Those with Disclosed Assets Are 'Single-Home Owners'... No Multi-Home Owners
Kim Seyong, Yoon Hoodeok, Son Myungsoo Own 'Promising Reconstruction Properties' in Regulated Areas
Kim Yoonduk, Cho Jungshik, Cho Seungrae, Maeng Sungkyu Own Single Homes Near Their Constituencies
Next Minister of Land, Infrastructure and Transport Expected to Be Announced Right After Prime Minister Confirmation
As the appointment of new ministers for economic ministries is expected soon, it has been confirmed that most of the individuals mentioned as potential candidates for the Minister of Land, Infrastructure and Transport are single-home owners. While some of these individuals own homes in regulated areas of Seoul, most of those who currently hold parliamentary seats own homes near their respective constituencies.
According to political circles and the real estate industry on June 27, the figures being discussed as potential candidates for the Minister of Land, Infrastructure and Transport include Kim Yoonduk, Maeng Sungkyu, Son Myungsoo, Yoon Hoodeok, Cho Seungrae, and Cho Jungshik, all members of the Democratic Party, as well as Kim Seyong, a professor at Korea University and former president of Gyeonggi Housing and Urban Development Corporation, and Bang Yoonseok, head of the Daejeon Regional Land Management Office. Of these, the housing ownership status of seven individuals, excluding Bang Yoonseok, can be verified through public asset disclosures for high-ranking officials. As a high-level public official of grade Na, Bang Yoonseok is not subject to asset disclosure requirements.
Except for Bang Yoonseok, all are confirmed to own only one home. Professor Kim Seyong, as well as lawmakers Yoon Hoodeok and Son Myungsoo, own apartments designated for reconstruction in regulated areas of Seoul (Gangnam 3 Districts and Yongsan District). The candidate with the most expensive property is Professor Kim Seyong, who jointly owns with his spouse a Shindonga Apartment (exclusive area 166 square meters) in Seobinggo-dong, Yongsan District, Seoul. The reported value is 2.306 billion won, but the actual market price based on KB statistics is 4.45 billion won. The complex is located along the Han River and is currently undergoing a reconstruction project. It is expected to be transformed into a large-scale complex with up to 49 floors and over 1,900 units in the future.
Lawmaker Yoon Hoodeok owns, under his spouse's name, a Sibeom Apartment (exclusive area 118 square meters) in Yeouido-dong, Yeongdeungpo District. The reported value is 1.672 billion won, and the market price is around 3.1 billion won. Sibeom Apartment is considered a leading candidate for reconstruction in Yeouido and is currently preparing for integrated review. Lawmaker Son Myungsoo owns, in his own name, a Hyundai Apartment (exclusive area 84 square meters) in Ogeum-dong, Songpa District, Seoul. He reported the property at 1.077 billion won, with the market price reaching 1.87 billion won. This apartment complex was designated as a reconstruction maintenance zone last year.
Lawmakers Kim Yoonduk, Cho Jungshik, Cho Seungrae, and Maeng Sungkyu own homes near their constituencies. Lawmaker Kim Yoonduk owns, under his spouse's name, a Punglim Iwon apartment (exclusive area 130 square meters) in Jeonju, North Jeolla Province. The reported value is 400 million won, and the market price is about 462 million won. Lawmaker Cho Jungshik owns, under his spouse's name, a Baegot SK View apartment (exclusive area 84 square meters) in Siheung, Gyeonggi Province. He reported the property at 405 million won, with the market price at about 695 million won.
Lawmaker Cho Seungrae owns a Hoban Verdiem apartment (exclusive area 84 square meters) in Yuseong District, Daejeon. The reported value is 484 million won, and the market price is around 815 million won. Lawmaker Maeng Sungkyu owns, under his spouse's name, a single-family house (land area 207 square meters, building area 73 square meters) in Dap-dong, Jung District, Incheon. The reported value is 250 million won. Unlike the other candidates who own apartments, it is difficult to confirm the general market price for this property.
The appointment of the new Minister of Land, Infrastructure and Transport is expected to take place in early next month. After the confirmation of the incoming Prime Minister, the nomination of ministers for eight ministries is likely to follow. In 2017, when the Moon Jae-in administration was launched without a transition committee following an early presidential election, Kim Hyunmi was nominated as the first Minister of Land, Infrastructure and Transport 21 days after the May 9 presidential election. After the confirmation hearing, she began her term on June 21.
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