Lee Hyeong-il says his Gwacheon apartment is being demolished for reconstruction: “A residence-centered market remains a firm principle”

Lee Hyeong-il defended his ownership of an apartment in Gwacheon by pointing to the construction site itself. The nominee for deputy prime minister and finance minister said the apartment is currently being demolished as reconstruction proceeds.

Speaking to reporters on his way to his confirmation-hearing preparation office at the Korea Deposit Insurance Corporation headquarters in central Seoul on Sept. 3, Lee said the government’s commitment to establishing a housing market centered on residence was a firm principle. He asked reporters to understand that his Gwacheon property was in the process of being removed for reconstruction.

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Gwacheon apartment is currently undergoing reconstruction and is being demolished, so I hope you will understand that this is the current situation.

Asked when and why he bought the apartment, Lee replied that he had purchased it “quite a long time ago” and would provide detailed answers at the confirmation hearing.

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Establishing a housing market centered on residence is a firm direction and principle.

Lee also addressed the Democratic Party’s proposals to delay the abolition of the long-term holding special deduction and raise the basic comprehensive real estate tax deduction for nonresident single-home owners to 1.4 billion won. He said the government and ruling party had consulted on the issue.

“The revised plan submitted by the government after passing the Cabinet meeting was prepared through consultations based on the supplementary ideas the Democratic Party provided,” Lee said. He added that he would continue communicating and consulting with the party.

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The revised plan submitted by the government after passing the Cabinet meeting was prepared through consultations based on the supplementary ideas the Democratic Party provided.