Seoul Gangnam-gu Mayor Reports Assets of '52.8 Billion Won', Owns 39 Officetels Only

Joseongmyeong District Mayor Ranks 1st Among Public Officials Ethics Committee Members in Total Asset Disclosure... Real Estate Alone Worth 49.3 Billion KRW
Among 18 Seoul District Mayors, 8 Are Multiple Homeowners... Average Assets Near 6 Billion KRW, More Than Twice the National Average

[Asia Economy Reporter Lim Cheol-young] Among the Seoul district mayors who took office through this year's local elections, Gangnam-gu Mayor Jo Seong-myeong reported assets worth 52.8 billion KRW, the largest amount among all asset reporters.

According to the asset registration details of newly elected officials from the June 1 local elections, published by the Government Officials Ethics Committee in the official gazette on the 30th, Mayor Jo's assets were confirmed at 52.77607 billion KRW. Real estate alone, including 39 officetels, amounted to 49.3 billion KRW, the highest among 814 asset reporters. The average assets of the newly appointed Seoul district mayors were 5.98821 billion KRW, more than twice the national average of 2.568 billion KRW.

Mayor Jo's assets mainly consisted of real estate valued at 36.1 billion KRW, including land worth 13.2 billion KRW. He owns 39 officetels under his name, 21 neighborhood living facilities, 7 medical facilities, and 28 commercial properties in total. Additionally, 8 lodging facilities were also reported.

Following Mayor Jo, among Seoul district mayors, Guro-gu Mayor Moon Heon-il reported assets totaling 14.3893 billion KRW, including unlisted stocks worth 11.9 billion KRW. Mapo-gu Mayor Park Gang-su reported 7.42993 billion KRW, Jongno-gu Mayor Jeong Mun-heon 4.94011 billion KRW, and Gwangjin-gu Mayor Kim Gyeong-ho 4.27469 billion KRW.

Among the 18 Seoul district mayors who disclosed their assets this time, 8 were confirmed to be multi-homeowners. Mayor Jo, who reported the largest assets, was not classified as a multi-homeowner because only his apartment in Dogok-dong, Gangnam-gu, valued at 3.15 billion KRW, was used as a residence.

Meanwhile, newly elected Seoul Metropolitan Council members Choi Jin-hyeok and Lee Byeong-yun of the People Power Party claimed errors in their asset reports and are awaiting correction orders from the Ministry of Personnel Management. Both lawmakers explained that the asset amounts were incorrectly registered due to staff mistakes.

Excluding lawmakers Choi and Lee, who claimed errors, council members reporting significant assets included Nam Chang-jin with 9.3105 billion KRW, Choi Ho-jeong with 5.22989 billion KRW, Park Sang-hyeok with 4.92010 billion KRW, Lee Sae-nal with 4.77209 billion KRW, and Jeong Ji-ung with 4.36396 billion KRW. All are members of the People Power Party.

The assets subject to disclosure for public officials include real estate, deposits, stocks, etc., owned by the individual, spouse, and direct ascendants and descendants as of the start of the term on July 1, as stated in the asset declaration form.