The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

1. Based on adopted evidence, the lower court concluded the instant contract with the Korea Housing Guarantee Co., Ltd. (hereinafter referred to as the “Korea Housing Guarantee Co., Ltd.”) on December 14, 2006, to newly construct and sell the instant apartment on the land of 271 and 234 lots in Ulsan-gun, Ulsan-gun, Ulsan-gun (hereinafter referred to as the “instant project site”), and concluded the instant contract with the Korea Housing Guarantee Co., Ltd. (hereinafter referred to as the “Korea Housing Guarantee Co., Ltd.”) on December 14, 2006. ② The Chang Urban Development is called the Korea Housing Guarantee Co., Ltd. as at the time of the conclusion of the instant contract and the 163 lot out of the instant project site (hereinafter referred to as the “business site”). The instant contract was concluded with the Korea Housing Guarantee Co., Ltd., Ltd. to trust the remaining real estate except for the instant project site to the Korea Housing Guarantee Co.,, Ltd., Ltd., which had been built or constructed on the 10th anniversary of the instant construction site.