Noh Young-min's Banpo Apartment Sold for 1.13 Billion Won... 850 Million Won Profit in 14 Years
President Moon's Chief Secretary and Advisors Meeting: "Recapture Unearned Income... Block Speculative Demand"
Netizens Express Outrage: "Recover National Funds, Donate to Flood Recovery"
No Young-min, Chief of Staff to the President, is briefly lost in thought during the National Assembly Steering Committee's audit of the Presidential Secretariat, National Security Office, and Presidential Security Service held on the morning of November 1 last year. [Image source=Yonhap News]
[Asia Economy Reporter Han Seung-gon] The apartment in Banpo owned by Presidential Chief of Staff Noh Young-min, who had tendered his resignation taking responsibility for the worsening public opinion on real estate amid the so-called 'one smart house' controversy, has been sold, sparking growing criticism over the billion-won capital gains.
Netizens, including members of real estate-related online cafes, are calling for the capital gains to be reclaimed by the national treasury or donated, labeling it as 'unearned income.' Earlier, President Moon Jae-in mentioned real estate speculation at the senior secretaries and aides meeting on the 10th, making remarks in the spirit of 'reclaiming unearned income.'
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, Noh's apartment in Banpo, Seocho-gu, Seoul, was traded for 1.13 billion won on the 24th of last month. The property is a 45.72㎡ (about 20 pyeong) apartment located on the 6th floor of OO△△ Apartment in Banpo-dong, Seocho-gu, Seoul.
Noh purchased this apartment in 2006 under joint ownership with his spouse for 280 million won, and it is known that his son currently resides there. This transaction resulted in a capital gain of 850 million won.
However, some voices argue that this billion-won capital gain falls under the 'unearned income' category mentioned as part of the Moon Jae-in administration's policies to eradicate real estate speculation, and thus should be reclaimed by the national treasury.
On the afternoon of the 10th, President Moon held a senior secretaries and aides meeting at the Blue House and emphasized in his opening remarks regarding the real estate market, "The firm principle is to definitely protect genuine demanders and to eradicate speculation."
Regarding unearned income from capital gains on apartment sales, he stated, "We have prepared a policy package with four main directions, including reclaiming unearned income, strengthening loan regulations to block speculative demand, securing the maximum supply of housing, and including tenant protection measures."
However, online cafe members related to real estate have continued to criticize President Moon's 'unearned income' remarks, suggesting that they should be applied directly to Chief of Staff Noh.
At 2:14 p.m. on the 11th, a post titled "Noh Young-min at least sold the apartment" was uploaded on a real estate-related cafe. The author urged Noh to donate the capital gains, saying, "Since it's unearned income, he should donate it, right? It doesn't matter even if Democratic Party politicians raise house prices because they still get elected."
Another netizen urged, "This 850 million won from Noh's apartment sale is absolutely unearned income that should never have occurred. Noh Young-min must return that money to society."
Another commenter raised their voice, saying, "Reclaim Noh Young-min's 850 million won unearned income!!! Is Noh's unearned income okay while all unearned income from ordinary people is reclaimed?!!!"
Other netizens expressed similar opinions in comments on related articles. They said, "Noh Young-min should perform a good deed by donating some of the profits from unearned income to disaster relief funds," and "Even if redevelopment or reconstruction is announced, it usually takes at least 5 to 10 years. Let's proceed with reclaiming Noh Young-min's unearned income as a pilot case!!!" urging Noh to return or donate the capital gains.
Comments on other articles also included similar opinions such as, "Mr. Noh Young-min, who gained a huge unearned income. As your ruling party always claims, this is unearned income, so please either dedicate it to the state or donate it. Is it fair to hold for about 15 years and make a huge profit without effort?" and "Please reclaim Noh Young-min's unearned income. We look forward to seeing you contribute to the people."
Meanwhile, Noh was a two-home owner with apartments in Seocho, Seoul, and Cheongju. Although residing in the official residence, Noh sparked controversy by announcing on the 2nd of last month that he would sell his Cheongju apartment, which is in his electoral district. Facing fierce criticism, Noh Young-min also sold his Banpo apartment in Seoul.
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