The Korea Herald


Tycoon families prefer to live in Gangnam: report

By 고영아

Published : April 27, 2011 - 19:02

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By Koh Young-aah
Seoul’s Gangnam area, on the southern side of the Han River, has emerged as a popular residential area for families of the country’s top 30 tycoons over the years, a research firm said in a report Wednesday.
Seongbuk-dong and Hannam-dong, located in Gangbuk, north of the river, have historically been considered wealthy areas where most local conglomerate owners reside.
The trend, however, has recently been changing as Dogok-dong and Cheongdam-dong in Gangnam become rich residential districts with the establishments of luxury apartments such as Tower Palace.
According to the report, the number of family members of tycoons whose addresses are registered in Gangnam district have increased by from 136 out of 391 in 2005 to 153 in March.
The number of those who moved from Gangbuk to Gangnam, consequently, decreased from 225 to 208 during the same period.
Hankook Tire chairman Cho Yang-rae and Daelim Industries chairman Lee Hae-wook were two of chaebol leaders who moved to Dogok-dong during the period. They previously lived in Seongbuk-dong and Jongno-gu, respectively.
Those who moved to Cheongdam-dong, meanwhile, included LG Electronics vice chairman Koo Bon-moo, KCC vice chairman Chung Mong-jin and Lim Se-ryung, daughter of Daesang Group honorary chairman Lim Chang-wook.
Cheongdam-dong, one of the country’s hottest shopping areas, is also known for daughters of the country’s tycoons operating fashion businesses and restaurants there. They include Lee Seo-hyun, Cheil Industries vice president and daughter of Samsung chairman Lee Kun-hee, and Chung Yoo-kyung, Shinsegae Group vice president and daughter of the group’s chairwoman Lee Myung-hee.
SK Group chairman Chey Tae-won and Hankook Tire chairman Cho Hyun-sik, meanwhile, moved to Nonhyeon-dong, while others moved to Apgujeong-dong and Banpo-dong.