KB News Desk
Rep. Ahn Cheol-soo of the main opposition People Power Party on Tuesday accused President Lee Jae Myung of using an irregular real estate trading method, comparing him to the invasive bluegill fish.
Ahn’s statement, written on his Facebook page, came after Lee officially sold his house located in Bundang-gu, Seongnam, Gyeonggi Province, for 2.9 billion won ($1.97 million).
According to the property’s certificate of registry information, around 1.78 billion won is financed with debt held by Lee and his wife.
The arrangement most likely indicates that the buyers did not yet pay the full purchase price and were allowed to defer the outstanding balance until the final settlement date, which is reportedly in October. Until then, the couple holds a secured claim over the unpaid amount.
Based on this information, Ahn estimated that Lee effectively lent the buyers about 1.5 billion won to purchase his property, citing the typical ratio used to calculate the maximum secured amount. He added that interest and damages for late payment also appeared to have been included.
“It’s baffling to see the head of a country demonstrate ‘seller financing,’ a method that is used covertly in the ultraexpensive apartment market,” he added. “Lee is effectively disrupting the real estate market instead of trying to stabilize it.”
Ahn referred to Lee’s behavior as the “bluegill of real estate.”
The bluegill is a freshwater sunfish native to North America but designated as an invasive species in Korea due to its disruption to the local river ecosystem. Ahn claimed Lee is bringing similar repercussions to the real estate market.
Lee’s move has come under fire as the administration has been implementing measures to curb real estate speculation, including reducing commercial banks’ mortgage loans. Ahn argued that Lee providing a private loan goes against the purpose of the cut.
“If an ordinary person wanted to buy Lee’s house, which is worth more than 2.5 billion won, the maximum mortgage they could borrow from a bank is now only 200 million won,” Ahn said. “Meanwhile, the president provided a private loan and even opened windows for gap investment to the buyers when it came to selling his own property.”
Ahn accused Lee of exploiting his status as president and using an expedient to circumvent his own regulations.
“This should not be tolerated,” Ahn wrote. “Real estate regulations have become shackles for ordinary people, while for Lee they are merely obstacles to be worked around.”
