Story of a Big Player from Gangnam

Chapter 663: Each GH Company’s Year-End Financial Report (3) – Part 2

President Shin continued, “My condo was on the market for an urgent sale. It was last year. It’s a 30 pyung large condo, and the price was 850 million won. I had 100 million won in cash that I saved up with the dividend I had received last year. So, I was like ‘okay, let’s go for it,’ and I bought it.”

“So, you had your 450 million won back from your previous condo and added 100 million that you had in cash to it. So, you bought the condo with 550 million won with a 300 million won loan taken out from a bank.”

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“That’s right. With a 300 million won loan, my monthly payment for the bank is 1 million won. I couldn’t sleep at night whenever I thought about the payment. I felt like I was working to make money to pay for the loan interest to the bank.”

“Hmm, 300 million won is a lot for a loan.”

“The price of real estate in Gangnam District increased a lot recently. The news about converting the special high schools—the foreign language high schools and the science high schools—into regular high schools definitely contributed to the increase in price. Now, people prefer to live in Gangnam District even more than before because of its steadily good school district. Without those special high schools, the high schools in Gangnam District are even more attractive to the parents who have school-age children.”

“Hmm, right. I heard about it too. Your condo’s price must have increased already.”

“I paid 850 million won for it a year ago. Now, its market price is 1.2 billion won.”

“Whoa, you made a lot of money within a year.”

“Once I receive my dividend of 60 million won this time, I will make extra payments toward my principal balance on my mortgage loan, and my debt will be reduced to 240 million won. I think I will feel a lot less pressured with my new monthly debt obligation. I’m so happy that I’m now a resident of Gangnam District. Haha.”

“Haha. Congratulations again.”

“I thank you for it, sir. I could buy the condo and move to Gangnam District because you asked me to move my office to this building in the first place.”

“Well, you are a lucky person.”

“When I lived in Dangsan Town, one of my friends bought a condo in Gimpo City for 300 million won, and she kept asking me to buy a condo in Gimpo and move in just like she did. I thank God that I didn’t listen to her at that time. If I bought a condo in Gimpo City, I would have never been able to live in a condo that is worth 1.2 billion won.”

“That sounds right.”

“My friend in Gimpo is now envious of me. She said that the price of her condo in Gimpo City stays the same even until now. She said that she doesn’t even dream to live in a condo that is worth 1.2 billion won any longer. Her husband is making good money, but it’s hard to save a million won per month even under her situation.”

“Well, Ms. President Shin, you can make another successful year this year generating a substantial amount of profit by working hard, so you can earn 240 million won as your dividend next year. You can then pay off all of your debt.”

“Haha. That sounds like a good plan.”

“You will have to wait though before you receive your dividend. We have several procedures beforehand such as getting an external audit and paying our corporate tax. Why don’t you take out 60 million won from the company bank account for now and pay your debt? You can put it back once you receive your dividend later.”

“Really? Are you sure, sir? Thank you so much, sir.”

President Shin gave a deep bow to Gun-Ho before walking out of the office.

Secretary Yeon-Soo Oh came into Gun-Ho’s office to clean the table. She asked Gun-Ho, “Ms. President Shin seems to be in a good mood. I could hear her laughing even outside the office.”

“That’s how she is all the time, isn’t she? She laughs a lot.”

“Well, I saw her walking out of the office. Her face was telling me that she was extremely happy and excited.”

“Hmm, really? I guess her condo price in Nonhyeon Town went up significantly.”

“Oh, really? Our parents’ condo price in Apgujeong Town must have gone up as well then.”

“Condos over there are probably worth more than 2 billion won now.”

Secretary Yeon-Soo Oh grinned and picked up the teacups before leaving the office.