Reborn since 1993

Chapter 826 Did you say thank you? !

The stock market collapsed, the real estate market collapsed, the foreign exchange market collapsed, and Korean companies, like leeks, fell one after another.

Chaebols like Daewoo borrowed money from overseas banks, but more Korean companies borrowed money from Korean banks such as Woori, Kookmin Bank, and Shinhan Bank.

The collapse of these local Korean companies has turned into bad debts for local Korean banks such as Woori. After all, the companies have gone bankrupt, and the legal persons and founders have either become homeless or jumped off buildings. How can they get back the money that was loaned out?

In addition to bankrupt companies, there are also many people who buy houses in Korea. For example, in Gangnam District, where housing prices are the highest in Seoul, Korea, housing prices have now fallen by more than 30%. This is in Seoul, an area where chaebols, wealthy Koreans, and powerful people gather.

Outside of Seoul, Korean house prices have almost been halved. Under such circumstances, those who bought houses with loans are now in a state of panic as the valuation of the house is now even lower than the mortgage. Why would they even want to pay off the mortgage?

Some people were laid off and lost their source of income. Seeing that they would never be able to pay their mortgages in their lifetime, they simply gave up and started setting up tents in the park and becoming homeless.

These have all become bad debts of Woori Bank and other banks, and the loans cannot be recovered at all. If the collapse continues like this, if the exchange rate cannot be stabilized, the major chaebols continue to lay off employees, the unemployment rate cannot be reduced, and the bad debt rate continues to increase, Korean banks can directly declare bankruptcy.

But just today, employees of Woori Bank, which is headquartered in Seoul, suddenly saw President Kim Jong-rok hurriedly arriving at the door of the headquarters building with a group of senior executives, as if to welcome the arrival of some important person.

If someone had told Jin Zhongluo before that those who owe money are the boss, Jin Zhongluo would have sneered, but now he believes it!
Now, as long as the money can be repaid to Woori Bank, he would be willing to sacrifice the person. If someone is willing to repay in US dollars, he will be a great benefactor of Woori Bank!

But this great benefactor just appeared. Dongling Hi-Tech Port City, which had previously borrowed $800 million from Woori Bank, was willing to repay the loan from Woori Bank in U.S. dollars.

Now that the Korean won exchange rate has collapsed, if we use US dollars to repay the Korean won, the loan will be reduced by a large margin. It seems that Woori Bank has suffered a great loss.

But that's not how it works. The whole of Korea is so short of US dollars that it's almost going crazy. Without hundreds of billions of dollars, Korea cannot be saved now.

But that is for the entire South Korea. Every additional dollar reserve placed in Woori Bank can increase the bank's hope of surviving the crisis.

"Manager Hu!"

A convoy arrived in front of the headquarters building of Woori Bank. Jin Zhongluo personally stepped forward and spoke to Hu Zixian who got off the car with a somewhat respectful look. It really fits the saying that the one who borrows money becomes the grandson and the one who owes money becomes the uncle.

"President Jin!"

Hu Zixian shook hands with Jin Zhongluo. Looking at Jin Zhongluo in front of him, Hu Zixian was also filled with emotion. In the past, someone with Jin Zhongluo's status was definitely a big shot in Korea. You couldn't just meet him if you wanted to. But now he came to greet him in person. It was conceivable what level Korea has reached now.

The group came to Jin Zhongluo's president's office, and Jin Zhongluo asked someone to serve Hu Zixian a cup of ginseng tea.

The diet in places like Bangzi, Japan, Jiaozhi, etc. is basically the same as that in China. After all, these places have been vassal states of Chinese dynasties for thousands of years.

Although Korea is unwilling to admit that the neighboring country that served as its suzerain for thousands of years is its real father, all kinds of customs and habits of Korea, Japan, and even Jiaozhi are inherited from the mainland.

The so-called Rome of the West has disappeared, but the Rome of East Asia has always existed. No matter how hard they try to distance themselves from the relationship, they cannot deny that they have a living father.

If the Rome of East Asia suddenly disappeared one day, believe it or not, a lot of countries that claim to be the orthodox Romans of East Asia would suddenly appear in places like Bangzi, Jiaozhi, Malaysia, etc.

"President Jin, I'm here on behalf of Dongling Hi-Tech Port City Company. The most important thing is to repay the loan from Woori Bank!" Hu Zixian said to Jin Zhongluo.

But before Jin Zhongluo could be happy, Hu Zixian continued, "However, Dongling Hi-Tech must pay the corresponding US dollars to Youli at the current exchange rate of Korean won to repay this loan!"

Jin Zhongluo's smile froze on his face. Although he had known this result for a long time, he still felt a pang of pain in his heart when he heard Hu Zixian say this. This meant that the loan provided by Woori Bank to Dongling Hi-Tech had shrunk by more than 80% to 90%. That was a loss of several hundred million US dollars!
Back then, India also used the same method to cheat the divided Russian bear. India borrowed more than 10 billion rubles from the Russian bear. At that time, the Russian bear was at its peak, and the exchange rate between the ruble and the US dollar was basically one to one.

