"Applied for Prime Seoul Apartments 6 Times"... Opposition Targets Hong Jiseon Over Real Estate Controversy

While Serving as Director of Urban Housing in Gyeonggi Province
Applied for New Apartment Subscriptions in Six Locations in Seoul
Opposition: "Treated Real Estate as a Means of Wealth Accumulation"

The opposition party launched a sharp attack against Hong Ji-seon, the nominee for Minister of Land, Infrastructure and Transport, focusing on her history of purchasing homes and participating in housing subscription lotteries in Seoul. They criticized her actions as speculative behavior aimed at capital gains, arguing that this contradicts the current administration's principle of not regarding homes as means for asset accumulation.

At the National Assembly confirmation hearing on September 16, Assemblyman Jeong Hee-yong of the People Power Party pointed out, "While serving as the Director of Urban Housing in Gyeonggi Province, Hong Ji-seon applied for housing subscriptions at six premium apartment complexes in Seoul. In particular, for ‘The H Xi Gaepo,’ the supply price at the time of application was in the 1.9 billion won range, while the most recent actual transaction price is 5.1 billion won, meaning if successful, she could have profited about 3.2 billion won in market gains."

Hong Ji-seon, nominee for Minister of Land, Infrastructure and Transport, is responding to questions from lawmakers at a confirmation hearing held at the National Assembly on the 16th. Photo by Dongju Yoon

He went on to raise questions regarding the source of funds used when Hong purchased an existing apartment in Seoul after failing to secure a subscription win. In March last year, Hong and her spouse jointly purchased an 84.87 square meter unit at Sindorim Taeyoung Town in Guro-gu, Seoul, for 1,005,000,000 won. Of the purchase funds, 170,000,000 won was borrowed from her mother-in-law. Assemblyman Jeong criticized this as contradictory to Hong’s previous remarks made during her time at Gyeonggi Provincial Government, where she had stated that people should be able to secure long-term housing without excessive loans.

Assemblyman Jeong further stated, "After six failed attempts at housing subscriptions, last year Hong combined a mortgage loan and her in-law's funds to acquire a home in Seoul. While she publicly emphasized the public value of housing without the need for excessive borrowing, in reality, she treated home ownership as a means for asset accumulation, demonstrating double standards.

Assemblyman Shin Sung-beom of the People Power Party also commented, "Hong's actions are inconsistent with this government’s policy of tightening loan requirements to prevent buying homes with maximum leverage," adding, "The circumstances surrounding her personal affairs are further evidence that the Lee Jae-myung administration's real estate policies were unrealistic."

During the hearing, there were also concerns raised about Hong's expertise and competence, citing the performance of housing policies she led in the past.

Assemblyman Jeong pointed out, "During her term as vice mayor of Namyangju, the A3 Block of Namyangju Wangsuk District 2, in which she was involved, has had its scheduled move-in date delayed by as much as 41 months, more than three years. Moreover, while she was Gyeonggi Province’s Director of Urban Housing, the number of new housing construction starts in the province dropped by 42.3%, from 168,165 units in 2021 to 97,037 units in 2022."

Assemblyman Jeong Dong-man of the People Power Party also said, "The housing policies she managed have repeatedly failed or been stalled, yet she received a rapid promotion from the local government level all the way to becoming the second vice minister. There are serious concerns about her suitability as a minister, given that all housing policies in Gyeonggi Province have failed under her leadership."

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