Jang Donghyuk Refuses to Sell Homes, President Lee Jaemyung Says "If He Doesn't Want to Sell, Just Let Him Be"

"If the President Sells, So Will I," Says Jang Donghyuk
As Lee Lists Bundang Apartment for Sale,
Ruling and Opposition Parties Clash Over Property Disposals
"No Need to Force Anyone; It Should Never Be Profitable"

President Lee Jae-myung is shaking hands with Jang Dong-hyuk, leader of the People Power Party, at the 107th March 1st Movement Anniversary Ceremony held at COEX in Gangnam-gu, Seoul, on the 1st. Photo by Yonhap News

During his state visit to Singapore on March 1st, President Lee Jae-myung stated, "There is no need to force politicians to sell or refrain from buying houses simply because they own multiple properties or are non-residents." He emphasized, "If they don't want to sell their additional properties, just let them be. The success of this administration, and the path to a normal society, is to ensure that choices made in opposition to or out of distrust in government policies never result in a benefit."

After arriving at Changi International Airport in Singapore on the same day, President Lee made this statement via X (formerly Twitter), saying, "I would like to address the ongoing debate surrounding housing, especially the ownership of multiple properties."

President Lee added, "There is no need to invoke a moral obligation by saying, 'Public officials should sell their properties first.' In a capitalist society, people buy and collect homes because it is profitable; if it were not, no matter how much we encourage or plead, no one would buy houses. People are buying properties they do not intend to live in simply because it is profitable."

President Lee's remarks are interpreted as targeting the recent controversy over whether Jang Dong-hyuk, leader of the People Power Party, should sell his multiple properties. President Lee has recently put his own apartment in Bundang, Seongnam, Gyeonggi Province up for sale, while the ruling party is demanding that Leader Jang also sell the six properties he currently owns. Last month, Leader Jang stated that he would sell his properties if President Lee sold his.

President Lee further stated, "The problem does not lie with those who buy and collect or refuse to sell properties; rather, it is because the government has created tax, financial, and regulatory systems that make such purchases profitable. Ultimately, the problem is not with those engaging in speculation, but with the politicians and the government that created a system enabling speculation." He argued that real estate speculation would not occur if the government operated its policies on tax, finance, and regulation in a way that made speculation impossible.

President Lee also explained, "Encouraging the sale of multiple or investment-purpose non-residential properties is not a matter of demanding moral obligation. It is to provide an opportunity for those who have profited by relying on the government's past failures or negligence to avoid unexpected losses, rather than inflict unfair damage on them. This is also a way to reduce social costs."

He stressed, "Unlike in the past, going forward, we will thoroughly design tax, financial, and regulatory policies to ensure that choices similar to those made in the past result in losses. We intend to provide a new rational choice, as these measures will be implemented unwaveringly despite any unjust resistance or criticism."

President Lee said, "Buying and selling homes is a matter of personal freedom, but whether it results in profit or loss is decided by the government. Real estate speculation deprives young people of hope and ruins the country. I believe the people have entrusted me with the responsibility and authority to rectify this destructive speculation."

He pledged, "As a faithful servant of the sovereign citizens, I will decisively eradicate destructive speculation, as mandated by the people."

This content was produced with the assistance of AI translation services.