We are all reborn, who wants to be the richest man?

Gangnam District, Seoul.

Although the current Jiangnan is not as prosperous as it will be later, it has already demonstrated its potential for future development.

The most concrete manifestation is its housing prices. From the middle level more than a decade ago, housing prices in Gangnam District are now ranked second among all districts in Seoul. It is the area with the fastest housing price increase in Seoul in recent years.

"Sang Hyuk, what are your thoughts? Should we rent the house or pay rent?

I suggest you take out a loan and rent a house, which will save you about 110,000 won per month, which is equivalent to one month's salary in a year."

Outside a real estate agency in Jiangnan District, two young men who had just come out of the agency were discussing something on the side of the road.

"I also know that renting a house can save money, but the question is, do I really have to live in Gangnam District?"

The young man named Xianghe was still a little hesitant because the housing prices in Gangnam District were too high.

“Sang Hyuk, you will be an employee of SK in the future. How can you show your status if you don’t live in Gangnam District?

Would you tell your classmates that you live in Mapo during a dinner party? You would be looked down upon.

Don’t forget, you are the only one among our classmates who was admitted to SK Group. We are not SKY, what a proud thing this is.”

SKY, the three top schools in South Korea, but do you think you can sit back and relax after entering these three universities?

No, it's just a ticket for ordinary South Koreans to cross classes.

When it comes to curling, everyone says that China is very curled, but South Koreans say that life in China is like heaven.

In South Korea, because all industries are divided up by chaebols, ordinary people have only one way to change their class destiny.

Get into a good middle school, then a good university, then enter a good consortium, and then work hard to enter the management level to achieve class leap.

There is a word called Education Fever, which means education fever.

This word was not created by Chinese people, but by South Korea.

The student life of South Koreans is basically filled with exams and remedial classes, and 90% of students will sign up for extracurricular tutoring classes.

In South Korea, one-fifth of each household's spending is on tutoring classes.

Please note that this is a tutorial class only.

In South Korea, we get up at five or six in the morning to go to school.

After a day of classes, I have to study until eleven or twelve o'clock in the evening, and that’s not all.

Then there are the tutoring classes, and I usually go to bed after one or two o'clock.

This is not an exception, but is the case in most families.

All students and families have one goal, which is to enter the top three universities in South Korea, namely SKY.

It’s not that it’s hard to get into these three universities, but it’s easier to get an admission ticket.

Just like Sang Hyuk, although his university is not SKY, it is still ranked among the top five universities in South Korea.

The result? In the SK Group admission test, SKY graduates accounted for over 99% of the admissions.

Among the top five, Xianghe's alma mater was the only one admitted.

In South Korea, if you want to join a large conglomerate, you don't have to apply for a job, you have to take an exam.

The company will set the questions individually, all applicants will take the exam, and finally the successful candidates will be selected.

Of course, this refers to large companies and chaebols like SK and Hyundai.

So it can be said that thousands of troops are crossing a single-plank bridge, reaching new heights.

Sang Hyuk, who did not graduate from SKY, was able to work for South Korea's largest chaebol. Although the chance of this happening is not as high as winning 5 million, it is equivalent to the chance of winning 20,000 in a lottery.

If such a person does not live in Gangnam District, he will be laughed at by others.

So what if you join SK? You still won't do as well as I do.

"Let's wait and see. There's still a month until graduation, so there's no rush.

Let’s go, it’s noon, let’s go eat noodles with soybean paste.”

In a Chinese restaurant, two people had just finished their meal voraciously when a message on TV caught their attention.

The meaning of the content is very simple, that is, the economy is a little overheated, and it is necessary to raise interest rates to suppress the overheated economy.

"Great! The interest rate increased by one point all of a sudden. Luckily you didn't sign the contract just now, otherwise you would have lost money."

Sang Hyuk stared at the TV for a long time and finally sighed.

"Stay away from school if you don't have anything to do recently."

"why?"

"Because the suicide rate is going to rise again."

As a top student majoring in economics, Xianghe is very sure of his judgment.

