After the Divorce, I Found a Thousand Bitcoins - Chapter 21

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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I Got Divorced and Found a Thousand Bitcoins Episode 021

This was the second time real estate had glowed with light.

‘The first time was from the building in Seongsu-dong. Back then, I was able to purchase the building at a cheap price from the other party. So does this mean the same thing this time?’

I had now roughly grasped when stocks and other financial products would glow with light.

But real estate still had too few comparison cases.

That’s why it was difficult to think definitively.

‘If it’s red, it’s definitely beneficial to me. I need to look at this region carefully.’

In what way would it be beneficial?

I had to clarify that part first.

“Phew, the situation isn’t good.”

Manager Jeong Min-jun came in after finishing his call.

“Is it very bad?”

“Yes. It seems like these guys built the houses with the intention of committing jeonse fraud from the beginning.”

“From the beginning?”

“It’s a common occurrence. It’s called organized jeonse fraud. The construction company raises funds through PF, builds the entire building with that money, then sells units and takes out loans to extract as much money as possible.”

The scale of jeonse fraud had been growing day by day.

What initially started as individual jeonse fraud due to failed gap investments had now become organized crime occurring on a large scale.

This place was exactly that type.

“After looking into it, there was originally a plan to build a global theme park in this region. They seem to have purchased the land targeting that opportunity. When the theme park fell through, they turned to jeonse fraud.”

“So they chose jeonse fraud to reduce the losses they would incur?”

“That’s right. But there’s something strange – the original landowner was a Chinese private equity fund. They transferred the land to JS Global Construction. And JS bought it at almost full price.”

It was definitely strange.

Since the theme park had fallen through, there was no reason to buy that land at full price.

It would make more sense to negotiate the price down.

“There’s a possibility that the private equity fund provided the funding.”

“That’s right. Large-scale jeonse fraud like this definitely needs a source of funding. It needs a bit more confirmation, but there’s a high possibility that private equity fund money went into this.”

The rough outline was becoming clear.

They had purchased land targeting the theme park, but when it didn’t sell, they planned jeonse fraud to recover the funds used to buy that land.

Private equity funds don’t discriminate in their methods to make money, so this was entirely possible.

‘Mother became a victim in that process.’

Mother’s jeonse deposit.

And the fact that the villa area was glowing.

These two reasons were sufficient for Kang Hyeon to take action.

“Manager, is there any possibility of a theme park coming to this region again?”

“You mean an amusement park?”

“Yes. Either an existing amusement park would be fine, or I’m wondering if development might occur in some other form.”

“Hmm… I’ll look into that part.”

“Thank you, I’d really appreciate it.”

“Yes. And I’ll try to find a way regarding Mother’s jeonse deposit.”

“Thank you.”

Now that I knew the reason, it was time to find a solution.

* * *

Incheon Airport.

Kang Hyeon had come to see Mother off.

“Son, are you really not coming with me?”

“Something urgent came up at the company suddenly. Have a great time with your sisters and come back.”

“Kang Hyeon, thank you so much. Thanks to you, your aunt gets to travel abroad.”

“I never dreamed you’d arrange a European tour for us.”

Since Kang Hyeon couldn’t go, he decided to send Mother with her sisters.

Despite the sudden schedule, all the sisters welcomed it, and thanks to that, Mother could board the plane with a happy face.

‘Since it’s first class, she’ll travel comfortably.’

Mother and her sisters were all booked in first class, and there would be dedicated guides to help them when they arrived in Europe.

There would be no inconveniences at all, so his worries were much relieved.

Ring-!

[Manager Jeong Min-jun]

Just then, a call came from Manager Jeong.

“Yes, Manager.”

-President, can I see you now?

“I’ll come to the office.”

Kang Hyeon got in his car and headed straight to Seoul.

* * *

Manager Jeong Min-jun, whom he met at the office, carefully began to speak.

“I looked into it a bit. There’s apparently a project in progress in that area of Incheon Yeongjong Island. I don’t know exactly what kind of project it is, but since Yeongjong Island was originally designed as a tourist complex, I think something similar to a theme park might be coming.”

“If that project succeeds, how would the value of that region change?”

“I don’t know for sure, but there’s a high possibility it could jump much higher than the current value. However, given past cases, you should also consider the possibility of failure…”

Manager Jeong Min-jun advised cautiously.

If he said it would definitely work 100%, he would have to take responsibility for that.

He knew Kang Hyeon wasn’t that type of person, but it was always best to speak carefully.

But Kang Hyeon was different.

‘The project will definitely succeed. That’s why the light was shining so intensely.’

It wasn’t easy for villa-concentrated areas to increase in value.

However, if a new project was proceeding in that area, the story would be different.

To proceed with the project, they would need to purchase land, and the price would naturally have to rise.

Knowing this, there was only one thing he had to do.

“How would I go about purchasing this entire region?”

“Pardon? The entire region?”

“Yes. Purchasing villas one by one seems too inefficient.”

“Hmm… That approach would certainly be problematic. If I were to purchase this region, I think I’d use one of two methods.”

Manager Jeong Min-jun spread out a map.

It was a map showing that villa area of Yeongjong Island, and even on this map, it was glowing red.

“Currently, the villas in this region are distributed among several companies. There’s a method of contacting those companies to purchase them. Since they’re already considering bankruptcy due to jeonse fraud anyway, we could purchase at somewhat cheaper prices.”

After hearing the explanation, Kang Hyeon could see the Yeongjong Island villa area glowing in a pale color.

