"35 Ministers in Moon Administration Increased Real Estate Assets from 1.1 Billion to 1.9 Billion Won... Up 77%"

Economic Justice Practice Citizens' Coalition Analyzes Real Estate Assets of 35 Current and Former Ministers
"Minister Kim Hyun-mi's Claim That Seoul House Prices Rose 11% Is False"
Among 18 Current Ministers, 9 Are Multiple Homeowners
"Lack of Will to Eradicate Real Estate Speculation and Strengthen Public Officials' Integrity"

Prime Minister Chung Sye-kyun is attending the Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 1st, participating in the national ceremony. Photo by Jang Jin-hyung aymsdream@

[Asia Economy Reporter Onyu Lim] The real estate assets per person of former and current ministers under the Moon Jae-in administration increased by 77.1%, from 1.09 billion KRW in 2018 to 1.92 billion KRW this year. Additionally, among the 18 current ministers, half, or 9, were multiple homeowners.

On the 1st, the Citizens' Coalition for Economic Justice (CCEJ) announced the results of an analysis of the real estate assets of 35 former and current ministers who were appointed after personnel verification by the Blue House and confirmation hearings by the National Assembly over the past three years through an online press conference. CCEJ stated, "Although Seoul housing prices rose by 34% during the Moon Jae-in administration, Minister Kim Hyun-mi of the Ministry of Land, Infrastructure and Transport repeatedly claims an 11% increase without disclosing the calculation basis," adding, "Therefore, we analyzed the real estate assets of the ministers who formulate and implement real estate policies."

The analysis showed that the real estate assets per person reported by former and current ministers during their tenure surged by 77.1%, from 1.09 billion KRW in 2018 to 1.92 billion KRW this year. As real estate prices sharply increased, the proportion of real estate assets in total assets also rose from 60.6% to 74.1%. Among the 18 ministers who reported assets this year, the highest real estate assets were held by Minister Choi Ki-young of the Ministry of Science and ICT (7.33 billion KRW), Minister Jin Young of the Ministry of the Interior and Safety (4.27 billion KRW), Minister Park Young-sun of the Ministry of SMEs and Startups (3.29 billion KRW), Minister Kang Kyung-wha of the Ministry of Foreign Affairs (2.73 billion KRW), and Minister Lee Jung-ok of the Ministry of Gender Equality and Family (1.89 billion KRW), in that order.

Among multiple homeowners holding two or more houses under their own or spouse's name, there were 7 out of 17 (41.1%) in 2018, 6 out of 17 (35.3%) in 2019, and 9 out of 18 (50%) this year. Among the 18 ministers who reported this year, the multiple homeowners as of the reporting date were Minister Hong Nam-ki of the Ministry of Economy and Finance (2 houses), Minister Choi Ki-young of the Ministry of Science and ICT (3 houses), Minister Kang Kyung-wha of the Ministry of Foreign Affairs (3 houses), Minister Jin Young of the Ministry of the Interior and Safety (2 houses), Minister Park Neung-hoo of the Ministry of Health and Welfare (2 houses), Minister Lee Jung-ok of the Ministry of Gender Equality and Family (2 houses), Minister Moon Sung-hyuk of the Ministry of Oceans and Fisheries (2 houses), Minister Park Young-sun of the Ministry of SMEs and Startups (3 houses), and Minister Chu Mi-ae of the Ministry of Justice (2 houses). Among them, some, including Ministers Choi Ki-young, Lee Jung-ok, and Kang Kyung-wha, are known to have sold houses.

The 18 ministers who reported assets this year owned a total of 30 houses under their own or spouse's name. Notably, 25 of these 30 houses (83.3%) were concentrated in the Seoul metropolitan area (including Seoul), with a value of 21.77 billion KRW, of which 18.81 billion KRW (86.3%) was in this area. Ministers owning houses in the Gangnam 4 districts as of the reporting date were Minister Lee Jae-gap of the Ministry of Employment and Labor (1 house in Bangbae-dong, Seocho-gu, Seoul), Minister Choi Ki-young of the Ministry of Science and ICT (2 houses in Bangbae-dong, Seocho-gu), and Minister Kim Yeon-chul of the Ministry of Unification (1 house in Bangbae-dong). Among them, Minister Choi Ki-young is known to have sold one house in Bangbae-dong in April 2020.

According to CCEJ, the refusal to disclose assets is also serious. Among the 35 ministers, 14 (40%) refused to disclose or excluded family assets from registration and were approved. In total, there were 19 such cases. A CCEJ official stated, "There have been public concerns that high-ranking officials own many real estate properties and that the government is not actively working to eliminate unearned income," adding, "Nevertheless, the appointment of wealthy real estate owners as ministers indicates a continued lack of will to eradicate real estate speculation and strengthen public officials' integrity."

Accordingly, CCEJ said, "Strict personnel standards related to real estate for high-ranking officials, disclosure of real estate assets based on market prices by public officials, and abolition of refusal to disclose should be implemented as institutional improvements."

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