Minister Kim Yoon-duk Issues First Public Apology Over Lee Sangkyung Controversy: "I Am Deeply Sorry"

Vacancies in Vice Minister and LH President Positions
"Ensuring No Disruptions in Housing Supply"

Kim Yoon-duk, Minister of Land, Infrastructure and Transport, issued an official apology on the 28th regarding the inappropriate remarks made by former First Vice Minister of Land, Infrastructure and Transport Lee Sang-kyung and the growing suspicions of 'gap investment.' This was his first public appearance since the resignation of the former vice minister.

After visiting the Seongsu 1 District reconstruction project site in Seongsu-dong 1-ga, Seongdong-gu, Seoul, Minister Kim met with reporters and said, "This has reminded me once again that public officials must ensure that their policy planning, implementation, and statements align with the expectations of the people. I am deeply sorry." However, he added, "There have been many unavoidable choices in the process of implementing our policies. In that regard, I ask for the public's understanding."

Former Vice Minister Lee was criticized after appearing on a real estate YouTube channel shortly after the October 15 policy announcement, where he suggested that "if housing prices stabilize and fall, you can buy then." Further controversy arose when it was revealed that he had purchased an apartment in Bundang for 3.35 billion won in July last year and then leased it out on a jeonse contract for 1.48 billion won just three months later, leading to suspicions of 'gap investment.' He tendered his resignation on the 24th, and President Lee Jaemyung immediately accepted it the following day.

Kim Yoon-duk, Minister of Land, Infrastructure and Transport, visited the Seongsu 1 District housing reconstruction maintenance project site in Seongdong-gu, Seoul, on the 28th. After receiving a briefing, he responded to questions from the press. Photo by Yonhap News.

When asked about the appointment of a new First Vice Minister, Minister Kim replied, "Nothing specific has been reviewed yet." He continued, "We need to appoint a vice minister as soon as possible, and since the president of Korea Land and Housing Corporation (LH) has also offered to resign, we will move quickly to make these appointments so that the public does not worry about the government's ability to execute housing supply policies."

Regarding discussions on easing or abolishing the Reconstruction Excess Profit Recovery System (REPRS), Minister Kim maintained a cautious stance. He stated, "This is a matter that requires legislative amendments, so parliamentary discussions must come first," and clarified, "At this stage, nothing has been decided or specifically advanced." He added, "Once discussions in the National Assembly begin in earnest, the Ministry of Land, Infrastructure and Transport will also participate."

Minister Kim has recently been visiting major redevelopment and reconstruction project sites in succession, including the Seongsu 1 District in Seongdong-gu, Seoul. He said, "Since this project, which started in 2004, has been delayed for over 20 years, I will inspect the site in person and work to accelerate progress," adding, "The government will provide full support to ensure there are no disruptions in the housing supply."