It seemed to be telling him that wasn’t the right answer.

“What’s the other method?”

“Acquiring NPLs. Simply put, acquiring non-performing loans. When that region was developed, large-scale PF was issued to the construction company. This PF has currently turned into non-performing debt, and the banks seem to be having headaches over it.”

Large-scale jeonse fraud wasn’t a crime that only made ordinary people cry.

Banks also suffered losses, so it was bound to have a society-wide impact.

‘The light got stronger.’

After hearing Jeong Min-jun’s second explanation, Kang Hyeon could see the light on the map becoming more intense.

Since this phenomenon had occurred when purchasing buildings too, he could conclude that this was the answer.

“But there’s a problem if we go with the second method.”

“A problem?”

“Yes, even if we buy the bonds, there’s no way to collect on them. This construction company will likely end up bankrupt anyway.”

“By construction company, do you mean JS Global?”

“That’s right. But there’s a high possibility they’re not the real entity.”

Jeong Min-jun turned on his tablet PC.

When he ran the program, a pyramid-style ownership structure appeared.

“The construction company for all the villas in this region is JS Global, but since they were suffering from financial difficulties, they had no way to handle this level of funding.”

“So there’s a place that provided this funding.”

“Yes, it’s probably a Chinese private equity fund. Chinese money has already entered the domestic real estate market extensively.”

“Are you saying they planned all the jeonse fraud?”

“It’s highly likely. If that’s the case, what they want is JS Global’s bankruptcy. That way, the fact that money was transferred to the private equity fund would disappear.”

When Jeong Min-jun pressed and held JS Global’s name, it disappeared.

“If they just bankrupt this company, the PF’s responsibility will disappear.”

“And the private equity fund won’t be held responsible?”

“Since they sucked money upward without being exposed from the beginning, they don’t have to take responsibility.”

It had a complex structure, but in the end, it was nothing more than cutting off the tail.

However, it was clear that this method was the correct answer.

Because a more intense light than ever was shining from that ownership structure.

“You said the way to purchase all the real estate in this region is to acquire NPLs. How can you purchase them?”

“JS Global’s corporate value is probably already close to zero. By acquiring this company and tracking the flow of funds, we can practically identify the paper companies that hold the real estate.”

“We can check everything in one place.”

“Yes. Those listed as representatives of these paper companies are likely either related parties or people who illegally transferred their names. They’ll transfer their shares at bargain prices, if only to avoid legal responsibility.”

Everything became clear.

The first thing to do was to purchase bonds that could pressure them before JS Global went bankrupt.

“But sir, if you use this method, all responsibility for the jeonse deposits could fall on you. And if there are no particular positive factors in this region, this approach could turn into a big risk. If not handled properly, it could mobilize civil complaints, media, and even the political sphere.”

Jeong Min-jun wondered if Kang Hyeon was tempted by the word “project” he had mentioned earlier and was deploying this strategy.

Since responsibility might fall on him as well, he cautiously tried to dissuade Kang Hyeon.

But Kang Hyeon smiled and said,

“For some reason, I feel like this region will be developed. I have that feeling.”

“A… feeling?”

“Yes. Even if things go wrong, I have no intention of holding Manager Jeong or the company responsible. We’ll continue normal business dealings in the future. So you don’t need to worry too much.”

He was trying to invest hundreds of billions based on a feeling.

It was puzzling what this man was thinking.

“More than that, Manager Jeong, would you like to work with me on this matter? I’d like to formally commission Samil.”

“Yes, understood. I’ll immediately submit a report to the representative regarding this matter and organize an M&A team.”

Kang Hyeon smiled at the reliable answer.

* * *

Oh Jeong-seok, the representative of JS Global Construction Co., Ltd., checked the date.

“Everything should be wrapped up roughly by this month.”

He was currently preparing to wind up the company.

Preparations to launder the funds he held through coins and transfer them overseas were in the final stages.

What remained was to pull up all the remaining funds scattered across each paper company.

It took considerable time to gather every last bit, but he could endure it.

“Once I finish this job, I can return to my old life.”

When his father ran JS Global, the company was doing well.

It made a name for itself as a mid-sized construction company and carried out fairly large-scale construction projects.

But after his father passed away, when he, the successor, began running the company, everything went wrong.

“It’s not my fault. When COVID hit and raw material prices skyrocketed, what construction company could survive?”

The company became increasingly difficult and debts piled up.

As the glamorous life he had lived as a young master in the past became distant, his stress intensified.

In the midst of this, an opportunity came, and Oh Jeong-seok took risks and seized that opportunity.

And now the work was nearing its end.

‘If I hide in Cambodia, even the police won’t be able to find me. I can live like a king there.’

If he entered that place where the Korean government couldn’t easily find him, everything would be resolved.

It was when he was harboring hope that he could return to the past.

Ring ring-!

“What’s the matter?”

-Sir, a visitor has come to see you.

“A visitor? Who is it?”

-They say they’re from a company called KH Recovery.

It was a name he’d never heard before.

Coming without an appointment.

There was no reason to meet them.

-They said they came about a bond issue.

“A… bond?”

-Yes. They said they’ve secured all the bonds for the Yeongjong Island area…

That meant only one thing.

“Tell them to come in.”

A moment later.

In front of Oh Jeong-seok sat a man in his thirties wearing a neat suit.

He smiled and introduced himself to Oh Jeong-seok.

“I’m Choi Kang-hyeon, representative of KH Recovery.”

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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