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Chung Yong-jin, Chairman of Shinsegae Group. (Photo: Shinsegae Group) |
[Alpha Biz= Kim Jisun] Chung Yong-jin, chairman of Shinsegae Group, has sold his detached house in Seoul’s Hannam-dong for KRW 25.5 billion, completing the ownership transfer ahead of stricter capital gains tax rules for multi-home owners.
According to industry sources on May 13, Chung sold the property to Booyoung Housing on May 6, with the ownership transfer finalized on May 8.
The property is a two-story detached house with one basement level. Chung originally purchased the home in September 2018 from his mother, Lee Myung-hee, for approximately KRW 16.1 billion. Lee had previously acquired the property in 2013 from Yoon Seok-geum for KRW 13 billion.
Chung is also known to own another detached house in Baekhyeon-dong, Bundang, in Seongnam.
The sale comes just before the expiration of a temporary suspension of higher capital gains taxes on multi-home owners, which ended on May 9. Had the transaction occurred after this date, Chung could have faced additional taxes on an estimated KRW 9.4 billion in capital gains.
By completing the sale within the grace period, he is estimated to have reduced his tax burden by approximately KRW 3.7 billion.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
https://www.alphabiz.co.kr/news/view/1065618664568195
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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