As the government moved to impose ultra-strong regulations on the Seoul and greater capital area real estate markets with the Oct. 15 real estate measures, attention is also turning to the real estate holdings of figures from the ruling Democratic Party of Korea. A review of the disclosed asset filings found that a significant number of Democratic Party figures own dwellings in the three Gangnam districts (Gangnam, Seocho, Songpa) and in "Mayongseong" (Mapo, Yongsan, Seongdong). Many of them are renting out the dwellings they own.
ChosunBiz's analysis of this year's National Assembly asset disclosures on Oct. 17 found that, as of Mar., 28 ruling party figures owned dwellings in their own names or jointly, or under the names of spouses, parents, or children in Gangnam District, Seocho District, Songpa District, Mapo District, Yongsan District, and Seongdong District.
Specifically: ▲ Yang Moon-seok, Shinbanpo 4th complex in Seocho District, 137.10㎡ (reported value 3.12 billion won) ▲ Kim Yoon, Sampoong Apartment in Seocho District, 130.23㎡ (reported value 2.23 billion won) ▲ Ahn Do-geol, Gaepo Xi Residence in Gangnam District, 84.59㎡ (reported value 1.907 billion won) ▲ Jeon Hyun-hee, Raemian Seocho STGS in Seocho District, 84.80㎡ (reported value 1.832 billion won), among others.
In the case of lawmaker Park Kyun-taek, together with a spouse Park owns an apartment worth 1.817 billion won in Irwon-dong, Gangnam District, and the second daughter also has an apartment worth 550 million won in Gaepo-dong, Gangnam District.
Of the 28 lawmakers who own dwellings in the three Gangnam districts and Mayongseong, 13 are renting out the dwellings they own. A key point of the Oct. 15 real estate measures is that by designating the entirety of Seoul as a land transaction permit zone, anyone who purchases a dwelling must live there. If they do not live there for two years, they cannot lease out the dwellings they own.
Democratic Party lawmaker Jeong Jun-ho is renting out a spouse joint-titled Hills State Seocho Gentris in Seocho District (84㎡), reported at 1.043 billion won, for 1.09 billion won. Lawmaker Kwak Sang-eon of the same party was renting out a spouse-titled Mecenatpolis in Mapo District (148.98㎡) for 1.6 billion won.
Lawmaker Jeon Hyun-hee, whose constituency is Jung District and Seongdong District Gap-Eul, did not obtain a residence in the constituency, lived on a jeonse of about 1.6 billion won in Gangnam District, and owned an apartment in Seocho District. Lawmakers are not obligated to reside in their constituencies, but typically they secure a residence in their own constituencies to create the impression they are based there.
As the government on Oct. 15 rolled out ultra-strong regulations designating all of Seoul and 12 locations in Gyeonggi Province as adjusted areas, speculative overheating districts, and land transaction permit zones, the ruling camp figures' dwellings holdings are also coming under scrutiny. Floor leader Kim Byung-kee faced a partisan clash the previous day after it became known that he owns Jangmi Apartment in Songpa District, which is slated for reconstruction.
Kim, the floor leader, also explained, "When I bought Building 11 of (Jangmi Apartment) in 1998 and moved to Building 8 of Jangmi Apartment in 2003, even the 're' of 'reconstruction' had not come up," adding, "We bought it with the money from selling Building 11 of (the previous home) Jangmi Apartment and the money my wife had diligently saved."
By contrast, People Power Party leader Jang Dong-hyeok said at a press briefing that day, "As it has come to light that the person who criticized the public by asking, 'Is it right to take out hundreds of millions or billions in debt to buy a home?' actually owns a tens-of-billions-won apartment in a nice neighborhood, the public's frustration and anger are growing even more."