South Korean cabinet nominees disclose assets amid real estate scrutiny

Asset disclosures for the second cabinet nominees of the Lee Jae-myung administration have been submitted to the National Assembly, revealing varying levels of wealth and sparking controversy regarding real estate acquisitions.

Hong Ji-sun, the nominee for Minister of Land, Infrastructure and Transport, is facing criticism over her past remarks. While she previously criticized excessive debt-fueled housing demand, records show she purchased a Seoul apartment for 1.05 billion won last year, financing over half the cost through a 367 million won mortgage and a 170 million won loan from her mother-in-law. Hong's side maintains the funding process was a “common-sense method of raising funds.”

Other nominees' assets were also detailed: Lee Hyung-il, the nominee for Deputy Prime Minister and Minister of Economy and Finance, reported the highest total assets at approximately 3.17 billion won. Lee So-young, nominee for Minister of SMEs and Startups, reported 1.52 billion won, noting she is a non-resident single-homeowner. Kang Shin-cheol, nominee for Minister of Defense, reported 1.12 billion won, and Kim Seung-won, nominee for Minister of Justice, reported 680 million won.