Story of a Big Player from Gangnam

The Antang joint venture’s first board meeting minute had been reduced to the following:

[ 1. It requires both parties’ – Chinese partner and Korean partner— signatures on the transportation business’ performance report.

2. The two parties showed different opinions on the time when the second investment fund would be sent to China. The Korean partner expressed their clear intention that they would send the fund after the ownership of the land where the terminal is being built is transferred to the joint venture as Zhuanrang land. The Chinese partner stated that they are in the middle of a negotiation with the Construction Bureau on it.

3. The both parties don’t desire the terminal construction to come to a halt. Therefore, they both agreed to keep the construction Xiaozu (team) in the company.

4. The employment of the three workers of the transportation company, who committed embezzlement, will be terminated immediately.

5. The partnership must be bona fide, and if one of the partners is deemed to lack the will to sustain the partnership, the joint venture is allowed to seek another partner in other countries such as Hong Kong. ]

After the board meeting ended, Gun-Ho visited the terminal construction site. The Chinese partner then invited him for lunch to a restaurant across the conference room where they had the board meeting earlier. It was not a fancy restaurant, but it seemed to be a decent mid-size restaurant that offered a private room for a group of customers.

“Let’s not cling to the emotional moment that we had earlier during the board meeting, but let’s enjoy this moment together and have a drink,” Antang City’s transportation company’s President Runsheng Yan said as he clinked his glass of liquor to Gun-Ho’s.

President Runsheng Yan continued, “Flowers come into bloom after they survive harsh weather such as rainstorms and winds.”

The people on the Chinese side began to have their drink as they laughed and made conversation; they didn’t seem to remember what had happened during the board meeting.

Gun-Ho thought, ‘I’m not in the same position as you all. You are just employees who get paid as you spend your time at work. It’s not your money that is at stake. However, I’m the owner, and I am sensitive about where my money flows to. You see the difference?”

While they enjoyed lunch, Antang City’s director of the transportation department joined them.

“I was told that the joint venture is having difficult issues. But I’m confident that President Goo won’t break the joint venture, will you?”

“There is no reason for me to withdraw from the joint venture as long as the ownership of the terminal land is corrected.”

“You are probably not very familiar with the Chinese law. The terminal land is Zhengyong land, and its use is already approved by the municipal government. You need to keep in mind that the terminal land is different from personal residential land. I hope you understand it.”

“I will do my own research on the interpretation of the pertinent law.”

The transportation department’s director said as he picked up a piece of meat from the softshell turtle stew and dropped it on Gun-Ho’s plate, “Deputy Mayor Lizian Zhang asked me to extend his greetings to you, Mr. President Goo.”

Gun-Ho replied, “Please send my regards to him as well.”

“Of course, I will. In China, we serve three glasses of liquor consecutively to a friend who came a long way to visit. Please follow our culture since you are here to visit us.”

The transportation department’s director filled up Gun-Ho’s glass with the strong liquor— Baiju.

“Cheers!”

“Cheers!”

After lunch, Gun-Ho walked out of the restaurant and got into Jae-Sik’s Audi. The Chinese partners used the traditional Chinese greeting to see him off— bowing and saluting with hands folded. Gun-Ho rolled down the rear window of the car and gave the same greeting with a smile.

Gun-Ho thought that he was totally sober until he felt dizzy once he got in the car, and the car started moving.

“I guess I drank too much during lunch.”

“Chinese people tend to show high alcohol tolerance during the daytime, and they drink frequently during the daytime.”

“I have very low alcohol tolerance during the day.”

“By the way, President Goo, what if they want to terminate this joint venture because they are not receiving the second investment fund?”

“Don’t worry about it. They won’t.”

“They claimed that if they don’t receive the fund, it will seriously affect the transportation business as well. We are about to increase the number of buses.”

“They will still let you have an additional bus. All employees at the terminal and the construction are currently the employees of the joint venture. They need to pay them, so they will increase the number of buses as previously promised and planned.”

“You think so?”

“I’m sure about it. Don’t worry.”

Jae-Sik said as he let out a sigh, “Well, I’m still worried.”

Gun-Ho closed his eyes and thought about it.

‘As a lot of things were already done at the construction site, I think they already exhausted the first investment fund of 3 million dollars, as they claimed. They purchased 7 buses, and that probably cost them one-third of the fund. They already paid for the engineering work and fulfilled the construction reserve. They must be left with less than another one-third. I guess they are feeling uneasy with the current financial situation.

Once the increase of the number of buses is approved, they will purchase an additional bus, which will cost them. Also, there must be small things at the construction site that they need to pay for. They don’t want to be left with zero balance. However, I can’t just send them funds just because they requested it. If I do, they will consider the fund as easy money.

If I don’t send the second investment fund, can they go to a bank and get Ji Cheng Gao (a loan for the completed portion of an incomplete building)? They finished civil engineering so far. There is no building at all yet. They probably won’t be able to do that… Should I then send them the funds? Well, I will wait and see.’

When Jae-Sik noticed Gun-Ho frowning, he thought that Gun-Ho was feeling uncomfortable because of the drink that he had during lunch. Gun-Ho was, in fact, frowning because he was lost in thought.

“President Goo, are you okay? Do you want me to stop by a pharmacy?”

“I feel like I’m going to throw up if I continue to ride the car. I need to take a walk. Let’s go to the food alley where you want to open your deep-fried chicken restaurant.”

Gun-Ho and Jae-Sik Moon got out of the car at the food alley downtown, and started walking.

“There are two main commercial areas here. One is in the west side, and the other one is in the east side. We are at the east side.”

“Which one is it? The shop that you wanted to get.”

“Do you see the building over there? The shop is on the second floor of that building.”

“On the second floor? Will it be okay?”

“The store on the first floor is small, and the one on the second floor is at least 100 pyung large. I think it’s a very good store. I can decorate the interior with a unique theme.”

“It will cost a lot to redo the interior, huh?”

“I will have to spend the whole 100 million won that I borrowed from the bank.”

“Hmm.”

“I feel anxious actually. I was confident when I was planning about the business, but now I doubt a lot of things. It’s not like I have extra cash and open a business with it, but I took out a loan from a bank, and I have to make a monthly payment to the bank for the interest. So, it makes me nervous.”

“The restaurant over there looks huge. It must be a landmark in this area.”

“It is a very famous restaurant, but it’s not doing very well right now since there are so many new small but neat restaurants in the same area. It’s 200 pyung large. It will cost them a significant amount of money to maintain the restaurant; they have to pay the workers and also a high rent for the place.”

“200 pyung? Wow. Chinese people tend to do a large-scale business, huh?”