Ruling Party Slams Lee Jae-myung's 'Irregular' Real Estate Deals

South Korea's ruling People Power Party has sharply criticized former presidential candidate Lee Jae-myung's real estate transaction practices, labeling his methods as 'irregular' and 'fraudulent.' The party alleges that a specific financing technique, termed 'seller financing,' which Lee reportedly utilized in a 1.77 billion won apartment sale, is now becoming prevalent in high-value housing markets.

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President Lee's 'seller's mortgage,' a 1.77 billion won irregular loan, is now spreading to the high-priced apartment markets in Gangnam, Seocho, and beyond.

According to the party's spokesperson, Cho Yong-sul, this 'seller financing' method, also referred to as 'seller's mortgage,' is rapidly expanding beyond affluent areas like Gangnam and Seocho to include other upscale markets such as Gwanggyo in the Seoul metropolitan area. The party contends that this practice, exemplified by Lee's transaction, is being normalized, undermining fair market principles.

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The Lee administration blocked the market with loan regulations, saying only those with cash should buy houses, but President Lee himself pioneered a shortcut through irregular loans.

The ruling party further accused Lee's previous administration of imposing strict loan regulations on the general public while simultaneously facilitating such 'irregular' financial maneuvers for the elite. They argue that instead of normalizing the market, Lee's policies created loopholes and 'fraudulent' avenues accessible only to a select few. The party expressed grave concern that Lee's own transaction has seemingly given 'official certification' to these methods, encouraging their wider adoption under the guise of legal compliance.

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The problem is that this method is being accepted in the market as if it has received 'official certification' through the president's own transaction.