[019] Seed Money, Part 1.
To dismiss him as just a sympathetic child would be a mistake. In business, there are far more moments when you need to be ruthlessly cold than when you can afford to be compassionate.
“Hmm… The employees? Why are they here?”
“They can’t even take a break because of us. It’s Children’s Day, after all.”
I felt a sharp gaze from Lee Hak-jae. He didn’t look away for a moment.
“They’re just doing their jobs. Whether it’s Children’s Day or a Sunday, they have their responsibilities. They’ll take a day off tomorrow instead.”
“It’s because we’re here. They might end up resenting us.”
Another piercing look.
Did he catch the underlying meaning of my words?
If they start to dislike us, they might dislike Sunyang too. Ultimately, we’d lose consumers.
I was curious about what he would say next.
“Do-jun.”
“Yes, Uncle.”
“If someone starts to hate you, do as your grandfather does.”
Oh no, I misunderstood.
“What does Grandfather do?”
“He turns hatred into fear.”
His words exploded in my mind like fireworks.
Damn, I’m still thinking like a servant.
To become an owner, a chairman, I need to disregard these trivial worries.
Productivity, maximizing sales, consumer satisfaction—these are concerns for the lower ranks.
A chairman and a manager are different.
A manager fattens the company, but a conglomerate chairman doesn’t just make money. A chairman wages war.
A chairman’s job is to bring enemies to their knees and expand and protect their territory.
In the conquered lands, the workers farm and earn money.
If the chairman desires, family ties should be cast aside, and they should come running, wagging their tails.
“There’s a reason the chairman is so captivated.”
Lee Hak-jae’s hand on my head brought me back to my senses.
When I looked up at him, he was smiling brightly.
“Judging by your expression, it seems you understood what I meant. Are you an old soul…?”
At least that’s a relief.
I might not have impressed him with my sharp insight, but at least I showed I could quickly grasp the meaning.
From now on, I wanted to know more about Lee Hak-jae. But I had to postpone it because Sang-jun suddenly appeared and pulled me away.
Children’s Day is fun for kids, but exhausting for parents.
I felt like a parent, spending a tiring and uneasy day.
But the next day, when I visited my own ranch with Chairman Jin, all that fatigue and unease vanished.
Seeing the horses running freely on the vast green land filled me with exhilaration.
The ranch was wonderful, but it came with a big task.
Now, as a third-generation chaebol, I had to learn horseback riding.
Scary, damn it.
However, by the end of the year, the fear had disappeared, and I discovered the joy of riding.
1988 was truly an extraordinary year.
I could understand why it was the backdrop for a drama. A year full of events, perfectly described by the phrase “a tumultuous 365 days.”
The Sixth Republic’s constitution came into effect, and a president elected by direct vote took office.
The Ministry of National Defense reinstated the visiting system for trainees at Nonsan Training Center after 29 years, and the eight-year Iran-Iraq War ended.
The Hankyoreh newspaper was founded, and the president announced the 7.7 Declaration, proposing inter-Korean exchanges and cooperation for improved North Korea-U.S. relations.
Cho Yong-pil released his 10th album, and Metallica released their fourth studio album, …And Justice For All.
The Olympics, which raised the country’s global profile, were held, achieving a miraculous fourth place overall.
A National Assembly with a majority opposition was established for the first time in 38 years, and the National Assembly audit, revived after 16 years since the Yushin era, resumed.
A special committee was set up to investigate the corruption of the Fifth Republic, and for the first time in constitutional history, a hearing was held in the National Assembly.
Famous figures from politics, business, and media attended, and it was broadcast live on TV, becoming a national sensation comparable to the Olympics. Among the lawmakers, one would later become president and emerged as a star of the hearings.
In November, former President Chun Doo-hwan and his wife issued a public apology and voluntarily went into exile at Baekdamsa Temple in Seoraksan, Gangwon Province.
The exchange rate entered the 600 won range, marking the peak of the three lows boom, but as people flocked endlessly to Seoul, housing prices skyrocketed.
The government began housing construction, developing areas like Mok-dong and Sanggye-dong, but couldn’t control the soaring real estate prices.
In response, they announced a plan to build two million homes and large-scale land development in Sanbon, Jungdong, and Pyeongchon, but housing prices remained unstable as 1989 dawned.
“They’re rushing the new town development.”
“Don’t get too excited. Take it slow.”
“Oh, yes. I’m sorry, Chairman.”
Despite his words, Sunyang Construction’s President Hong Song-chul couldn’t hide his excitement.
The president’s New Year’s address focused on solving the housing crisis. Naturally, plans were already in place. Whether those plans were right or wrong would be revealed later.
