Politics · South Korea · 2 hrs ago
Technology Guarantee Fund Uses 1 Billion Won Apartment as Chair’s Residence
South Korea’s Technology Guarantee Fund rents a Busan apartment for its chair, with a 1 billion won deposit.
The agency was established to support technology companies that lack enough collateral to secure financing.
The apartment has served as the official residence since 2020, and three successive chairs have lived there.
The agency raised the deposit from 850 million won to 1 billion won when it renewed the lease in April.
The home is larger and more expensive than nearby comparisons: it measures about 110 square metres, while similar-sized apartments near the agency’s headquarters reportedly rent for about 500 million won.
Rules cap the size of official homes for other senior officials and staff, but allow a larger home for the chair, and the agency says there is no deposit limit for that residence.
Opposition lawmaker Seo Ji-young criticized the arrangement, saying the money is tied up while companies face funding difficulties, and called for reasonable limits and a move to a less extravagant home.
The Korea Technology Finance Corporation uses a Busan apartment with a 1 billion won deposit as its chair’s official residence.
The apartment has an exclusive area of 110.26 square metres and is in a high-rise complex by the coast.
The corporation first signed a lease for the apartment in February 2020, and three successive chairs have lived there.
The deposit was raised from 850 million won to 1 billion won in a new contract in April 2026.
Lawmaker Seo Ji-young criticized the arrangement and called for limits on the residence’s size and deposit.
- Who
- The Korea Technology Finance Corporation, whose chair is Kwon Hyeong-taek; lawmaker Seo Ji-young raised concerns about the residence.
- What
- The corporation uses a coastal apartment with a 1 billion won lease deposit as its chair’s official residence.
- When
- The lease began in February 2020. The deposit was raised in April 2026, and the issue was reported on October 15, 2026.
- Where
- Yongho-dong, Nam-gu, Busan, about 6 kilometres from the corporation’s headquarters.
- Why
- The corporation uses the apartment as the chair’s official residence. Seo said the arrangement was inappropriate while businesses were reporting funding difficulties.
This story does not have two clearly opposing sides.
The corporation first signed a lease for the apartment as the chair’s official residence.
The corporation renewed the lease and increased the deposit from 850 million won to 1 billion won.
Kwon Hyeong-taek took office as chair and became the third successive chair to live in the apartment.
Yonhap reported the arrangement and Seo Ji-young’s criticism.
- Lease deposit
- 1 billion won
- Apartment area
- 110.26 square metres
- Location
- Yongho-dong, Nam-gu, Busan
- Distance to headquarters
- About 6 kilometres
- Lease began
- February 2020
- Deposit increase
- From 850 million won to 1 billion won in April 2026
1 source
What people are saying
The corporation was established to support technology companies lacking collateral, but 1 billion won is tied up in the chair’s residence.
At a time when businesses are appealing about funding difficulties, this operation of the residence does not meet public expectations.
The corporation should promptly establish reasonable limits on the size and deposit of the chair’s residence and move out of the luxurious residence.