Lee Seung-gun, CEO of Viva Republica, the operator of mobile finance platform Toss, is drawing attention after pledging to cover monthly rent or mortgage interest payments for life for 100 employees.
On Tuesday, Lee told staff via the company's internal messenger that he had "long been troubled by the contradiction between those who profit from real estate and those pushed to the brink of survival by housing costs, even before founding the company." He said he would sell a residential property held under his personal name and use the proceeds to cover housing costs for 100 team members for life.
Applications were accepted until 9 p.m. the same day. One hundred employees will be selected by random lottery, with results to be announced before midnight. Selected employees will receive full monthly rent or mortgage interest payments starting this month upon submitting a copy of their lease or loan agreement. The support will continue until each recipient secures a home of their own.
Lee is well known for staging dramatic events every April Fools' Day. In 2022, he provided free Tesla vehicles to 10 employees for one year. Last year, he personally funded a three-day trip to Okinawa, Japan, for 100 employees.
Given that previous announcements have been followed through with actual execution, attention is focused on whether this year's event will also materialize. A Toss spokesperson said, "We cannot confirm whether this is an April Fools' Day event," adding that "Lee has always used this time of year to express gratitude to his colleagues."
Lee resides at Eterno Cheongdam, widely regarded as a symbol of Korea's most expensive residential properties. According to this year's officially assessed apartment prices released by the Ministry of Land, Infrastructure and Transport, the unit at Eterno Cheongdam with an exclusive area of 464.11 square meters has an assessed value of 32.57 billion won ($22.7 million), up 12.51 billion won or 62.4% from the previous year, ranking first nationwide for the second consecutive year.
Eterno Cheongdam was designed by Spanish architect Rafael Moneo, a laureate of the Pritzker Architecture Prize, often called the Nobel Prize of architecture. The building comprises just 29 units across four basement levels and 20 above-ground floors. The sale price was 200 million won per 3.3 square meters, the highest in Korea. Single-floor units feature 4-meter ceilings, while duplex units reach 7 meters.
Notable residents reportedly include singer-actress IU, actor Song Joong-ki, Krafton (259960.KS) CEO Kim Chang-han, and HY Group Chairman Yoon Ho-jung. Yoon purchased his unit last year for 30.5 billion won ($21.3 million), setting a record for the highest-ever apartment transaction price in Korea. Considering that officially assessed prices are generally estimated at around 65% of actual market value, the market value of Lee's unit is estimated to reach approximately 50 billion won ($34.9 million).