"1800x Profit" vs "Saengtetang"... Ruling Party Presidential Primary, Real Estate Dispute

People Power Party, 2nd Party Leader TV Debate on the 20th
Leading Candidate, Heated Debate over 'Kim Ki-hyun Real Estate'

[Asia Economy Reporter Yoon Seul-gi] Ahead of the March 8 People Power Party leadership election, the suspicion of 'Ulsan KTX station area real estate price speculation' involving candidate Kim Ki-hyun has emerged as a new issue, and this real estate suspicion is expected to be a key point of interest in the second TV debate as well.

On the 20th at 5:25 PM, the four People Power Party leadership candidates?Kim Ki-hyun, Ahn Cheol-soo, Chun Ha-ram, and Hwang Kyo-ahn?will hold the second TV debate at the MBN studio in Jung-gu, Seoul.

Following the recent joint speech event and the first TV debate, the party leadership competition has officially begun, and attacks toward opposing candidates are expected to continue in the second debate. In particular, since Kim, who is leading in party leadership approval ratings, is facing allegations of 'Ulsan KTX station area real estate price speculation,' attacks against him are expected to intensify.

On the 15th, candidates Cheon Ha-ram, Kim Ki-hyun, Ahn Cheol-soo, and Hwang Kyo-ahn (from left) posed ahead of the first TV debate for the People Power Party leadership candidates held at the TV Chosun studio in Jung-gu, Seoul. Photo by Yonhap News.

The suspicion of 'Ulsan KTX station area real estate price speculation' against candidate Kim surfaced when candidate Hwang raised it during the first TV debate on the 15th. Candidate Hwang stated, "The route was changed to bend around the land owned by candidate Kim, and there is suspicion of enormous price gains on land bought for 38 million won. He must clearly explain this," adding, "At that time, candidate Kim was a member of the 17th National Assembly from the Grand National Party representing Ulsan and served as the secretary of the National Assembly's Industry and Resources Committee."

Subsequently, candidates Ahn Cheol-soo and Chun Ha-ram also joined the offensive on the real estate suspicion. On the following day, the 16th, candidate Ahn raised his voice at the joint speech event for Gwangju, Jeonbuk, and Jeonnam held at the Kim Dae-jung Convention Center in Gwangju, saying that candidate Kim failed to properly answer questions about the Ulsan KTX station area price gains and demanded, "He must properly explain the 1,800-fold profit."

Candidate Chun said he was not sure whether Kim's issue was at the level of speculation or investment but promised to verify candidate Kim. After visiting Sangju Central Market in Gyeongbuk on the 19th, Chun told reporters, "Even if the land was purchased before entering politics, there are reports that he worked as a legal advisor related to Ulsan."

He continued, "There is a young supreme committee candidate, Lee Gi-in, who is better than anyone at exposing the dirty aspects of politicians related to such land," and added, "I plan to apply the know-how of candidate Lee, who built his reputation as a 'Lee Jae-myung sniper,' when verifying candidate Kim Ki-hyun's issue."

Meanwhile, candidate Kim responded by saying the matter has already been clarified and sharply criticized it as 'Saengtte-tang.' Saengtte-tang refers to a counterattack by the People Power Party during the 2021 Seoul mayoral by-election, targeting the Democratic Party's 'Saengtae-tang restaurant suspicion' against then candidate Oh Se-hoon, by coining the term 'Saengtte-tang.'

Kim Ki-hyun, candidate for the leader of the People Power Party. Photo by Kim Hyun-min kimhyun81@

On the 20th, candidate Kim appeared on KBS Radio's 'Choi Kyung-young's Strong Current Affairs' and addressed the competing candidates raising the real estate suspicion, saying, "The story that I worked as a legal advisor for Ulsan City dates back 15 years," and added, "The Democratic Party has repeatedly used this until it was worn out, but they themselves have revealed that there is no problem."

He continued, "If you don't know the details, just stay quiet. If you keep repeating what the Democratic Party said, then that exactly becomes Saengtte-tang."

Candidate Kim also explained the background of purchasing the land. He said, "It seems to have been about 25 to 26 years since I bought the land," and explained, "The land is classified as forest land, but according to the details, it is a chestnut mountain where chestnuts are cultivated."

He added, "There was a fellow church member who was attending the same church, but in 1997, the IMF crisis hit, and his business became difficult," and said, "He told me that the loan needed to be covered quickly to avoid bankruptcy." He said, "At that time, I was working as a lawyer," and added, "I thought that if I bought the land, I could live there after retirement."