The Democratic Party criticized the People Power Party on July 21 for its attacks regarding President Lee Jae-myung's recent sale of an apartment in Bundang, Seongnam, where a mortgage of 1.77 billion won was established before the property was sold for 2.9 billion won. The party accused the opposition of spreading 'absurd speculation and false propaganda' and called for an immediate halt to the dissemination of 'fake news' aimed at tarnishing the president's reputation.
Spokesperson Park Hae-cheol stated during a briefing at the National Assembly, 'The president completed the sale of his residence for 2.9 billion won, which is below the market price. This reflects a strong commitment to implementing policies for real estate normalization.' Previously, President Lee sold the apartment he had owned for 28 years, becoming a non-homeowner. The transfer of the apartment's title occurred on July 16, and it is reported that a mortgage of 1.77 billion won was established in the name of the president and his spouse.
On the previous day, the Blue House explained, 'The sale was made at a price lower than the market value of 2.9 billion won. Although there is no obligation to sell as a single homeowner, this action demonstrates the president's commitment to real estate normalization.' Regarding the mortgage of 1.77 billion won, they noted, 'The details of the registration are due to the buyer's circumstances.'
In response, the People Power Party criticized the establishment of the mortgage, which listed the buyers as debtors, calling it a 'loophole' and demanding an explanation of the transaction process. Floor leader Jeong Jeom-sik remarked at a party meeting, 'I couldn't help but be impressed by this method of evading loan regulations. The ruling party should change its name from the Democratic Party to 'Democratic Mortgage.'
Party leader Jang Dong-hyuk also expressed his views on Facebook, stating, 'As the public struggles with real estate loan regulations, the president has personally proposed a solution: seller loans, 'Democratic Mortgage.' He criticized the government for previously claiming that easing loan restrictions would lead to speculation, while now creating both the regulations and the loopholes.'
As the opposition's attacks continued, Spokesperson Park emphasized, 'Had the president retained ownership of the property, he could have fully enjoyed the benefits of the membership rights and potential value increase without any restrictions. Considering that reconstruction is about to be actively pursued, the sale of the president's residence is not a transaction that realized a market profit but rather a decision to voluntarily forfeit membership rights.'
He added, 'Despite this, the People Power Party is framing the consideration given to the buyer's circumstances during the sale as a form of circumvention. The decision to transfer ownership before receiving the final payment was made to accommodate the buyer's acquisition of membership status and financial situation, which the seller took on the risk of recovery.'
Furthermore, he stated, 'This is not a 'loophole' as claimed by the People Power Party, and it is entirely different from 'usury.' It is a notion that could only arise from the People Power Party, which has engaged in various real estate loopholes and speculation by exploiting legal gaps. Their actions appear to be driven by a malicious intent to undermine the president's commitment to stabilizing the housing market through fake news and propaganda.'
He concluded by urging the People Power Party to immediately cease the dissemination of fake news aimed at damaging reputations and called for a genuine commitment to legislative discussions in the National Assembly to stabilize the real estate market.
* This article has been translated by AI.
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