Deputy Prime Minister Nominee Lee Hyung-il Reports 3.1 Billion Won in Assets Including Gwacheon Redevelopment Apartment

Only Four Months of Actual Residency
Expected to Be a Key Issue at the Confirmation Hearing

Lee Hyung-il, the nominee for Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, reported total assets of 3,175,930,000 won under his own name, his spouse’s name, and his children’s names.

According to the personnel hearing request submitted to the National Assembly on September 4, Lee’s personal assets amount to 1,704,550,000 won. His main assets include half-ownership of an apartment in Burim-dong, Gwacheon, Gyeonggi-do jointly owned with his spouse (659,500,000 won), a jeonse deposit right for a Hillstate Sangdo Central Park apartment in Dongjak-gu, Seoul (768,000,000 won), a 2017 Genesis vehicle (11,300,000 won), and deposits (296,694,000 won). As for liabilities, he owes a total of 30,937,000 won to the Government Employees Pension Service and NongHyup Bank, among others.

Yonhap News Agency

His eldest daughter reported assets totaling 235,545,000 won, including a jeonse deposit right for a house in Austin, Texas, USA, and bank deposits. His eldest son declared 215,691,000 won in total assets, consisting of bank deposits and securities. Lee’s father refused to disclose his assets, citing independent living. In terms of military service, Lee completed his term as a first lieutenant in the Air Force, while his son has postponed enlistment for academic reasons.

President Lee Jaemyung stated in the personnel hearing request letter, “As one of the most outstanding policy experts who has held various key positions in economic policy, he has demonstrated his abilities by leading the economy forward amid internal and external challenges through his exceptional expertise and planning and coordination skills,” adding, “He is the right person fully equipped with the competence and qualities needed to revitalize our economy and guide it toward stable growth.”

However, controversy over Lee’s actual residency at his Gwacheon apartment is expected to be a major issue at the confirmation hearing. According to Assemblyman Ahn Sanghoon’s office of the People Power Party, Lee and his spouse, who purchased an apartment in Gwacheon Jugong Complex 9 in 2009, have actually resided there for only four months in total (November 2012 to January 2013, and December 2018 to February 2019). Even these periods were temporary stays during the vacancy between jeonse contracts after previous tenants had left and before the couple moved into their next leased apartment. The apartment building is currently being demolished for redevelopment.

Given that the government continues to pursue real estate policies focused on actual residency—and that Lee himself declared the principle of settling a residence-oriented housing market as a firm stance the previous day—it is expected that the opposition will intensify its scrutiny of this issue during the hearing process.

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