Han Junho: "Every Word from a High-Ranking Official Directly Impacts Public Trust"
Ruling Party Issues Official Apology: "We Sincerely Regret Causing Public Concern"
The ruling Democratic Party of Korea has issued an official apology regarding the controversy sparked by Sangkyung Lee, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, over his remark that "you can buy a house once prices stabilize." The party leadership emphasized restraint in words and actions, stating, "Every word spoken by a public official is directly linked to public trust."
Lee Sangkyung, First Vice Minister of the Ministry of Land, Infrastructure and Transport. Photo by The Asia Business Daily
Han Junho, Supreme Council Member of the Democratic Party of Korea, stated at the Supreme Council meeting at the National Assembly on the 22nd, "Vice Minister Lee's inappropriate remarks have caused concern among the public," adding, "As a Supreme Council Member and a member of the National Assembly's Land, Infrastructure and Transport Committee, I sincerely apologize to the people."
Han further stressed, "High-ranking officials like the Vice Minister of Land, Infrastructure and Transport must never forget that every word they say is directly tied to public trust," and added, "Taking this incident as a lesson, the ruling party will listen even more humbly to the voices of the people and take responsible action to set state affairs right."
Previously, on October 19, Vice Minister Lee appeared on a YouTube broadcast and, in response to criticism of the October 15 real estate measures, stated, "People feel stressed because they are trying to buy a house at this moment. Save money and buy when prices stabilize," which sparked controversy. He went on to say, "Opportunities always come around anyway," and regarding regulations, "Is there really a need to react so sensitively?"
His remarks were criticized as "irresponsible comments that ignore reality," especially given the current situation where actual homebuyers are struggling due to loan regulations.
The controversy grew after it was revealed that Vice Minister Lee's spouse had purchased an expensive apartment using a jeonse (long-term lease) arrangement. His wife, Ms. Han, bought a 117-square-meter unit in Pangyo Prugio Grandble, Baekhyeon-dong, Bundang-gu, Seongnam-si, Gyeonggi Province, for 3.35 billion won in July last year. Before the final payment was made, she signed a jeonse contract for 1.48 billion won on October 5, effectively buying the property through a "gap investment." The actual transaction price of the apartment is now around 4 billion won, meaning she has made a capital gain of about 600 million won in just one year.
Park Soohyun, Chief Spokesperson of the Democratic Party of Korea, stated, "It is the party's position that we must exercise particular caution regarding words and actions that could undermine the foundation of real estate policy or provide grounds for attacks based on issues unrelated to the core. We will address such matters again during the National Assembly's Land, Infrastructure and Transport Committee audit."
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