Park Hyung-jun Explains "No Family Privileges in LCT Purchase"... Kim Young-chun Demands "More Detailed Disclosure"

Haeundae LCT Sparks Daily Political Tensions
Park: "Not Purchased for Investment, Paid Capital Gains Tax, No Issues"
Kim: "Who Paid Son's Interim Payment? Allegations of Preferential Treatment Persist"

Park Hyung-jun, People Power Party candidate for Busan mayor [Image source=Yonhap News]

[Asia Economy Reporter Hyunju Lee] Candidates running in the Busan mayoral by-election have been continuously clashing over issues related to Haeundae LCT (LCT). Park Hyung-jun, the candidate from the People Power Party, is attempting to clarify and defuse the allegations raised, while Kim Young-chun, the candidate from the Democratic Party of Korea, intends to press the issue further with momentum.

On the morning of the 19th, candidate Park Hyung-jun held a press conference and said, "The essence of this matter is whether there was any illegal corruption or special favors related to Park Hyung-jun living in LCT," adding, "There were no special favors, corruption, or illegal activities." While acknowledging that he bought the house from his son, Park emphasized, "It was not purchased for investment purposes." He explained that since the area was designated as a regulated zone and the property was not selling, he had no choice but to acquire it from his son.

Park also stated that all capital gains taxes and other fees were paid, and there was no benefit gained through the family transaction. He said, "First, the person who initially received the allocation is Mr. Lee, born in 1965, who has no relation whatsoever to the person you are thinking of," and added, "The owner of the house bought by the son-in-law is Mr. Heo." He continued, "The ruling party is raising this issue to cover up and conceal the Korea Land and Housing Corporation (LH) real estate scandal," and "I apologize if it is embarrassing for ordinary people to see someone buying an expensive apartment." The press conference proceeded without a separate statement, with Park announcing his position followed by questions from reporters.

Kim Young-chun, Democratic Party of Korea Candidate for Busan Mayor

After candidate Park’s press conference ended, candidate Kim Young-chun’s camp also held a press conference. Kim’s camp demanded a more detailed explanation regarding the apartment sale. Jeon Jae-soo, a Democratic Party lawmaker and general head of Kim’s campaign headquarters, said in a phone interview, "They explain that the parents purchased the property because the son could not pay the balance, but we need a precise explanation of how the son, born in 1981, paid the intermediate payments since 2015, who the previous owner was, and why only a premium of 100 million won was paid at the time of purchase (the transaction price was between 260 million and 300 million won)." He added, "The prosecution’s investigation into LCT Chairman Lee Young-bok revealed that 130 royal floors were diverted, so it must be clearly clarified whether there were any special favors in the allocation."

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