it still has 800 million US dollars and 1 trillion won left in Korea to handle letters of credit for transactions.

The profits generated by Haedong Corporation’s international finance department with that money can cover the interest expenses even if the Yeongdeungpo redevelopment is done with borrowed money. To prevent Shinseong’s entry into overseas resource development projects, Grandpa will lightly throw away those financial profits.

“Uncle, you’re right. I need to create a proposal starting today and then request a group meeting. The Mullae-dong ironworks…”

Seon Hae-cheol’s eyes widened as I revealed the plan I had come up with on the spot.

“You’re saying you’ll develop the Mullae-dong land all the way to Yeongdeungpo Station?”

“You told me to go big when I go for it, right? If we redevelop that ironworks area and give the Mullae-dong ironworks owners nice new factories, I think they’ll all like it.”

We’re not being pushed back by money, and we can time everything like a knife, and it’s a Yeongdeungpo redevelopment project that needs to be expanded anyway. If we set the table grandly enough to make their mouths drop open, Jang Ho-gun will jump right in.

***

Without knowing that Lee Seong-min and his gang were setting a trap to catch him, Jang Ho-gun was drinking tea in Assemblyman Seong’s office with Jang Ha-yeon.

“An investment company?”

“Yes. It’s a company that an acquaintance introduced him to, and he said he’s going to work there. He said they won’t be making big investments yet because of foreign investment restrictions, so he’ll also be doing consulting work.”

“Hmm… That’s a very Seong-min decision. Like Myung-woo’s son, haha.”

Jang Ho-gun chuckled and drank his tea, and Jang Ha-yeon’s eyes widened.

“What do you mean?”

“Myung-woo originally wanted to become a professor of business administration.”

“Uncle did?”

Since it was the first time she had heard this, Jang Ha-yeon perked up her ears and focused on the old story her father was telling her.

“Yes. Apart from inheriting the company, he wanted to become a professor with both theory and practice and help improve the constitution of companies in this country. But he gave up because of Chairman Lee.”

“Ah…”

“Hearing your story today, it seems that the blood doesn’t go anywhere.”

He held the memory of his old friend with a smile, then changed his expression and asked Jang Ha-yeon, “By the way, what’s the name of that company? Even if it’s a company that an acquaintance introduced you to, it’s better to start at a place with a good reputation.”

Disappointment washed over Jang Ha-yeon’s face. She had been so focused on dating, squeezing out even non-existent time, that she hadn’t even asked the name of the company her man worked for!

“I’m sorry, Father. I didn’t ask.”

“What’s there to be sorry about? I know you and Seong-min are meeting, squeezing out even non-existent time.”

Jang Ho-gun looked at Jang Ha-yeon, who had lowered her head, with a kind expression.

“Still, if Chairman Lee didn’t object to him entering a company that an acquaintance introduced him to, then it seems like your father doesn’t need to worry.”

Even though Jang Ho-gun said it was okay, Jang Ha-yeon didn’t feel comfortable. He was her father, but he was also the chairman of the Shinseong Group. There was no good in being caught, so Jang Ha-yeon quickly said, “I’ll ask him when I see him next time. Our group might be able to work with them later.”

“Haha, it’s okay. This father isn’t that narrow-minded. Go and see to your work.”

Jang Ho-gun let out a generous laugh and sent Jang Ha-yeon away, then immediately stopped laughing. He went straight to his desk and made a phone call.

“Secretary Na, find out where Seong-min got a job. No, if Park Tae-jin is next to him, he’ll notice quickly, so don’t do close surveillance and find out through another line.”

After hanging up the phone, Jang Ho-gun sighed.

“He’ll do well, but I hope it’s a good place…”

***

From that day on, the three of us went around selling our feet [a Korean idiom meaning to work very hard by going everywhere] to find out the real estate prices around the Mullae-dong clothing factory. We wore shabby jumpers, caps, and sneakers to avoid rumors and went around the real estate agencies.

“How much is the market price in this area, Mr. President [a respectful title for the real estate agent]? My uncle, my brother, and I are planning to open a Chinese restaurant.”

The real estate agent looked at the place I pointed to, licked his finger, and rummaged through the documents.

“It’ll be about 7 million to 12 million won per pyeong [a Korean unit of area, approximately 3.3 square meters].”

“Is it that expensive?”

Seeing Park Tae-jin, who was standing next to Seon Hae-cheol, looking surprised, the real estate agent raised his voice.

“Oh, really? There are ironworks all over this area, you know? If you’re good, there’s no better place to run a restaurant. Even if only the textile factory across the street from this closed clothing factory is developed, the land price will jump several times.”

The three of us exchanged glances, put on gloomy expressions, greeted the owner, and left the real estate agency. As soon as we came out, the three of us completely erased the disappointed look we had in front of the real estate agent.

“7 million to 12 million won per pyeong… That’ll be enough.”

Seon Hae-cheol rubbed his chin with a satisfied expression.

Even if we take over the land acquired by the government, there is a basic market price, so if Shinseong Corporation is drawn into this project, it will not have the financial capacity to invest in other projects because it will focus on the construction sector. I said to Seon Hae-cheol with a pleasant expression, “This project will be a rich man’s soup [a Korean idiom meaning an easy task that yields great benefits]. For Uncle Ho-gun.”

Hearing my words, Seon Hae-cheol wore a mischievous smile.

“Not poison? Hehe.”

“It could be. Including construction costs, Shinseong Corporation will never be able to handle it. Right, Hyung [older brother or a term of respect for an older male] ?”

Park Tae-jin smiled at my words.

“That’s right, Young Master. If Shinseong Corporation’s construction division is drawn into Yeongdeungpo, the trading division will not have the funds to use.”

