Shin Hyun-song Sells One of Three Homes... Liquidates All Overseas ETFs and UK Bonds

"We Will Also Expedite the Sale of the Chicago Apartment Owned by Spouse and Eldest Daughter"

Shin Hyun-song, Governor of the Bank of Korea, announced that he had signed a sales contract last month for an officetel in Jongno-gu, Seoul, which he had planned to sell. He also confirmed that all his foreign currency assets, including overseas exchange-traded funds (ETFs) in his name and UK government bonds, have been fully liquidated.

Hyun Song Shin, Governor of the Bank of Korea. Bank of Korea

On May 19, the Bank of Korea provided this response in a written reply to questions from Assemblyman Chun Haram of the Reform Party regarding the status of real estate sales and related matters following the National Assembly confirmation hearing. Previously, in March, Governor Shin had reported that he owned an apartment in Donghyeon Apartment, Eonju-ro, Gangnam-gu, Seoul in his own name; the De Palace officetel in Sinmun-ro, Jongno-gu, Seoul in joint ownership with his spouse; and an apartment in Chicago, USA under the names of his spouse and eldest daughter. He had stated his intention to sell the Jongno-gu officetel and the Chicago apartment among these properties.

The Bank of Korea stated, "The sales contract for the Gwanghwamun officetel was signed on April 23, and the final payment is scheduled for June 22." The Bank added, "The apartment in Chicago owned by the spouse and eldest daughter will also be sold as soon as possible." Furthermore, "All foreign currency assets in Governor Shin’s name have been fully liquidated," and "All overseas ETFs held by his spouse are scheduled to be sold by the end of next month."

Regarding concerns raised at the confirmation hearing about Governor Shin’s mother residing rent-free in the Gangnam-gu apartment, the Bank of Korea explained, "After the termination of the apartment's jeonse contract at the end of September last year, we received an opinion that the gift tax liability for about seven months of rent-free residence is either nonexistent or negligible, as the taxable amount does not reach the statutory gift tax exemption limit for lineal ascendants (50 million won)." The Bank further explained, "A (new) lease contract has been signed with the mother for the property. Within the next one to two weeks, we will proceed with filing and paying the gift tax for the rent-free period, if necessary."

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