Chung Yong-jin Sells Hannam-dong Home for 25.5 Billion Won Before Tax Surcharge

Shinsegae Group Chairman Chung Yong-jin sold a detached house in Hannam-dong, Yongsan District, Seoul, to Booyoung Housing for 25.5 billion won on May 6 and completed the ownership transfer registration. Chung bought the property in September 2018 from his mother, Shinsegae Group Chairwoman Lee Myung-hee, for about 16.1 billion won. Lee had purchased it in April 2013 from Woongjin Group Chairman Yoon Seok-keum for 13 billion won and sold it to her son five years later. Channel A noted that the sale came four days before the capital gains tax surcharge for multiple-home owners was set to take effect. As Chung is known to also own a home in Seongnam, Gyeonggi Province, a sale after May 9 was estimated to have produced about 7 billion won in tax on gains of about 9.4 billion won. Because the deal closed on May 6, the tax is expected to be about 3.4 billion won including local tax. Source: rss.donga.com