Story of a Big Player from Gangnam

The bowling alley was large and nice unexpectedly.

The temperature outside was high. The elders in the area used hand fans to create a breeze in bare torso. People selling stuff, students, and constructions workers—they were sweating in this hot summer. On the other hand, the bowling alley was a totally different world. The air conditioner was working great.

“Hey, G-jjong, here! We are here!”

The branch manager and the female bank staff were already in the bowling alley waiting for Gun-Ho while playing bowling. They got so excited when one of them bowled a strike by shooting a ten pin.

“You are very good.”

Gun-Ho approached the branch manager’s party while praising them. Actually, Gun-Ho had never played bowling before. There were bowling alleys in Korea but they were not very popular. This was Gun-Ho’s first time experience in a bowling alley.

Gun-Ho carefully observed how the bank people moved by playing bowling. They walked three steps before releasing the ball. That didn’t look so difficult.

“G-jjong, why don’t you try it?”

Gun-Ho rented bowling shoes at the counter and played bowling. Once he released his bowl ball, it didn’t roll in the center as it was supposed to be, but it went to the side. The bank staff laughed. The branch manager said while laughing along with them,

“Korean people play golfing a lot rather than bowling, right? Maybe I should learn how to play golf from you, G-jjong.”

“Oh, umm…”

Gun-Ho had never played golf before either. He used to consider people who played golf as people in another world. Gun-Ho felt perplexed when the branch manager asked Gun-Ho to teach him how to play golf, so he quickly changed the subject.

“Since I am not very useful in bowling here, I will go and buy something to drink.”

Gun-Ho bought a few soda and ice creams. While having his ice cream, the branch manager congratulated Gun-Ho.

“Congratulate me for what?”

“I talked with the Hwaganghwawon construction president today on the phone. He said it had been one year from the date that all Hwaganghwawon condos were sold, and the price of the condos already increased a lot.”

“Oh, really? The price increased as much as the economic growth rate in China?”

“That rate is the average rate of entire China. The area where Hwaganghwawon is located is a nice area and the price increased even more. I was told that the price increased by 20% already.”

“Oh, really?”

Gun-Ho started calculating.

“I exchanged 400 million won with Chinese Yuan and invested them into these condos. With the increase of 20%, I should gain 80 million won. I knew money makes money.”

The bank staff started talking.

“What are the branch manager and the Korean businessman talking about?”

“They said the price of Hwaganghwawon condos increased significantly.”

“Hmm, the price of the already expensive condo increased again. People like us will never be able to live in a condo like that even with our entire career earnings.”

“The price increase thing in that sort of fancy condos is in a different league from us. Let’s just keep playing bowling!”

The female bank staff seemed to be jealous as they talked about the Hwaganghwawon condo and started smoking. The bowling alley was large and it also had a high ceiling, so smoking was allowed.

“You’d better grab the ball like this before you release it.”

The branch manager taught Gun-Ho how to play it and came closer to him and said,

“G-jjong, are you interested in moving your funds to another real estate?”

Gun-Ho thought it was the branch manager’s agenda for today—upon meeting with him.

“Huh? What kind of real estate?”

“There is a Chodaeso (similar to a motel in Korea) building in Nansanlu; it is partially completed. If you sell your Hwaganghwawon condos, you can acquire it with the proceeds.”

“Did you say the building is partially constructed? If so, I will have to spend more money to complete it after acquiring it.”

“We can lend you the necessary funds.”

“Hmm…”

“Once the building is completed, you can attract a lot of Korean tourists.”

“I don’t know…”

“Would you like to try it?”

“It’s so sudden, and I think I need time to think about it. I will talk to the person who entrusted the funds to me.”

“Alright. Talk to him. You won’t regret it. The building is located right next to the hospital in Nansanlu. It’s on the road to your home so you will see it on the way home.”

Gun-Ho started thinking about it by himself.

“Acquiring the building… hmm… The condos generate income, however, if I acquire this building I won’t get anything until it is fully built. I have to pay the Audi rent every month.”

Gun-Ho felt very good when he was told that the price of his condos went up by 20% and then the branch manager threw this bomb to his face with the suggestion of the building acquisition.

“I want to hear the opinion of others. Who should I talk to? That’s right. I will talk to Dingming’s sister. She is the Mando hotel manager.”

Dingming’s sister disagreed with the idea of acquiring that incomplete building.

“The owner of that specific building has been changed several times already. Even though you could acquire it for 5,000,000 Yuan, you would need additional 3,000,000 Yuan until the completion of the building. If you have that money, that might be okay. But if you have to loan 3,000,000 Yuan, that’s too risky. You will have to pay the interest until the completion, right?”

“You’re right.”

“Moreover, you can’t rely solely on Korean tourists. The number of Korean tourists had been constantly increased three or four years ago, but not anymore. In addition, the tourists don’t often stay in Chodaeso; they prefer a hotel since it is their trip abroad. Also, you should consider that since the building is partially finished, the ownership and the chain of titles must be very complicated.”

Gun-Ho agreed with Dingming’s sister.

“I did the right thing by asking you about this. I think your professional opinion is accurate with your knowledge and insight gained from the work experience in the hotel business.”

Gun-Ho told the branch manager that he would pass his suggestion this time.

“The investor in Seoul who entrusted the funds to me wanted to stay with two condos for now. I’m sorry.”

“You don’t have to feel sorry about it. If the investor decided, then nothing much we can do about it. Haha. Since the condo price went up by 20%, and if you need additional loan later for another business, just let me know.”

The lending suggestion from the bank branch manager reminded Gun-Ho of the story that Chairman Lee had told him before.

“Chairman Lee acquired a building for 25 billion won during the Korean IMF crisis and when the price of the same building was hiked to 200 billion won, he lent 100 billion won from a bank. Then, he purchased a paper production company and a small building with the loan. This is the magic of money. China is not in the IMF crisis, so the price building was not a steal as Chairman Lee had experience in his old time. Let’s be happy with the 20% price increase with my condos.”

Gun-Ho decided to focus on his study for now.

“I don’t have to physically work in my Korean restaurant since I am the owner. However, going to college is really tiring. There are too much to read and it is really hard to study.”

Gun-Ho barely passed the exams in the university and continued his study. He was in his fourth year in the university when a young professor came to his university to teach from Yale University in the U.S.

“That professor seemed to be about the same age as myself. That professor is the youngest one among the professors here, and I am the oldest one among the students here. Sh*t.”

The young professor taught finance. When he first came to the university, a staff introduced him to the students like this,

“This new professor’s name is Jien Wang. He is from here, Hangzhou City.”

“Jien Wang. If I say his name in Korean, it is Gun Wang; the same name as our first king in Goryeo Dynasty of Korea.”

“Professor Wang had ranked first in the SAT in the entire Hangzhou City. After he graduated from Beijing University, he went to the U.S. to pursue his Ph.D. at Yale University. He taught at Yale before he came to our university.”

“Wow. He has an excellent academic background.”

Gun-Ho couldn’t help comparing himself to this professor who was about the same age as him. This professor was a professor of one of the IVY league universities at this age. Until this time, Gun-Ho had never thought that this professor would be the best friend of himself.