After the Russian bear collapsed, the ruble plummeted rapidly to 3,000 rubles per dollar. India used more than 3 million US dollars to pay off the loan of more than 10 billion rubles to the Russian bear, and almost killed the Russian bear.

Of course, it was not only India that cheated Russia at that time. Wall Street institutions and Britain and others cheated Russia more severely and almost emptied it out.

But now, when Dongling Hi-Tech used the same method to repay the money to Woori Bank, Jin Zhongluo really felt the pain!

"Manager Hu, if we use the current won exchange rate to repay, Woori Bank's losses are really..."

Jin Zhongluo looked helpless and a bit humble. As the president of a Korean bank giant, Jin Zhongluo was helpless. But Hu Zixian did not give Jin Zhongluo a chance to bargain. If the two sides exchanged positions today, the Koreans would probably be more domineering and aggressive!

In his previous life, after Xiaomi’s supply chain executives offended Samsung, Lei Jun went to Samsung four times to apologize before Samsung resumed supplying products.

There is also the Chrysanthemum Factory, which is constantly choking on its purchase of screens from Samsung. When the Koreans are in power, they are very domineering!

"Dongling Hi-Tech repaid in US dollars!"

Hu Zixian looked at Jin Zhongluo and said only this, "If Woori Bank is not satisfied, Dongling Hi-Tech can also convert US dollars into Korean won according to the exchange rate and repay Woori Bank!"

Jin Zhongluo's face turned blue and red. The Korean won that Woori Bank wanted to depreciate every day was useless.

If it really gets out that Dongling Hi-Tech wants to exchange US dollars for Korean won, I'm afraid that Korea's Kookmin Bank, Shinhan Bank, etc. will be willing to make this deal, and even use a lower exchange rate to exchange the US dollars in Dongling Hi-Tech's hands.

"President Hu is joking!"

Jin Zhongluo's complexion returned to normal, and he said to Hu Zixian with a "grateful" look, "There is an old saying in the mainland, 'A friend in need is a friend indeed!
At this critical moment, Tanglin Hi-Tech was able to repay the loan in US dollars. Woori Bank thanks Tanglin Hi-Tech for its support!"

No matter how much the loss is, at this time, Woori Bank has to grit its teeth and swallow it, and also say "thank you" to Dongling High-Tech for saving its life.

Hu Zixian narrowed his eyes and looked at Jin Zhongluo's expression. The stick in front of him could bend and stretch, and he was indeed a character.

However, if Jin Zhongluo did not have some ability, Hu Zixian would not have come here in person. He came here not just to repay the loan.

"According to the current won exchange rate, Dongling Hi-Tech should repay Woori Bank 120 million US dollars!"

Hu Zixian said to Jin Zhongluo that he borrowed 6.8 million US dollars and repaid million US dollars, which was a direct reduction of million US dollars. You can imagine how bad the exchange rate of the Korean won against the US dollar has fallen. It is almost horrible.

Jin Zhongluo also felt the pain. Before, Dongling Hi-Tech converted all the borrowed Korean won into US dollars and cashed them out. The money lost was all charged to the account of Woori Bank.

Jin Zhongluo didn't know how much money Woori Bank would lose if it survived this crisis. At that time, someone would have to take the blame.

"In addition to this matter, there are two more things that require the support of Woori Bank and President Jin. I wonder what President Jin thinks!"

"Please speak!" Jin Zhongluo said with a serious look.

"Dongling Hi-Tech's subsidiary is undergoing restructuring. We hope to invite President Jin to serve as the honorary consultant of Dongling Hi-Tech's subsidiary. The consulting fee is $1.5 million per year. In addition, if a deal is reached, there will be a commission on part of the deal!"

Jin Zhongluo was stunned for a moment. He didn't expect that Hu Zixian would make such a request.

Currently, the annual salary of the president of a small bank in South Korea is only more than 300,000 US dollars. Jin Zhongluo's salary is higher, but his official salary cannot be much higher. As for his private income, it depends on how much money Jin Zhongluo wants to make.

However, as a consultant for Dongling Hi-Tech's subsidiary, Jin Zhongluo can receive and spend the consulting fees openly every year.

Not to mention that the US dollar will be in short supply in South Korea in the next few years, this consulting fee can directly take Jin Zhongluo's life to the next level!
Jin Zhongluo works in a bank, so how could he not know that some money is easy to get but not so easy to pay back, as the interest can crush people.

"If I become a consultant for Dongling Hi-Tech's stick subsidiary, what do you need me to do?" Jin Zhongluo hesitated and asked.

"It's easy!"

Hu Zixian smiled and said, "In the future, President Jin will provide some consultation and necessary support for Dongling Hi-Tech's Korean subsidiary in its Korean business.

Dongling Hi-Tech Co., Ltd. is planning to purchase some office buildings, equipment, production lines and other facilities in Korea.

In addition, Dongfang Optoelectronics, a subsidiary of Dongling Hi-Tech, is negotiating with Hyundai Motor to acquire Hyundai's LCD panel production line. We also hope that President Jin can provide some support for this transaction!"

(End of this chapter)