Toy corporation SONOKONG announced on the 29th that it secured substantial funds through the sale of its headquarters in Bucheon, Gyeonggi Province.
According to SONOKONG, the company recently signed a contract to sell its Bucheon headquarters for 34 billion won. About 20 billion won of the funds from the headquarters sale will be used to restructure the business focus toward intellectual property (IP) characters, Nintendo Switch 2, and the used car and rental car businesses, as well as to improve financial structure.
This fund acquisition marks the second such instance following an investment of 33 billion won in June. Previously, the company used 19 billion won to purchase a headquarters located in Gangnam, Seoul, in May of this year.
SONOKONG explained that it plans to establish a joint venture (JV) in the form of SONOKONG JAPAN to secure character IP in Japan and use it as a foothold for exporting Korean IP. The company has also recently begun distributing the character "Labubu," which has gained popularity by operating a Pop Mart Roboshop.
Additionally, the new management has formally launched the used car distribution business. The headquarters will directly manage the used car business and secure new revenue sources through the rental car business of its subsidiary. SONOKONG plans to establish a used car showroom to strengthen the "SONOKONG Used Cars" brand.
A company official said, "The margin rate for the used car business is around 5-10%, and we are exploring opportunities to collaborate with used car complexes in other regions through the management of the Seo Seoul Motorium."