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CH421 | Heir
🕑 Added 2025-09-11 12:30:02 +0000 UTCThe next day.
Representative Choi Jaeseok held a press conference and officially announced three policies.
Saemangeum, Busan New Port, and real estate PF.
With a massive policy package worth 50 trillion won, Korea was thrown into turmoil. Everywhere people went, conversations revolved around the National Economy Party.
“There’s a saying that if you want to win an election, you can’t miss the front page of the newspaper.”
“Until the general election, it looks like the National Economy Party will swallow up every other issue. The public’s attention is so intense, it’s practically burning.”
The planning chief opened his phone and showed the real-time search rankings.
1st: National Economy Party Policy
2nd: Real Estate PF
3rd: Representative Choi Jaeseok
4th: Saemangeum Project
5th: Busan New Port
“The central issue of this election will be South Korea’s economic growth.”
“From the perspective of the National Economy Party, they’ve chosen a very favorable battlefield.”
“When it comes to the economy, the National Economy Party is clearly in the lead.”
Each political party had different priorities and goals.
And so, every party had its own favorable battlefield.
For the ruling party, it was national security. For the opposition, it was welfare.
The economy had traditionally been a battleground more favorable to the ruling party, but the emergence of the National Economy Party completely shifted the landscape.
“Maybe that’s why the two major parties are reacting so sensitively. The ruling party is attacking us, saying we’re throwing out blank checks, while the opposition is raising concerns about environmental pollution.”
“This must be the first time we’ve been hit from both sides at once.”
“Until now, the National Economy Party has mostly acted as a negotiating party or a casting vote. But now that it’s being recognized as a major party, it’s facing a lot more checks and resistance.”
For Representative Choi Jaeseok to become president, this was the wall he had to climb.
He had to withstand the pressure from the two major parties if he wanted to win the presidency.
And in this election, he would need a landslide victory with a parliamentary majority. Only then could he secure leadership after becoming president and run the government on his own terms.
“The public’s response must also differ depending on the policy.”
“In the case of Busan New Port, there hasn’t been much backlash. The plan includes developing Korea’s shipping industry through a major deal among shipping companies, so it’s getting a fairly positive response. But Hyunjin Group and Hyundai Group are not happy.”
“Well, of course they’re not. If politicians say they’ll restructure your company however they please, you’d have to be strange to feel good about it.”
But what choice did they have?
They had no strength left to keep their shipping businesses afloat while running at a loss.
If you couldn’t defend what you had, losing it was only natural. And from the perspective of the shipping company’s employees, this plan was actually a far better solution.
“And about the real estate PF issue, Taewoo Construction’s CEO, Ahn Deokhwan, has requested to meet with you.”
“So the rumors have already reached Taewoo Construction?”
“According to media reports, the real estate PF the National Economy Party is talking about will be centered around the financial firms in Finance Tower. That’s why CEO Ahn seems to be reacting so sensitively.”
“Even if we don’t explain it to everyone, we’ll have to explain it to the CEO of Taewoo Construction. Tell him to come up when I have time.”
“He’s already waiting in the reception room.”
“We can’t keep such a busy man waiting too long. Let’s save the rest of the report for another time.”
After dismissing the planning chief, he called in CEO Ahn Deokhwan.
Ahn bowed deeply in greeting, his eyes still full of loyalty as he looked at me.
“Mr. Ahn, you look much better these days.
I suppose the improvement in the domestic construction market has eased a lot of your stress.”
“It’s all thanks to you, Chairman.
Even when the construction market was struggling, Taewoo Group introduced the pre-sale system, which allowed Taewoo Construction to survive.”
CEO Ahn’s loyalty seemed deeper than ever.
Because Taewoo Group had supported Taewoo Construction during the downturn, his gratitude had only grown stronger.
“I heard you came regarding the real estate PF.”
“I should have waited quietly until receiving your instructions, but given the nature of the matter, I feared I was being disrespectful by coming here directly.”
“There’s no need to call it disrespect. I should have shared the details with you sooner, and I apologize for the delay.”
“Not at all! This is not something you should be apologizing for. More than anyone, I know that everything you do is for the sake of Taewoo Group!”
At times, CEO Ahn Deokhwan seemed even more steadfast than Captain Kang.
Looking at him, I couldn’t help but feel sympathy for his subordinates.
Ahn was the type to meticulously enforce even the smallest rules, and his employees must have had a hard time under him.
But it was also thanks to that strictness that Taewoo Construction had earned its reputation as a first-class construction company.
“First of all, yes, we are creating a 30 trillion won real estate PF. Taewoo Securities will take the lead, investing 30 trillion won into the domestic real estate market.”
“Then… does that mean most of the contracts will go to Taewoo Construction?”
“For now, you could say that.”
“Taewoo Construction has already secured enough contracts to cover the next five years of work. We don’t have the capacity to take on an additional 30 trillion won in new projects. At best, we could handle about 5 trillion won worth of construction.”
Taewoo Construction was known as a premier construction company.
It held a strong position in winning contracts for high-rise buildings and apartment complexes, and it had already secured a huge backlog of projects.
But taking on another 30 trillion won worth of construction?
That was nearly impossible without giving up some of the existing contracts.
And if the company were to rush in more manpower and equipment just to handle the projects, quality would inevitably suffer.
