( CNN ) -- An impoverished South Korean gymnast has not only struck Olympic gold , but also reaped 500 million won ( US $ 444,000 ) in the latest donation in a veritable rags to riches tale . For several years , Yang Hak-seon , who won South Korea 's first ever Olympics gymnastics gold medal Monday , has been living with his parents in a small polytunnel in a rural area of Jeolla province , 200 kilometers southwest of the capital . Covered with thin wooden boards and plastic sheeting , the makeshift structure was nearly swept away during heavy rains two years ago , according to South Korean media . Why do Olympians bite their medals ? As Yang 's financial plight has come to light following his Olympic win in the men 's vault final , companies have been rushing to provide for the newly-minted star . The latest donation of 500 million won ( US $ 444,000 ) comes from the chairman of LG Group , Koo Bon Moo , who announced Thursday that the gift was intended to help Yang put aside financial worries and focus on his training . Yang , who said after his victory that he wanted to build a house for his family , will also have this wish come true , according to local media . The CEO of construction company Samla Group , announced earlier this week that he will build the athlete an apartment valued at US $ 190,000 . Yang and his family will able to move into the apartment by the end of next year , Oh Woo-hyun said . Nongshim , the manufacturer of Yang 's favorite instant noodles , has also said it will provide his family with `` limitless amount of instant noodles , '' according to a press statement . And if Yang 's needs are not covered by corporate donations , he can use the 100 million won ( US $ 88,800 ) personally donated to him by the head of the Korea Gymnastic Association . Few were aware of Yang 's dire financial situation until the London Olympics , including his own coach . He only knew Yang as a young man with a natural gift for gymnastics , Cho Sung-doe told CNN in a phone interview . Cycling 's glamor girl ponders next career move . Yang 's story emerged only after his gold medal win . Yang and his family had been living in the polytunnel since his father lost his factory job due to injury several years ago , according to South Korean media reports . Since then , he has been supporting the family with his modest income from the Korea Gymnastic Association , supplementing the small wage his father earns for working part-time as a farmer , reports said . According to his Olympic profile , Yang started training in gymnastics at the age of nine . As a teenager he emerged as a contender in international competitions when he placed first in the vault event at the 2010 Asian Games . Performing his signature move , a triple-twisting front somersault , at the London Games , the 20-year-old talent recorded an average score of 16.533 in the men 's vault final , pushing his closest rivals from Russia and Ukraine to second and third place . Yang first performed his winning somersault at the 2011 World Championships , where he took first place . The move has since been named `` the Yang . '' Complete coverage : Olympics 2012 .
Yang Hak - seon won South Korea 's first ever Olympics gymnastics gold medal medal . Reports of Yang 's makeshift polytunnel home emerged after gold medal win . Yang now lived with corporate gifts , including money , noodles , and an apartment . He also received US $ 88,800 from Korea Gymnastic Association .