Officially Assessed Prices of Conglomerate Heads' Homes ⑨
Heads of quasi-conglomerates prefer luxury apartments over detached houses

[비즈한국] The Korea Fair Trade Commission (KFTC) has announced the '2024 Status of Large Business Groups (Business Groups subject to disclosure).' Among the top 10 groups by assets, there are no changes other than the swapped rankings of HD Hyundai and GS. With the recent growth of new industries such as secondary batteries and online retail, Ecopro has been newly included in the list of business groups, and Coupang has climbed 18 spots (from 45th to 27th). Seven business groups, including Hyundai Marine & Fire Insurance001450, Youngone, Daishin Securities003540, HYBE352820, Sono International, Wonik032940, and Paradise034230, were newly designated, while Daewoo Shipbuilding & Marine Engineering was excluded.

There are a total of 78 individual heads (controlling owners) designated by the KFTC. Following the application of revised guidelines, Coupang (Kim Bom-suk) and Dunamu (Song Chi-hyung) were designated as corporate entities rather than individuals. Bizhankook surveyed the officially assessed prices of the homes of these 78 chaebol heads and quasi-conglomerate chiefs. Finally, we reveal the homes of the heads of Shinyoung, Hansol, Bando Holdings, Sampyo, HYBE, Sono International, Wonik, and Paradise Group, all belonging to the quasi-conglomerate category.

Shinyoung, Chung Chun-bo

Chairman Chung Chun-bo, nicknamed the "Trump of Korea," purchased a penthouse unit at Hyosung Villa Cheongdam 101 Phase 2 (exclusive area 253.31㎡, supply area 290.87㎡) in March 2019 and moved in in July 2022 after its completion. A month later, he sold his previous residence, a 3rd-floor unit at Daewoo Royal County 3rd in Cheongdam-dong (exclusive area 244.81㎡, supply area 269.22㎡), for 4.95 billion KRW. The penthouse unit where Chairman Chung lives is known to have an excellent view of the Han River and features four bedrooms and two bathrooms. This year's officially assessed price for the apartment is 6.884 billion KRW.

Hansol, Cho Dong-gil

Chairman Cho Dong-gil, grandson of Samsung Group founder the late Lee Byung-chul, has lived for 30 years in the Jangchung Residence, located near the CJ Culture Foundation's Jangchung-dong building, which was the late Chairman Lee's residence during his lifetime. It is a luxury villa completed by Heehoon Construction in September 1993, and Chairman Cho purchased and has lived in the 2nd-floor unit (exclusive area 256.81㎡, supply area 333.6㎡) since December 1994. There is a separate storage space for each unit in the second basement level, and the storage area available to Chairman Cho measures 52.89㎡ (16 pyeong). It features five bedrooms and three bathrooms, and its officially assessed apartment price fell slightly from 1.667 billion KRW last year to 1.574 billion KRW this year.

Bando Holdings, Kwon Hong-sa

Bando Construction Chairman Kwon Hong-sa, the younger brother of IS Dongseo Chairman Kwon Hyuk-woon, has been living in the Apgujeong Hyundai Apartment for 24 years after winning it at auction. He purchased the 11th-floor unit of Building 76 (exclusive area 245.2㎡, supply area 264.87㎡), located across from the back gate of Apgujeong Elementary School, via a voluntary auction in March 1999, and it is understood that he moved into the Apgujeong Hyundai Apartment in Seoul after leaving Busan in December 2009. Currently, the market price for this apartment is 12 billion KRW for sale and 3.5 billion KRW for *jeonse* (lump-sum deposit lease). This year's officially assessed price is 5.656 billion KRW.

