Submission of Real Estate Holdings in Written Confirmation Hearing Response
Also Owns a Unit in the Redevelopment-Hotspot 'Gaepo Jugong Complex 1'
Koo Yoonchul, the nominee for Minister of Economy and Finance, has reportedly made a profit of over 1 billion KRW through real estate transactions. Koo also currently owns an apartment in Gaepo-dong, which is considered a prime area for redevelopment in the Gangnam district.
Koo Yoonchul, the nominee for Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is arriving at the confirmation hearing preparation office set up at the Korea Deposit Insurance Corporation in Jung-gu, Seoul on the 30th. 2025.6.30 Photo by Cho Yongjun
In a written response submitted to the National Assembly on the 15th for his confirmation hearing, Koo disclosed his real estate holdings in response to a question from Kim Youngjin, a member of the Democratic Party of Korea, who asked whether Koo, his spouse, or direct descendants had ever acquired a residential property and either not lived in it or lived there for less than one year.
Koo and his spouse purchased a mixed-use building (273㎡, approximately 83 pyeong) in Baekhyeon-dong, Bundang-gu, Seongnam-si, Gyeonggi Province for 1.55 billion KRW in 2010, and sold it for 2.7 billion KRW in March 2021. This resulted in a profit of about 1.15 billion KRW over roughly ten years. Given that there is no record of actual residence, this appears to be a typical investment aimed at capital gains.
In addition, Koo owns a so-called “smart single property” expected to rise in value due to redevelopment. In 2013, Koo purchased an apartment in Gaepo Jugong Complex 1 (56.6㎡, approximately 17 pyeong) in Gaepo-dong, Gangnam-gu, Seoul for about 891 million KRW.
This complex, built in the early 1980s, has long been considered a promising candidate for redevelopment. As of 2024, Gaepo Jugong Complex 1 has passed the safety inspection and the residents’ association has reportedly been established. Considering that the nearby “The H Xi Gaepo” apartments are valued at over 2.5 billion KRW, there are projections that the value of Koo’s Gaepo Jugong apartment could exceed 3 billion KRW upon completion of redevelopment. This could result in an unrealized gain of approximately 1 to 1.6 billion KRW over ten years.
Additionally, Koo’s spouse inherited a single-family house (167㎡, approximately 50 pyeong) in Yeomni-dong, Mapo, Seoul in 2014 and sold it for 1.434 billion KRW in 2018. There is also a record of an apartment in Gajae Village, Sejong City (84.99㎡, approximately 25 pyeong), which was acquired in 2012 for 269 million KRW and sold in 2018 for 400 million KRW without being used as a primary residence.
Meanwhile, in his written response, Koo stated regarding real estate, “There is a tendency for excessive liquidity in the market to flow into real estate,” and added, “It is necessary to guide the funds currently concentrated in real estate into more productive sectors.”
He also said, “Recently, with the polarization of the real estate market between the Seoul metropolitan area and other regions, I am aware that people are concerned about the instability of real estate prices in some parts of Seoul and the metropolitan area. We will seek to balance both supply and demand in the real estate market with the goal of ensuring stable housing for the public.”
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