The People Power Party criticized Lee Jae-myung selling his Bundang apartment while setting tens of billions of won in a maximum-interest mortgage as a "loophole trick." They argued that while loan regulations restricted the public's freedom to buy homes, he sold his apartment by extending a large private loan and took profits.
People Power Party Floor Leader Jeong Jeom-sik said at a floor countermeasures meeting at the National Assembly on the morning of the 21st, "The president finally sold the Seongnam Bundang apartment for 2.9 billion won, and the method is truly extraordinary," adding, "The seller, the president and first lady, set a maximum-amount mortgage with a claim ceiling of 1.77 billion won in favor of the buyers and sold the unit."
He continued, "My goodness, there are real estate transactions like this. My goodness, I couldn't help but marvel that there are tricks to bypass loan regulations like this," adding, "The ruling party should change its name from the Democratic Party of Korea to 'Democratic Maximum-Amount Mortgage.'"
The floor leader also said, "While denouncing gap investing as speculation and strictly regulating loans, he himself sold the home on credit," adding, "The president personally reaped massive profits in the tens of billions of won through a loophole trick that circumvented loan regulations via private financing."
He went on, "This case clearly shows how the Lee Jae-myung administration's regulation-first real estate policy is distorting the market," adding, "It is a contradictory situation in which the president imposes heavy regulations on the public and then personally teaches loophole tricks to circumvent them."
Chung Hee-yong, the party's secretary-general, also said, "While vowing to tame housing prices, they firmly bolted the door to loans for the public, yet he himself hollowed out the very regulations he created by privately lending a large sum—this is a textbook case of 'naeronambul' ('romance when I do it, adultery when others do it'), isn't it?"
He continued, "They label the public's freedom to buy homes through loans as speculation, while the president sells a house by extending debt—an astonishing double standard," adding, "The government should comprehensively reassess excessive loan regulations that block funding for genuine end-users and promptly prepare fundamental real estate market stabilization measures through expanded supply."