A corporation founded by singer MC Mong is reselling a Sinsa-dong building in Gangnam just a year and a half after purchasing it. As a result, the company has reportedly taken a 1.4 billion KRW loss.
According to Financial News on the 22nd, MC Mong’s company ‘The Mu Co., Ltd.’ recently sold a building in Sinsa-dong, Gangnam-gu, Seoul to TV personality Noh Hong-chul for 15.2 billion KRW. The building spans one basement level and five above-ground floors, with a land area of 253.95㎡ and a total floor area of 593.17㎡.
MC Mong bought the property from broadcaster Kang Ho-dong for 16.6 billion KRW in November last year, but about 18 months later sold it for 1.4 billion KRW less. When including acquisition tax, registration tax, and financing costs, the actual loss is estimated to exceed 2 billion KRW.
Previously, Kang Ho-dong was reported to have earned roughly 2.5 billion KRW in capital gains from selling the property, but MC Mong’s side ended up offloading it at a loss.