“I’m well aware of that. That’s why I said, ‘for now.’”
“Are you saying Taewoo Construction will pass off some of its contracts to others?”
“The plan is for Taewoo Construction to take only the most profitable projects, while less profitable ones will be handed over to other firms.”
“But then why go through the process of funneling most of the contracts through Taewoo Construction in the first place? If you just gave them directly to the other firms, the whole process would be much simpler.”
The complicated process was actually the core of this strategy.
The contracts secured by Taewoo Construction would serve as bait to lure in conglomerates that owned construction subsidiaries.
“This step is essential for the larger business Taewoo Group is undertaking. In exchange for passing on contracts, we plan to swap them for assets held by other conglomerates. I feel sorry that we’re using Taewoo Construction for the sake of the group’s strategy.”
“N-no, not at all!”
“Taewoo Construction survived the downturn thanks to the group. You can use us however you see fit. If necessary, I’m even willing to step forward myself and play the role of front man!”
CEO Ahn Deokhwan was ready to do anything for Taewoo Group.
But his acting skills weren’t needed.
As long as Taewoo Construction appeared to win the contracts, the plan would work perfectly.
“Mr. Ahn, just carry on as usual. The fish will gather around the bait on their own.”
“Then… may I ask which companies you plan to hand the contracts over to? I’d like to be prepared, in case I make a mistake.”
“We’ll spread the contracts among several firms, but the plan is to allocate them mainly to the construction subsidiaries of Hyundai Group and Hyunjin Group.”
“Understood! Once again, I apologize for overstepping.”
CEO Ahn gave a crisp bow and left the room.
He must have been curious why the contracts were being handed to Hyundai Group and Hyunjin Group’s subsidiaries, but he didn’t ask.
And in truth, there was no real benefit in knowing.
The plan was to use the contracts won through the real estate PF as bait to acquire the two shipping companies at a reasonable price.
For now, the owners of those two shipping companies were the creditors.
But if their original parent conglomerates provided backing, dealing with the creditors would become much easier.
***
The National Economy Party’s three major policy pledges dominated the front page of newspapers every day.
As the issues snowballed larger by the day, even the Blue House could no longer sit idly by.
“The Blue House chief of staff has reached out.
He says he’d like to consult with you regarding the real estate PF and the Busan New Port.”
“Nothing about the shipping company big deal?”
“It seemed they were deliberately avoiding any mention of the big deal. From the government’s perspective, if they bring it up first, they would have no choice but to intervene directly.”
There would be no government-led big deal.
Since that had been the Blue House’s stance from the beginning, they couldn’t be the ones to raise the subject first.
“So they’re going to play an obvious hand.
Looks like they intend to seize the real estate PF and Busan New Port projects, turning them into government-led initiatives.”
“You mean they plan to snatch away the issues the National Economy Party has taken the lead on?”
“From the standpoint of the Blue House and the ruling party, it’s the best move. If they simply swallow up the agenda the National Economy Party has pulled into the spotlight, they can at least keep approval ratings from shifting toward us.”
I didn’t find it underhanded.
Even outside of an election season, issues like these were supposed to be government-led.
If the government and the ruling party, rather than the opposition, took charge, the projects would proceed far more smoothly.
But that wasn’t what I wanted.
Why would I hand over policies designed to secure the National Economy Party’s landslide victory to the ruling party?
“It looks like we’ll have to send Vice President Han again.”
“The Blue House chief of staff strongly expressed a desire to meet you in person.
If you send Vice President Han instead, it might provoke the Blue House.”
“In the case of the real estate PF, it’s a project being handled by Finance Tower. So it makes perfect sense for Vice President Han, who oversees our financial subsidiaries, to go in my place.”
If I stepped in directly, things would blow up.
But if Vice Chairman Han acted as my proxy, it would add another layer to the process, buying us at least a little more time.
And that little bit of time was exactly what we needed.
All we had to do was hold out until the general election.
“Vice Chairman Han might be pressured to hand over the real estate PF as a government-led project.”
“Most of the firms in Finance Tower are tied to Wall Street. How could anyone possibly force American companies to do anything? At best, they can suggest it, not impose it.”
“Ah! That makes sense. If they tried to pressure or threaten foreign companies, it would escalate into an international issue.”
“Exactly. So under the pretense of ‘coordinating opinions,’ we can drag things out for months.”
There were over fifty financial firms based in Finance Tower.
American, European, and Asian institutions had all gathered there. Naturally, coordinating among multinational firms was a slow process. Of course, if Taewoo Group took the lead, everything could be settled in a single day.
But Taewoo Group had no intention of stepping forward, which meant we could easily buy ourselves several months.
“What about the Busan New Port issue?”
“Vice Chairman Han can handle that as well. If the government insists on making the port infrastructure a state-led project, all we need to do is demand that they broker a big deal between the shipping companies under government leadership.”
“If that’s the condition, then yes, we can drag it out until the election. But once the election is over, the situation could turn serious.”
The planning director had been managing Taewoo Group’s affairs for decades. He knew better than anyone how vindictive the government could be afterward.
Of course, I had no desire to openly clash with the administration either.
But this government would effectively end with the election.
Once we moved from lame duck into impeachment politics, every issue would be swallowed whole.
