[2025 Audit] Kim Dongyeon and Kim Eunhye Clash Over 'Chinese Real Estate Speculation' at Gyeonggi Audit

Gyeonggi Province Governor Kim Dongyeon is responding at the Gyeonggi Province audit on the 20th. Provided by Gyeonggi Province

Gyeonggi Province Governor Kim Dongyeon and People Power Party lawmaker Eunhye Kim, who is considered a potential opposition candidate for next year's Gyeonggi governorship, engaged in a heated debate over Chinese investment in real estate in Gyeonggi Province.

Assemblywoman Eunhye Kim initiated the exchange.

On October 20, during the National Assembly Land, Infrastructure and Transport Committee's audit of Gyeonggi Province held at the Gyeonggi Provincial Government Complex, Assemblywoman Kim pointed out to Governor Kim Dongyeon, "Chinese nationals are taking out loans to buy land and houses in our country, and since you took office, the amount of land purchased by Chinese nationals has increased by about 150% in terms of parcels and by about 200% in terms of land value."

She continued, "The government introduced the foreign land transaction permit system in October, but immediately after the announcement, the number of real estate purchases by Chinese nationals in Gyeonggi Province increased by 26%. There is a so-called 'tteottabang' site known only among Chinese nationals, and places discussed there five months before the permit system was announced were, almost as if by coincidence, designated as land transaction permit zones in October."

She added, "When a Chinese user on that site expressed concern that housing prices would fall due to the permit system announcement, another Chinese user asserted that the Lee Jaemyung administration is injecting liquidity and that there is a 99% chance that housing prices will rise next year. These individuals are recommending a piece of land in Gyeonggi Province, promoting it as suitable for a pension and highlighting its profitability."

Furthermore, she said, "On the day the government announced the foreign land transaction permit system, Chinese users posted on the site, claiming that in Korea, you can buy real estate without an ID. This is because they are aware that there are many loopholes in the land transaction permit system."

She also stated, "According to the Ministry of Land, Infrastructure and Transport, Gyeonggi Province has had the highest level of foreign speculation for three consecutive years, and Chinese nationals are the number one foreign speculators. How many times has Gyeonggi Province investigated speculation by Chinese nationals? Has the province requested the National Tax Service to verify the source of funds when Chinese nationals purchase real estate? Has there been any verification of actual residence?"

People Power Party lawmaker Eunhye Kim is asking questions at the Gyeonggi Province audit on the 20th. Photo by Gyeonggi Province

In response, Governor Kim Dongyeon said, "It is true that Chinese nationals are purchasing real estate in Gyeonggi Province, but it is only a very small portion," and countered, "It is not reasonable to insist on reciprocity, arguing that because our citizens cannot buy land in China, Chinese nationals should not be allowed to buy land in Korea."

He added, "The current real estate issues stem from the previous (Yoon Sukyeol) administration, and the difficulties facing our economy are due to the December 3 Martial Law. I would like to ask what the previous government did regarding real estate issues over the past three years, and what actions were taken concerning China."

He further stated, "Real estate problems are the result of years, if not more, of intertwined causal relationships, so they must be viewed in terms of flow. The current administration has only been in office for five months."

He especially expressed regret, saying, "I am concerned about the political sphere fueling anti-China sentiment. We must consider how such rhetoric will affect our economy, the international political and economic situation, and the upcoming APEC summit."

He promised, "Since a two-year actual residence requirement has been imposed on foreign real estate transactions in Gyeonggi Province, we will continue to monitor this issue going forward."