Shinsegae Group Chairman Chung Yong-jin sold a single-family house in Hannam-dong, Yongsan-gu, Seoul three days before the heavy capital gains tax on multiple-home owners took effect.
According to the real estate industry on the 13th, Chung on the 6th sold his single-family houses at 733-37 and 733-57 Hannam-dong, Yongsan-gu, Seoul, to Booyoung Housing for 25.5 billion won. Final ownership was transferred on the 8th.
In September 2018, Chung purchased the dwellings from his mother, Lee Myung-hee, the general chairwoman, for 16.12731 billion won. The market profit Chung earned is about 9.37 billion won.
Chung was a two-home owner 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 adjacent house on this site to carry out development in the future."