Although the business structure is different from Haedong Corporation, Shinseong Corporation is also a complex company where construction, trade, resource development, and automobile businesses coexist under the signboard of ‘Shinseong Corporation’.

The advantage of complex companies is mutual complementation and synergy between different businesses, but because they share the company’s financial capacity, investing funds in a specific business deprives the remaining businesses of financial capacity.

‘I’ll put Shinseong Corporation’s resource development business and automobile business in a coffin with my own hands and nail the lid shut. From now on, you’ll have to make money as a construction foreman.’

After organizing the thoughts that Jang Ho-gun would grab the back of his neck if he knew, I got into the Ado Motors sedan with the two of them and headed towards Yeouido. The preliminary work is all done, so it’s time to draw the blueprint.

***

Ten days later.

After working day and night without rest, we completed the business plan titled ‘Yeongdeungpo Sub-Metropolitan Area Improvement Basic Plan’.

“It’s finally done. You make the call?”

“Yes, Uncle.”

I immediately made a phone call.

“Yes, Uncle Baek. This is Seong-min. I have something to say about the Yeongdeungpo Textile Factory redevelopment. I think a group-level discussion is needed. Yes.”

Hanging up the phone, I smiled at Seon Hae-cheol and Park Tae-jin.

“He said he’ll report to Grandpa and let me know the time.”

“Okay. Let’s wait while resting.”

After organizing all the documents, we received a call from Go Seung-ju a few hours later and entered Samcheong-dong.

“You guys made this?”

“Yes, Chairman.”

Grandpa, who was fluttering the documents in his hand, looked over them carefully after hearing our answer.

“It’s well made. The justification for reviving the old downtown is good, and I like that you’re targeting the election season. What do you guys think?”

Bae Jae-hoon, who was looking over the documents we handed out, raised his head at Grandpa’s question.

“If we draw Shinseong Corporation into this project, they’ll lack the funds to invest in overseas resource development. The investment alone is trillions of won, hehe.”

Bae Jae-hoon was smiling as if his mouth was about to tear. Isn’t this an opportunity to grab the ankle of a competitor who is chasing behind? Looking at his smiling face, it seemed that this man was not going to be called kind.

“The Lotte guys must be dying of stomach ache. They’ve been pushed back by us since our main branch’s old building reopened, but if we expand the *pan* [판 – a Korean word meaning ‘game’ or ‘situation’] like this, they’ll have to give up on catching up with us in the Yeongdeungpo commercial district, hahaha.”

Tae Jae-ho also burst into a refreshing laugh. Isn’t this an opportunity to completely crush the Lotte Department Store, which is entrenched in Yeongdeungpo Station?

“I will handle the funding issue in cooperation with Chief Go, Chairman. We have enough retained cash and the group’s US stock market investment returns are good, so there will be no financial cost issues.”

While Jo Young-chan confidently spoke and stroked his mustache, Lee Myung-jin, the field commander of this project, took over the baton.

“If we mobilize all the heavy industry affiliates, we will be able to perform PM (Project Management). I will also change the construction profit structure this time, Father.”

This project was also an opportunity for Haedong Construction to enter the PM field, which generates higher profits than turnkey projects. It was trustworthy that Lee Myung-jin voluntarily offered the PM, which he had excluded from the plan to leave an opportunity for him to shine.

“I will be in charge of contacting the ruling and opposition candidates running in Yeongdeungpo, Chairman. As soon as the plan comes out, I will meet with Director Lee and throw the bait, and Chairman Jang Ho-gun will also be worried, haha.”

When Go Seung-ju also took his role, Grandpa made a sound and slammed the desk.

“We need to dig this much of a trap for Jang Ho-gun to bite. Jae-hoon, tell the Australian corporation to resume negotiations with Hancock. Tell the New York corporation to *뚫으라고* [a Korean word meaning ‘to penetrate’ or ‘break through’] the Panama network as well. Prepare to sweep up everything as soon as Jang Ho-gun falls.”

With Grandpa’s instructions, the meeting ended. If we make this project big, Jang Ho-gun will have to give up the resource development projects in Australia and Panama.

***

A few days later.

Lee Soo-han was reporting the information he had obtained by turning the domestic information network to Jang Ho-gun over the phone.

“It’s Standard Capital, the place we worked with during the last yen appreciation speculation, Chairman.”

[Standard Capital… Is that the company? The one that came in during the yen appreciation speculation?]

“Yes. They completed the establishment of the Korean corporation in December of last year and officially started operating from the beginning of this month.”

[I see. Have the headquarters find out information about the headquarters through Shinseong Electronics’ New York corporation. Never let Gong Seong-pil of the trading division know.]

It was a perfectly natural instruction. Isn’t he a guy who has been eating the money of the Jang family and acting as a dog for the Hwang family? If things go wrong, the marriage talks between Lee Seong-min and Jang Ha-yeon will be broken, and we will have to risk an unwanted all-out war with the Haedong Group, so security was essential.

“Yes, Chairman. I will order Director Park Tae-gon to do it right now.”

[Good work.]

As soon as the call ended, Lee Soo-han pressed a new number and called Park Tae-gon.

In a few minutes, there was a knock.

“Come in.”

“Did you call me, Chief?”

Lee Soo-han got up from his seat after seeing Park Tae-gon, who opened the door and greeted him.

“Welcome, Director Park. Let’s sit down and talk.”

Lee Soo-han sat on the sofa with Park Tae-gon and drank the coffee that the secretary brought.

“Do you remember Seon Hae-cheol?”

“Yes. He’s the person I worked with on the last project.”

“I want you to meet that person.”

Park Tae-gon wondered if he had heard something wrong. Meet Seon Hae-cheol?