Chung Yong-jin, chairman of Shinsegae Group, sold a single-family house in Hannam-dong, Yongsan-gu, Seoul, three days before the surtax on capital gains for multi-homeowners took effect.
According to the real estate industry on the 13th, Chung sold his single-family houses at 733-37 and 733-57 Hannam-dong, Yongsan-gu, Seoul, to Booyoung Housing for 25.5 billion won on the 6th. Final ownership transfer took place on the 8th.
Chung bought the dwellings from his mother, Lee Myung-hee, the group chairwoman, in September 2018 for 16.12731 billion won. The capital gain Chung realized is about 9.37 billion won.
Analysts said the sale of the dwellings appears aimed at saving on capital gains taxes. Chung was a two-homeowner who also owned a single-family house in Baekhyeon-dong, Bundang-gu, Seongnam, Gyeonggi.
Booyoung Housing said it plans to develop the site. A Booyoung Housing official said, "We currently own the parking lot site of the nearby Hyatt Hotel, and we purchased the house adjacent to this site with plans to develop it in the future."