[2023 Property Disclosure] Won Hee-ryong, Minister of Land, Infrastructure and Transport, Holds Approximately 1.93 Billion KRW Similar to Last Year

Real Estate Solely in Own Name
Couple's Combined Savings Exceed 800 Million Won

Minister of Land, Infrastructure and Transport Won Hee-ryong and his immediate family members (spouse, eldest daughter, second daughter, and parents) have a total wealth of 1,934,220,000 KRW. This shows little change from the asset report filed in August last year (1,969,050,000 KRW). As with last year, there are no real estate properties (houses, buildings, land) registered under his name.

According to the 2023 regular asset disclosure report for high-ranking public officials, published by the Government Ethics Committee in the official gazette on the 30th, the assets held by Minister Won and his immediate family include land worth 464,060,000 KRW, buildings worth 1,263,670,000 KRW, automobiles worth 29,610,000 KRW, deposits of 888,130,000 KRW, securities worth 740,000 KRW, and debts totaling 712,000,000 KRW, amounting to a total of 1,934,220,000 KRW.

While the total asset amount is similar to last year’s official gazette announcement, there are changes in the detailed breakdown. Building assets increased by 430,000,000 KRW compared to last year, whereas deposits decreased by 165,840,000 KRW. Additionally, debts increased by 295,240,000 KRW due to a new debt registration of 300,000,000 KRW.

This is interpreted as a result of funds moving due to renting an apartment in Remian Twin Park, Bon-dong, Dongjak-gu, Seoul (monthly rent). The actual transaction price for renting this apartment, recorded in the official gazette, is 400,000,000 KRW, which aligns with the changes in buildings, deposits, and debts.

The two officetels in Dohwa-dong, Mapo-gu, with deposits of 20,000,000 KRW and 10,000,000 KRW, respectively, which were recorded last year as residences for the two children, have had their lease rights terminated. It appears that both children have moved their residence to the Remian Twin Park apartment.

Land and buildings owned by Minister Won’s immediate family members, excluding leased properties, are all located in Jeju Province. Regarding land, the spouse owns plots at 1186-1 and 1187-6, Arae-dong, Jeju City, while the mother owns land for orchard use at 1373, Jungmun-dong, Seogwipo City, among others. The total value of these lands is 464,060,000 KRW.

Minister Won and his spouse do not appear to hold any securities. The report only lists small investments made by the eldest daughter.

Meanwhile, First Vice Minister Lee Won-jae and Second Vice Minister Eo Myeong-so of the Ministry of Land, Infrastructure and Transport, each owning a single valuable house, have seen their total assets, including those of their immediate family members, significantly increase due to rising housing prices. In particular, the apartment in Hanteul Village, Eojin-dong, Sejong City, where Vice Minister Lee currently resides, was reported at 1,669,000,000 KRW, up from 871,760,000 KRW in the previous official gazette. The total assets published in the gazette also rose substantially from 1,767,380,000 KRW last year to 2,627,330,000 KRW this year.

The apartment owned by Vice Minister Eo in Gwacheon Weverfield, Wonmun-dong, Gwacheon-si, Gyeonggi-do, was reported at 1,522,000,000 KRW, an increase of 245,000,000 KRW compared to last year’s official gazette. His total assets were recorded at 1,567,000,000 KRW.