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🇰🇷 South Korea /Disasters & Emergencies

Finance Minister Nominee Says Non-Resident Gwacheon Apartment Is Being Demolished for Reconstruction

From Hankyoreh · () Korean

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

At a glance

News Named sources New plan
  • Lee Hyeong-il said a jointly owned apartment in Gwacheon, where he does not live, is currently being demolished as part of reconstruction.
  • His ownership has drawn criticism because the government has promoted a housing market centered on actual residence.
  • The government’s final tax proposal raises the basic property-tax deduction for resident single-home owners to 1.4 billion won while keeping the non-resident deduction at 1.2 billion won.

Deputy Prime Minister and finance minister nominee Lee Hyeong-il said his non-resident apartment in Gwacheon, Gyeonggi province, is being demolished as reconstruction proceeds.

Lee made the comment on the morning of the 3rd while speaking with reporters as he arrived at an office in Seoul prepared for his confirmation hearing. “The firm principle is that we will establish a housing market centered on residence,” he said. Regarding the Gwacheon apartment, he added, “The Gwacheon apartment I owned is currently being demolished as reconstruction proceeds. Please understand that this is the situation.”

The firm principle is that we will establish a housing market centered on residence.

· Lee Hyeong-ilLee described the government’s housing policy direction while addressing his non-resident apartment.

Property declarations show that Lee and his wife jointly own the reconstruction apartment in Gwacheon and rent a home in another area. Some critics have said that this conflicts with the government’s policy direction of reshaping the housing market around actual residence.

The Gwacheon apartment I owned is currently being demolished as reconstruction proceeds. Please understand that this is the situation.

· Lee Hyeong-ilLee explained the status of the apartment cited by critics.

The government had initially planned to reduce the basic deduction for non-resident single-home owners from 1.2 billion won to 900 million won, while imposing different tax burdens according to residence. It later softened the proposal. The final tax reform plan submitted to the National Assembly keeps the non-resident deduction at 1.2 billion won and raises the deduction for resident single-home owners from 1.2 billion won to 1.4 billion won.

Lee said the final plan followed consultations based on proposals and ideas from the Democratic Party of Korea. “We will continue to communicate and consult going forward,” he said.

We will continue to communicate and consult going forward.

· Lee Hyeong-ilLee discussed further consultations on the tax reform plan.
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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