"I Sincerely Apologize for Causing Distress to the Public"... Vice Minister Lee Sangkyung of the Ministry of Land Apologizes for Housing Price Remarks and Gap Investment Controversy [Real Estate AtoZ]

Official Apology Issued via Ministry of Land, Infrastructure and Transport YouTube Live Broadcast
On "Buy a House When Prices Drop" Remark: "I Sincerely Apologize for Hurting the Public"
On Spouse's High-Priced Apartment Gap Investment: "Fell Short of Public Expectations"
Democratic Party Lawmaker Park Ji-won: "Officials Must Be Held Accountable; Dismissal Should Be Recommended"

Lee Sangkyung, First Vice Minister of the Ministry of Land, Infrastructure and Transport, has issued an official apology regarding his comment, "Buy a house when prices drop," as well as the controversy over his spouse's high-priced apartment gap investment. As criticism mounted over his inappropriate remarks and actions as a senior official overseeing real estate policy, he personally bowed his head in apology.

Sangkyung Lee, First Vice Minister of the Ministry of Land, Infrastructure and Transport. Ministry of Land, Infrastructure and Transport.

On the 23rd, through a live broadcast on the Ministry of Land, Infrastructure and Transport's YouTube channel, Lee stated, "As a senior official in charge of real estate policy at the Ministry of Land, Infrastructure and Transport, I sincerely apologize for hurting the feelings of the public." He continued, "During last week's YouTube broadcast, I failed to fully consider the perspective of those who are working hard to achieve their dream of homeownership. I sincerely apologize."

Regarding the controversy over his spouse's high-priced apartment gap investment, Lee said, "Although the apartment was purchased for actual residence, I humbly accept that this fell far short of the public's expectations, and I apologize once again." He added, "I will use this incident as an opportunity for self-reflection. As the official responsible for real estate policy, I will do my utmost to ensure the housing market stabilizes as soon as possible."

Previously, during a YouTube broadcast, Lee remarked, "The reason people feel stressed about buying a house now is because they are trying to buy at this moment," and "If government policies bring down housing prices, you can buy then." It was also revealed that his spouse purchased 'Pangyo Prugio Grandble' (117 square meters, purchase price 3.35 billion won) in Bundang, Seongnam, with a jeonse deposit of 1.48 billion won. This sparked public criticism, with many questioning, "Is he telling ordinary people to wait while he himself engages in gap investment?"

Within the ruling party, there have been repeated calls for public officials to take the lead in setting an example to restore trust in policy, with some even openly demanding his resignation. Park Ji-won, a lawmaker from the Democratic Party of Korea, stated, "Is it appropriate for the vice minister in charge of real estate at the Ministry of Land, Infrastructure and Transport to own a house himself and make remarks that provoke the public?" He added, "Minister Kim Yoon-duk should recommend his dismissal."

During the National Assembly's Land, Infrastructure and Transport Committee audit, which included the Korea Real Estate Board, there was also debate between ruling and opposition parties regarding Lee's position. Kim Hee-jung, a lawmaker from the People Power Party, said, "I hope the standing committee will adopt a resolution calling for his resignation." Bok Gi-wang, the Democratic Party's secretary on the committee, responded, "While it is true that the ruling party is responsible for overall state affairs, it would be better to decide on the resolution through discussions among the negotiation groups rather than debating it here."