'Non-Resident Single-Home' Controversy: Lee Hyungil Says "Gwacheon Reconstruction Apartment Demolished... Will Explain at Hearing"

Lee Hyungil, nominee for Deputy Prime Minister and Minister of Finance and Economy, commented on the recent controversy regarding his status as a “non-resident single-home owner,” stating, “I hope you understand that the apartment I own in Gwacheon is currently being demolished as part of a reconstruction project.”

Lee made this remark on the morning of September 3rd while speaking with reporters as he arrived at his office at the Korea Deposit Insurance Corporation in Jung-gu, Seoul, to prepare for his confirmation hearing.

Hyungil Lee, Deputy Prime Minister and Minister of Finance and Economy nominee, is conducting an interview while arriving at the Korea Deposit Insurance Corporation in Jung-gu, Seoul on the 3rd. Ministry of Finance and Economy

Previously, it was revealed that Lee is a single-home owner who does not reside in his property, drawing criticism for being at odds with the government’s policy promoting a housing market centered around actual residency. The controversy grew in particular because Lee himself had championed a tax reform that imposed different rates based on whether or not the owner actually lived in the property.

According to public disclosures of assets by government officials, Lee and his spouse jointly own an apartment in Gwacheon that is undergoing reconstruction, with demolition currently underway in the complex. Whether he actually resided there is unclear. However, records show that Lee had been living as a tenant under a jeonse (long-term lease) arrangement well before residents began relocating in 2025. Although Lee linked his non-residency to the building’s demolition, it turns out he was not living there even before it was demolished.

When asked about the reason for not residing in the apartment, Lee responded, “I will provide details during the confirmation hearing,” declining to elaborate further. Still, he emphasized, “Establishing a residency-based housing market is a principle with clear direction.”

Meanwhile, in response to the Democratic Party of Korea’s announcement that it would consider postponing the abolition of the long-term ownership special tax deduction and raising the comprehensive real estate tax basic deduction for non-residents back to 1.4 billion won, Lee indicated the possibility of continued discussions.

“The revised plan submitted by the government, which passed the Cabinet meeting, was developed in consultation based on the supplemental ideas provided by the Democratic Party,” Lee said, adding, “We will continue to communicate and consult moving forward.”

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