Known as the “god of acting,” Lee Byung Hun has also earned a reputation as a powerful figure in the real estate market. The actor has been nicknamed a “building tycoon,” frequently buying and selling properties through his corporation to generate massive profits. Starting with a property in Bundang’s Seohyeon-dong, he later expanded to buildings in Yangpyeong-dong, Yeongdeungpo-gu and Oksu-dong, Seongdong-gu. Through these deals, he reportedly secured significant capital gains, while the rental income from the three buildings alone rivals that of an entire small commercial building.

One of the key properties currently owned by the company is a large building in Oksu-dong completed in September 2021. The building sits on a 732㎡ site and has a total floor area of 2,494.76㎡, consisting of two basement levels and six floors above ground. In August 2022, Lee Byung Hun purchased the building through his company for 23.99 billion won. Notably, about 19 billion won of the purchase price came from loans around 80% of the total cost. While personal loans face strict regulations, corporate loans are comparatively easier to obtain. Less than two years later, the building’s value reportedly increased by roughly 9.2 billion won. In 2024 the property was valued at around 33 billion won, and current estimates suggest it could exceed 45 billion won. The building is now entirely occupied by an international school that moved in during 2024.

The company behind Lee Byung Hun’s real estate investments is Project B. Unlike many celebrities who establish personal management companies, Lee founded this specialized real estate corporation in 2017 with capital of 990 million won. His mother reportedly serves as an internal director. All three properties often referred to publicly as belonging to Lee Byung Hun and his wife Lee Min-jung were bought and sold through this company.

Interestingly, the registered address of Project B is located in a quiet rural area in Anseong, Gyeonggi Province. The office operates out of a small studio-style building surrounded by farmland, a setting that appears unusually modest for a company responsible for buying and selling buildings worth tens of billions of won in Seoul. The reason the company is registered outside Seoul is believed to be a tax strategy. Under current law, companies established outside the Seoul metropolitan area can significantly reduce acquisition taxes when purchasing Seoul real estate. Although the system was originally intended to promote balanced regional development, critics argue it has become a way for wealthy investors to reduce taxes by billions of won.

Whether such arrangements are considered legitimate tax planning or a form of tax avoidance often depends on the interpretation of tax authorities. In 2023, both Project B and Lee Byung Hun’s agency BH Entertainment underwent a special tax investigation by South Korea’s National Tax Service. The audit reportedly resulted in additional tax charges worth several hundred million won, with speculation that the company may have been viewed as operating similarly to a paper company.

The company structure also appears to involve Lee Byung Hun’s family members. Besides his mother serving as a director, his sister Lee Eun-hee is reportedly employed by the company. Questions have been raised about whether the small office could realistically manage large properties such as the Oksu-dong building. When reporters visited the listed office address, they found a modest facility with little visible activity.

Meanwhile, Project B launched a pet-related business in January 2024, reportedly managed by Lee Eun-hee. The business offers services such as dog training and pet boarding when owners are away. The facility is located in a quiet mountainous area in Suji, with around ten dogs observed on-site. Despite its relatively large space, only one employee was reportedly working there at the time.

However, according to the company’s audit reports, the pet business recorded zero official revenue in 2024. The company’s total revenue that year approximately 1.05 billion won came entirely from rental income. Similarly, in 2023, revenue of about 680 million won was also entirely derived from property rent. If the pet service had been fully operational as announced, its earnings would normally appear under service or operating revenue in the financial statements, but no such entries were recorded.

Another notable development is the sharp increase in rental income from the Oksu-dong building after Lee Byung Hun acquired it. When he purchased the property in 2022, the existing tenants collectively paid about 680 million won annually in rent. After those tenants moved out, an international school became the main occupant in early 2024. As a result, the company’s rental revenue rose to approximately 1.05 billion won per year, about 1.54 times higher than before. Considering that Seoul real estate prices have risen significantly since then, industry observers believe the current monthly rent paid by the tenant could exceed the widely reported figure of 85 million won.

Through this structure, Lee Byung Hun’s company appears to have created a system where wealth generates further wealth through property investments. When the corporation purchased the Oksu-dong building for roughly 24 billion won, about 19 billion won came from bank loans. Analysts believe Lee Byung Hun’s personal reputation and financial credibility played a key role in securing such a large loan.

In earlier deals, the actor also provided direct financial support to the company. During a previous property purchase in Yangpyeong-dong, Yeongdeungpo-gu, he reportedly lent the corporation 7 billion won interest-free to help fund the acquisition. Three years later, the building was sold for 36.8 billion won, generating approximately 10.6 billion won in capital gains. During the holding period, the company also earned between 1.2 and 1.7 billion won annually in rental income, eventually repaying the loan to Lee Byung Hun.

Although Project B lists another individual as CEO, the company is widely seen as closely tied to Lee Byung Hun’s family, with both his mother and sister involved in its operations. Through this corporate structure, the actor’s family has built a powerful real estate portfolio that continues to attract attention in the industry.

Sources: Nate