Chapter 65
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Gun-Ho sold his two condos in the West Lake area .
They sold very quickly because it was moving season . There seemed to be a lot of potential buyers waiting for a luxurious condo with a West Lake view to appear on the market . Even after Gun-Ho's condos were sold, the price of the condos in the community continued to increase . That upset him a bit .
The buyer who bought Gun-Ho's condos had offered 4,250,000 Yuan which was less than the listing price because the condo's interior was more than two years old . Gun-Ho accepted the offer and received 8,500,000 Yuan for two condos .
"I'm going to pay off my loan of 1,900,000 Yuan to Industrial and Commercial Bank of China!"
After paying off his loan, 6,600,000 Yuan was left in his bank account .
"In Korean won, it is 792 million won . I initially had 480 million won when I came to China, so I made more than 300 million won in two years and eight months . Not bad at all . I made about the salary of someone who has a decent office job with several 100 million won of yearly salary!"
He patted his bank book .
"I made more than the economic growth rate of this country as Chairman Lee said . It was the right decision acquiring the condos located in the most expensive area, so the price could increase more than the economic growth rate . If I have a chance to buy a real property in Seoul, I will buy the one located in Gangnam, not in a metropolitan area . It has to be Gangnam . Expensive condos become more expensive just like the prices of stocks that keeps on increasing . Its prices would just keep going up . That's how the world works!"
Gun-Ho set his restaurant to close on the same day Mae-Hyang would return for her home town . He asked the staff to gather and told them that,
"We have now one month left before the building closes . I wanted to keep the restaurant open until that date . However, I decided to close it earlier since we, including me, all don't have any desire or passion to serve our customers any longer . "
The staff dropped their eyes while listening to Gun-Ho .
"I haven't decided yet whether I would re-open the restaurant after six months . If any of you have to work to make a living, you should get another job . I will close the restaurant for now and take some time off . If I decide to re-open the restaurant, I will contact each of you . "
One kitchen lady started sobbing . Many of the staff showed tears in their eyes except Dingming, Mae-Hyang, and two other young hall staff ladies; they just lowered their head without sobbing .
"You are going to give us economic compensation, right?"
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The lady who was sobbing asked .
"Economic compensation?"
Gun-Ho couldn't understand what that was . Dingming explained,
"According to labor law, a company that is partially owned and operated by a foreigner or a foreign entity must provide economic compensation to their workers . "
Gun-Ho looked at Mae-Hyang .
"Economic compensation is similar to a retirement pay or severance pay . "
Gun-Ho realized that he didn't clarify the severance pay matter with Mr . Byeon . Mr . Byeon should have given a certain amount of severance pay to Gun-Ho when he sold the restaurant to him . Well, at this moment, Gun-Ho could do nothing much about it . Gun-Ho regretted that he was not smarter at that time . Gun-Ho quickly calculated .
'Half of the staff worked here for three or four years, and the rest of them worked for two years . So, if I assume that their average work period is three years, then I will have to pay 50,000 Yuan in total for their severance pay because I have to pay three months worth of salary to a staff who worked for three years as her severance pay . Now I understand why many Korean businessmen ran away when their business failed . If I refuse to pay it, I will be arrested . Let's give it to them with a smile, and think positive . '
Gun-Ho acted as if he was aware of the severance pay, but he just didn't know the word in Chinese .
"Oh, the severance pay! Of course, I will give you all your severance pay . "
When Gun-Ho promised to pay them without any problem, the staff showed a broad smile .
Gun-Ho had 250,000 Yuan worth of restaurant rent saved up . He used that money to give them their severance pay . He put his staff's severance pay in an envelope and handed it to each one of them .
"Thank you . "
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Gun-Ho made another envelope for each staff with 500 Yuan . It was a farewell pay from Gun-Ho .
"Oh, wow, thank you so much . "
The staff didn't expect to be paid more than their severance pay, and they were truly grateful for it . For Dingming and Mae-Hyang, Gun-Ho talked to them in private and gave them 2,000 Yuan worth of farewell pay to each of them .
The following day, Gun-Ho went to the restaurant .
The light was off and all the chairs were placed on the tables . Gun-Ho received a phone call from Mae-Hyang .
"G-jjong, I wanted to thank you again for the farewell pay . I am in a train station right now . I wish you good health . I might see you around in Seoul . "
Mae-Hyang sounded more cheerful than when she worked in the restaurant . It was almost noon when Dingming came to the restaurant .
"G-jjing, when did you arrive here?"
"A minute ago . I already told the hotel that we are closing the restaurant . "
"Umm… What will you do with all of these kitchen appliances?"
"Yeah… I don't think I can take them with me to Korea . "
Gun-Ho laughed and Dingming laughed along .
"If you're planning to re-open the restaurant in the future, then you should keep them; otherwise, you should just sell them . "
"Let's sell them for now . "
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"Do you want me to start selling them?"
"Let's do this . I already notified the tax office that I will close the restaurant, but we have to terminate Mando Food Co . , Ltd . as well . Why don't you take care of it? Once you sell the kitchen appliances, you can have enough proceeds to cover the expenses of terminating Mando Food . "
"Sure, I will do that as long as that's okay with you . "
Gun-Ho notified the landlord to vacate the apartment .
"I closed the Korean restaurant, sold the Hwaganghwawon condos and placed Hobanhwawon apartment on the market for the next tenant . Now, I am ready to go back to Korea . "
The apartment was rented to another Korean the day after it was placed on the market .
"The new tenant wants to move in after ten days . So I have ten days left here in China . I don't have to go to school and I don't have to go to the restaurant to work . Let's go to Shanghai and exchange the money in my bank account with Korean won, and let's make a short trip around China . "
Gun-Ho went to Kookmin Bank in Hongqiao, Shanghai to exchange his money from Yuan to Won . He already transferred the money from his bank account with Industrial and Commercial Bank of China to his account with Kookmin Bank .
"I'd like to exchange 6,600,000 Yuan to Korean won . "
"Wow, that is a considerable amount of money . Did you close your business here?"
The bank assistant manager seemed to be surprised by looking at the amount of money Gun-Ho wanted to exchange .
"That's right . "
"For this amount of money, I will have to file a report . Do you have the paperwork that shows the closing of your business?"
"Here is a copy of the certificate of cessation of my business . "
The bank staff who was assisting Gun-Ho looked at his computer screen for a while .
"After exchanging to Korean won, we can just leave the money to the same account, right?"
"Right . "
"You must have succeeded in your business here in China . I've seen many business people who failed here since it's not easy to run a business in China . "
The bank staff said while handing the bank book to him with a smile . Gun-Ho was frightened when he verified his account balance on his bank book . It said 1,174,800,000 won instead of 790,000,000 won, the amount he expected to see on the bank book .
"I think something is not right . "
"What's the matter? Today's selling rate is 178 won . " (this was the exchange rate at that time)
"Selling rate!"
Gun-Ho followed the bank staff's finger to the electronic board he was indicating . The selling rate was clearly 178 won . "
"Wow! 178 won!"
The buying rate applied when Gun-Ho had exchanged Korean won to Chinese Yuan two years ago when Gun-Ho had come to China was 120 won . The selling rate now was 178 won . Gun-Ho shivered .
It could be said that Gun-Ho failed his restaurant business in China . However, he made a fortune in his real estate investment . After failing a restaurant business in Noryangjin, Gun-Ho came to China with 480 million won and he made almost 700 million won with that seed money .
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* For your reference: As of December 18, 2017, the selling rate of Yuan is 1:156 . 33 .