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

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."He

General

09.16 17:31

Hong Jiseon Vows to Persuade Both Parties for Passage of Administrative Capital Act Within This Year

On September 16, during her confirmation hearing, Hong Jiseon, the nominee for Minister of Land, Infrastructure and Transport, stated regarding the Special Administrative Capital Act, "I will provide explanations regardless of lawmakers' party affiliation, and if there are any shortcomings, I will work to address them." Hong made this remark in response to Bok Giwang of the Democratic Party, who asked, "I am considering the Administrative Capital Act as the first bill to be handled. Are you willing to do your utmost to ensure the passage of this bill, even if it means mobilizing every ministry?" Assemblyman Bok serves as the secretary of the ruling party's Land, Infrastructure and Transport Committee and chairs the Land Legislation Subcommittee, which oversees the Administrative Capital Act. Previously, Assemblyman Bok, together with Eom Taeyoung of the People Power Party, jointly sponsored the "Special Act for the Construction of the Administrative Capital." The main content of this b

Policy

09.16 17:29

"Are You Also From a Humanities Background?" vs. "It's Mayor Oh's Fault"... Ruling and Opposition Spar Over Housing Supply

The ruling and opposition parties clashed over the real estate policies of the Lee Jaemyung administration at the confirmation hearing for Hong Jiseon, the nominee for Minister of Land, Infrastructure and Transport, held on September 16. Kim Eunhye, a lawmaker from the People Power Party, questioned, "Do you think the current administration's real estate policies are successful?" and pressed further, "Are you a liberal arts major? This is not a matter of whether you studied liberal arts or science." Previously, Kim Seungwon, the nominee for Minister of Justice, responded at his own confirmation hearing the day before to suspicions about manipulated animal testing at Genencell, which had allegedly lobbied for approval of a COVID-19 treatment clinical trial, by saying, "I am a liberal arts major. I have no knowledge about the performance or effectiveness of the treatment." Kim Mi-ae, another lawmaker from the same party, also pointed out, "One of the main reasons for the President’s appr

Policy

09.16 16:43

Minister Nominee Hong Jiseon: “Missing Rebar in GTX-A Due to Seoul’s Poor Management... Will File Compensation Claims”

Hong Jiseon, nominee for Minister of Land, Infrastructure and Transport, has announced that she intends to claim compensation for losses from the Seoul Metropolitan Government in connection with the opening delay of GTX-A Samseong Station due to missing rebar. At the confirmation hearing held at the National Assembly on the 16th, Hong responded to a question from Assemblyman Jeon Yonggi of the Democratic Party of Korea regarding the need for a reimbursement claim against Seoul, stating, "By the end of this year, we plan to file claims for compensation to Seoul, dividing the losses by quarter and by organization."Regarding the party responsible for the missing rebar incident, she said, "The main reason is that the Seoul Metropolitan Government did not manage the construction supervision thoroughly," adding, "I believe the construction company and the supervisory company also share responsibility." Previously, Hyundai Engineering & Construction reported to the Seoul Metropolitan Governme

General

09.16 16:05

IPARK Hyundai Development Company Ramps Up Expansion of 'Yongsan Belt' at Sookdaeipgu Station Area as Performance Rebounds

Having regained profitability and improved financial soundness, IPARK Hyundai Development Company (HDC) is expanding its efforts to secure new projects in Yongsan. According to the urban redevelopment industry on September 16, IPARK Hyundai Development Company attended a site briefing for the redevelopment project at Sookdaeipgu Station area, held by Daishin Asset Trust at the end of last month. Along with IPARK Hyundai Development Company, four other companies—Dongbu Construction, Geukdong Construction, Jeil Construction, and Jinheung Construction—participated in the event. The bidding will proceed in an open competition format, and forming a consortium is not allowed. The bid deposit is KRW 15 billion, and the deadline is October 8. The redevelopment project at Sookdaeipgu Station area aims to build five residential buildings with 900 units and auxiliary welfare facilities, ranging from six basement floors to 40 stories above ground, in the Galwol-dong area of Yongsan-gu, Seoul. The

