1. The plaintiff's appeal is dismissed.

2. The costs of appeal shall be borne by the Plaintiff.

3. Judgment of the court of first instance is delivered with Paragraph (1).

1. Basic facts

A. On May 24, 2016, the Plaintiff and the Defendant entered into the instant exchange agreement with the Plaintiff on the share of 1/4 square meters and the ground accommodation (hereinafter “real estate in Pakistan-si”) among the share of 6,769 square meters owned by the Plaintiff, and the building of 292.4 square meters and above ground owned by the Defendant, Songpa-gu Seoul (hereinafter “B real estate”), and the building of 156 square meters and above ground owned by the Defendant, Gangdong-gu Seoul Metropolitan Government (hereinafter “C real estate”).

B. The terms of the instant exchange contract are as follows.

(1) The value of “real estate” to be transferred to the Defendant shall be KRW 6.5 billion, and the net value shall be KRW 1.7 billion by the Defendant’s succession to the obligation of collateral security loans (the maximum amount of the claim, KRW 6.5 billion, principal amount of KRW 4.8 billion).

(2) The value of “B real estate” to be transferred to the Plaintiff shall be four billion won, and the net value shall be KRW 1.4 billion upon the Plaintiff’s succession to the obligation to collateral security (the maximum amount of claims KRW 2.468 billion, the principal amount of KRW 1.7 billion) and the obligation to refund the lease deposit, KRW 810 million, the amount of which shall be KRW 1.48 billion.

The value of “C real estate” shall be KRW 1.98 billion, and the net value shall be KRW 1.980 million by the Plaintiff’s succession to the collateral security obligation ($ 1.4666 billion and USD 720,000,000,000,000,000,000 and KRW 10,000,000,000,000,000,000,000,000,000.

(3) The Plaintiff paid 400 million won out of the net value of the real estate to be exchanged to the Defendant (i.e., KRW 1.17 billion - KRW 1.7 billion - KRW 1.7 billion) as the down payment, and paid 550 million as the remainder on June 30, 2016.

(4) The plaintiff and the defendant deliver real estate to the other party, simultaneously with the receipt of any balance of exchange proceeds, by transferring documents required for the registration of ownership transfer.

(Article 2). However, the defendant agrees to receive the registration of ownership transfer from May 24, 2016.

(Article XII of the Special Agreement). (c)

On May 24, 2016, the Plaintiff paid a down payment of KRW 400 million to the Defendant on May 24, 2016, and pursuant to Article 12 of the Special Agreement, May 26, 2016.