Chapter 56: The Branch Manager of Industrial and Commercial Bank of China (2)

The branch manager poured the Longjing tea that was already prepared in a teapot and placed it on the table in his cup; he then drank some tea before he started talking, “How’s your restaurant business going? The Mando Hotel Korean restaurant is one of our clients. I should have arranged the meeting like this sooner, and I am sorry about that.”

“Our restaurant hasn’t made substantial sales yet so we haven’t put much money in my bank account as of the moment. Despite that, I do appreciate your concern and meeting with me.”

The branch manager asked one of his staff sitting next to him to place an order for food. The female staff carefully selected and ordered dishes with great ingredients.

The dishes that the female staff ordered started coming out one by one. They looked expensive and fancy. Gun-Ho didn’t even know the name of those dishes. The branch manager continued his small talk while smiling without getting into the real business,

“How do you like here?”

“How do you like Chinese food?”

“Where do you stay?”

“How’s the view of West Lake?”

The branch manager continuously talked about trivial things.

‘I believe this person came to meet with me to talk about something else…’

The branch manager poured beer in Gun-Ho’s glass, and Gun-Ho drank it.

“Chinese beer is Ting Hao*.”

When people in the room started feeling drunk, the branch manager got into his main business.

“As far as I know, you had deposited a significant amount of money in our bank. Are you going to let it sit like that? We do have good programs that you can use with a great interest rate so you can make your money grow effectively.”

Gun-Ho, in fact, transferred his 480 million won to his bank account in China and indicated that the purpose of the transfer was to acquire Mando Food Co., Ltd. He used 50 million won out of his 480 million won when he acquired the Korean restaurant and left the remaining amount in his bank account after exchanging it into Yuan. The funds in his account were about 3,500,000 Yuan.

‘I see. So he wants to use my money that was saved in their bank.’

The branch manager continued what he was saying while having his Longjing tea,

“Our bank—Industrial and Commercial Bank of China—has recently released a new bond. The interest rate is high and the maturity date varies: we have 90 days, 120 days, or more.”

“I see.”

The staff next to the branch manager pulled out a brochure from her bag and gave it to Gun-Ho.

“I do actually have funds in my bank account with Industrial and Commercial Bank of China. However, that is not mine. I am keeping the funds in my bank account as a favor from someone.”

“Oh. Are you planning to invest the funds somewhere else? If you are not going to invest your funds yet, we have a short-term program as well.”

“No. The person who entrusted the funds to me wanted to invest in real estate. I can’t possibly have that kind of money at my age.”

When Mae-Hyang heard about the money in Gun-Ho’s bank account, she became curious, but when he said that it was not his, she seemed to say in her mind, ‘That’s more like it.’

The branch manager smiled.

“It’s an apartment, isn’t it? That person who entrusted you with the funds wants to buy an apartment but instead of going through all the hassle of investing as a foreigner, he asked you to buy one for him with your name—G-jjong—because you already have an Alien Resident Certificate. Considering the economic growth rate of this country, the apartment price will go up significantly. Whoever that person is, he does have great insight in business. I believe China has less restriction than Korea in the real estate investment.”

‘Hmm… as expected.’

Gun-Ho was impressed. He thought that the branch manager was a stunning expert in business like Chairman Lee.

“So, I am sorry that I won’t be able to invest in the bond. You have invited me for this great dinner, but there is nothing much I can do for you at this time. I will pay for the dinner.”

“It was my pleasure. As you said I am the one who invited you for dinner, I will pay for the dinner of course. Let’s drink. Let’s get to know each other and be friends even though I am older than you. Haha.”

The branch manager gulped his beer and showed Gun-Ho his empty glass. Gun-Ho also finished his beer and showed his empty glass to the branch manager.

“So, did you find a good property?”

“Not yet. I’m thinking about the apartment in Hubinlu.”

“I recommend the one in Sisilu instead of Hubinlu. The apartments in Hubinlu are fancy but they are old now. You should think about the time when you sell them.”

“How much is the one in Sisilu?”

