Chung Jeom-sik: "President's Expedient to Bypass Regulations... 'Deobureo Geunjeodang'"

People Power Party Floor Leader Chung Jeom-sik criticized President Lee Jae-myung for setting up a collateral security (geunjeodang) worth 1.7 billion won, with the buyers as debtors, during the process of selling his apartment in Bundang, calling it "a case that clearly shows how a regulation-heavy real estate policy abnormally distorts the market."

During the floor leadership meeting held at the National Assembly today (July 21), Floor Leader Chung stated, "It is a contradictory situation where the President, after imposing heavy regulations on the public, is personally teaching them expedient tricks to bypass those very regulations."

Chung remarked, "I was amazed, thinking, 'I never knew such real estate transactions existed,' and 'I never knew there were such tricks to avoid loan regulations,'" and added, "It is at the point where the ruling party should change its name from the Democratic Party of Korea to 'Deobureo Geunjeodang' (a play on words combining 'Together' with 'Collateral Security')."

He further pointed out, "While they branded gap investment as speculation and strictly regulated loans, he himself sold his house on credit," adding, "While they completely blocked loans for citizens trying to achieve their dream of homeownership, he himself profited billions of won through an expedient trick that bypassed loan regulations using private financing."

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 common people and ridicules the public using his own house."

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," adding, "The beginning of reform is the immediate dismissal of Policy Chief Kim Yong-beom, who 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.