The Highest Level Son of a Chaebol Family - Chapter 266



Only Noblemtl

“There’s no need to decline.”

Mansour pushed the Vacheron Constantin Cabinotiers Atelier Special Order in front of me.

“I’m a man who returns favors with favors. (I’m a man who returns favors with favors.)”

Favor. That’s good.

I chuckled.

“Good. Then I won’t decline. (Okay. Then I won’t decline.)”

I readily accepted Mansour’s offer.

“I will take your favor and go see your Majesty the King, right? (I will take your favor and go see your Majesty the King, right?)”

It’s none other than Mansour’s special order watch.

It’s not a gift you can just give to anyone.

‘Who is Mansour? He may be young, but he’s not stupid.’

Why did Mansour become famous even in Korea?

It wasn’t just because he was a member of the United Arab Emirates royal family.

There are many other royal families in the UAE besides Mansour.

‘That’s because Mansour emerged as the number two man in the country.’

Mansour was the owner of an international oil investment company and a world-class billionaire with an estimated personal fortune of about 250 trillion won.

‘He was by far one of the most prominent investors and businessmen among the Al Nahyan royal family.’

Most of the rich Arabs who have been born with an oil spoon in their mouths?

There were many cases where investments were made recklessly without much thought.

Mansour, on the other hand, was different.

I invested cautiously and generously with a sound investment mindset.

Among the businesses he dealt with, there were many that turned out to be very profitable investments, and in this way, his wealth gradually accumulated, his reputation began to grow, and his influence grew.

This was the reason why Mansour was considered to be particularly outstanding among the Arab princes of the Middle East.

‘An Arab prince who is like a symbol of wealth.’

When you think of Mansour, the words ‘Arab prince’ and ‘oil tycoon’ first come to mind.

He also acquired Manchester City FC of the English Premier League in 2008 through the Abu Dhabi United Group, which he owns, gaining global recognition and influence.

‘It is true that the national funds managed by Mansour were enormous in scale.’

By investing the country’s oil money in a private equity fund owned by Mansour, Mansour managed the country’s funds in the form of operating a private equity fund.

‘That means that Mansour is considered a key figure in managing the country’s wealth.’

I looked at the wristwatch Mansour handed me.

It’s a custom-made watch, so you can’t imagine how much time and money went into it.

It’s such a valuable item that it’s not even up for sale in a pawn shop.

Because you might only be able to see something like this at an international auction house, not a Korean pawn shop.

“Thank you for your favor, Mansour.”

I also smiled at Mansour.

“It won’t be long before I get this back. (It won’t be long before I get this back.)”

Do you think he’d trade this for three pills if he was crazy?

If you can’t do that level of calculation, you should give up on investing.

“Taesung will win the bid for the construction of the Abu Dhabi International Airport. (Taesung will win the bid for the construction of the Abu Dhabi International Airport.)”

That was the reason why I could accept excessive favors without turning them down.

‘This watch will soon be Mansour’s business card.’

Mansour smiled arrogantly.

“What a smart boy.”

I knew it.

So there was no need for further explanation.

“Call an interpreter. You need him to attend the executive meeting. (Call an interpreter. You’ll need him to attend the executive meeting.)”

“Thank you for your favor, freind.”

Mansour leaned back against the back of the child’s chair with his arms crossed.

The guy crossed his legs in a relaxed manner and tilted his chin with an arrogant expression.

“I’ll be waiting for that day. (I will be waiting.)”

It won’t take that long.

I was planning to go to the Middle East soon anyway because of Yugong.

* * *

‘How sharp.’

Taesung’s former affiliates’ executive meeting.

Because so many important agenda items were brought up, the back-and-forth debate was fierce.

“Are you saying that you will take over Wookwang Construction?”

“Wouldn’t it be difficult? Didn’t the owner of the Blue House already block it once?”

“Things are different now than they were then.”

Of course, the agenda items that were already discussed in Pyeongchang-dong are coming up.

“It is said that Daechi-dong Cheonma Apartment is on the verge of bankruptcy due to the unsold apartments.”

