[2023 Asset Disclosure] Senior Officials at Ministry of Land, Infrastructure and Transport: "Now, We Don't Live Much in Gangnam Anymore"

Among 11 Ministry of Land Officials Grade 1 or Higher, 2 Own Homes in Gangnam
One in Four Senior Executives in Affiliated Agencies Own in Gangnam

Among the 11 senior officials (level 1 or higher) in charge of real estate policy at the Ministry of Land, Infrastructure and Transport (MOLIT), only 2 were confirmed to own housing in the 'Gangnam 3 Districts' (Gangnam, Seocho, Songpa). This is half the number compared to last year's regular asset disclosure, when a total of 4 officials, including the minister, the first and second vice ministers, and one level 1 official, owned apartments in the Gangnam 3 Districts.

According to the 2023 regular asset disclosure report released on the 30th by the Government Officials Ethics Committee through the official gazette, only Kwon Hyuk-jin, Director of the Housing and Land Office, and Kim Soo-sang, Director of the Transportation and Logistics Office, among MOLIT senior officials (level 1 or higher), owned housing in the Gangnam 3 Districts.

Director Kwon holds a pre-sale right jointly with his spouse for an apartment (exclusive area 84.99㎡) located in Gaepo-dong, Gangnam-gu, Seoul. The official price of this apartment last year was 998.39 million KRW.

Director Kim's spouse owns a Family Apartment (84.83㎡) in Jamwon-dong, Seocho-gu. The official price at the time of last year's report was 1.442 billion KRW, but this year's reported amount increased by 187 million KRW to 1.629 billion KRW.

Except for these two, all other MOLIT senior officials have properties outside Seoul. Based on ownership of one property, they are located in the Gyeonggi area (4 people), Sejong City (3 people), and Jeju Island (1 person).

Kang Hee-eop, a standing member of the Metropolitan Area Wide Transport Committee and the only MOLIT senior official owning multiple houses, owns three properties in his name located in Gyeonggi (Seongnam), Sejong, and Jeonbuk (Gunsan). The total official price of these properties combined is 1.68874 billion KRW.

Among the 27 heads and senior officials of MOLIT-affiliated agencies who filed their names in this year's regular asset disclosure, a total of 7 owned housing in the Gangnam 3 Districts. This proportion, about one in four, is higher than the share of MOLIT senior officials owning housing in the Gangnam 3 Districts.

First, Yeom Ho-yeol, Standing Auditor of Korea Land and Housing Corporation (LH), jointly owns with his spouse an apartment in Ssangyong Sweet Dot Home, Ogeum-dong, Songpa-gu (156.82㎡), registered at an official price of 1.022 billion KRW.

Kim Il-hwan, Vice President of Korea Expressway Corporation, jointly owns with his spouse an apartment in Woosung Apartment, Jamsil-dong, Songpa-gu (80.35㎡), and an apartment in Pangyo Won Village complex, Pangyo-dong, Bundang-gu, Seongnam-si, Gyeonggi-do (101.12㎡). Additionally, his spouse owns an officetel in Cheonho-dong, Ian Gangdong (27.06㎡). The total official price of these properties reached 2.705 billion KRW.

Kim Taek-soo, Standing Auditor of Korea Expressway Corporation, owns the most real estate among MOLIT senior officials subject to regular asset disclosure. Although he has no real estate in his own name, his spouse owns an officetel building in Yuseong-gu, Daejeon (including 4 commercial stores and 13 officetels) entirely, and also owns one officetel (27㎡) in Jagok-dong, Gangnam-gu. The Priory Palace Apartment (85㎡) in Amsa-dong, Gangdong-gu, is also in his spouse's name. The total official price of these properties was reported as 2.25888 billion KRW.

Son Tae-rak, President of Korea Real Estate Board, owns an apartment in Songpa Hoban Verdiem The First, Ogeum-dong, Songpa-gu (exclusive area 101㎡) in his spouse's name. The official price is 1.112 billion KRW.

Min Ji-hong, Auditor of Korea Real Estate Board, owns Seocho 2nd I-Pyeonhansesang (84.67㎡) in Seocho-dong, Seocho-gu, with an official price of 1.283 billion KRW. She also inherited a multi-housing status by acquiring Seo Seoul Samsung Apartment (42.44㎡) in Ahyeon-dong, Mapo-gu, with an official price of 366.5 million KRW in 2021.

Yang Young-cheol, Chairman of Jeju Free International City Development Center, jointly owns with his spouse an apartment (85㎡) in Banpo-dong, Seocho-gu, with an official price of 1.638 billion KRW, and his spouse owns an apartment in Jangwon World Cup, Ido 1(il)-dong, Jeju City (118.98㎡).

Park No-seung, Auditor of SR, jointly owns with his wife a Hanyang Apartment (64.26㎡) in Songpa-dong, Songpa-gu, with an official price of 1.128 billion KRW.

Meanwhile, among the 38 MOLIT senior officials and senior executives of affiliated agencies who filed their names in this year's regular asset disclosure, 8 were confirmed to be multi-homeowners (including officetels and properties in provincial areas).