[비즈한국] The Full Gospel Mission, a foundation of Yoido Full Gospel Church, recently purchased the Korean Christian Publishing building in Samseong-dong, Gangnam-gu, Seoul, for 74.65 billion won. Four years ago, Yoido Full Gospel Church reaped a profit of over 200 billion won by selling a parking lot site it owned in Yeouido, Seoul, to a real estate developer. With the world’s largest number of registered congregants, Yoido Full Gospel Church is demonstrating significant influence in the real estate market as well.
According to industry sources, the Full Gospel Mission purchased the office facility owned by the Korean Christian Publishing in Samseong-dong, Gangnam-gu, Seoul, on the 31st of last month for 74.65 billion won. The building, which stands 7 stories above ground (with a total floor area of 4,530㎡), was completed in 1987 near Samseong Station on Subway Line 2. The Full Gospel Mission completed the registration of ownership transfer five months after signing the sales contract this past February. Given that no collateral security (mortgage) has been established on the property, it appears that the purchase price was paid entirely in cash.
The Korean Christian Publishing is the nation's first Protestant publisher and an ecumenical organization. It was established in 1890 by early Methodist and Presbyterian missionaries who arrived in Korea, such as Horace Grant Underwood and Henry Appenzeller, to distribute Christian books and magazines in Hangeul. Over the years, it has produced and distributed a wide range of books, including not only Christian publications but also works on mathematics, general education, hygiene, enlightenment, linguistics, geography, and fiction. The building sold this time was newly constructed (the Second Hall) after the Korean Christian Publishing purchased the site in 1985 and had served as its main office since its completion.
Yoido Full Gospel Church is the world's largest church, located in Yeouido, Seoul. It originated from a tent church founded by Pastor Cho Yong-gi in Daejo-dong, Eunpyeong-gu, Seoul, in 1958. Following its establishment, it experienced explosive growth, surpassing 700,000 congregants in 1993 and being listed in the Guinness Book of World Records as the world’s largest church. It currently oversees affiliated organizations including the Kookmin Ilbo newspaper, Hansei University, and the Youngsan Cho Yong-gi Charity Foundation. The Full Gospel Mission is a foundation under Yoido Full Gospel Church dedicated to Christian missionary work, and is currently chaired by Lee Young-hoon, the senior pastor of Yoido Full Gospel Church.
Yoido Full Gospel Church secured a profit of over 200 billion won four years ago by selling a parking lot site. In September 2021, it sold its parking lot property in Yeouido, Seoul, to the real estate development company HMG Global for 303 billion won. This 8,264㎡ site had been designated as school land under urban planning regulations, preventing development for over 40 years. At the time of the sale, the regulations had lapsed, raising expectations for development. Yoido Full Gospel Church had originally acquired the land from the Korea Asset Management Corporation (KAMCO) for 60 billion won in August 2012.