This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:31 p.m. on Sep. 2, 2026.
Kakao VX will acquire 45% equity in Gaseung Development from Seungsan, which is controlled by the GS Group Oner family, to secure the entire equity. Gaseung Development is a developer that has pursued the Shingal CC project, an 18-hole course in Yongin, Gyeonggi Province. Once the transaction is completed, the company will be able to not only restart the long-delayed Shingal CC development but also decide on other asset utilization plans, including a sale, on its own.
According to the investment banking (IB) industry on the 2nd, Kakao VX recently signed a stock purchase agreement (SPA) to acquire 45% equity in Gaseung Development held by Seungsan. When the transaction is closed, Kakao VX's equity stake in Gaseung Development will rise to 100% from the current 55%.
Gaseung Development is a real estate developer established in 2016 with 50% contributions each from the late Kim Jung-ju's side, the founder of Nexon, and Seungsan, a GS Group affiliate that operates resorts. In November 2020, Kakao VX acquired the entire equity held by NXC's side and then bought an additional 5% equity from Seungsan in Feb. 2021. As a result, Kakao VX became the largest shareholder with 55%, while Seungsan remained the second-largest shareholder with 45%.
Seungsan is a company controlled by the GS Group Oner family. GS Energy Vice Chairman Heo Yong-su is the largest shareholder with 62.60% equity, and most of the equity is held by the Heo family, including Huh In-young with 22.59%, Heo Seok-hong with 7.16%, and Heo Jeong-hong with 5.26%.
The Shingal CC development that Gaseung Development has pursued is a project to build an 18-hole public golf course on a site of about 1.11 million square meters in Gongsedong, Giheung-gu, Yongin. The original plan was to invest about 150 billion won to create the course and establish a golf course operation model that integrates Kakao's reservation and payment platform with information technology (IT) such as artificial intelligence (AI).
But the project was significantly delayed from the original plan. Although Shingal CC initially aimed for completion by the end of 2022, the schedule was pushed back as talks with the Jeonju Choi clan, the owner of the golf course site, dragged on. It is said the development stalled for a long period as project financing (PF) was disrupted due to the land issue.
Last year, during the process of pushing for a sale of Kakao VX, the Shingal CC project was cited as a key variable. At the time, Kakao VX had borrowed 60 billion won from parent company Kakao Games and injected it into the golf course project, and delays and PF procurement issues were reportedly cited as burdens for potential buyers. Earlier this year, it signed a long-term borrowing agreement with a 100 billion won limit with IVG, a subsidiary of Kakao Investment. Before that, the largest shareholder of Kakao VX also changed to IVG.
In the industry, the background to Kakao VX's acquisition of Seungsan's remaining equity is seen as an attempt to simplify the decision-making structure of the Shingal CC project. Previously, Kakao VX and Seungsan split the equity, requiring coordination between co-shareholders during the project's promotion. By securing the remaining equity, Kakao VX will be able to directly decide whether to proceed with the development, how to raise funds, and whether to change the project structure.
In particular, given Gaseung Development's recent funding moves, there is room to interpret this as leaving open the possibility of normalizing the Shingal CC project rather than scrapping it entirely. Since development costs are included in the use of the 100 billion won credit line, there is a possibility the development will be resumed if existing delay factors such as the land issue are resolved. On the other hand, if the project is deemed to have low profitability, it could choose to change the project structure or use held asset to recover the investment.
An industry official said, "This transaction is meaningful in that it organizes the co-shareholder structure and gives Kakao VX full decision-making power over the Shingal CC project," and added, "With even moves to raise development costs emerging, it appears the company will decide whether to proceed after comprehensively assessing the land issue and profitability going forward."