LH President Lee Seong-hoon Sells Sejong Apartment for 6 Billion Won Profit

Lee Seong-hoon, president of the Korea Land and Housing Corporation (LH), has reportedly sold an apartment in Sejong City for over 1.4 billion won, realizing a profit of approximately 600 million won after purchasing it for 800 million won. He reiterated his position on the need to strengthen mortgage regulations for homes priced below 150 million won.

During a National Assembly audit on October 12, Lee responded to a question from Kim Mi-ae, a lawmaker from the People Power Party, regarding his real estate transactions, stating, "I sold the apartment in Sejong and another in Yeoksam."

When asked by Kim about the purchase price of the Sejong apartment in 2021, Lee confirmed, "I bought it for 800 million won, and the selling price was just over 1.4 billion won," adding that he made the purchase entirely in cash without taking out a loan.

Kim also pointed out that at the time of his appointment as the land and transport secretary in the presidential office, Lee owned three properties and was living in a rented apartment. In response, Lee explained that the property in Gangnam was inherited from his spouse. He clarified, "I live in Jinju, and my spouse is at her family's home."

Lee's comments on tightening mortgage regulations also came under scrutiny. Previously, during a press conference on September 30, he suggested that the current mortgage limit of 600 million won for homes priced below 150 million won should be lowered.

When asked if he still held this view, Lee replied, "I still think this way," but acknowledged, "I need to consider whether it was appropriate for me to make such comments."

He added, "If the burden of housing costs increases relative to household income, it negatively impacts people's livelihoods and the national economy. In a situation where housing prices continue to rise, we need to think about what is in the best interest of the public and the overall welfare of society."

Lee noted that while those looking to buy homes may find this perspective uncomfortable, he emphasized the need for discussion rather than outright regulation, expressing regret for mentioning matters outside his jurisdiction to the relevant authorities.