With plans in place, execution had to follow, leading to meetings.
President Hong Song-chul attended a meeting chaired by the Deputy Prime Minister of Economy, the Blue House’s Chief Economic Secretary, and the Minister of Construction, and then rushed to Chairman Jin’s study.
“So the rumors were true.”
Lee Hak-jae, the chief secretary who had arrived first and was waiting, seemed a bit excited too. The government was pouring fuel into the already active construction sector.
One couldn’t help but anticipate how much bigger Sunyang Construction would grow.
“Did they mention the candidate areas for the new town?”
“Not just candidates, they’re confirmed. Seongnam’s Bundang district and Ilsan.”
After taking a sip of water, President Hong detailed the meeting’s contents.
”…It seems they’ll proceed with a fair distribution. In essence, there won’t be any special favors.”
“Preventing any one company from monopolizing?”
“That’s right. And…”
President Hong hesitated a bit before continuing.
“They’ve prohibited land purchases in those areas…”
“Giving us a heads-up but telling us not to buy land?”
“Yes. They warned that if any speculation is detected, they’d exclude us from the new town project.”
“That’s the usual talk, isn’t it? Everyone will just buy under borrowed names anyway.”
Lee Hak-jae frowned.
“No, they’re going to verify all land transactions in those areas from today until the government’s official announcement. The atmosphere is different this time.”
President Hong gestured emphatically to convey the meeting’s atmosphere. The government’s resolve was strong.
“They’ve been criticized so much over the housing issue since last year. The president will be sensitive. Song-chul.”
“Yes, Chairman.”
“Form a new town preparation team and be thorough. And make sure no one engages in land speculation. Let’s align with the Blue House this time.”
“Yes, Chairman.”
At Chairman Jin’s gesture to leave, President Hong bowed politely and exited the study.
“Chairman, are you really planning to cooperate? There are plenty of ways to buy discreetly…”
“Leave it. There’s no need to risk being disliked for a bit of pocket change. This new town is for the president’s close associates. The rewards for this administration are over, and they’re trying to let those who didn’t get a position make some money. No need to interfere.”
“Ah, I see.”
“Representative Park hinted at it. The president is paying special attention.”
“I understand.”
This year, it’s time to be cautious. The situation in Eastern Europe is unstable, and rumors in political circles suggest that diplomatic relations with the Soviet Union are imminent.
In such times of rapid change, opportunities always arise, and those opportunities come from the government.
We can’t afford to give them any reason to find fault.
“By the way, just in case, once the preparation team is formed, send in the audit team. Make sure no one is up to anything shady.”
Chairman Jin casually flipped through the new town development documents left by President Hong, then stopped.
Frowning at the papers, Lee Hak-jae cautiously spoke up.
“Is there a problem? Is something wrong…?”
“No, it’s just that the place looks familiar.”
Chairman Jin stared at the map for a while before picking up the phone.
“About that ranch we bought last time… Yes, that one. Check the cadastral map and fax it to me.”
A small smile appeared on Chairman Jin’s lips as he hung up the phone.
“It seems we have a money magnet in the family…”
“Sorry? What do you mean…?”
“Wait and see. Let’s check when the fax arrives.”
Lee Hak-jae could only glance at Chairman Jin, who wore a serene smile, without understanding the situation.
A moment later, the housekeeper brought in the fax politely. Chairman Jin compared it with the documents and finally burst into laughter.
“This is incredible, ha ha.”
It was a rare sight.
Lee Hak-jae was dying of curiosity, waiting for Chairman Jin’s explanation.
“Oh, you wouldn’t know. I set up a ranch for our Do-jun, remember?”
“Yes, somewhere in Gyeonggi Province… Oh, no way! Is it Bundang?”
“Yes. Take a look at this.”
Lee Hak-jae quickly compared the fax and the documents, checking the exact location.
“What do you think? Doesn’t it seem like we knew in advance and picked the spot?”
“Are you saying Do-jun chose this place? Not you, Chairman?”
“Yes. I told him to pick a spot in the southern Gyeonggi area, excluding Seoul, and he chose there.”
As Lee Hak-jae studied the map intently, his mind became a calculator.
“About 80,000 pyeong, isn’t it?”
“Isn’t it a shame? It would’ve been nice if it were 800,000 pyeong. Ha ha.”
Unlike Chairman Jin, who couldn’t stop laughing, Lee Hak-jae needed to clarify the unknowns. Before the government’s official announcement, there couldn’t be a single mistake regarding this land. It was Lee Hak-jae’s duty to eliminate any errors.