Samsung Brush Owner Donates Real Estate Worth 20 Billion Won To Korea Tech Institute

A business tycoon in South Korea decided to donate luxurious real estate to the Korea Advanced Institute of Technology (KAIST) on March 13.

Jang Seong-hwan, the 92-year-old owner of Samsung Brush in China, donated property worth 20 billion won ($17.6 million) to the said institution. He uttered that he chose the said national research university because he wants his donation to serve as an investment for Korea's future.

The information was later confirmed by KAIST through a post on its official Instagram account. The post even urged the public to read more about the story of Chairman Jang and his wife. The two were also described as a "self-made couple" in their 90s.

To celebrate the decision of Jang to donate luxurious properties, a ceremony was held at a hotel in Seoul. He and his partner can be seen holding a certificate that confirms their donation to KAIST.

In a report by The Korea Herald, it was revealed that the donation includes a six-story building with two basement floors on a landmass of 580 square meters. It is located in the Southern part of Seoul.

Meanwhile, Lee Kwang-hyung, the president of KAIST, willingly expressed his happiness after learning about the amazing decision of the Korean business tycoon regarding his properties. He said that the institution would properly use the fund in raising world-class talents.

"I respect and express gratitude for the Jangs' decision to donate the valuable asset that the two had raised for their lifetime. KAIST will utilize the fund to raise world-class talent to live up to the donators," Lee quipped in a statement.

Jang is a son of a family from North Korea. He crossed the border at the age of 18. He was able to build his own company that specializes in various kinds of cosmetics brushes.