After a little over two hours, we arrived in China, where pale gray clouds were the first to greet us.
Beijing, China. Capital International Airport.
For all that COVID had taken from us, there had been one good thing about it. It had gifted Korea with clear skies for a while.
The dusty clouds over Beijing, and the smell of air that made it feel as though you were smoking just by breathing, seemed to say that China’s production factories were slowly coming back to life.
Perhaps because of the grueling schedule, Director Oh dozed off in the taxi on the way to the hotel. Thanks to that, I could relax a little and freely take in the scenery.
Fast. It was truly far too fast.
Just thirty years ago, Beijing had only a handful of buildings over ten stories tall. Now, buildings even taller than those in Korea towered everywhere.
High-rise apartments lined the major urban centers, and the surrounding areas were filled with corporate buildings and well-organized living infrastructure.
Gangnam... perhaps even beyond that? I had heard that recently China was turning from our market into our competitor, and looking at the cityscape, it did not seem like something that could be brushed off lightly.
“Ugh, aah!”
When the taxi reached the front of the hotel, Director Oh, who had been sleeping in the passenger seat, suddenly screamed.
“D-Director...?”
“Phew. That scared me. I had a nightmare.”
After sending the taxi away, he rubbed his chest in relief.
“I dreamed the Fed raised interest rates all the way to five percent. Could that have been a precognitive dream?”
“...There’s no way. CPI is still trending downward.”
“They kept saying they’d get it under control, get it under control, and that’s how we got here, didn’t we? Are you sure this wasn’t a precognitive dream?”
I smiled bitterly.
Recently, Director Oh had been suffering from interest-rate neurosis. It was probably not just Director Oh; people at sovereign wealth funds and central banks all over the world were likely complaining of similar symptoms.
But if my memory was correct, this would be the Fed’s final rate hike. The problem was that this rate would last for quite a long time.
“I was just saying it for a laugh. Coming on a business trip before something big, I’m having all sorts of useless dreams. What’s the schedule?”
“Yes. Lunch tomorrow at the Hilton with officials from the Foreign Ministry and the Ministry of Trade, Industry and Energy. And in the evening, we have an appointment with that local contact.”
After checking the marathon schedule, Director Oh pulled his suitcase.
“Assistant Manager Lee, let’s just get a good night’s sleep today. If we’re going to travel all over China’s provinces, we won’t even be able to nap properly for a while.”
*
The next day.
Director Oh and I met the people from the Ministry of Trade, Industry and Energy and the Foreign Ministry with tense expressions. The two of them were China experts well versed in local circumstances, currently the most reliable information channels our pension fund could trust.
“So... you’re saying that the statistics currently announced by the Chinese authorities are difficult to trust, and you’d like to verify the reality yourselves?”
“That’s correct.”
After the meal ended and Director Oh’s long explanation finally came to a close, the two of them frowned as if they had agreed to do so beforehand.
“Leaving aside all other issues, how exactly do you intend to confirm that?”
“We’d like to travel through China’s provinces as much as our resources allow. If we can confirm the state of unsold housing, we can get a sense of things in our own way.”
“Director Oh. Roughly how many hours does it take to get from Seoul to Busan?”
“...Pardon?”
“I believe it takes about two and a half hours by KTX. That’s probably the farthest distance people in Korea tend to think of, isn’t it?”
The person from the Ministry of Trade, Industry and Energy set down his teacup.
“But in China, that much is practically next door. It takes two hours by plane from Incheon to Beijing, but to get from Beijing to another province, it takes at least three hours each.”
“...”
“It doesn’t make sense physically. Even excluding Tibet and the Xinjiang Autonomous Region, China has around thirty provincial-level administrative divisions. Each autonomous region alone has almost the population of South Korea. How are you saying you’ll visit all those regions?”
“That is why we came to the two of you with such difficulty. The division head introduced you by saying that both of you have many connections with high-ranking officials in the authorities. Could you introduce us to people from the statistics bureau or the land bureau?”
This time, the person from the Ministry of Trade, Industry and Energy set down his teacup.
“That, too, would be difficult. If what you say is true, then the authorities ordered the manipulation of statistics. Do you think they would carelessly leak such confidential information?”
“...Would it be impossible even through guanxi?”
“It seems more likely that we could obtain intelligence on North Korea’s nuclear weapons. Frankly, I don’t even know whether anyone I know has access to such confidential information.”
“...”
“Director Oh, I think the same. If an order was given to manipulate statistics, the people who know that fact would be only a handful at the top. It’s information beyond the reach of our network.”
They were saying it indirectly, but they meant that we should give up. The two of them also did not seem inclined to believe much in the Chinese authorities manipulating statistics.
At their firm reaction, Director Oh was briefly unable to continue speaking. As the one who had brought things to this point, I felt so embarrassed that my face burned.
After a long silence, Director Oh opened his mouth again.
“Director-General. I know how reckless this idea is. But our pension fund has invested nearly two trillion won in Chinese real estate portfolios alone.”
“Even so...”
“In my heart, I also hope more than anyone that the Chinese real estate market is not a bubble. So please, give us just one chance. If you introduce us to just one person who knows the industry well, we’ll confirm only a few things and be done.”
The people from the Ministry of Trade, Industry and Energy and the Foreign Ministry stared quietly at each other. Judging from his momentum, Director Oh was apparently not going to back down until he had confirmed something with his own eyes.
After a long silence, the person from the Ministry of Trade, Industry and Energy spoke.
“Then let’s go to Chongqing. I know one developer.”
“Chongqing?”
