Actor Ryu Jun Yeol Accused Of Real Estate Speculation With His Gangnam Building That Sold For $12.4 Million USD
It was recently reported that actor Ryu Jun Yeol had made a pretty penny. He had sold a building in Gangnam-gu, Yeoksam-dong and made a profit of about ₩4.00 billion KRW (about $3.32 million USD).
According to news reports, he had originally purchased a land in 2020 under the name of a company called Deep Breathing. The land was bought for ₩5.80 billion KRW (about $4.81 million USD) and it was reported that he had borrowed ₩5.20 billion KRW (about $4.31 million USD) from the bank. He had renovated floors 7 and B2 and further borrowed about 70% of the construction fees worth about ₩1.70 billion KRW (about $1.41 million USD)
Seeing as the purchase was made through a loan worth 90% of the price, the public and media began to accuse him of real estate speculation. The completed building was sold for about ₩15.0 billion KRW (about $12.4 million USD). In just about 2 years, he made a profit of ₩4.00 billion KRW (about $3.32 million USD) after taxes. While real estate speculation is not exactly illegal, it is deeply frowned upon for public figures. Ryu Jun Yeol was accused of setting up a paper company for the loans and purchase
Regarding the matter, his company, C.Jes Entertainment commented to Korean media outlet Celuv Media that, “it is a matter concerning the actor’s personal assets and business and so the company is cautious about making a statement. Regarding the company he set up, he set it up to manage his own personal profits and he also ran exhibitions and more through the company.” Ryu Jun Yeol had plans to run a clothing business out of the building but he had ended up selling it after reconsidering his plans inkeeping with the COVID-19 situation.
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