Founding family members of SK Group, the country’s fifth-largest business conglomerate by assets, have become the latest conglomerate scions to become involved in the Korean pop culture wave, also known as hallyu.

Choi Ki-won, the younger sister of SK Group chairman Chey Tae-won, was reported earlier this week to have acquired the JYP Entertainment building in the expensive district of Cheongdam-dong, southern Seoul, for 7.6 billion won ($6.9 million). 

Choi owns the second-most shares in SK C&C. According to industry figures, her wealth is estimated at around 1.09 trillion won, which makes her the fifth-richest woman in Korea following Shinsegae chairwoman Lee Myeong-hee, Leeum director Hong Ra-hee, Hotel Shilla CEO Lee Boo-jin and Cheil Industries CEO Lee Seo-hyun.

JYP, led by songwriter and producer Park Jin-young, is often referred to as one of the three main pillars of the K-pop scene alongside the agencies SM and YG. The agency’s clients include popular K-pop groups Miss A, 2PM and others. 

According to reports, Choi paid 1 billion won in cash for the building and financed the rest through a bank loan. JYP decided to use the site for another three years, paying 26 million won a month in rent and 1 billion won as a deposit.

“The location of the JYP Entertainment building is ideal. It is near other entertainment firms and famous restaurants, and is adjacent to global luxury fashion brand stores, making it a perfect tourism destination,” Kim Jung-joo, a realtor in Gangnam-gu, said.

“The Gangnam district office has designated the area as a hallyu tourism district and the value is expected climb even higher.”

Some of the trend-leading magnates have already made generous investments in showbiz as hallyu has grown to become a global phenomenon.

Samsung Group’s fashion division Cheil Industries, led by Samsung chairman Lee Kun-hee’s second daughter Lee Seo-hyun, has joined hands with YG Entertainment in launching the fashion label Nonagon.

The brand, whose ambassadors include members of Big Bang, 2NE1 and others, is scheduled to be introduced across Asia, with its initial products already having sold out.

E-Land vice chairwoman Park Sung-kyung is creating a hallyu-theme park on the southern island of Jejudo.

“The time is ripe for us to develop integrated cultural content, making the most use of K-pop,” Park previously said to the press upon announcing the establishment of the facility.

By Bae Ji-sook (baejisook@heraldcorp.com)