Ahn Cheol-soo: Lee Jae-myung 'selling interest through private loans,' 'disturbing real estate market'

Opposition politician Ahn Cheol-soo has sharply criticized President Lee Jae-myung's recent sale of an apartment, alleging that Lee engaged in questionable financial practices by using private loans to generate interest income.

Ahn accused Lee of employing a 'seller financing' technique, a method where the seller provides a loan to the buyer, secured by the property itself. This practice, according to Ahn, is typically used by individuals selling high-value homes and is now being employed by the president, which Ahn described as "unimaginable."

The controversy stems from Lee's sale of an apartment in Bundang, Gyeonggi Province, which he had owned for approximately 30 years. The apartment was reportedly sold for 2.9 billion won (approximately $2.1 million USD). In conjunction with the sale, Lee allegedly set up a mortgage for the buyer amounting to 1.77 billion won, using the apartment as collateral.

Ahn further characterized Lee's actions as "disturbing the real estate market" and likened it to "usury." The criticism highlights concerns about the financial dealings of high-ranking officials and their potential impact on market integrity.

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I never imagined that a president of a nation would use the 'seller financing' technique, which is secretly utilized by sellers of ultra-high-priced homes, and engage in usury with private loans.