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Shinsegae Group chairman discusses U.S. real estate project with 1789 Capital

Published: 21 Dec. 2025, 18:25

Shinsegae Group Chairman Chung Yong-jin, right, and U.S. Vice President JD Vance attend a Christmas reception hosted by Vance in Washington on Dec. 12. [SHINSEGAE]

Shinsegae Group Chairman Chung Yong-jin discussed possible participation in a U.S. real estate development project led by 1789 Capital during a recent visit to the United States, a move that could reportedly help advance the group’s stalled theme park project in Korea.

Chung stayed in the United States from Dec. 12 through Sunday to meet politicians and business executives, according to Shinsegae Group.

Chung met with Donald Trump Jr., the eldest son of U.S. President Donald Trump and a partner at the conservative-aligned 1789 Capital, with whom Chung has a longstanding acquaintance, as well as Misha Laskin, founder of Reflection AI; David Ellison, chief executive officer of Paramount Skydance; and Omid Malik, founder of 1789 Capital.

Chung also attended a Christmas reception hosted by U.S. Vice President JD Vance on Dec. 12 and later held separate talks with Malik to discuss potential participation in a Palm Beach development project in Florida led by 1789 Capital. Shinsegae Group plans to assess the project’s business feasibility before deciding whether to invest.

In Korea, Shinsegae Group is pursuing large-scale development projects, including the Hwaseong International Theme Park in Gyeonggi, which is being developed with Paramount Skydance as a global partner. The project has struggled to gain momentum due to delays in securing government approvals and the roughly 5 trillion won ($3.39 billion) investment required.

“If 1789 Capital, where Trump Jr. is a partner, invests in Hwaseong and Shinsegae invests in Palm Beach, the Hwaseong project could gain momentum through a cross-investment arrangement," a source, who asked not to be named, told the JoongAng Ilbo.

Chung also discussed cooperation in AI with Laskin, who founded Reflection AI with researchers behind Google's Gemini AI model. They reportedly discussed how Shinsegae could apply Reflection AI’s autonomous technology across its retail operations, including product planning, sourcing, store management, marketing, sales and customer service.

“The meetings with top U.S. political and business figures aimed to strengthen our global network and discuss a range of business partnerships to identify future growth drivers for the company," a spokesperson for Shinsegae said.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHOI HYUN-JU [[email protected]]