Article: Insight into Big Bang Daesung's Gangnam building...Monthly rental income of 100 million
Source: 10Asia via Nate
Interest regarding Big Bang Daesung's Gangnam building that's under suspicion of being a front for illegal prostitution activities is growing.
Daesung's building is located in the center of Hakdong, at the intersection of a 3-way station about 660m away from Apgujeong station on Bundang line. Around the Hakdong intersection there are apartments, schools, banks, wedding halls, parks, plastic surgery clinics, coffee shops, restaurants, theaters, and concert halls, all categorized as promising commercial districts.
There's a Starbucks on the first floor of the building with outdoor billboards on the rooftop which also generate separate income. Daesung purchased the building in 2017 using bank loans for 31 billion won and has so far added about 14 billion won in equity. Monthly rental income is reportedly about 100 million won. The building is set to grow in price even more due to the Warye-Sinsa rail line that's scheduled to open in the area in 2026.
According to Daesung's real estate agent, there's no way Daesung could have known the complex was being used as a front for illegal activities as the businesses began operations in 2005 and Daesung only reviewed the "details of the lease" before purchase.
The agent said, "Daesung is only a building owner and has nothing to do with the business. If we find out that the tenants were using the complex to run illegal entertainment activities we will terminate our contracts with them."
However, controversy is growing because owners are responsible for maintaining their buildings. Even if Daesung didn't know, as the owner, he won't be able to avoid responsibility.
