PP Leader Suggests Property Trade with Democrats

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Political Debate Over Real Estate Holdings

People Power Party leader Jang Dong-hyeok addressed recent criticisms from the Democratic Party of Korea regarding his real estate portfolio. The party accused him of owning four apartments, prompting Jang to respond with a detailed explanation of his property holdings.

Jang stated that the total value of his properties is approximately 600 million won and suggested exchanging all his real estate for President Lee Jae-myung’s apartment in Bundang or Floor Leader Kim Byung-kee’s apartment in Jamsil. This proposal came after the Democratic Party raised concerns about Jang's ownership of multiple properties.

Criticisms and Counterarguments

Democratic Party spokesperson Moon Geum-joo criticized Jang, questioning how he could lead a real estate sweep-up special committee while owning multiple apartments. She highlighted that Jang's family has properties across various regions, including Seoul’s Guro and Yeongdeungpo, as well as areas in Gyeonggi, Gyeongnam, Daejeon, and Boryeong in Chungnam.

Another spokesperson, Baek Seung-ah, noted that Jang's family owns four apartments, an officetel, a single-family home, and land, making them a real estate comprehensive set. Additionally, Floor Leader Song Eon-seog was mentioned as owning a high-end Gangnam apartment, further fueling the debate.

Personal Explanation and Background

At a press briefing at the National Assembly, Jang expressed his concern as a politician, acknowledging the weight of owning four apartments when many citizens lack even one home. He currently resides in a 30-pyeong apartment in Guro, Seoul, and also inherits an old rice field and a house in his rural hometown of Boryeong, Chungnam, where his 94-year-old mother lives.

Jang explained that before becoming a lawmaker, he only owned those properties. After entering the National Assembly, he acquired one apartment in his constituency (Boryeong·Seocheon, Chungnam) and an officetel near the National Assembly for legislative activities, bringing the total to four properties.

Inheritance and Additional Properties

Recently, after his father-in-law passed away, Jang inherited a 1/5 share of an apartment in Jinju, Gyeongnam, where his mother-in-law currently resides. There is also an apartment in Gyeonggi, purchased with his father-in-law’s retirement funds, which is rented out to cover his mother-in-law’s living expenses. This apartment is jointly owned by heirs, with his wife holding a 1/10 share.

Including these, Jang's family owns six properties, but all are for actual residence. He emphasized that the four apartments criticized by the Democratic Party are valued at around 660 million won. Including the rural apartment and other properties, the total value of apartments and houses amounts to approximately 850 million won.

Market Value and Proposal

Jang questioned the perception that 1.5 billion won is a “working-class apartment,” noting that the combined value of all the properties attacked by the Democratic Party totals 850 million won. He proposed handing over all his residential properties and land, offering to exchange them for Floor Leader Kim Byung-kee’s Jangmi Apartment in Jamsil, Seoul, or President Lee Jae-myung’s apartment in Bundang, Gyeonggi.

Jang stated he would cover all registration fees and taxes, urging President Lee Jae-myung and Floor Leader Kim Byung-kee to respond to this proposal. The market price of the apartments owned by the president and the floor leader is in the range of 3 billion won.

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