The presidential secretary for anti-corruption, Kim Gi-pyo, has offered to resign, the presidential office said Sunday, following allegations of real estate speculation involving multimillion dollar loans.

President Moon Jae-in also immediately accepted his resignation, according to Park Soo-hyun, Cheong Wa Dae's senior secretary for public communication.

"Presidential secretary Kim Gi-pyo has expressed his views that, although he did not acquire the real estate for purposes of speculation, he should no longer be a burden to the state affairs given the public's expectations of a public servant's ethical and social responsibilities," Park said at a briefing.

Kim, who was appointed to the position in March, reported to the government in a recent declaration of personal assets that he owns real estate worth 9.12 billion won ($8.08 million) while having financial liabilities of 5.62 billion won, according to data.

High-level officials are required to declare their assets every year as part of anti-corruption measures.

Kim's registered properties include two commercial stores in Seoul worth a combined 6.55 billion won; an apartment in the city of Seongnam, south of Seoul, worth 1.45 billion won; and forest land adjacent to a district currently under development in Gwangju, Gyeonggi Province, worth 830 million won.

Kim, who worked as a prosecutor, served as a lawyer between 2014 and 2021.

While denying the speculation allegations, Kim earlier apologized "for causing a misunderstanding" and vowed to "swiftly" dispose of some of the assets, according to Cheong Wa Dae on Saturday.

President Moon Jae-in's replacement of the anti-corruption secretary in March came amid his push to root out corruption in the public service following the report of a massive land speculation scandal involving some officials at the state-run Korea Land & Housing Corp. (LH). (Yonhap)