Chapter 111: 111
The president of Yangji Construction—Gwang-Ho Yoo—came to Gun-Ho's office again .
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"President Goo, have you thought about it?"
"I don't think I can build a building now because I don't have enough money to do it . "
"That's a shame . What about selling the land to us?"
"Do you mean selling the vacant lot to you?"
"Yes, we will develop the land . "
"How much would you pay for it?"
"How much did you pay for the other 50% of property interest?"
"If I give the price we paid, would you believe it?"
"I understand that you paid a bit more than the price you paid at the auction . "
Gun-Ho liked the conversation he was having with the president of Yangji Construction; it was fun .
"The old man who had 50% of the property interest was very stubborn . "
"I know him very well . He used to sell products that were made in the USA at Namdaemun Market . His son is a well-known theatre actor . "
"You know about them a lot . "
"I know a lot more about them . His son and daughter have a different mother . "
"Really?"
"By the way, I will pay you 6 . 5 billion won for the land . "
The offer price was about the same as the price Gun-Ho paid for the land . Gun-Ho spent 2 . 98 billion won at the auction and paid another 3 . 5 billion won to the old man . So he paid a total of 6 . 48 billion for the entire land .
Gun-Ho looked at the president of Yangji Construction . His face was shiny .
'This guy is crafty . '
"Haha . You are asking me to sell the land for a price that is less than what I paid . You are kidding me, right?"
"How much did you pay?"
"I paid a total of 8 billion won . "
"That's nonsense! I will cut my wrist if you paid more than 7 billion won for that land . "
"It seems like you will lose your wrist . "
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"Let's not continue this silly conversation . I know you have spent your time and energy in acquiring the land . Also, you probably had a hard time persuading that old man . I will give you 7 billion won . "
"I have no intention to sell the land . "
"Did you receive an appraisal on the land?"
"I didn't have to because I didn't need it since I don't need to borrow money using the land as collateral . "
As Gun-Ho said it, the president of Yangji Construction smiled slightly .
The next day, the president of Yangji Construction—Gwang-Ho Yoo—came to Gun-Ho's office again .
"You are coming to my office very often . "
"I know . I feel like I am working in this office . "
Gwang-Ho Yoo laughed .
"Sell the land to me for 7 billion won . "
"President Yoo, let's stop this . We are both getting tired . Give it up . "
"You want to become like that old man? Listen to yourself . You are saying that you don't want to sell the land, and you are not developing the land either . "
Gun-Ho recoiled from the idea of being like the old man . He actually sounded just like him .
'That's right . I should either develop the land or sell the land . I shouldn't just hold on it without doing anything just like what the old man did . '
"President Goo, come with me!"
"Where to?"
"It's lunchtime . I will buy you lunch . "
"I'm not sure if I can have a meal comfortably with you . "
"Just stay at the main entrance . I will bring my car; it's parked in the underground parking lot . "
Gun-Ho was waiting for President Gwang-Ho Yoo in front of the main entrance of his office-tel building . After a moment, President Yoo showed up . Surprisingly, President Yoo was sitting in a shiny Mercedes-Benz 600 . His chauffeur was driving the car .
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"Get in, let's go to Yeoksam Town . It's not far from here . "
"Okay . "
"I know a good sushi restaurant . It's a small restaurant but always crowded with customers . It shouldn't be busy this hour though . "
Gun-Ho and President Yoo of Yangji Construction went to an alley in Yeoksam Town . The restaurant's name was Minado .
"Would you like to have liquor?"
"Suit yourself!"
"Chef! We'd like to have sushi for three persons with three glasses of Hiro Sake . "
A grilled fin of blowfish was floating on the hot sake . The chef was preparing sushi for Gun-Ho's party, and he then looked at Gun-Ho .
"Umm… Are you Mr . Gun-Ho Goo?"
"Huh?"
Gun-Ho looked at the chef closely . It was the restaurant owner with a shaved head in Noryangjin .
"Oh my . How are you?"
Gun-Ho stood up and extended his hand to him for a handshake .
The chef yelled at someone at the counter .
"Uncle! Uncle!"