“Well, the company that is selling the apartments and condos in Sisilu is one of our clients. They are selling right now and you’d better select and take a condo that’s in a good location before someone else take it. The condo is about 2,500,000 Yuan. Take two of them, then you will laugh someday.”

“For two condos, I have to come up with 5,000,000 Yuan. Even the person who entrusted the funds to me wouldn’t have that much money.”

“Don’t hesitate. The area around West Lake is already saturated with condos. There would be no more land available for additional condos. Grab the opportunity while you can.”

“Is there a loan system for purchasing a condo in China?”

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Mae-Hyang couldn’t understand one of the words that Gun-Ho said, so she asked Gun-Ho before she tried to interpret what he said,

“What is a loan?”

“I am asking if I can borrow money from the bank when I buy a condo.”

“Oh, Ttaigwan! That’s the loan.”

Mae-Hyang resumed her interpretation.

“Of course, you can take a loan.”

“And a transfer of ownership is allowed, right?”

“China is a socialist country. You don’t get the ownership but you get the right to use. You will have the right to use for 99 years.”

Gun-Ho was stunned.

“What happens after that?”

“The right to use is transferrable so practically you can say you own it.”

“Oh, I see.”

Gun-Ho nodded his head.

“G-jjong, if you are interested, do as I recommend. Buy two condos. Our bank can lend you money if you are short in funds. The interest rate for the loan is not that high. In China, the condos must be completely built before you can purchase it so you can rent it out right away. The rent for condos in that location is 5,000 Yuan.”

“Hmmm…”

“If you want to visit the site, I will contact the president of the Hwaganghwawon so they can facilitate your visit. If you tell them my name, they will assign a good location unit for you.”

“Thank you for the information.”

“We still have beers left. Let’s drink up.”

“Cheers!”

“Cheers!”

All five people in the room stood up and shouted “Cheers!” as they clinked glasses.

Gun-Ho went to the Hwaganghwawon condo community located in Sisilu, accompanied by Mae-Hyang. In China, they didn’t name the condos with weird words like Korea. They didn’t name the condo community as Raemian, E-ComfortableWorld, or HillState. Instead, they name it as Hobanhwawon, Hwaganghwawon, Pyunghaesinchon, etc.

“Whoa, the main entrance to the community is majestic. Why haven’t I seen this before?”

A young security guard was monitoring people who were trying to enter the community. He looked like a military gate guard in Korea.

“Where are you going?”

The security guard asked in an intimidating manner.

“We are here to see a condo.”

Mae-Hyang answered bluntly. She seemed to be offended by the guard.

The security guard scanned Gun-Ho. He didn’t seem to believe what Mae-Hyang said because Gun-Ho looked too young to buy an expensive condo.

“The manager from Industrial and Commercial Bank of China recommended us that we should take a look at some of the condos here. This man is from Korea.”

Gun-Ho smiled as he showed his Korean passport to the guard. The security guard gestured for Mae-Hyang to proceed without looking at the passport that Gun-Ho showed.

“I am treated well because I am a foreigner.”

Gun-Ho met with the president of the Hwaganghwawon condo community. He looked like the leader of a gang.

“Oh, I received a call from Industrial and Commercial Bank of China. I was told that someone from Korea will stop by.”

There was a plastic architectural model of the community in the president’s office. The president recommended the unit located close to the main gate. There was a stone lion sculpture in front of it. Gun-Ho liked it too. Gun-Ho made a contract to buy two condos that were priced for 2,600,000 Yuan each. So the total price was 5,200,000 Yuan (624 million won). He would take a loan for the amount short from Industrial and Commercial Bank of China. The condo was 198㎡ each.

“Hmm… The sales and purchase agreement is called Hapdongseo in China.”

A Chinese staff of Hwaganghwawon who brought necessary papers for the contract seemed surprised. The staff said to Gun-Ho who just bought two very expensive condos seemingly without any difficulty, “Korean people are rich maybe because Korea is a highly developed country.”

Note*

Ting Hao – Very good in Chinese