“The government has put pressure on banks by pushing ahead with real estate regulation policies.”

“We have to have the will to hold out, because we have refused to extend the loan to the construction company and are demanding the return of the principal.”

“Cheonma Group is going to be shaken. They already risked their lives selling apartments.”

“It’s so big. It has 28 14-story apartment buildings, with about 4,500 households.”

Site area: approximately 237,900 square meters, building coverage ratio: 20%, floor area ratio: 204%, parking space: 5,000 cars.

It is a symbol of the first generation of Gangnam apartments built in the 1970s when Gangnam development was in full swing, and with five high schools relocating to the area, it also symbolizes the best educational environment in Gangnam, known as Gangnam 8th School District.

Also, Cheonma Apartment in Daechi-dong was considered a symbol of Gangnam’s potential for redevelopment for nearly 30 years, up until 1996.

“Huh, so it all collapsed as unsold units?”

“Isn’t that right? It’s gotten to the point where I have to pay back the principal, since it will take at least two months to complete.”

“ah······!”

This was a major difference from the past.

‘It’s thanks to the government enacting the 8.8 real estate regulation a couple of months early.’

In the past, Cheonma Apartment was on the verge of bankruptcy because it was caught up in regulatory measures during construction and the apartments that were built ended up unsold.

But fortunately, the second oil shock occurred right away, causing the value of the currency to fall significantly and real estate to come into the spotlight as a safe asset.

Thanks to this, we were able to sell out 4,500 units in just 20 days.

In this way, Cheonma Group made 200 billion won in cash at the time, equivalent to 7 trillion won in 21st century terms, and joined the ranks of real estate conglomerates overnight.

‘Because apartment prices soared to 44 million won after the oil crisis. But things are different now.’

Because the government is demanding the recovery of the principal through the bank, even though there are still two months left in the debt.

‘This is all thanks to Jungjung’s breath.’

It was something my grandfather accomplished by secretly meeting with the head of the central government.

-Okay. I’ll try to convince Your Majesty. Your Majesty was already looking down on Cheonma Group.

It was a boast from a person of power who is ranked among the top five in the country.

The real estate regulation wave gained momentum as the central government readily agreed.

President Shim raised his hand confidently.

“You don’t have to worry about Cheonma Apartment.”

Immediately, objections arose.

“Funds are limited. Shouldn’t Taesung seriously consider where to take over?”

“Whether it’s Wookwang Construction or Cheonma Construction. Depending on which one you go with, Taesung will either benefit or be left with a headache.”

But President Shim waved his hand.

“Taesung Construction only needs to discuss whether or not to acquire Wookwang Construction. The intention is to leave Cheonma Apartment to JH Investment.”

“That means······. You’re saying that you’re not going to invest in Cheonma Construction, but rather in the Cheonma Apartment sales project?”

The eyes of the executives of all affiliates of Taesung Group shone like hyenas.

I was able to figure out President Shim’s intentions right away.

It’s convenient because I don’t have to explain everything in detail!

“Is that okay? It won’t be easy to get into the Cheonma Apartment sales business with JH Investment, not Taesung.”

“How much money did you pay for all that?”

With the 5 billion dollars of the president’s secret fund that Kim Hyung-won asked about.

I can’t even tell you the truth!

Mr. Shim shrugged.

“We will take care of that part. However, please keep in mind that this is an agenda item that has already been discussed between the Chairman and Vice Chairman.”

“Aren’t Taesung and JH one body?”

“That’s what I’m saying. Oh, Taesung’s grand plan, the foundation for the future, and a top secret for security reasons! Have you all forgotten already?”

“······.”

The news of the transfer finally came out from CEO Shim’s mouth!

President Shim declared this at his New Year’s address this year.

He had asked for my understanding that since he had been given an important mission, he would keep the details confidential.

So, even the executives of Taesung’s former affiliates could not ask any more questions.

Instead, we whispered quietly among ourselves.

“I thought Cheonma Group said they would sell one Cheonma apartment in Daechi-dong for how much?”

“They said that the basic price for a premium apartment is 20 million won, and if you add on options, it will be more than that.”

