Shinsegae Group Chairman Chung Yong-jin met with Donald Trump Jr., the eldest son of US President-elect Donald Trump, at the Mar-a-Lago resort in Florida this week, according to the Korean retail giant on Thursday.

The meeting prompted immediate speculations, as Trump’s transition team is conducting much of the planning for the second presidency at the resort.

Shinsegae downplayed the visit as Chung’s “personal trip,” saying the visit had been arranged months ago at the invitation of Trump Jr. The two are known to share a close bond, rooted in both religious and personal connections. Earlier this year, Chung posted a photo of himself with Trump Jr., noting that their first encounter was ten years ago at a media event where they were seated next to each other.

Chung’s US visit comes as Korean conglomerates rush to get closer to the new US president and bolster their preparedness for any policy changes under his second term.

Compared to its chaebol rivals, Shinsegae has maintained a low profile in the US. Its flagship supermarket chain E-Mart entered the US market in 2018 by establishing the local unit PKRH. It operates 55 stores and supplies ready-made meals to local retailers such as Trader Joe’s and Costco.

Asked about any plans for US expansion, a Shinsegae official in Seoul declined to comment. “All US operations are managed independently by the US entity,” he said.

It remains to be seen whether Chung will meet with President-elect Trump during a fundraising dinner set to be held at Mar-a-Lago on Thursday (local time).