Mokdong Apartment Sold for 800 Million Won While Going to Jeju Now Worth 2.6 Billion Won... Why Won Hee-ryong?

"Sold Knowing It... Public Officials Can't Do Politics and Financial Tech at the Same Time"

Won Hee-ryong, Chairman of the Planning Committee of the Presidential Transition Committee, is speaking at the 4th plenary meeting of the 20th Presidential Transition Committee held on the 4th at the transition office in Tongui-dong, Jongno-gu, Seoul. Chairman Won was nominated on the 10th as the first Minister of Land, Infrastructure and Transport candidate for the Yoon Suk-yeol administration.

Won Hee-ryong, the planning committee chairman of the Presidential Transition Committee, who was surprisingly appointed as the first Minister of Land, Infrastructure and Transport under the Yoon Suk-yeol administration, is also drawing attention as someone who personally experienced the real estate boom during the Moon Jae-in government. He sold an apartment for 800 million KRW, which became worth 2.6 billion KRW in just a few years.

Last October, the candidate's wife, Kang Yoon-hyung, mentioned her own Mok-dong apartment case while criticizing the Moon administration's real estate policies. On October 20 last year, Kang said on Daegu Maeil Newspaper's YouTube channel 'Gwanpungnu,' "When my husband was elected governor of Jeju (in July 2014) and moved there, the Seoul Mok-dong apartment we sold has now tripled in price."

She continued, "After converting the 3,000-pyeong Jeju governor's official residence into a children's library, we bought a house in Jeju City to live in," adding, "Honestly, I didn't want to sell the Mok-dong apartment, but my husband pressured me, saying, 'Didn't we agree not to do real estate investment while in politics?' so we sold it for 830 million KRW." Kang said, "The apartment we sold in Mok-dong became worth 2.6 billion KRW in six years," and added, "All of this is because of the Moon administration's real estate policies."

She also said, "Still, at least we have a house in Jeju, but think about how much frustration this caused young people," and added, "They only raised housing prices and ended up tormenting ordinary citizens and the youth."

This case was directly mentioned by candidate Won in July last year on his YouTube channel 'Won Hee-ryong TV' when he declared his presidential bid. At that time, as a presidential candidate, Won emphasized his unique competitiveness through his experience in local government administration and his 'clean morality.'

He said, "When I became governor of Jeju, selling the Mok-dong apartment in Seoul and moving to Jeju was not because I didn't know it would increase by more than 1 billion KRW," but "because I believed public officials should naturally do so." In a situation where real estate speculation and corruption involving high-ranking officials and their relatives are continuously exposed, he believed that morality and transparency must be prerequisites to enhance the credibility of real estate policies.

President-elect Yoon also praised Won at a press conference following his nomination as minister, saying, "He served twice as governor of Jeju and carried out innovative administration, and as the head of the policy headquarters of the presidential campaign, he designed major policies and pledges," adding, "He is especially knowledgeable about real estate policies, a core area of public livelihood where fairness and common sense must be restored."

On the afternoon of the 10th, Won Hee-ryong, former Jeju Governor and the first nominee for Minister of Land, Infrastructure and Transport under the Yoon Seok-yeol administration, is arriving at the transition committee office in Tongui-dong, Jongno-gu, Seoul.

Candidate Won is expected to actively promote President-elect Yoon's 'deregulation and housing supply' drive, based on the perception that the Moon administration's regulation-heavy real estate policies caused the housing price surge.

First, a comprehensive review of regulations related to reconstruction and redevelopment projects is anticipated. President-elect Yoon has pledged to ease regulations on reconstruction, redevelopment, and remodeling to ensure sufficient housing supply in high-demand urban areas such as Seoul.

Among these, it is highly likely that early in the new administration, measures will be introduced to exempt detailed safety inspections for aged apartment complexes over 30 years old and reduce the weight of structural safety, which accounts for 50% of the safety inspection criteria, to 30%.

Relaxation of the reconstruction excess profit recovery system is also under consideration. The transition committee is reviewing raising the threshold for reconstruction charges, lowering the charge rate, expanding recognized cost items, providing exemptions for long-term single-home owners, and allowing deferred payment of charges.

Regulatory easing related to sale prices and legislative and institutional improvements such as enacting a 'Remodeling Promotion Act' to expedite remodeling projects are also expected to be pursued.

Furthermore, rapid expansion of housing supply is anticipated. The transition committee has already formed a 'Urban Housing Supply Execution Task Force (TF)' jointly with the Ministry of Land, Infrastructure and Transport and Seoul City to concretize project models and accelerate the pledge to supply 2.5 million homes nationwide, including 1.3 to 1.5 million in the metropolitan area.

Candidate Won is also expected to focus on refining the plan to supply 300,000 youth cost-price homes promised to young people whose dreams of homeownership are threatened by soaring housing prices.

Immediately after being nominated as Minister of Land, Infrastructure and Transport, Won emphasized, "As the ministerial candidate, I believe the government's priority should be stabilizing housing for the working class and middle class and enabling the younger generation, who have lost their dreams, to have hope for the future."