A suspicion of real estate speculation has been raised against Lee Hye-hoon, the nominee for Minister of the Ministry of Planning and Budget.
Joo Jin-woo of the People Power Party said that, ahead of the opening of Incheon Airport, a backer of the nominee purchased land near Yeongjongdo, Incheon, and made a large capital gain in a few years, adding, "Does it make sense to seat a real estate speculator as an economic ministry Minister?"
According to the real estate registry disclosed by Joo on the 3rd, the nominee's spouse purchased 6,612㎡ (about 2,000 pyeong) of land in Incheon on Jan. 18, 2000. At the time of purchase, the land price was 1.388 billion won based on the officially assessed value.
The point at which the nominee couple bought land on Yeongjongdo was one year before the opening of Incheon Airport, and at that time there was a large wave of real estate speculation across Yeongjongdo, Joo explained. Joo argued, "It is hard to explain it as anything other than speculation aimed at capital gains from airport development."
The land was expropriated in Dec. 2006 by Korea Land Corporation and Incheon Urban Development Corporation. In the nominee's public officials' asset disclosure, the expropriation price is listed as 3.921 billion won. It means a gain of nearly three times in six years after purchase.
Joo said, "Seeing the string of abuse-of-power suspicions and real estate speculation, it seems there was a reason the Democratic Party of Korea recruited her during its administration," adding, "Since the Democratic Party brought her in, returns to the People Power Party are now not accepted."
The personnel hearing preparation team said in response, "We are currently identifying the relevant details," adding, "Because it is real estate disposed of long ago, it appears it will take some time to verify the facts."