“He’s a businessman in construction over there. He’s capable, and he and I often have fairly candid conversations. If it’s him, he should be able to tell Director Oh about the unsold housing situation you want to know.”
“That would be more than enough. Thank you.”
“Then get ready at once. As it happens, I have an appointment with him this evening.”
Director Oh answered with a troubled expression.
“...Does it have to be today? I have another meeting this evening.”
“You’ll have to match his schedule. He isn’t someone even I can meet easily.”
“...Understood. If it’s Chongqing, we’ll have to go by plane, right? I’ll get my passport and come back immediately.”
It was a sudden meeting, but Director Oh could not refuse.
Where else would he find someone who knew the real estate situation well, had practical experience, and would speak relatively honestly?
After we hurriedly left, Director Oh hailed a taxi and said,
“You heard that, Assistant Manager Lee?”
“Yes.”
“I’m going to Chongqing now, so you attend today’s meeting with the local contact.”
“M-Me?”
“Why, can’t you speak English?”
“That’s not it, but...”
“Then it’s settled. Make up a suitable excuse so the other side doesn’t feel offended.”
“Yes. I’ll say you had to go to the hospital urgently because you ate something bad.”
“I like how quick you are. And when you go there, introduce yourself as a senior... no, as a manager. In China, you’re Manager Lee. Wrap up the meeting well and contact me right away.”
I scratched my head.
All I had wanted was to look into the status of unsold housing, and somehow I ended up filming a spy movie in Beijing...
*
As the appointed time approached, I hid my nervous expression and drank my coffee.
Zhang Shugang.
According to the division head’s introduction, he was a money demon with an uncanny nose for profit.
Twenty years ago, he had recognized the potential of the Korean Wave early on, made a name for himself as a video distributor, and even launched a series of beauty-related businesses, making a fortune.
But when the sudden ban on Korean content struck, he wound up all his businesses and started something else. The division head said he did not know much about his recent situation.
“Excuse me. Are you Mr. Oh?”
But it seemed the division head knew far too little about his recent situation. The person who approached me as I waited was a beautiful woman in her mid-twenties.
“That’s right, but... who are you?”
“I’m Zhang Shugang.”
“P-Pardon?”
“I’m joking. Hoho. I’m Zhang Shugang’s daughter, Meilin. My father ate something bad and suddenly had to go to the hospital, so I came in his place.”
I smiled bitterly. Whatever the circumstances were, it seemed the other side had also effectively broken the appointment.
“By the way, are you really Mr. Oh? I was told someone very high-ranking would be coming.”
“No. I’m Manager... no, Assistant Manager Lee Sejun. Our director also went to the hospital because of food.”
“Aha. In China, you really do have to be careful with food. I suppose my father and your director must have eaten the same thing? Hoho.”
Unlike her youthful face, she seemed quick on the uptake. Both she and I had realized that the appointment had fallen through and that we had sent substitutes.
“Ah, please don’t misunderstand. I may not look it, but I’m in charge of real estate among my father’s businesses. The brief questions you sent all concerned the industry I handle.”
“...Is that so? I’m sorry as well that I came in his place.”
“There’s no need to apologize. Hoho. Let’s not stand around like this. Since we invited a guest and committed a breach of courtesy, I’ll treat you to dinner today.”
She smiled brightly, as if something were so amusing.
Watching her, anger welled up inside me.
Damn it... I should have gotten on that plane to Chongqing today. I had a truckload of questions to ask that real estate developer who supposedly knew the industry inside and out.
If my memory was correct, China’s provinces were currently overflowing with unsold housing, and the situation had surpassed the level the government could control.
Of course, a country the size of China could not block all information. News of real estate insolvency would inevitably break. But afterward, the Chinese government began silencing people, and the Global Times and CCTV did not air any reports that might threaten the regime.
If I had known the appointment would fall through so emptily like this, I would have gotten on the flight to Chongqing too...
“Shall we go, then?”
“Um, Ms. Meilin. I’d like to apologize.”
“Yes?”
“Due to circumstances, I came in his place, but the person with actual authority is our director. As the side that requested the appointment, I apologize that this happened. How about we set another date once your father has fully recovered?”
“Hmm...”
She pouted her lips, then stared intently at me.
“Do you not trust me?”
“N-No, that’s not it...”
“Actually, even if my father came here, nothing would change. I’m the one in charge of real estate. And wouldn’t a subsidiary president know the industry situation better than the chairman? Hoho.”
To her smiling face, I spoke honestly.
“Ms. Meilin. The truth is, our director isn’t at the hospital. He’s in Chongqing.”
“Chongqing?”
“We were pressed for time, and an appointment came up with someone we couldn’t turn down... Right now, we’re trying to find out how true the Chinese authorities’ real estate statistics are, and how serious the local governments’ unsold housing situation is. I’m sorry, but we don’t have much time...”
“Aha. I was wondering why a man around my age had come out, but now I see there were circumstances. But if that’s the reason, I think you’ve gone to the wrong person.”
I raised my eyebrows.
“...Pardon?”
“Meet developers, and they always say the same thing. It’s hard, we’re dying, we can’t survive... But that isn’t the answer you want to hear, is it? You want to know specifically how serious the unsold housing problem is, don’t you?”
“...Do you know specifically, Ms. Meilin? Do you perhaps have a connection to the statistics bureau?”
“I don’t have connections, but I do have some ability.”
Like father, like daughter? Despite her youthful face, her unhesitating tone and confidence told me she was a businesswoman down to her bones. She seemed to be the spitting image of her father.
Seeing my confusion, she asked with an extremely relaxed expression,
“I think I can be of quite a lot of help... Are you sure you don’t need it?”