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tzechuk
Joined: 20 Dec 2004
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 Posted: Fri Nov 24, 2006 1:18 am Post subject: Korean parents are buying love! |
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Sorry to be doing a REAL REALITY on you but I've just read this:
http://english.chosun.com/w21data/html/news/200611/200611240031.html
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Skyrocketing Housing Costs Drive Desperate Couples Home
Parents are cleverly employing the recent surge in apartment prices as a way to keep their children devoted to them. Many children have found that just being a good son or daughter is their ticket to a better house and a greater monthly income, while parents enjoy love from their children and avoid paying a huge amount of taxes on their real estate. Some financial institutions like Woori Bank have swiftly moved to take advantage of the trend as a marketing strategy and encourage parents to sign contracts with their children for filial devotion in return for a healthy inheritance. One Woori Bank employee said �A filial devotion contract� is not the outcome of affectionless family relationships, but is part of an effort to resolve the wealth inheritance issue within families in a rational way.
A retiree residing in Seoul clinched a filial loyalty contract with his son when transferring the ownership of an apartment in Gangnam -- where apartment prices are especially exorbitant. The contract states that if his son turns a blind eye to his parents' needs or bickers with siblings over money, the inheritance will be voided and his son will even have to pay interest. He said that he gave the property to his children in advance to reduce the burden of the inheritance tax adding, �It is not a legally-binding contract, but I just don�t want to be mistreated by my children later.�
Choi, a doctor with his own practice, forks over a pile of W500,000 (US$1=W930) to his daughters-in-law whenever they visit him. He also tells his children that he will give each a regular allowance, and later, hand over the lion�s share of his property to the one who has increased the allowances to a bigger fortune than the others. Choi said that after the announcement, his daughters-in-law visit him every weekend.
One salary woman told of a �pregnancy project� she has embarked on recently -- five years after getting married. From the early days of her marriage she insisted that she was not going to have a child, but something changed her mind: an apartment in Gangnam waiting for her if she only has a baby. If the couple wanted to buy a 30-pyeong (one pyeong=3.3 square meters) apartment in an affluent area, like the one her mother-in-law is offering up for the trade, it would take 15 years of hard work from her and her husband, she estimates. �I just realized that swallowing my pride, listening to my mother-in-law, and having this child is actually the best road to successful personal wealth management.�
One Shinhan Bank employee says, �Even couples that have been standoffish to their in-laws suddenly transform into loving children when they crumble under the high apartment costs, it�s something I see all the time.� |
Can I say that I feel sorry for Korean parents? |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Fri Nov 24, 2006 2:01 am Post subject: Re: Korean parents are buying love! |
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| tzechuk wrote: |
| Some financial institutions like Woori Bank have swiftly moved to take advantage of the trend as a marketing strategy and encourage parents to sign contracts with their children for filial devotion in return for a healthy inheritance. |
Gotta love it.
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One salary woman told of a "pregnancy project" she has embarked on recently... "I just realized that swallowing my pride, listening to my mother-in-law, and having this child is actually the best road to successful personal wealth management."
One Shinhan Bank employee says, "Even couples that have been standoffish to their in-laws suddenly transform into loving children when they crumble under the high apartment costs, something I see all the time." |
We've all heard of "love-child". And I think we're all familiar with "unplanned-child". Ladies & Gentlemen, allow me to introduce "ticket to Gangnam apartment-child"!! |
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charlieDD
Joined: 16 Jun 2006
Location: Seoul, Korea
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| Posted: Fri Nov 24, 2006 2:05 am Post subject: |
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. . . and when the bubble bursts, the apartment will fall, and down will go baby, love and all !
 |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Nov 24, 2006 3:01 am Post subject: |
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One Woori Bank employee said �A filial devotion contract� is not the outcome of affectionless family relationships, but is part of an effort to resolve the wealth inheritance issue within families in a rational way.
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There is something about this that just does not speak of 'close family ties' to me. I can't quite put my finger on it. |
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Satori
Joined: 09 Dec 2005
Location: Above it all
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| Posted: Fri Nov 24, 2006 3:04 am Post subject: |
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A filial devotion contract� is not the outcome of affectionless family relationships, but is part of an effort to resolve the wealth inheritance issue within families in a rational way.
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Can you say "spin"? Wow, Fox news would be proud!
It's sick sick sick if you ask me! |
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Tiberious aka Sparkles
Joined: 23 Jan 2003
Location: I'm one cool cat!
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| Posted: Fri Nov 24, 2006 3:44 am Post subject: |
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A lot of Korean husbands are buying love, too.
ZING! |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Fri Nov 24, 2006 11:58 am Post subject: |
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I agree with all you guys.
