A civil society group revealed that a family company of a former Seoul council member earned an estimated profit of 8.5 billion won by selling two officetels to the Seoul Housing and Urban Development Corporation.
The Economic Justice Action Group (경실련) has released an analysis indicating that the family company of former Seoul council member Kim Kyung made a profit of 8.5 billion won from the sale of two officetels to the Seoul Housing and Urban Development Corporation (SH). According to their findings, Kim’s brother’s company sold the officetels located in Cheonho-dong, Gangdong-gu, for approximately 280 billion won as rental housing. The organization based its analysis on real estate registration records and government construction cost estimates, concluding that the cost of building the officetels was around 195 billion won compared to the sale price, highlighting substantial developer profit.
During his time in the Seoul City Council, Kim Kyung advocated for the expansion of SH’s purchase of rental housing, even suggesting adjustments for housing prices and criticizing the limited supply compared to other public housing entities. His public statements from 2020 to 2022 show a pattern of urging SH for increased housing support, raising concerns about possible conflicts of interest given his family's financial gains from these transactions.
A spokesperson from the Economic Justice Action Group asserts that the situation suggests a troubling intertwining of public duty and personal profit, particularly the potential for corruption involving pressure tactics or bribery for housing sales. The organization emphasizes the need for thorough investigations into conflicts of interest not only regarding Kim but also among other council members who have pressured for increased SH rental housing, aiming to ensure accountability within the Seoul City Council and local political entities.
