South Koreas Housing Policy Official Apologizes Amid Controversy Over Real Estate Investments
The controversy surrounding the gap investment strategy in real estate, which involves purchasing homes while relying on jeonse (a type of lease in South Korea), has led to a public apology from Lee Sang-kyung, the first vice minister of the Ministry of Land, Infrastructure and Transport. On the 23rd, Lee acknowledged the publics concerns and expressed remorse for failing to understand the difficulties faced by citizens striving to own their homes.
During a live-streamed apology event at the National Development Exhibition Hall in Seoul, Lee stated, "As a senior public official responsible for real estate policy, I have not properly understood the position of citizens who are working hard with the dream of homeownership." He emphasized that he humbly accepts that his actions did not meet public expectations, especially regarding his spouses purchase of an apartment for actual residence. He reiterated his apologies and promised to reflect on himself following the incident.
The controversy escalated after Lee appeared on a real estate YouTube channel on the 19th, where he discussed the governments 10.15 Real Estate Measures. During the discussion, he suggested that citizens could wait for the government to stabilize housing prices before purchasing homes, implying that opportunities will arise again. However, critics pointed out that Lee himself sold an apartment to gap investors shortly after the launch of the Lee Jae-myung administration, which only heightened the anxiety of those without homes.
Lees spouse reportedly purchased an apartment in Baekhyeon-dong, Seongnam, for 3.35 billion KRW last July, and three months later, they completed the ownership transfer and signed a jeonse contract for 1.48 billion KRW. This transaction also exemplifies the gap investment method.
Despite Lees public apology, calls for his resignation have emerged, not just from opposition parties but also from members within the ruling party. Many believe that an apology alone is insufficient and demand that he step down from his position. The controversy surrounding the real estate policy and its implications is expected to persist, indicating ongoing scrutiny of the governments actions and decisions in the housing market.
During a live-streamed apology event at the National Development Exhibition Hall in Seoul, Lee stated, "As a senior public official responsible for real estate policy, I have not properly understood the position of citizens who are working hard with the dream of homeownership." He emphasized that he humbly accepts that his actions did not meet public expectations, especially regarding his spouses purchase of an apartment for actual residence. He reiterated his apologies and promised to reflect on himself following the incident.
The controversy escalated after Lee appeared on a real estate YouTube channel on the 19th, where he discussed the governments 10.15 Real Estate Measures. During the discussion, he suggested that citizens could wait for the government to stabilize housing prices before purchasing homes, implying that opportunities will arise again. However, critics pointed out that Lee himself sold an apartment to gap investors shortly after the launch of the Lee Jae-myung administration, which only heightened the anxiety of those without homes.
Lees spouse reportedly purchased an apartment in Baekhyeon-dong, Seongnam, for 3.35 billion KRW last July, and three months later, they completed the ownership transfer and signed a jeonse contract for 1.48 billion KRW. This transaction also exemplifies the gap investment method.
Despite Lees public apology, calls for his resignation have emerged, not just from opposition parties but also from members within the ruling party. Many believe that an apology alone is insufficient and demand that he step down from his position. The controversy surrounding the real estate policy and its implications is expected to persist, indicating ongoing scrutiny of the governments actions and decisions in the housing market.
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