Sampyo, Chung Do-won

Chairman Chung Do-won, father-in-law of Hyundai Motor Group Executive Chair Euisun Chung, lives in a detached house (land area 658㎡, total building area 461.87㎡) built in Seongbuk-dong in 1994, with one basement level and two above-ground floors. Chairman Chung gifted his stake in this house to his son, Vice Chairman Chung Dae-hyun, in 1998, and Vice Chairman Chung gifted it to his son, Chung Tae-hyung, in 2021. Chairman Chung Do-won currently holds no stake in the property. According to the building register, the basement level (108.1㎡) and the second floor (190.87㎡) are designated as "residential," while the first floor (190.87㎡) is designated as a "restaurant." The Seongbuk-gu Office calculates the annual officially assessed price for the individual house including the restaurant area. This year's assessed price is 2.673 billion KRW.

HYBE, Bang Si-hyuk

Known as the "Father of BTS," Board Chair Bang Si-hyuk is difficult to pin down to a specific residence as there are no affiliated companies where he currently serves as CEO. In September 2021, Chair Bang purchased a duplex unit at Parc Hannam located in UN Village (exclusive area 268.67㎡, supply area 320.14㎡, sale area 410㎡) for 10.8 billion KRW, but it is known that this is his parents' home, and he himself has been a long-term guest at a 5-star hotel in Gangbuk. The officially assessed price for the Parc Hannam unit owned by Chair Bang is 8.679 billion KRW this year.

Sono International, Park Chun-hee

Honorary Chairwoman Park Chun-hee purchased a Nine One Hannam apartment in June 2021 for 4.28 billion KRW and has been living there. It is a 6th-floor unit featuring 3 bedrooms and 4 bathrooms, with an exclusive area of 206.9㎡, a supply area of 248.84㎡, and a sale area of 254㎡. Current market prices are confirmed at 11 billion KRW for sale and 7.5 billion KRW for *jeonse*. This year's officially assessed price is 6.363 billion KRW.

Honorary Chairwoman Park used Nine One Hannam as collateral to provide a loan with a maximum bond amount of 6 billion KRW to Central Partners, a private company owned by her daughter, Daemyung Construction CEO Seo Kyung-sun. CEO Seo Kyung-sun also purchased a 3rd-floor unit in a different building at Nine One Hannam (exclusive area 244.35㎡, supply area 293.93㎡, sale area 301㎡) in March 2021 for 5.05 billion KRW and lives there. This year's officially assessed price is 7.104 billion KRW.

Honorary Chairwoman Park’s son, Chairman Seo Jun-hyuk, is understood to have purchased a home with the same dimensions as the duplex unit at Parc Hannam bought by Chair Bang Si-hyuk (exclusive area 268.67㎡, supply area 320.14㎡, sale area 410㎡) for 13.5 billion KRW in April 2020. This year's officially assessed price is 8.86 billion KRW.

Wonik, Lee Yong-han

Wonik Group Chairman Lee Yong-han, who was included in the large business group list for the first time this year, resides at Hannam The Hill in Hannam-dong, Yongsan-gu, Seoul. According to the real estate register, Chairman Lee purchased a 100-pyeong duplex unit at Hannam The Hill (exclusive area 243.2㎡, supply area 330.58㎡) for 6.7 billion KRW in February 2018. Given the lack of a real estate mortgage, it appears he paid the full amount in cash. Since Hannam The Hill was supplied via a "lease first, sale later" system due to the price ceiling regulations, it is presumed he lived there even before the purchase. This year's officially assessed apartment price is 8.247 billion KRW.

Paradise, Phillip Jeon

Chairman Phillip Jeon is understood to reside in Seorae Village, a traditional affluent neighborhood in Gangnam, Seoul. According to the real estate register and building ledger, Chairman Jeon purchased the office building of Nandamo Life Health in Bangbae-dong for 4.88 billion KRW in April 2012, and changed the building's usage from "office" to "detached house" while undergoing major renovation and expansion in January 2015. The land area is 545㎡, the landscape area is 70.98㎡, and the total building area from the second basement to the third floor reaches 920.21㎡. An elevator is installed inside, and there are parking spaces for 7 vehicles. This year's individual house officially assessed price is 5.849 billion KRW.