Kim Geunsik Raises Issue of Jin Sungjoon's Son's Real Estate and US Investments
Jin Sungjoon: "I Have Never Bought Real Estate for My Son, Nor Am I Able To"
"Saying My Son Is a Major Investor Just Because He Bought a Few Shares"
As criticism from investors continues regarding Jin Sungjoon, a member of the Democratic Party of Korea, who is known to have been involved in the government's decision to lower the major shareholder threshold for stock capital gains tax from 5 billion won to 1 billion won, a dispute broke out between Representative Jin and Kim Geunsik, former head of vision strategy for the People Power Party. On August 4, Jin claimed on his social media, "Former Chief Kim appeared as a panelist on a radio show this morning and spread false information about me."
Jin took issue with remarks made by Kim during an interview on CBS Radio's "Kim Hyunjung's News Show," where Kim said, "Jin Sungjoon, the Policy Committee Chair, says our stock market will not collapse. Don't worry. And isn't it true that he actually bought real estate for his son? As these kinds of articles keep coming out, he buys his son real estate, which is even more secure than stocks, and his son already left the domestic stock market for the US market. Since he doesn't have to worry about the domestic market, he can just leave."
Jin responded, "I have never bought real estate for my son, nor am I in a position to do so. The four of us live together in one home," and asked, "What is the basis for the claim that I bought my son real estate, which is supposedly more secure than stocks? Isn't it a fact that my family owns and resides in a single home, as can be verified from my publicly disclosed asset report?" He went on to demand, "I hope Mr. Kim Geunsik admits his mistake and issues a public apology."
He continued, "After being married for over ten years, I received an apartment allocation in Goyang, Gyeonggi Province, and lived there. In 2015, I moved to a rented apartment in Deungchon-dong, Gangseo-gu, Seoul. Then, after another ten years, in August 2024, I purchased with a loan an apartment right next to that rented home. Naturally, I sold the apartment in Goyang before that. My family has owned only one home in our entire lives. There was never a time, even briefly, when we owned two homes."
He also said, "Mr. Kim Geunsik claimed my son 'left the domestic market for the US market.' My college-aged son bought a few shares of stock with his saved allowance. I don't understand why this should be portrayed as if he were some kind of major investor, moving from one market to another. Anyone listening might think my son is a high-roller with billions in investments," emphasizing once again, "I strongly urge Mr. Kim Geunsik to immediately admit his mistake and issue a public apology."
According to the property disclosure standard in March, Representative Jin's eldest son was known to hold three US stocks and one Korean stock. The US stocks included Apple, Intuitive Surgical, and Archer Daniels Midland, with a total valuation of 3,983,000 won.
Previously, as Policy Committee Chair of the Democratic Party, Jin had argued that the major shareholder threshold for stock capital gains tax should be restored to the level before the Yoon Sukyeol administration. On August 2, he wrote on social media, "This tax reform plan is intended to secure funding for key policy tasks of the Lee Jaemyung administration, including achieving KOSPI 5000," and stressed, "In three years under the Yoon Sukyeol administration, tax revenue shortfalls have exceeded 86 trillion won. As a result, a revenue adjustment was made this year as another shortfall is expected. The priority is to restore the tax base that has been undermined by tax cuts for the wealthy during Yoon Sukyeol's three years in office."
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