Exclusive
'Record-High Apartment Sale' Lee In-ok, Chair of CR Holdings, Sells 9.6 Billion Won Luxury Villa to Affiliate

[비즈한국] It was confirmed late through BizHankook's investigation that Lee In-ok, Chair of CR Holdings004840—who set a record for the highest residential property sale in Korea last year by selling her Nine One Hannam apartment—has sold another luxury villa nearby to a CR Holdings affiliate. The company that purchased the villa is a wholly-owned subsidiary of CR Holdings, where Chair Lee is the largest shareholder, and has been engaged in the real estate business since 2022. BizHankook inquired with CR Holdings about the background of this transaction but did not receive a response.

According to industry sources and real estate registries, CR Holdings Chair Lee In-ok sold the Villa de Greum L townhouse (villa) in Hannam-dong, Yongsan-gu, Seoul, with a private area of 213㎡, to CRI, a wholly-owned subsidiary of CR Holdings, last September. The sale price was 9.6 billion won, which is 1.914 billion won (25%) higher than the price she paid for it about four years ago. Chair Lee originally purchased the property in October 2020 for 7.686 billion won. In January of this year, CRI leased the Villa de Greum L, purchased from the chair, to an individual with a jeonse deposit of 1 billion won.

Villa de Greum L is a luxury villa built by the children of the late Huh Shin-koo, honorary chairman of GS Retail, who was a second-generation member of the GS Group founding family. It was developed in March 2020 on land inherited from their father, spanning two basement levels to three floors above ground. Located in the UN Village on the north side of the Han River, considered one of the wealthiest areas in Korea, the townhouse features private gardens, garden-style terraces, and a duplex structure (3 units). Some units, including those now held by CRI, have been sold and ownership has been transferred.

CRI, which purchased Chair Lee In-ok's villa, is a wholly-owned subsidiary of CR Holdings. It was established in November 2022 for the purpose of real estate leasing and sales. As of the end of last year, CR Holdings held a 100% stake in the company. Chair Lee In-ok is the largest shareholder of CR Holdings with a 23.95% stake, and when including special related parties, the stake reaches 74.65%. In effect, she sold her personal residence to a company over which she exercises control. CR Holdings is a KOSPI-listed holding company that owns subsidiaries such as Chosun Refractories, which produces fireproof materials.

CRI recorded a net loss last year due to losses incurred during the disposal of investment assets. In 2024, the company's revenue was 4.9 billion won, a 45% increase from the previous year, and operating profit was 1.4 billion won, up 44%. However, it recorded a net loss of 10.8 billion won due to a 12.5 billion won loss from the disposal of investment assets. In June of last year, CRI sold real estate in the Hannam-dong area of Yongsan-gu, Seoul, for 37.5 billion won to secure cash liquidity and improve its financial structure, which appears to have led to the loss. Previously, in December 2022, CR Holdings acquired all of CRI's shares through an in-kind contribution of real estate, including properties in Hannam-dong, and investment stocks.

Two months before the villa sale, in June of last year, Chair Lee In-ok sold her Nine One Hannam apartment (274㎡ private area) for 20 billion won, setting a new record for the highest residential property sale in Korea. Prior to this, the highest sale price for a residential property (apartment, multi-family, or townhouse) in Korea was 18.5 billion won for the Traum House 5th in Seocho-gu, Seoul, in October 2021, making Chair Lee's sale 1.5 billion won higher. Later, in July of the same year, a unit of the same Nine One Hannam complex with a private area of 273㎡ was traded for 22 billion won, breaking the record once again.

BizHankook asked CR Holdings about the background of why CRI purchased Chair Lee's residence and the criteria used to determine the sale price, but could not obtain a response.