[비즈한국] Paradise034230, a domestic casino and hotel group, was included in the list of business groups subject to disclosure for the first time this year. However, attention is being drawn to Paradise Planning, a company jointly owned by Chairman Phillip Chun and his eldest son, Jeon Dong-hyuk (22), each holding a 20% stake, as it has reported '0 won' in revenue for 13 years.
Paradise Group has been led by Chairman Phillip Chun since the passing of its founder, Chairman Chun Rak-won, in 2004. The group currently consists of 11 affiliates centered around the non-listed holding company Paradise Global, and it was included in the list of business groups subject to disclosure this year after its total assets exceeded 5 trillion won. Paradise Global is majority-owned by Chairman Chun with a 67.33% stake, while his three children—Jeon Woo-kyung (29), Jeon Dong-hyuk (22), and Jeon Dong-in (20)—each hold a 6.7% stake. The remaining shares are held by Paradise Global as treasury stock (9.02%), the Paradise Cultural Foundation (2.84%), and the Paradise Welfare Foundation (0.71%). As the chairman's three children are currently not involved in company management, the succession plan remains unclear.
With Paradise Group’s inclusion in the list of business groups subject to disclosure this year, the disclosure documents for its 11 affiliates were made public for the first time. Among the affiliates, Paradise Planning, the father-son company where the chairman and his eldest son each own a 20% stake, stands out. The remaining 60% of the stake is held by the holding company, Paradise Global. Established in April 2005 with a capital of 500 million won, Paradise Planning is a real estate management company that has not generated a single won in revenue since it was incorporated as a Paradise Global affiliate in 2011. It essentially exists as a dormant corporation. As of last year, Paradise Planning’s total equity stood at 340 million won, which is less than its original capital (500 million won).
Paradise Planning, which has had no revenue for 13 years, is expected to expand its size through its subsidiary, Gyeryong SPC. In 2018, Paradise Global transferred a 60% stake in Gyeryong SPC to Paradise Planning, and in January of this year, it became a wholly-owned subsidiary of Paradise Planning through a paid-in capital reduction. Gyeryong SPC operates the rental business for the 928 units of the publicly supported private rental apartment complex 'Gyeryong Paradia' (located in Gyeryong, South Chungcheong Province). Its revenue is expected to surge significantly when these apartments are converted from rentals to private sales in December 2026. There is speculation that after the parent company, Paradise Planning, grows in size, it may be used to increase Jeon Dong-hyuk’s control through methods such as absorption mergers.
Regarding the revenue of Paradise Planning, a Paradise Group official explained, "Paradise Planning was established to engage in real estate development, but as the business fell through, it currently remains as a dormant legal entity."