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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, October 29, 2025 — Lee Chan-jin, Governor of South Korea’s Financial Supervisory Service (FSS), has sold one of his luxury apartments in Seoul’s Gangnam district at a KRW 400 million discount and newly invested in an exchange-traded fund (ETF) product the same day, amid ongoing public scrutiny over his multiple-home ownership and alleged nepotism controversy.
According to the FSS, Lee visited KB Securities’ Yeouido Financial Center on Tuesday afternoon and officially enrolled in an ETF investment product through the same process as ordinary retail investors. An FSS spokesperson stated, “Governor Lee joined to demonstrate his confidence in Korea’s stock market and his hope for a more advanced capital market.”
Lee had previously told securities firm CEOs at a September meeting that he intended to personally invest in domestic index ETFs. The products he subscribed to are understood to track both KOSPI and KOSDAQ indices.
On the same day, Lee finalized the sale of his apartment in Umyeon-dong, Seocho-gu, one of Seoul’s prime residential areas, for KRW 1.8 billion (approx. USD 1.3 million)—KRW 400 million lower than the initial asking price of KRW 2.2 billion. The transaction was reportedly completed within half a day after the price reduction.
Following the sale, Lee now retains only one of two identical units in the same complex, which he and his wife co-own. The sold unit had been purchased in 2002, while the remaining one was acquired in 2019.
Lee’s real estate holdings have drawn controversy since a National Assembly audit hearing last week, when he faced criticism for owning multiple homes while serving as a financial regulator. Initially, he stated he would transfer one unit to his child, but reversed his decision after backlash, pledging instead to sell it.
Subsequent reports revealed that the sale price had been raised from KRW 2 billion to KRW 2.2 billion, prompting further criticism. Lee later clarified that “the price adjustment was made by the broker, not by me.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
