JYP sells main JYP building to SK chairman’s sister

[22-taken.livejournal.com]

Famous Korean entertainment label JYP’s CEO, Park Jin-young has sold his building in Cheongdam-dong, southern Seoul, to SK Group chairman Chey Tae-won’s sister, who is the chief director of SK Happiness Foundation, according to a news report on Wednesday.

Chey Gi-won, the fifth richest female in Korea, is the second shareholder of SK Group who allegedly owns $90 million worth of assets.

Park sold the building to Chey for about $7 million in November. However, JYP Entertainment will still use the building for three years, according to the report.

JYP Entertainment dismissed speculation that he sold out the building due to his agency’s financial problems, claiming that the deal has nothing to do with the company.

“The JYP building is situated in the main part of Seoul and is considered as a mecca of K-pop and hallyu since many Korean management agencies are near there,” an expert from the real estate industry said.

Park bought the building for about $1.8 million in 2001. He gained more than 3 times of investment return in 13 years.


note: JYPE also has a different building for trainees.

1. [+3,045, -145] Seems like things aren't looking good for JYP

2. [+2,640, -141] JYP's obsession with America ruined his own company

3. [+876, -69] ??????

4. [+409, -26] JYP sold it for a profit since they bought it for 2 billion and sold it for 7.6 billion. Not sure how much more the price will rise but the building was too small for them anyway and they're moving to somewhere bigger.

5. [+280, -20] It's not that JYP's too poor, it's that the building was too small for them and they've had to rent out room in other buildings so they're just selling it to buy something bigger.

6. [+232, -31] It's to move somewhere better~~ It's better that JYP sells it while someone is willing to buy it since sales like this are hard to make.

7. [+203, -17] The building did seem rather run down. Good on them for moving out.

8. [+107, -23] JYP is not in a difficult financial situation, they're constructing a new building because they need more space ㅋㅋ


netizenbuzz l kpopherald

Comments

[pbutterlion.livejournal.com]

lmao ppl think they are going broke

[shintotchi.livejournal.com]

JYP Entertainment dismissed speculation that he sold out the building due to his agency’s financial problems, claiming that the deal has nothing to do with the company.

(http://photobucket.com/)

Yeah, OK JYP.

[lysblack.livejournal.com]

it's the truth tho, they actually have a better and bigger building now.

[shintotchi.livejournal.com]

Where does it say that? O_o

[iftheshoefits88.livejournal.com]

do you know if the new place the building that got7 did all their dance practice videos excluding these last couple ones?

[22-taken.livejournal.com]

no, because the new building is not built yet^^

[torontok.livejournal.com]

might wanna actually read the article before commenting.They sold for profit to buy a bigger building, that hardly sounds like financial trouble

[shintotchi.livejournal.com]

I might say the same to you. Nowhere in the article does it mention him buying a bigger and better building. If it was mentioned in the comments, then that's why I missed it, but netizen comments aren't an article. So if he bought a bigger building, that's great, but it's not in the main article that I can see.

[22-taken.livejournal.com]

from another article "they are looking to build in a new location because they have 5 of their offices which are scattered all over Korea (A&R, Trainee training and others)"

[shintotchi.livejournal.com]

Thanks for the info. I just dunno how the person above you expected me to know what wasn't explicitly stated in the article. :P

[torontok.livejournal.com]

This is why investing in real estate is a smart idea

[rixythewraith.livejournal.com]

It's not exactly uncommon for things to happen in lots of different buildings though is it? I mean both YG and SM have large training/rehersal buildings that are seperate from their main headquarters

I like the JYP building - I like how proudly he shows off all his kids :P

[kiki3291.livejournal.com]

Eh, they actually are moving though. Some staff have been posting about how much bigger the new place is and it will have closer dorms too.

[lysblack.livejournal.com]

lol people are so dumb, just because they don't make sm and yg money it doesn't mean they are broke, far from it.

it's been a while since they outgrew their building, i mean, miss a used to practice in a building that they rented nearby, the old building has been the company's building since it moved away from the basement says, and the new building is pretty neat.

[ironicmustache.livejournal.com]

good. the old jyp building is rly ugly. i've walked past it a few times and it's just really ... unimpressive.

[peacefulscream.livejournal.com]

Meh. That building looks old as fuck. JYP should get one that reflects their status in the industry.

[scheisse.livejournal.com]

This seems like such non-news to me.

[seroquels.livejournal.com]

Net#2...wut? Anyone else here share this sentiment (outside of the selling of the building since that was just a smart business move and not out of desperation)?

[skidadler.livejournal.com]

That building has always looked really small to me.

[nekkedness.livejournal.com]

im gonna miss that ugly building

[larkspurple.livejournal.com]

I was actually rather surprised when I personally got to see these famous kpop headquarters. They were indeed smaller than what I was expecting. (I don't know with YG though, since it was in a different area and we didn't get to see it.)

I like the location of this building though. It is convenient for fans to have a Dunkin Donuts store directly opposite of it. Haha. You can order something and hang around for a while and you'll get a clear view as to who goes inside the front door of the JYP building. (we just stayed for around 20 minutes and we luckily saw two members of Got7. :D)

[akillarian.livejournal.com]

In 2 years time, that DunKin Donut place will loose some of its profit then lol

[rixythewraith.livejournal.com]

Cube is still right there though! They have their own cafe though and it's way cheaper than Dunkin Donuts

[greasetree.livejournal.com]

lmao i definitely got something from that dunkin donuts when i went kpop building hunting

[theharleyquinn.livejournal.com]

When I went to check out the area, that Dunkin Donuts had like 50+ girls taking all of the seats inside and sitting on the curb outside. It was crazy. It's a cute part of the city though.