(OSEN)

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.

By Park Gyu-oh (q5park@heraldcorp.com)