[Public Officials' Asset Disclosure] Incumbent Lawmakers Joining Transition Team Hold Average Real Estate Assets of 2 Billion KRW

7 Active National Assembly Members Dispatched as Vice Chairmen and Transition Committee Members
Top Housing Assets Held by Kwon Young-se: 2.4 Billion KRW Combined Ownership of Owned and Jeonse Properties
Park Sung-joong Owns Kindergarten Site and Building in Mok-dong Worth Approximately 5.1 Billion KRW

On the 29th, a secretariat meeting was held under the chairmanship of President-elect Yoon Seok-yeol at the 20th Presidential Transition Committee set up at the Financial Supervisory Service Training Institute in Tongui-dong, Jongno-gu, Seoul. Photo by Transition Committee Press Corps

[Asia Economy Reporter Kim Hyemin] The real estate assets of seven incumbent National Assembly members who joined the Presidential Transition Committee (Transition Committee) averaged 2 billion KRW.

According to the 2022 regular asset change reports of National Assembly members disclosed on the 31st by the National Assembly Public Officials Ethics Committee, they hold real estate assets (based on themselves and their spouses) ranging from as low as 300 million KRW to nearly 5 billion KRW. The investigation targeted seven members: Kwon Young-se, Vice Chairman of the Transition Committee, and People Power Party members Lee Yong-ho, Chu Kyung-ho, Park Sung-joong, Lim E-ja, Yoo Sang-beom, and Lee Tae-gyu of the People’s Party.

The member with the largest real estate assets is Park Sung-joong. Appointed as the secretary of the Transition Committee’s Science, Technology, and Education Subcommittee, he is a non-homeowner but owns real estate assets including land, jeonse (long-term lease), and buildings worth nearly 5 billion KRW. He reported owning approximately 20,000㎡ (about 6,000 pyeong) of land in his hometown, Namhae-gun, Gyeongnam, valued at 93.782 million KRW, and a jeonse lease right for Shindong-A Luxville in Bangbae-dong, Seocho-gu, his electoral district, valued at 650 million KRW. Notably, he owns land and a building within Mokdong New Town Apartment in Yangcheon-gu. This asset is known to be a kindergarten building located in Mokdong Complex 6. Combining the names of himself, his spouse, and eldest daughter, the total is about 5.1 billion KRW, which was the largest portion of his declared assets (8.4 billion KRW).

The member with the largest housing assets is Kwon Young-se. Serving as Vice Chairman of the Transition Committee and mentioned as a prime minister candidate, he declared real estate assets totaling 2.44 billion KRW, combining owned and jeonse lease rights. He reported a luxury villa, Benetian Felice Ville 1, in Dongbinggo-dong, Yongsan-gu, jointly owned with his spouse, valued at 1.04 billion KRW, and holds a jeonse lease right for a row house worth 1.4 billion KRW in the same area.

Members Lee Yong-ho, Chu Kyung-ho, and Yoo Sang-beom are owners of so-called “smart single homes.” Chu, serving as secretary of the Transition Committee’s Planning and Coordination Subcommittee, reported the Raemian Dogok County apartment in Gangnam-gu, Seoul, jointly owned with his spouse, at 2.215 billion KRW. The declared amount is based on the official appraisal price and increased by 340 million KRW over one year.

Yoo Sang-beom, a member of the Political, Judicial, and Administrative Subcommittee, declared the Banpo Summit apartment in Seocho-gu, Seoul, at 2.164 billion KRW, which also rose by 271 million KRW in one year. Based on actual transaction prices, it was traded for 3.7 billion KRW in August last year. Lee Yong-ho, secretary of the same subcommittee, jointly owns the Yongsan Acro Tower (1.4 billion KRW) in Munbae-dong, Yongsan-gu, with his spouse.

Lim E-ja is a multi-homeowner with one apartment each in Danwon-gu, Ansan-si, Gyeonggi-do, and her electoral district, Sangju-si, Gyeongbuk. She declared 365 million KRW and 265 million KRW respectively. Lee Tae-gyu, a member of the Planning and Coordination Subcommittee, owns an apartment in Deogyang-gu, Goyang-si, Gyeonggi-do, valued at 340 million KRW.