President Lee Sells Bundang Home for 2.9 Billion Won; Sets 1.77 Billion Won Mortgage to Accommodate Buyer

It was reported on July 20 that the apartment in Bundang-gu, Seongnam, Gyeonggi-do, jointly owned by President Lee Jae-myung and his wife, Kim Hye-kyung, has been sold for 2.9 billion won.
According to the Supreme Court registry, the ownership transfer was completed on July 16. Notably, the buyers established a mortgage of 1.777 billion won in favor of President Lee and his wife.
This means President Lee holds a claim for that amount, effectively lending the money to the buyers until the final balance is paid.
The buyers reportedly expressed their intention to pay the remaining balance by around October.
Industry experts interpret this as a move by the President to facilitate a quick sale by allowing the buyers, who could not immediately secure the full cash amount, more time to complete the transaction.
In this regard, the Blue House explained that the details on the registry were due to the buyer's circumstances.
The Blue House further emphasized, President Lee recently completed the sale of his home for 2.9 billion won, which is lower than the current market price. While there is no legal obligation for a single-home owner to sell, this measure demonstrates his commitment to realizing real estate normalization policies.
President Lee first put the apartment on the market in February, and a preliminary contract was signed shortly thereafter.
During a cabinet meeting on July 14, after receiving a report from ministries on plans to collect public opinion regarding real estate policy, President Lee remarked to Prime Minister Han Seong-sook during the discussion, I no longer own a home.
※ Please note: This article was translated by AI and may contain errors.