[National Assembly Asset Disclosure] 3 out of 10 Members Are Multiple Homeowners... 71 Own Properties in Gangnam

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] It has been revealed that more than one-third of National Assembly members own two or more houses as multi-homeowners. Additionally, 71 members of the National Assembly own at least one house in the three Gangnam districts of Seoul: Gangnam, Songpa, and Seocho.

According to the 2020 asset change report (as of the end of 2019) disclosed by the National Assembly Public Officials Ethics Committee on the 26th, out of 290 members of the National Assembly, 100 were multi-homeowners (based on ownership by themselves or their spouses), accounting for nearly 35% of the total.

By political party, the United Future Party had the most members with 52, followed by the Democratic Party with 29, the Minsheng Party with 9, independents with 5, the Future Korea Party with 3, and the Justice Party with 1.

The member with the most houses was Representative Lee Yong-ju (independent). He owns 22 multi-family houses in Bangbae-dong, Seocho-gu, Seoul, under his and his spouse’s names. These buildings are known to consist of small one-room units. In addition, he owns multiple apartments and houses in Ichon-dong, Yongsan-gu, Seocho and Songpa-gu, Gwangjin-gu Jayang-dong row houses, and Mapo-gu Mangwon-dong row houses. His declared assets, including stocks and deposits, total 2,661,481,000 KRW.

Representative Park Deok-heum of the United Future Party owns apartments in Samseong-dong, Gangnam-gu, and Jamsil-dong, Songpa-gu, as well as a detached house in Gapyeong-gun, Gyeonggi Province, under joint ownership with his spouse, eldest daughter, and second son. He also owns commercial buildings in Dangsan-dong and Jamsil-dong, Seoul. Additionally, he owns large plots of land in Jamsil-dong, Songpa-gu, Seoul, and Hongcheon-gun, Gangwon Province. His declared assets total 55,985,024,000 KRW.

Another member of the same party, Representative Kang Seok-ho, reported owning an apartment in Ichon-dong, Yongsan-gu, Seoul, and apartments and detached houses in Pohang, Gyeongbuk Province, under his and his spouse’s names. Representative Yoo Seung-min owns an apartment in Gaepo-dong, Gangnam-gu, Seoul, and a detached house in Daemyeong-dong, Nam-gu, Daegu, under his name, and has also declared apartments in Bundang-gu, Seongnam-si, Gyeonggi Province, under his spouse’s name.

Among the Democratic Party members, Representative Kim Byung-wook owns two apartments in Bundang-gu, Seongnam-si, Gyeonggi Province, under his and his spouse’s names. Kim stated, "One of the apartments was inherited after my mother passed away." Representative Lee Gae-ho owns a total of five properties, including an apartment in Buk-gu, Gwangju, and detached houses in Seo-gu and Gwangsan-gu, Gwangju, as well as Damyang-gun, Jeonnam Province, all under his spouse’s name.

Representative Baek Jae-hyun reported owning officetels and apartments in Seongsu-dong, Seongdong-gu, and Sadang-dong, Dongjak-gu, Seoul, as well as a detached house in Gwangmyeong-si, Gyeonggi Province. His declared assets total 3,665,280,000 KRW.

Seventy-one members of the National Assembly own at least one house in the three Gangnam districts, accounting for nearly 25% of the total. By party, the United Future Party had the most with 41 members, followed by the Democratic Party with 15, the Minsheng Party with 9, independents with 3, and the Future Korea Party with 3. There were 142 members owning one house and 45 members without any houses.

Some members without houses owned other types of buildings such as commercial buildings or lodging facilities. Representative Kwon Eun-hee of the People’s Party owns five commercial buildings in Seowon-gu, Cheongju-si, Chungbuk, under her spouse’s name, three commercial buildings in Bansong-dong, Hwaseong-si, Gyeonggi Province, and lodging facilities in Seogwi-dong, Seogwipo-si, Jeju Island.

Representative Park Jung of the Democratic Party owns a building worth 33,675,000,000 KRW in Sangam-dong, Mapo-gu, Seoul, as well as a detached house in Paju-si, Gyeonggi Province, and a row house in Ilsandong-gu, Goyang-si, Gyeonggi Province. Representative Hong Il-pyo of the United Future Party also owns multiple commercial buildings in Ilsandong-gu, Goyang-si, Gyeonggi Province, and Ssangmun-dong, Dobong-gu, Seoul, under joint ownership with his spouse.

Although members of both ruling and opposition parties have pointed out multi-homeownership as a disqualifying factor during ministerial nominee confirmation hearings, they themselves are not free from controversy. In particular, the Democratic Party announced a policy at the beginning of the year to exclude multi-homeowners from nominations, but there appears to be a gap between reality and intention.

This content was produced with the assistance of AI translation services.