Dev·Sales

09.16 15:38

Ji-Sun Hong’s Confirmation Hearing Focuses on Military Service, Rental History, and Mother’s Home (Comprehensive)

At the confirmation hearing for Minister of Land, Infrastructure and Transport nominee Hong Jiseon held on the 16th, tensions flared between the ruling and opposition parties over issues such as military service and frequent moves between jeonse apartments. The opposition questioned Hong's history of property purchases and failure to submit certain documents, raising doubts about her policy suitability. Meanwhile, the ruling party deployed a defensive argument and focused on verifying her policy credentials. Five Moves in Jeonse Apartments → 1 Billion-Won Home... Repeated Questions About Mother’s House Hong Jiseon's housing history and the process by which she purchased her apartment became major points of contention. After selling her apartment in Suwon in 2012, Hong moved between jeonse leases five times in areas such as Nowon, Suwon, and Yeongdeungpo. In March of last year, she purchased an 84.87 square meter apartment in Sindorim Taeyoung Town in Guro-gu, Seoul with her spouse for

General

09.16 13:42

Local Apartments Rise from 500 Million to 1.2 Billion Won... The 'Multi-Transit Advantage' Behind Soaring Prices [Real Investment Techniques]

Polarization between the Seoul metropolitan area and regional cities is intensifying in the presale market for new apartments. As the Stress DSR (debt service ratio) has been tightened in stages, and overall household lending limits have been imposed, it has become increasingly difficult to secure financing after being allocated a new apartment. This has strengthened the tendency for demand to concentrate in the most desirable locations of the metropolitan area, especially central Seoul. In comparison to new apartments in the provinces, prices in Seoul—particularly in southern districts subject to price ceilings—are higher, making them more attractive for subscription savings holders. Meanwhile, in the provinces, economic recovery remains sluggish, and regions with a backlog of unsold units continue to see subdued demand, perpetuating a situation where sales are slow to recover. According to an analysis released on September 16 by Korea Real Estate Board on apartment supply and subscri

Dev·Sales

09.16 13:27

6.8 Trillion Won Lost to Jeonse Fraud... HUG Funded 6.4 Trillion Won Over 5 Years

As financial burdens on the Housing and Urban Guarantee Corporation (HUG) have increased due to incidents involving jeonse fraud and failure to return rental deposits, government investment in the agency has exceeded 6 trillion won over the past five years. According to data submitted by Assemblyman Kim Jongyang, a member of the National Assembly's Land, Infrastructure and Transport Committee, on September 16, HUG's cash and in-kind capital contributions totaled 6.4389 trillion won from 2021 to last year. The annual breakdown shows 390 billion won in 2021 and 383.9 billion won in 2023, but the figure surged to 4.7 trillion won in 2024. Last year, 965 billion won was contributed. HUG operates the jeonse deposit return guarantee system, which protects tenants' deposits. If a landlord is unable or unwilling to return the deposit or engages in fraud, HUG returns the deposit to the tenant first and then recovers it from the landlord through subrogation. In the past, higher property value c

General

09.16 13:18

While Seoul Apartment Prices Falter, Southern Gyeonggi Heats Up... Yeongtong in 'Shuttle Zones' Surges 0.61% [Real Estate AtoZ]

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

Hong Jiseon Vows to Persuade Both Parties for Passage of Administrative Capital Act Within This Year

"Are You Also From a Humanities Background?" vs. "It's Mayor Oh's Fault"... Ruling and Opposition Spar Over Housing Supply

Minister Nominee Hong Jiseon: “Missing Rebar in GTX-A Due to Seoul’s Poor Management... Will File Compensation Claims”

IPARK Hyundai Development Company Ramps Up Expansion of 'Yongsan Belt' at Sookdaeipgu Station Area as Performance Rebounds

Ji-Sun Hong’s Confirmation Hearing Focuses on Military Service, Rental History, and Mother’s Home (Comprehensive)

Local Apartments Rise from 500 Million to 1.2 Billion Won... The 'Multi-Transit Advantage' Behind Soaring Prices [Real Investment Techniques]

6.8 Trillion Won Lost to Jeonse Fraud... HUG Funded 6.4 Trillion Won Over 5 Years

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