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IU accused of real estate speculation

By Yoon Yeun-jung

  • Published : Jan 7, 2019 - 17:21
  • Updated : Jan 7, 2019 - 17:21

K-pop star IU has been accused of real estate speculation regarding a property in Gwacheon, Gyeonggi Province.

“The building and the land was bought last year to be used as her mother’s office and a fellow musician’s studio, not for speculation purpose,” IU’s agency Kakao M, formerly Loen Entertainment, said Monday.

(Kakao M)
Earlier a Korean media outlet reported that IU was among those to profit from the construction of the Great Train Express railway. It said IU bought the building and land in Gwacheon, which GTX passes through, in January last year for 4.6 billion won ($4.1 million). The property has since increased in value to 6.9 billion won, bringing her some 2.3 billion won in potential profit. Others on the list include well-known CEOs and chairmen, with IU as the only entertainment celebrity.

According to the article, Gwacheon, Namyangju and Hanam especially enjoyed increases in real estate prices, among other cities where the GTX line is located.

Kakao M said IU has no plans to resell the property because she bought it quite recently for actual uses.

An official petition has been uploaded to the Cheong Wa Dae site urging for an investigation into IU on the possibility of real estate speculation. The petition had garnered more than 20,000 signatures as of 4 p.m. Monday.

Meanwhile, IU held her 10th anniversary concert, “dlwlrma-Jeju ‘Curtain Call,’” on Jeju Island on Saturday. The singer has been performing a series of concerts to celebrate her anniversary, kicking off in Busan in October and traveling to Hong Kong, Singapore, Thailand and Taiwan in December.

By Yoon Yeun-jung (kairos07@heraldcorp.com)