Netizens Accuse Kim Ji Won Of Setting Up A Paper Company To Purchase Multi-Million Dollar Building

April 19th, 2024

It was recently reported in Korean media that actress Kim Ji Won has purchased a building in Gangnam, Seoul, for ₩6.30 billion KRW (about $4.57 million USD). The news was confirmed by the deputy manager of a real estate brokerage. They claimed that she had signed the contract for purchase in June 2021.

The building has one basement floor and five floors above the ground, and it at a prime location, just a few minutes away from Gangnam-Gu Office Station. The area is filled with high-quality rentals and real estate.

Upon careful digging, netizens found that the building was purchased under the name "Jiwon Entertainment Co, Ltd." Kim Ji Won is listed as the representative and only staff under the company. Netizens then began accusing her of setting up a paper company to make the real estate purchase. This is a route many celebrities take for several reasons. Two of the largest reasons is that they can take out a business loan instead of a personal one, and also to avoid personal estate taxes.

It was reported that Kim Ji Won's estimated loan was 55% of the purchase price. Four of the six floors are rented out at the moment.

• Huh, isn't Kim Jiwon under High Zium?
• Feels like a paper company to avoid taxes.
• Huh, seems it's true that celebrities really earn a lot.
• No, but she bought it under the name of her own one-man company LOL. And it's currently being used. Seems like most people think that if it is purchased commercially, it is for investment purposes.
• She's rich.
• She bought it commercially, but people are like "I'm jealous" LOL.
• Buildings are the best.

Although Kim Ji Won purchased it through a company set up for herself, by herself, many seem to be willing to overlook it compared to other celebrity cases. Most of the time, celebrities are called out for participating in speculation or futures investment. In Kim Ji Won's case, although she made the purchase through a paper company, the building is currently being used by renters and her own company. Still, others criticize her for making the commercial purchase.

There are many cases of celebrities creating paper companies for real estate investments. Previously, SEVENTEEN's DK received criticism for doing the same.

SEVENTEEN's DK Purchases A ₩6.8 Billion KRW Building In Luxurious Sinsa-Dong