Grandfather Living in a 6-Pyeong Container Was a Landowner Worth 200 Billion Won in Gangnam... "Rent Hasn't Increased for 30 Years"

"Emphasizing that raising rent for an easier life is a sin against tenants"

Old Hillstate Gallery in Dogok-dong, Gangnam-gu, Seoul. Photo by Hillstate Official Website Screenshot.

[Asia Economy Reporter Heo Midam] A story has been shared about an elderly man who owned land worth 200 billion won in the heart of Gangnam, Seoul, yet lived in a 6-pyeong container during his lifetime while managing a parking lot. This grandfather was known for never raising the rent even once in 30 years, saying, "Raising rent is a sin against the tenants."

On the 10th, JoongAng Ilbo reported that a site of about 1,300 pyeong (4,189㎡) in Dogok-dong, Gangnam-gu, Seoul, where the former Hillstate Gallery (currently Hyundai Construction's permanent housing exhibition hall) was located, was recently put up for sale.

This site had been leased by Hyundai Construction under a 15-year lease agreement (annual rent of 1.5 billion won). After the lease ended, the housing exhibition building was demolished, and the land was restored to its original state before the contract, currently remaining as vacant land. The land price is about 160 million won per pyeong (3.3㎡), making the total site price slightly over 200 billion won.

The land was put up for sale following the death of Mr. A, the recent landowner. During his lifetime, Mr. A managed the parking lot of the Hillstate Gallery and lived in a container of about 6 pyeong located on one side of the parking lot.

Many were surprised to learn that Mr. A, known as the "Container Grandfather," was the landowner. Kim (61), a resident of Dogok-dong, said, "There was an old house owned by Mr. A near the Hillstate Gallery, but Mr. A and his wife mostly lived in the container, cooking food there and resting on a makeshift bed inside the container."

According to reports, Mr. A purchased this land in 1974 and farmed it. Another Dogok-dong resident, Park (65), said, "Mr. A was a native of Maljukgeori and farmed in the area before Gangnam was developed. As the farmland turned into urban land, Mr. A built six buildings on other land he owned."

However, Mr. A never raised the rent even once in 30 years. Park Jongsun, CEO of Samsung Real Estate in Dogok-dong, who manages some of Mr. A's real estate, told JoongAng Ilbo, "Chairman A never raised the rent once in 20 or 30 years after setting it. He always emphasized that raising rent for tenants was a sin against them because he wanted to live comfortably himself. He was an immense benefactor to the tenants."

Kim, who ran a business in Mr. A's commercial building for over 10 years, also expressed gratitude. Kim said, "Chairman A's family did not even announce the obituary because they did not want to trouble the tenants. I cried so much when I finally visited Chairman A's funeral hall."

Meanwhile, netizens who heard this story expressed condolences, saying, "He was a true wealthy person. Nowadays, many people with money look down on others, but his values are something they should emulate," "He must have been a lifelong benefactor to the tenants. Rest in peace," and "Reading this story brought tears to my eyes. He lived a wonderful life."