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Shin Dong-joo Sells Seongbuk-dong Mansion Where He Held Memorial Services for His Late Father, Lotte Honorary Chairman Shin Kyuk-ho

[비즈한국] It has been confirmed through Bizhankook's coverage that Shin Dong-joo, Chairman of SDJ Corporation and the eldest son of late Lotte Group founder and Honorary Chairman Shin Kyuk-ho, recently sold a large mansion in Seongbuk-dong that he had owned for 27 years for 9.3 billion won. As the property was where family memorial services had been held consistently since the passing of Honorary Chairman Shin Kyuk-ho in January 2020, the sale is drawing attention not only from the real estate industry but also from the business community.

Chairman Shin Dong-joo recently sold the Seongbuk-dong mansion where he had lived for over 20 years. According to the real estate registry, Chairman Shin built a detached house (total floor area of 574.5㎡, 174 pyeong) on a plot of land in Seongbuk-dong (991㎡, 300 pyeong) in 1995, consisting of one basement level and two floors above ground. He resided there for 24 years until 2021 and sold it on September 6 for 9.3 billion won. The buyer is the Arab Republic of Egypt, and the property is expected to be used as the Egyptian ambassador's residence in Korea.

The business community is focused on the background behind Chairman Shin Dong-joo's sale of the Seongbuk-dong mansion. As the eldest son of the late Lotte Group founder Honorary Chairman Shin Kyuk-ho, Chairman Shin held memorial services there following the Honorary Chairman's passing in January 2020 and hosted family gatherings during major holidays every year. In the business world, some speculate that the sudden sale may be an effort to secure cash assets, such as for the payment of inheritance taxes.

Chairman Shin Dong-joo previously purchased a Hannam The Hill apartment for 7.5 billion won in March 2021 and moved his residence from Seongbuk-dong to Hannam The Hill. A month later, he made an additional purchase of another unit at Hannam The Hill for 6 billion won under the name of SDJ Corporation, the company he operates, and registered it as the company's headquarters.