Chung Jeom-sik: "President's Home Sale Proves Real Estate Market Distortion... Should Be Renamed 'Deobureo-Geunjeodang'"

People Power Party Floor Leader Chung Jeom-sik criticized President Lee Jae-myung today (the 21st) regarding the sale of his Bundang apartment, where he set up a collateral security (geunjeodang) worth 1.7 billion won with the buyers as debtors, stating, "This is a clear example of how a real estate policy focused solely on regulations abnormally distorts the market."

During the floor strategy meeting held at the National Assembly today, Floor Leader Chung stated, "It is a contradictory situation where the President imposes heavy regulations on the public and then personally teaches them how to use loopholes to bypass those very regulations."

Floor Leader Chung also criticized the situation, saying, "I was amazed to see such a real estate transaction and to learn that there are such tricks to avoid loan regulations," adding, "It is time to change the name of the ruling party from the Democratic Party of Korea to 'Deobureo-Geunjeodang' (a play on words implying 'Together with Collateral')."

He further pointed out, "While they labeled gap investment as speculation and strictly regulated loans, the President sold his house on credit," and added, "They completely blocked loans for ordinary citizens trying to achieve their dream of homeownership, yet the President himself profited billions of won by using private financing as a loophole to bypass loan regulations."

He continued, "Former Presidents Roh Moo-hyun and Moon Jae-in also caused hardship for many citizens due to failed real estate policies, but this is the first time I have seen a President who mocks the public and plays with ordinary people using his own home."

Floor Leader Chung urged, "Even now, you must ease the abnormal loan regulations that are the main culprits behind skyrocketing housing prices and the chaos in the jeonse and monthly rent markets, and shift the real estate policy stance toward expanding private supply." He added, "The beginning of reform is the immediate dismissal of Policy Chief Kim Yong-beom, who has turned the stock market into a gambling den and the real estate market into a mess."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.