Editorial: How could a 43-pyeong apartment in Seoul's Dogok-dong rent for 350 million won plus 800,000 won a month?

Supreme Court nominee Kim Seong-su has lived in a Gangnam apartment whose current jeonse market value is estimated at 1.7 billion to 1.9 billion won, paying his brother-in-law a 350 million won deposit and monthly rent of just 800,000 won.

Kim's property declaration to the National Assembly says he has lived since 2021 in a 43-pyeong apartment at Dogok Rexle in Dogok-dong, one of Seoul's best-known affluent neighborhoods, where high-priced complexes such as Tower Palace are concentrated. His brother-in-law signed a jeonse lease for the apartment in 2021 and renewed it in 2025 for 1.5225 billion won.

Against that figure, the terms of Kim's sublease appear exceptionally low. The difference between his brother-in-law's 1.5225 billion won jeonse deposit and Kim's 350 million won deposit is 1.1725 billion won. Applying the Korea Real Estate Board's 4.7% Seoul apartment jeonse-to-monthly-rent conversion rate at the time would produce monthly rent of more than 4.5 million won, not 800,000 won.

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There may be issues under tax law, including gift tax.

The opposition has accused Kim of using an improper bargain contract with his brother-in-law to live in a luxury apartment and raised suspicions of gift-tax evasion. Kim has effectively acknowledged the issue, saying, "There may be issues under tax law, including gift tax." He said he plans to resolve the matter once his personnel hearing is complete.

Kim previously lived for 11 years in an apartment in Nonhyeon-dong, also owned by his brother-in-law, under a 350 million won jeonse deposit that never increased. The editorial questions why a wealthy brother-in-law, previously known for earning a high salary, would sublease an apartment he had rented himself, a structure real-estate professionals say landlords rarely use because it increases their risk. Kim's side says he has lived with his brother-in-law since moving to Dogok-dong in 2021. The editorial calls for a full explanation of how the unusual arrangement was made and whether the monthly rent was actually paid.

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I plan to resolve it once the personnel hearing process is complete.