It's disgusting. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Fri Nov 24, 2006 2:55 pm Post subject: Re: Korean parents are buying love! |
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| tzechuk wrote: |
| Korean parents are buying love! Sorry to be doing a REAL REALITY on you but I've just read this:... Skyrocketing Housing Costs Drive Desperate Couples Home... |
| tzechuk wrote: |
| I agree with all you guys. It's disgusting. |
Are you simply developing a greater understanding of Korea and Koreans? |
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NAVFC
Joined: 10 May 2006
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| Posted: Fri Nov 24, 2006 5:52 pm Post subject: Re: Korean parents are buying love! |
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| tzechuk wrote: |
Sorry to be doing a REAL REALITY on you but I've just read this:
http://english.chosun.com/w21data/html/news/200611/200611240031.html
| Quote: |
Skyrocketing Housing Costs Drive Desperate Couples Home
Parents are cleverly employing the recent surge in apartment prices as a way to keep their children devoted to them. Many children have found that just being a good son or daughter is their ticket to a better house and a greater monthly income, while parents enjoy love from their children and avoid paying a huge amount of taxes on their real estate. Some financial institutions like Woori Bank have swiftly moved to take advantage of the trend as a marketing strategy and encourage parents to sign contracts with their children for filial devotion in return for a healthy inheritance. One Woori Bank employee said �A filial devotion contract� is not the outcome of affectionless family relationships, but is part of an effort to resolve the wealth inheritance issue within families in a rational way.
A retiree residing in Seoul clinched a filial loyalty contract with his son when transferring the ownership of an apartment in Gangnam -- where apartment prices are especially exorbitant. The contract states that if his son turns a blind eye to his parents' needs or bickers with siblings over money, the inheritance will be voided and his son will even have to pay interest. He said that he gave the property to his children in advance to reduce the burden of the inheritance tax adding, �It is not a legally-binding contract, but I just don�t want to be mistreated by my children later.�
Choi, a doctor with his own practice, forks over a pile of W500,000 (US$1=W930) to his daughters-in-law whenever they visit him. He also tells his children that he will give each a regular allowance, and later, hand over the lion�s share of his property to the one who has increased the allowances to a bigger fortune than the others. Choi said that after the announcement, his daughters-in-law visit him every weekend.
One salary woman told of a �pregnancy project� she has embarked on recently -- five years after getting married. From the early days of her marriage she insisted that she was not going to have a child, but something changed her mind: an apartment in Gangnam waiting for her if she only has a baby. If the couple wanted to buy a 30-pyeong (one pyeong=3.3 square meters) apartment in an affluent area, like the one her mother-in-law is offering up for the trade, it would take 15 years of hard work from her and her husband, she estimates. �I just realized that swallowing my pride, listening to my mother-in-law, and having this child is actually the best road to successful personal wealth management.�
One Shinhan Bank employee says, �Even couples that have been standoffish to their in-laws suddenly transform into loving children when they crumble under the high apartment costs, it�s something I see all the time.� |
Can I say that I feel sorry for Korean parents? |
More then just dumb.... sad
No parent should need a contract to win their kid's love... |
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flotsam
Joined: 28 Mar 2006
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| Posted: Fri Nov 24, 2006 5:59 pm Post subject: Re: Korean parents are buying love! |
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| Real Reality wrote: |
| tzechuk wrote: |
| Korean parents are buying love! Sorry to be doing a REAL REALITY on you but I've just read this:... Skyrocketing Housing Costs Drive Desperate Couples Home... |
| tzechuk wrote: |
| I agree with all you guys. It's disgusting. |
Are you simply developing a greater understanding of Korea and Koreans? |
Booooo!
Opportunist.
Booooo! |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Fri Nov 24, 2006 6:17 pm Post subject: |
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| It's pretty hard to deny. The way prices, especially apartment prices, are going it's going to be very interesting to see what people have to do to live in Seoul. |
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tomato
Joined: 31 Jan 2003
Location: I get so little foreign language experience, I must be in Koreatown, Los Angeles.
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| Posted: Fri Nov 24, 2006 7:43 pm Post subject: |
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Have you noticed that most English schools have more boys than girls?
I understand that this is because boys are better life insurance than girls in Korea. |
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mateomiguel
Joined: 16 May 2005
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| Posted: Fri Nov 24, 2006 11:49 pm Post subject: |
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| old, manipulative relatives are not unique to the Korean peninsula. Anybody who's got a rich old aunt usually deals with stuff like this. I don't, however, so I'm free to live my life as I see fit. Freeeeeeedooooooooooom! |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Sat Nov 25, 2006 2:53 am Post subject: |
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| mateomiguel wrote: |
| old, manipulative relatives are not unique to the Korean peninsula. |
Very true, Mateo, they are not. Nor are the notions of respect for one's parents/elders or the importance of family unique to the Korean peninsula. The only bright side of this article for me is that I now have one more piece of counterevidence to throw in the face of the next SNU professor who attempts to lecture me otherwise during my flight home on holiday. |
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