“Magnolia Meotjip” Remodeling Costs 6 Billion Won (2026-06-01)

[최종근]

“Magnolia Meotjip” Remodeling Costs 6 Billion Won—Thanks to “Peace Observatory” for Fact-Checking! (2026-06-01)

On March 10, 2024, Lee Gi-seong, Director of Cheongshimwon (Cheongshim Church), spoke to the members at Changwon Church, “6 billion won (approximately 600 million yen) was invested in the remodeling of Magnolia Meotjip. Of this amount, 3 billion won (approx. 300 million yen) was covered by the tenant businesses (Shinbi Zoo, Aqua Garden, and the Chinese restaurant ‘Cheonsang’), while the remaining 3 billion won was funded by the Tourism Promotion Fund (a low-interest loan at 2% per year). Additionally, 15% of the revenue is to be received through the Hanju Group.”

This information was also announced during the “Cheonshimwon 995th Special All-Night Prayer” on March 15, 2024, and was covered in detail on the “Peace Observatory 2027” blog.

https://blog.naver.com/peacemaker2027/223384860817?trackingCode=blog_bloghome_searchlist  （2024-03-16）

◆ No direct relationship between Cheonshimwon Director Lee Gi-seong and Aqua Garden has been confirmed

Although 6 billion won (3 billion won from tenants and 3 billion won in low-interest loans) was invested in the remodeling of Magnolia Meotjip starting in June 2023, the owner of Magnolia Meotjip is The Ocean Resort in Yeosu, and it appears that Cheonshimwon Director Lee Gi-seong has no direct relationship with Aqua Garden.

However, the basis for Director Lee Gi-seong’s statement that he “receives 15% of the revenue through the Hanju Group” has not been clearly established.

1. The owner of “Magnolia Meotjip” is The Ocean Resort

On January 6, 2023, The Ocean Resort in Yeosu purchased the land and buildings of Magnolia Meotjip from the Unification Foundation for 20.3 billion won; however, The Ocean Resort CEO Yoo Kwang-hyeon also serves as chairman of the Hanju Group.

In other words, it is no exaggeration to say that The Ocean Resort and the (non-existent) Hanju Group are essentially the same organization.

There is no structural reason for the owner, The Ocean Resort (Hanju Group), to bear 15% of the revenue through rent payments.

Nevertheless, why did Director Lee Gi-seong make the statement that “15% of the revenue is received through the Hanju Group”?

2. The 3 billion won Tourism Promotion Fund (low-interest loan at 2%) is also a debt subject to repayment obligations

When a tenant invests 3 billion won, it is standard practice to set the payback period at 5 years and the contract guarantee period at around 10 years.

This is because, without such terms, there is no guarantee of business continuity even with an investment of 3 billion won.

It is presumed that The Ocean Resort, the building owner, also participated in the project on the premise that it could recover the 3 billion won investment within five years.

To recoup the 6 billion won investment, annual operating profit would need to exceed 1 billion won; however, since actual operating profit is estimated to be around 500 million won at most, a simple calculation suggests the payback period is likely to exceed 12 years.

3. Profitability Analysis of Kapyeong Aqua Garden Using AI

The remodeled “Magnolia Meotjip” is structured with the Shimbi Zoo on the first floor, the Aqua Garden on the second floor, and the Chinese restaurant “Cheonsang” on the third floor.

Due to its location, the Aqua Garden experiences significant fluctuations in visitor numbers between weekdays and weekends, as well as between peak and off-peak seasons.

We attempted a profitability analysis using AI, assuming a customer turnover rate of 1 to 2 times on weekdays and 2.5 to 3 times on weekends.

Due to limitations in the data, the analysis results are merely estimates; however, Scenario A was determined to be the most realistic. (Please point out any discrepancies from actual facts.)

