I worked really hard to help Charlotte Group's expansion into China.
I stayed in China for a full four days, connecting the group with high-ranking government
officials.
Various regulations and permit issues were resolved quickly, and afterward, David even came over to China to handle any remaining problems.
As a result of all this effort, Jin Dong-oh embraced me joyfully, celebrating an incredible achievement.
"Vice Chairman Kim! Thank you so much. We can finally open Charlotte Department Store in China! Starting next month, we'll break ground on the first Charlotte Department Store in China! It's all thanks to you!"
"I'm just keeping my promise. I introduced all the contacts Taewoo Group has, so from now on, you won't need to go through Taewoo Group to solve any issues."
My role ended there.
It was clear that getting further involved wouldn't benefit me.
Though I helped with Charlotte Group's China expansion, the results going forward were all on Charlotte Group and Jin Dong-oh.
"This is really quite something. I feel sorry for only receiving without giving anything back."
"Why would you say that? You're giving us the chance for Taewoo Group to acquire Charlotte Group's land."
"I'll solve that problem right now. I'll storm the chairman's office and threaten to make them sell Charlotte Group's land immediately!"
"Shall we go now, then?"
We headed straight from Incheon Airport to Charlotte Group's headquarters.
As the saying goes, strike while the iron is hot—right now, with Jin Dong-oh full of gratitude
toward me, it was the perfect time to seal the contract for Charlotte Group's land.
Throughout the ride, Jin Dong-oh wore a broad smile.
Even after opening the chairman's office door, he kept smiling as he reported to Chairman Jin
Ho-gyun.
"It's a success! Finally, the first Charlotte Department Store in China can open!"
"Heh heh, you've worked hard. But you know this is just the beginning, right?"
"Starting with Charlotte Department Store, we plan to launch Charlotte Mart and Charlotte
Beverages — all the brands will enter the Chinese market within 2 to 3 years!"
Was this Korea or Japan?
The father and son naturally conversed in Japanese.
Only when I stared blankly did their attention finally turn toward me.
"Vice Chairman Kim, you've worked hard."
"No, I simply did my best to keep my promise."
"Father! Now it's our turn to keep our promise. How about we sell Charlotte Group's land to
Taewoo Group right away, as agreed?"
Today, Jin Dong-oh was more reliable than ever.
It might be the first and last time, but he was playing the role of a solid supporter.
"Hmm, of course we'll keep the promise to sell Charlotte Group's land. But even if we sell it,
shouldn't we first determine the exact market value?"
"You can bring in all the appraisal agencies to estimate the price. I'll even include their fees in the acquisition budget. Not only Korean agencies, but also appraisal agencies from Japan and the U.S. can participate."
"That sounds like you want to hand over the land quickly regardless of the price."
Was I too impatient?
But after waiting several months, it was hard to hide my frustration.
"For Grandpa's sake, I'm eager to settle the new headquarters issue as soon as possible. I'll buy the land at 50% above the average price from the appraisal agencies."
"That's not a bad offer. Jin Dong-oh, have the appraisal agencies conduct the market evaluation."
"I'll immediately call appraisal agencies from Korea, the U.S., and Japan to carry out the
evaluation."
Finally, things began to move step by step.
We even planned to pressure the U.S. and Japanese appraisal agencies through David to ensure the evaluation proceeded quickly.
It took half a month to complete the appraisal of the Charlotte Group land.
As soon as the evaluation was finished, Chairman Jin Ho-gyun called me in and showed me the appraisal reports.
The valuations were all very similar.
The appraisal agencies from Korea, the U.S., and Japan had produced highly accurate market
value reports, almost competing against each other.
Since these were all well-known agencies, their price estimates were closely aligned.
"Calculating the average, the value comes to about 1.16 trillion won."
"Heh, land we bought for 80 billion has now soared past 1 trillion. Do you know how much effort we put into holding onto this land? Now that we're about to hand it over to the wrong people, you can't imagine how painful that is for me."
"The best way to ease that pain is through financial treatment, isn't it? We'll purchase the land with a 50% premium, at 1.74 trillion won."
He spoke as if bestowing a favor.
But Charlotte Group's land had been increasing in value steadily; after ten years, it had easily
surpassed 1 trillion won.
Even adding 600 billion won as a premium, in the long run, this deal would still net a minimum
profit of 400 billion won.
"Hmm, we were short on funds for the China expansion, but now that worry is gone."
"If you just sign the contract, we will transfer the full payment in cash today."
"Why such urgency? Even loan sharks in Myeongdong didn't push this hard. Alright, alright. Have the legal teams from each group meet and draft the contract."
"Thank you. I will call the Taewoo Group's legal and planning teams to Charlotte Group right away."
Chairman Jin Ho-gyun could change his mind anytime.
He was the one who had switched the China expansion responsibility from Jin Dong-gu, the
younger son, to Jin Dong-oh, the eldest.
There was always the chance he might back out of selling the land tomorrow, so getting the
contract signed was crucial.
"As soon as the contract is drafted, we'll proceed with notarization and the land sale."
