Shinsegae Group Chairman Chung Yong-jin [Provided by Shinsegae Group]

Shinsegae Group Chairman Chung Yong-jin has sold his detached house in Hannam-dong, Yongsan-gu, Seoul, for 25.5 billion won.

According to industry sources on the 13th, Chairman Chung sold the house to Buyong Housing on the 6th and completed the ownership transfer registration.

The house is a detached property with one basement level and two above-ground floors. Chairman Chung purchased it in September 2018 for approximately 16.1 billion won from his mother, Shinsegae Group Chairwoman Emeritus Lee Myung-hee.

Chairwoman Emeritus Lee had previously bought the house in April 2013 for 13 billion won from its original owner, Woongjin Group Chairman Yoon Seok-geum, and held it for five years before selling it to her son, Chairman Chung.

Chairman Chung is known to be a homeowner of two properties, also owning a detached house in Baekhyeon-dong, Bundang-gu, Seongnam-si, Gyeonggi Province.

As the special measure to defer the surcharge on capital gains tax for multiple homeowners ended on the 9th of this month, if Chairman Chung had sold the Hannam-dong house after that date, he would have had to pay an additional capital gains tax on an estimated profit of approximately 9.4 billion won.

Shinsegae Group stated, "As this is a personal transaction by the chairman, we have no separate comment."

Buyong Housing is reportedly reviewing plans for the utilization of the newly acquired property.