A man who was sitting at the counter turned around . The man was President Hee-Yeol Byeon who had sold his restaurant in China to Gun-Ho .
"President Gun-Ho Goo from China is here . "
"Oh, President Goo!"
"Oh my gosh, how are you? You opened a restaurant here . "
President Yoo of Yangji Construction was laughing .
"It seems you know each other . I guess I picked the right place . Haha . "
Gun-Ho asked President Hee-Yeol Byeon,
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"How's the business? You seem to be doing fine . "
"Yes, it's okay . My nephew is a good cook . "
"I heard your nephew studied cooking in Japan . "
"That's right . What about you, President Goo? Did you sell the restaurant in China?"
"Yes . I'm back in Korea and I'm working in the real estate development field now . "
Gun-Ho gave his business card to President Hee-Yeol Byeon .
"Your office is just around here . Come visit us often . "
"Haha . Sure, I will do that . "
President Hee-Yeol Byeon had to go to another table when a group of customers came into the restaurant .
President Gwang-Ho Yoo said while sipping his Hiro Sake .
"So, you used to run a restaurant in China . You made money by selling the restaurant rather than serving the food, didn't you?"
"I actually made money by investing in real estate there . How did you start your construction company, President Yoo?"
"I used to work in a big construction company . I was a construction field manager, and I once went abroad to oversee the construction field there as well . Then, I inherited my father's small construction business and made it big . "
"I see . "
After lunch, Gun-Ho and President Yoo walked out of the sushi restaurant; their faces were all red because of the liquor they drank with their lunch . Gun-Ho didn't forget to tell the chef with a shaved head and President Hee-Yeol Byeon that he would come again .
President Yoo held Gun-Ho's arm .
"Let's go to my office and have one more drink . "
"Where is your office?"
"It's around Yeongdong Traditional Market . "
Gun-Ho wanted to know more about this President Yoo person because he couldn't trust the man yet . So he was more than willing to see his office .
President Yoo's office was located on the 6th floor in a seven-floor building . There were more employees than Gun-Ho expected; there were probably about 30 workers there . They were all wearing a white shirt .
The staff stood up and greeted when they saw President Yoo coming into the office . President Yoo took Gun-Ho to his office . There was a desk in front of the office door, and a female staff was sitting there . She stood up and greeted when she saw President Yoo .
"Did anyone call me?"
"President Oh from Southern Tile and President Park from Dongwon Construction called . "
"Really? Please bring us some tea . "
"Yes, sir . "
Gun-Ho sat on a large sofa in the president's office .
"The office is bigger than I expected . Are you getting a lot of work?"
"Not in Seoul though . We have some work in the provincial areas . "
"Comparing to your company, GH Construction is a tiny tiny office . "
"Don't say that . You are truly a rich person . "
"Nah!"
"I'm serious . You seem to be about ten years younger than me, and you already acquired a 7 billion won land . You are a true businessman in this field where a lot of con-artists are found . "
Gun-Ho knew President Yoo was buttering him up, but he liked it . However, Gun-Ho had to focus on the business here with him .
"I have to tell you again . First, I can't sell the land for less than 8 billion won . If you insist on a price lower than that, I won't see you again . Second, the sales price on the sales contract should state 6 . 5 billion won . "
"You want to make the contract with a price lower than the actual sales price . "
"I want to avoid paying a high tax . "
"A contract with a lower price…"
President Yoo sat on the sofa and thought about it for a while .
Silence filled the air .
President Yoo who was thinking with his eyes closed suddenly shouted loudly .
"Okay! I will take it for 8 billion won!"
Gun-Ho clapped while laughing .
"You are the true businessman, President Yoo . You should be firmly decisive when you see the certainty in either real estate or stock . The construction business is not my area of expertise . You are the expert in that field . If you could get an appraised value of 10 billion won, you can borrow 8 billion won from a bank . I know you are the type of person who could sell with the aerial view of your construction site . I can tell by looking at the photos hanging on the wall . "
Gun-Ho finally sold the land that he had purchased at around 6 . 5 billion won for 8 billion won . Also, he could avoid paying a capital gains tax by making the sales contract with the same price he paid for rather than the actual price he sold it for .