The worldwide reputation of Korean motion pictures, tv and Okay-pop has allowed A-listers to rake in money and buy properties in Korea’s most coveted areas.
However stars akin to actors Kim Tae-hee and Ha Jung-woo have reportedly bought these properties in latest months. Business watchers have referred to as the offloadings “profit-making strikes” earlier than the federal government’s stricter actual property guidelines on non-residential properties took impact.
And their strikes apparently paid off.
Kim, who bought a five-story retail property close to Gangnam Station in June 2014 that was value 13.2 billion received ($11.7 million) on the time, reportedly bought it for 20.3 billion received in March. She raked in 7.1 billion received from the deal.
For Kim, this was apparently a small step, because the actress and her husband Rain –- who tied the knot in 2017 –- owned a reportedly mixed 81.4 billion received value of actual property properties as of 2020. Their portfolio contains properties in Seoul and a house in Irvine, California, in keeping with reviews.
Ha made roughly 4.6 billion received in revenue when he reportedly bought his business constructing in western Seoul –- with Starbucks as a key tenant –- in March. He purchased the constructing for 7.3 billion received in July 2018 and bought it for 11.9 billion received.
Okay-pop singer Soyou hopped on the bandwagon after she reportedly bought off her constructing in western Seoul’s hip Yeonnam-dong which she bought for 1.5 billion received in 2016. She bought it for practically double the value in April. The previous member of lady group Sistar renovated the constructing right into a retail property after buying it as a house.
Actress Han Hyo-joo is among the traders who made the earliest strikes, promoting her property in central Seoul for 8 billion received final November, after shopping for it for five.5 billion received in 2017, in keeping with reviews.
The movie star promoting spree comes because the Moon Jae-in administration widened the scope of properties topic to lending restrictions, together with debt service ratio and loan-to-value ratio restrictions, to incorporate land, procuring arcades and officetels — multipurpose buildings with each residential and business items.
The LTV ratio was raised to 70 % for lenders in search of to borrow cash from all native monetary establishments, making it tougher for them to make actual property investments.
The Moon Jae-in administration’s actual property insurance policies have to date been targeted on housing properties — in an effort to tame the nation’s heated housing market — by implementing larger taxes on those that personal a number of houses and stricter mortgage rules.
By Jung Min-kyung (firstname.lastname@example.org)