hankyoreh

the third son of Hyosung Group Chairperson Cho Suck-rai.

Korean-American Independent blogger Chi Yong An, who has been tracking and publishing Korean real estate transactions overseas on his website “Secret of Korea,” revealed on Wednesday the fact that more than half of the owners of a 33-story luxury condominium located near Diamond Head hill in Hawai’i are South Korean. The condominium has a good view of Waikiki Beach.

An also released that Cho Hyun-sang, the third son of Hyosung Group Chairperson Cho Suck-rai, bought one of the units at the price of 2.62 million dollars in July, 2008. He also disclosed documents that show that Roh Jae-hyun, the son of President Roh Tae-woo also bought one in June, 2008.

An said, “I have discovered that more than half of the owners in the condominium have a Korean surname.” The 212-unit condominium was built in 2008. There are a total of 317 owners.

An has found that 173 of the 317 owners, 54.6 percent, have a Korean surname. He said the list of owners was made available by the municipal government for tax purposes. An said, “Many Koreans have more than two houses, and the owner of the penthouse was also Korean.”

Once the South Korean government abolished the 3 million dollar limit on investing in real estate abroad in 2008, it appears that several Korean citizens invested in buying condominiums. However, condominium owners are still required to report the purchase to the National Tax Service by May of the year following the purchase. However, analysts say several owners have not fulfilled this obligation.

Please direct questions or comments to [englishhani@hani.co.kr]