Rain earns US$26 million from selling his label's building

·2 min read
SEOUL, SOUTH KOREA - JANUARY 20: Jung Ji-Hoon (a.k.a Rain) attends VIP preview of the film 'The Man Standing Next' at Megabox COEX on January 20, 2020 in Seoul, South Korea. (Photo by The Chosunilbo JNS/Imazins via Getty Images)
Rain bought the building for US$14.7 million 13 years ago and sold it for US$43.5 million. (Photo by The Chosunilbo JNS/Imazins via Getty Images)

Rain has made US$26 million (S$35 million) in capital gains from selling a commercial building which he purchased 13 years ago.

The 38-year-old South Korean singer-songwriter, dancer, actor and record producer, whose birth name is Jeong Ji Hoon, is better known by his stage name Rain.

According to reports on 21 June, the singer-actor turned label owner bought the building for US$14.7 million (S$19.7 million) and sold it earlier this year for US$43.5 million, turning a profit of more than 100%.

The building is conveniently located in close proximity to Cheongdam station within the famous luxury neighbourhood of Cheongdam. The building has also been housing Rain's label, Rain Company. Rain founded two companies, initially J. Tune Entertainment in 2007 and then Rain Company in 2015.

Although Rain's profit is technically closer to US$28 million, after deducting taxes and the roughly US$7 million he used to renovate the building, the actual profit from the sale of the building is markedly reduced.

Rain’s entertainment career began when he joined JYP Entertainment in 2000. He has released seven albums and toured numerous times internationally. His third album, It's Raining (2004), sold one million copies in Asia and established him as an international star. He later established his position as a Hallyu wave star with his role in hit drama Full House (2004), and went on to star in Hollywood movies Speed ​​Racer (2008) and Ninja Assassin (2009).

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