Scenario C is based on very optimistic assumptions, yet even so, pre-tax net profit is estimated to remain at 420 million won annually, and it is estimated that it would take more than 14 years, based on a simple calculation, to recoup the 6 billion won investment.

4. Director Lee Gi-seong Promotes Kapyeong Aqua Garden

On March 1, 2024, Cheonshimwon Director Lee Gi-seong stated, “The (Kapyeong) Aqua Garden received 3,000 visitors per day and recorded sales of 40 million won,” and publicized this information.

However, these figures reflect a temporary surge in visitors during the initial opening period, when the schedule coincided with Unification Church-related events, and it is difficult to consider them as indicators of normal operations.

Realistically, the monthly visitor count for the Aqua Garden is estimated to be between 10,000 and a maximum of 150,000.

5. The interest rate on the 3 billion won facility loan in 2023 was 2.98%

Regarding the 3 billion won in facility funding for the Kapyeong Aqua Garden, it was explained that “a low-interest loan at 2% per annum was secured,” but the 2023 audit report states that the actual interest rate applied was 2.98% per annum.

◆ Fact-check on the extension of the construction period for the Yeosu Aqua Garden

Through “Peace Observatory 2027,” Kim Yong-seung requested, “Please present specific evidence regarding whose responsibility the construction delay (at Yeosu Aqua Garden) lies with.”

Typically, responsibility for construction delays lies with the contractor; however, if it is confirmed that the cause lies with The Ocean Resort, the project’s client, this could have a significant impact on related contracts and stakeholders. We plan to provide a separate explanation regarding this point.

Furthermore, the reason we continue to address issues related to former Chairman Yoo Kwang-hyeon even after his dismissal is that numerous problems remain that cannot be resolved by his dismissal alone, and because these issues are deeply connected to the “200 billion won illegal loan issue” raised by the [Lay Members Council].

2026-06-01

Choi Jong-keun

[Unification Church Anti-Corruption Monitoring Committee]

*As this document was generated by AI, it may contain typos or mistranslations.

■ [Info②] Yoo Kwang-hyeon paid 15B plus won as additional cost (2026-05-28)

https://cafe.daum.net/antiuccorruption/cRwZ/25

■ [Info] The Ocean Aqua Garden Contract Increased by 9B Won ① (2026-05-27)

https://cafe.daum.net/antiuccorruption/cRwZ/24

■ Need of “Legal Action” against “Jeong Won-ju” and her associates who forced 200 billion won illegal lending (2026-05-26)

https://cafe.daum.net/antiuccorruption/as2X/774

■ Borrowing of The Ocean Resort 240 billion won? – Yoo Kwang-hyeon, former chairman of Hanju Group, says, “I will not become the second Yoon Young-ho.” (2026-05-22)

https://cafe.daum.net/antiuccorruption/ZXsd/1525

■ 500 billion won investment just for The Ocean Resort – Jeong Won-ju’s purpose of creating “Hanju Group” was to “borrow from financial institutions” ① (2026-05-19)

https://cafe.daum.net/antiuccorruption/as2X/770

■ The Ocean Resort at the verge of bankruptcy ③ – “Unification Church power elites obsessed with appearance” and “Japanese believers exhausted by donations” (2026-05-19)

https://cafe.daum.net/antiuccorruption/ZXsd/1521

■ The Ocean Resort at the verge of bankruptcy ② – Auditor comments “Uncertainty Regarding Going Concern” …needs at least 40 billion won in 2026 (2026-05-17)

https://cafe.daum.net/antiuccorruption/ZXsd/1520

■ The Ocean Resort in Yeosu at the verge of bankruptcy – “Financial borrowings increased by 73 billion won, from 43 billion won in 2023 to 116 billion won in 2025” 92026-05-16)　

https://cafe.daum.net/antiuccorruption/ZXsd/1518

■ Must Investigate Embezzlement Exposed by Former Chair Kim SB (2026-05-14)

https://cafe.daum.net/antiuccorruption/cRwZ/18