“The real estate market has completely frozen over these days, but you still won’t back down?”

“So, right now, Cheonma is on the verge of bankruptcy. No matter how capable President Shim is, if he has to take on all of that······.”

The concern was truly great.

It wasn’t a needless worry.

In fact, it was precisely because of this that Cheonma Apartment was left with a lot of unsold apartments during the construction crisis and was driven to the brink of bankruptcy.

‘There’s another difference from then. It was after the presidential election, and now it’s before the presidential election.’

The president is determined to push through without hesitation in order to secure a landslide victory in the presidential election.

This means that the pressure will be much stronger than in the past.

“I heard that Cheonma Apartment was ambitiously planned as a high-class premium apartment from the time it was designed?”

“They say that every generation has a sewer and toilet.”

Until the late 1980s, flush toilets were not common.

However, Cheonma Apartment advertised its innovation in water facilities by pushing it as a premium.

“What about heating?”

“It’s a central city gas ondol heating system for all generations.”

Even in the early 1990s, briquette heating and mud stoves were common.

However, Cheonma Apartment has built an innovative city gas heating facility.

“They even wired the entire house with 220 volt electricity.”

“Oh my god. This is too much, this is too much.”

Although the 220V standard design was introduced in 1973, most households still used 110V.

Although it was rare in the first new towns built in the 1990s, even in Gangbuk apartments built in the 1980s, 110V was often included in the basic electrical wiring.

“Foreign advanced home appliances imported from Korea, which had exchanges with the US and Japan, also mainly use 110V.”

“People moving into premium apartments will be middle class or higher, so if they all have to have a transformer, it will be quite inconvenient.”

“That’s not all. The basic size of Cheonma Apartment is 34 pyeong with 3 bays, right?”

“3 bays? And the floor area is too big to be for the common people.”

In the 21st century, a 3-bay, 34-pyeong apartment would be called the national standard, but that wasn’t the case back then.

There was a time when the perception that apartments were chicken coops and a facility for the lower class under the guise of common people was widespread.

At present, the average apartment size is 24 pyeong or less, with a two-bay design.

Therefore, the 34 pyeong unit was classified as a very large, high-end unit.

“They even operate an elevator in the apartment complex.”

“You’re putting an elevator, which is only used in department stores and high-end hotels, into an apartment?”

“Can residents afford the management fees?”

Elevators were very rare in these times.

Just as there is a guide on the bus, there was also a guide on the elevator to operate the elevator.

“And did you see the road that was pulled out?”

“Yeongdong 5-ro, Yeongdong 6-ro, and Nambu Circulation Road, they’ve divided the roads into three, 10-lane, 14-lane, 70-meter-wide roads.”

“Isn’t that the second widest road after Sejong-daero in front of Gwanghwamun?”

“In Daechi-dong, where there is nothing but rice paddies around? You’re crazy. This is a model of wartime administration and a waste of money!”

The MyCar craze started in South Korea in the 1980s.

So, cars were something that only a few wealthy people could afford, and they were stretched out to an excessive degree for a road built for apartment residents.

“Don’t you think that the consumption of luxury goods and high-end products is greatly neglected during a recession?”

“Even Cheonma Apartments aren’t even the highest-end line. They’re aimed at the middle class.”

“Just from the points I just mentioned, Cheonma Apartment will become a headache. There is a very high chance of it failing.”

Mansour watched the meeting with an arrogant expression, his arms crossed and legs crossed throughout.

The interpreter who was sitting next to me kept talking nonstop, relaying the meeting content.

Mansour’s eyes sparkled with concentration.

“Investing in an apartment during a recession is interesting. (Investing in an apartment during a recession is really interesting.)”

President Shim waved his hand and attracted everyone’s attention.

“That is also a conclusion reached after sufficient review.”

“Mr. Shim.”

“I told you, I have already made a proposal to Cheonma Group.”

Of course, Cheonma Group jumped at the offer.

-What? You want to sell all 4,500 units of Cheonma Apartment in Daechi-dong for 45 billion won? 10 million won per apartment?

End

ⓒ Osorok

=======================================================