Hong Nam-ki Sold Apartment in Uiwang for 920 Million KRW and Became a Single Homeowner

[Asia Economy Reporter Minji Lee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, recently completed the sale of his apartment located in Uiwang, Gyeonggi Province.

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, is delivering opening remarks at the 'Emergency Economic Central Countermeasures Headquarters Meeting and Korean New Deal Related Ministers Meeting' held on the 23rd at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

According to the apartment registry in Naeson-dong, Uiwang-si, as of the 4th, the ownership transfer of this apartment was completed last month. The reported sale price was 920 million KRW. Based on the contract made in August last year, the highest price for an apartment of the same size in December last year was 928 million KRW.

Previously, Hong acquired the Uiwang apartment in 2013 and became a multi-homeowner after receiving a pre-sale right in Sejong City through a special supply for public officials at the end of 2017. As real estate prices rose excessively last year, the government recommended that multi-homeholding senior public officials dispose of all homes except one, and Hong proceeded with the sale of the Uiwang apartment to become a single-homeowner. Sejong City is designated as a speculative overheated district, restricting the resale of pre-sale rights.

Subsequently, Hong signed a sales contract for the Uiwang apartment in August last year, but faced a risk of the sale falling through when the tenant, who was residing there, exercised the right to request contract renewal and refused to vacate. This was because the revised Housing Lease Protection Act, implemented in July last year, allows tenants to exercise the right to request contract renewal up to six months before the contract period ends.

However, the tenant changed their stance and agreed to vacate, allowing Hong to sell the Uiwang apartment as planned. During this process, it was reported that Hong paid the tenant a relocation consolation payment, leading to suspicions that 'money was given in the form of support funds to make the tenant leave.'

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