NCT’s Mark Faces Harsh Criticism Over Luxury Apartment Purchase
It was recently reported that NCT‘s Mark was the owner of a luxury apartment worth around ₩5.00 billion KRW (about $3.53 million USD) in Nonhyeon-dong, Gangnam.
Brighton N40 is a luxury apartment complex consisting of five buildings with 148 units, ranging from 84㎡ to 176㎡, and eight penthouse units ranging from 171㎡ to 248㎡. The complex, located at 40 Nonhyeon-dong, has four underground floors and up to ten stories above ground. World-renowned architect Jean-Michel Wilmotte designed it, and each unit comes with at least two parking spots, allowing for a total of 326 vehicles.
Other celebrities, including SEVENTEEN’s Hoshi, Han Hyo Joo, INFINITE’s L, and TWICE’s Nayeon, are also said to own apartments in the complex.
However, the news of this purchase has sparked negative reactions from netizens.
With a leasehold (jeonse) deposit of ₩3.00 billion KRW (about $2.12 million USD)on the unit, it is estimated that Mark invested approximately ₩2.00 billion KRW (about $1.41 million USD) in cash, effectively making an investment, buying the property using both mortgage and leasehold rights to minimize upfront cash, what some consider a “gap investment.”
Because gap investments usually involve a smaller amount of money put down and a renter who ends up paying a majority of the purchase price, they are seen as disadvantageous to the average person. Gap investments are also believed to contribute to rising housing prices and initial deposits.
Netizens discussed this on a viral post, expressing critical thoughts about the purchase.
- Wow, I’m seriously shocked… I liked Mark because he seemed different from the typical flashy idols. He felt like someone down-to-earth even among the SM idols… But to think he’s involved in a jeonse gap investment? Just bought a house with a deposit? This is so disappointing and shocking.
- People are defending gap investment now lol. If it were a woman, they’d be calling it a jeonse scam. Just shows how Korean real estate is stuffed with hidden issues like tax evasion.
- Since it’s a male celebrity, people will probably excuse him right away ^^
On the other hand, others felt that there was not an issue, saying Mark was unlikely to commit the fraud associated with gap investments as one point to combat those criticizing.
- At least the jeonse tenant here is someone well-off, so it’s not too worrisome. NCT’s Mark probably won’t run off with the jeonse money like someone shady would.
- What’s the issue with gap investment? The problem is if someone can’t return the jeonse deposit. If they can, then it’s not a problem.
- It’s not like Mark doesn’t have money, so what’s the problem? If he can pay it back, there’s no issue. People are only bothered because he’s a celebrity and it looks bad.
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