Interest rate hikes are not scary, what is scary is high leverage encountering interest rate hikes.

South Korea later became a developed country, but it is indeed the country with the lowest fertility rate, lowest happiness index, and highest suicide rate in the world.

It is precisely because of this that many people say that South Korea is a pseudo-developed country.

Yes, your per capita output is very impressive, comparable to that of island countries, but you got to that position by stepping on your left foot with your right foot, so it is no exaggeration to say that you are committing economic fraud.

The reason for this can be traced back to South Korea’s unique housing rental system: full housing rental.

In South Korea, about 60% of houses are rented out as fully occupied.

What is full rental? It’s actually very simple.

In other countries, people pay rent on a monthly or quarterly basis. For example, for a house worth one million yuan, our monthly rent is two thousand yuan. We just pay for a few months of rent.

But it’s different under the full rental model. You can live in the house for free, but you have to pay me a deposit, for example, 800,000.

You pay me a deposit of 800,000 yuan, and I will let you live in the house for free for two years. After the expiration of the term, I will return the deposit to you in full.

Of course, many people have questions. You say I have 800,000 yuan, so wouldn’t it be great for me to buy a house?

There is a logical error here. It doesn't mean that if you can afford 800,000 yuan, you will have 800,000 yuan.

This money is all borrowed from the bank and interest has to be paid.

For example, if you borrow 36000 yuan from the bank now, you will have to pay yuan in interest in two years.

If you rent a house directly for 2000 a month, that would be 48000 for two years. Which one is more suitable?

Then why not borrow money to buy a house?

This is caused by the chaebols, because the banks have to lend their money to the chaebols for development, so for the common people, I can only lend you a short-term loan of two to three years at most.

In South Korea, it is not impossible to buy a house with a loan.

But either your income is absolutely guaranteed, so that you can buy a house with one or two years' salary.

Or if the property is very valuable, such as a building, the bank will be willing to lend you a long-term loan.

What does this give rise to? It is that speculators with money and connections can speculate with unlimited leverage.

A house costs one million yuan, and you can rent it out and get back eight hundred thousand yuan, then take out a loan to buy a house and rent it out again.

Theoretically, with this model, one person can buy all the houses in South Korea.

This creates a win-win-win situation: the bank earns a large commission while reducing the bad debt rate through two to three year loans.

Tenants can save one-quarter to one-fifth of their monthly rent by using the full-rental model. Moreover, this system is very mature, and there is no question of whether there is a scam or not. The entire process can be done through an agent.

As for the homeowners, when they have money, they buy houses and rent them out.

Seoul is so small, the number of foreign population is increasing every year, and the house prices are rising every year.

Therefore, the landlord earns money from the increase in house prices, which is a disguised way of transferring the money to the tenant, and then taking out a loan from the bank.

However, with housing prices in Seoul rising every year, this kind of unlimited leverage will increase people's greed infinitely.

Now that interest rates are rising, it’s not a big deal if you have one house, but what about dozens or hundreds of houses?

Now the rent of a house is obviously lower than the cost of renting a house in full. Without the subsequent loan of 800,000 yuan, the capital chain collapsed all of a sudden.

Xianghe understood this problem, so he said that many people would commit suicide in the near future.

The ones who suffer the most are not the highly leveraged homeowners, but the Samsung chaebol.

Originally, a large amount of loans had been negotiated, but now the rising interest rates are one thing, and whether we can borrow so much money is another question.

Why South Korea fell apart at the first touch in 97 was beyond everyone's expectations.

It’s because South Korea’s financial business is so bad that it’s unbearable to look at.

This is also related to South Korea’s policy, which is point-to-point assistance.

This is not only true in the manufacturing industry, but also in the financial industry.

This means that the financial industry has no competition and will be shattered at the slightest impact.

So after the financial reform in 97, foreign banks controlled South Korea's financial industry.

And now, Busan Bank, South Korea's largest bank under the Far Eastern Group, is leading the charge.

The South Korean boss returned the favor to the Luo family by raising the loan interest rate.

It's to kill Samsung.