"Once the contract is ready, Chairman Kim Tae-jung will come to Charlotte Group. For a deal this significant, it's best if the chairmen personally handle it."
If Grandpa himself got involved, the chance of backing out would be minimal.
Still, since they'd worked together in business for so long, pride alone should keep the promise intact.
"Do as you wish. But how long will you stay here? I hear all of Taewoo Group's operations run through you. Is it okay not to return to the group?"
"What could be more important than acquiring the Charlotte Group land? I plan to personally
lead the negotiations at Charlotte Group until the contract is finalized."
"You sure know how to make things uncomfortable. Do as you wish."
I really set up base at the Charlotte Group headquarters.
Soon after, the planning director came with the legal team to the Charlotte headquarters.
"Please accommodate Charlotte Group's requests as much as possible. We must get the contract done quickly."
"As long as it doesn't deviate from the standard contract, we will actively accept Charlotte
Group's demands."
Maybe because I, as the vice chairman, was present on site?
Charlotte Group's demands weren't excessively harsh.
It also helped that Jin Dong-oh, the vice chairman, occasionally stopped by and told them not to be too strict.
At least regarding the land acquisition, Jin Dong-oh was a solid ally.
Thanks to his support, the contract was completed by the next morning, and we brought the elder chairman to the Charlotte Group headquarters.
"Has Chairman Kim arrived? Hurry up and sign the papers, then take your grandson away. At this rate, he might just ask to get hired by Charlotte Group."
"Let's take him away quickly."
The contract was signed at a breakneck speed.
The PR teams from both groups took photos from various angles, and the two chairmen smiled for the commemorative shots.
"It's bittersweet. This is land we've held since the military regime days, and now we're handing it over like this."
"Are you sure you held it since the military regime? I heard rumors that the land was actually acquired thanks to the military government."
"You! You change once you step in and out of the restroom, they say. Are you spouting nonsense right after signing the contract?"
"Just joking around. Vice Chairman Kim Min-jae! We've been at other groups too long; let's head back to our company."
"Thank you for the great deal!"
"If you're feeling jealous, you should just leave quickly."
Chairman Jin Ho-gyun really did look annoyed.
What if his jealousy gets worse?
If a skyscraper with Taewoo Group's name on it goes up on Charlotte Group's land, his jealousy will be even greater.
I returned to Taewoo Group.
Even though I'd only been at Charlotte Group for a single day, the familiar scent of Taewoo
Group felt incredibly comforting.
"Why are you sniffing around like a dog?"
"It's just that the scent of Taewoo Group is so good. Don't you feel it? It's a fragrance you can't find at Charlotte Group."
"Cut the nonsense. So, what's the plan now? You got the Charlotte Group land, but are you still aiming for the KEPCO site too?"
"Of course. The more cards you have, the better, isn't that how it goes?"
"Who did you get that greed from? By the way, I heard the KEPCO site is going up for open
bidding. Think we can get it?"
Grandfather was just as eager about the KEPCO site — maybe even more than I was.
"There aren't many companies with the capacity to buy the KEPCO site. At most, it would be
Samsung Group and Hyundai Motor Group."
"Why leave out Charlotte Group? They might try to snag the KEPCO site with the money from selling their land."
"They won't have the means. They're pouring huge funds into their China expansion."
If Charlotte Group really wanted the KEPCO site, they wouldn't have sold their own land in the first place.
Besides, Charlotte Group was so caught up in their China ambitions they had no bandwidth to
look elsewhere.
"So, we only have to watch out for Samsung and Hyundai Motor then. I heard Samsung has no interest in the new headquarters. Have you heard anything?"
"That's always their tactic. They pretend not to care but suddenly jump in — that's classic
Samsung style."
"Hyundai Motor Group won't just stand by either."
Before I was sent back, the KEPCO headquarters site had actually gone to Hyundai Motor.
But now things were different — with Taewoo Motors' rise, Hyundai Motor's liquidity wasn't as strong, and the KEPCO headquarters relocation was moved up, so securing funds became even tougher.
"The more competitors there are, the higher the price will get, that's for sure."
"That's stating the obvious."
"That's why we need to pretend we're not interested. We should heavily promote the acquisition of the Charlotte Group site, making it seem like the new headquarters will definitely be built there."
"So you want to convince Samsung and Hyundai Motor Group that we won't be participating in this bid."
Taewoo was the richest conglomerate in Korea.
While Samsung and Hyundai Motor had considerable financial power, in terms of liquid cash reserves, no one came close to Taewoo Group.
If they were certain Taewoo Group wouldn't join the public bidding, Samsung and Hyundai
would likely set their bid prices a bit lower. All we had to do was step in and outbid them before they could adjust their plans.
"Judging by the current market value of the KEPCO site, it's at least around 2 trillion won. If we double that to about 4 trillion won, wouldn't that secure our victory in the bidding?"
"Four trillion won sounds like a sum Samsung and Hyundai Motor could muster without much trouble."
"Then we just need to make sure they can't raise that kind of capital."
There was a way to simultaneously cut off the funding sources of both Samsung and Hyundai
Motor.
Of course, it wasn't easy, and it required skillfully walking a tightrope between the two groups.