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🇰🇷 South Korea /Elections & Politics

Deputy Prime Minister Nominee Held Apartment for 17 Years but Lived There for Just Four Months

From Hankyoreh · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Documents & data In the courts
  • Lee Hyeong-il reported total family assets of 3.17593 billion won in documents submitted for his confirmation hearing.
  • Lee and his wife jointly own an apartment in Gwacheon that he bought in 2009 but occupied for only four months over 17 years.
  • Critics say his ownership of a non-resident home conflicts with the government’s policy favoring owner-occupied housing, although Lee said the apartment is undergoing reconstruction.

Lee Hyeong-il, the nominee for deputy prime minister and finance and economy minister, has held an apartment in Gwacheon for 17 years but lived there for only four months. The disclosure has drawn attention as the government promotes policies centered on actual residence.

Lee reported 1.70455 billion won in assets, including half of a jointly owned apartment in Burim-dong, Gwacheon, valued at 659.5 million won. He also reported a 768 million won leasehold in Sangdo-dong, Seoul, a 2017 Genesis vehicle valued at 11.3 million won, 296.69 million won in deposits and 30.93 million won in debt.

His wife reported 1.02014 billion won, including the jointly owned apartment and 360.64 million won in deposits. His daughter reported 235.54 million won, including a leasehold on a residence in Texas and 233.9 million won in deposits. His son reported 215.69 million won in deposits and securities. Lee’s father declined to disclose his assets, citing financial independence.

Lee bought the Gwacheon apartment in February 2009. He lived there from Nov. 1, 2012, to Jan. 2, 2013, and again from Dec. 3, 2018, to Feb. 8, 2019. He moved to Daejeon after the Ministry of Strategy and Finance relocated to Sejong in December 2012, then spent three years abroad from 2015. During other periods, he rented homes in Anyang, Gwacheon and Seoul.

The Ministry of Finance and Economy recently finalized a tax proposal that would raise the basic comprehensive real estate tax exemption for resident homeowners from 1.2 billion won to 1.4 billion won, while keeping the exemption for non-resident single-home owners at 1.2 billion won. Lee previously said the Gwacheon apartment is being demolished as part of reconstruction and asked reporters to understand the circumstances.

The Gwacheon apartment I owned is currently being demolished because reconstruction is underway. Please understand that situation.

· Lee Hyeong-ilLee responded to questions about owning an apartment where he did not live.
About this summary

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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