Chung Yong-jin Sells Hannam-dong Luxury Home Before Higher Capital Gains Tax

Shinsegae Group Chairman Chung Yong-jin reportedly sold a luxury detached house in Hannam-dong, Seoul, shortly before the grace period for heavier capital gains tax on multiple-home owners ended. According to the source, Chung bought the property from his mother, Shinsegae Group Chairwoman Lee Myung-hee, for 16.1 billion won in 2018 and sold it to Booyoung Housing for 25.5 billion won on the 6th. The sale came three days before the grace period expired on the 9th. The report said the transaction reduced his tax burden by roughly half compared with the surtaxed amount. Source: mk.co.kr