Real Estate Verification Initiated by Yoon Hee-sook Likely to Expand to All Presidential Candidates

Won Hee-ryong Opens Fire with Asset Disclosure
Ahn Sang-soo Holds Press Conference
"Requesting Real Estate and Related Documents at Candidate Registration on the 31st"
Yoon Seok-yeol: "No Reason to Refuse"
Most Opposition Presidential Candidates Agree
Ruling Party Candidates Lee Jae-myung and Lee Nak-yeon Also Positive

[Asia Economy Reporter Kum Bo-ryeong] The issue of ‘real estate verification’ sparked by Yoon Hee-sook, a member of the People Power Party, is showing signs of expanding to all presidential candidates. Former Jeju Governor and People Power Party presidential pre-candidate Won Hee-ryong opened the floodgates by disclosing his assets, and other candidates are also expressing support for real estate verification, making it likely to become a major variable in the full-fledged presidential race.

[Image source=Yonhap News]

On the 30th, former Governor Won held a special press conference at the National Assembly and stated, "I intend to disclose everything so that the party and all citizens can fully verify the assets of myself and my family." On that day, he detailed the changes in real estate assets over the past 10 years, including those of his direct descendants and ascendants. On the same day, Ahn Sang-soo, former Mayor of Incheon and a People Power Party presidential pre-candidate, also held a press conference, requesting, "By the 31st, when registering as a candidate, not only the candidate but also the real estate transaction records of direct descendants and ascendants should be submitted in advance to allow investigation, and this should be mandatory," emphasizing, "Before the first cut-off, thorough screening and inspection must be conducted and all results disclosed."

As Yoon’s case is shaking up the presidential race, most opposition candidates appear to support this movement. Assemblyman Hong Joon-pyo and former Board of Audit and Inspection Chairman Choi Jae-hyung have also stressed that "presidential candidates must undergo real estate verification," and former Prosecutor General Yoon Seok-youl mentioned, "There is no reason to refuse." Former Assemblyman Yoo Seung-min went further, calling for verification of deposits and stocks as well.

This seems to reflect a cautious atmosphere aware of the risk of public criticism if a passive stance is taken on this issue. The ruling party is similar. Gyeonggi Province Governor Lee Jae-myung proposed a full investigation of real estate assets of presidential candidates, high-ranking officials, and their families, and former Democratic Party leaders Lee Nak-yeon and former Prime Minister Chung Sye-kyun also expressed positive intentions toward real estate verification.

[Image source=Yonhap News]

Professor Park Sang-byeong of Inha University Graduate School of Policy said, "Citizens will likely use the disclosure of presidential candidates’ assets this time as a key criterion to judge how the assets were formed by comparing them," adding, "Since former Governor Won has already disclosed his assets, it will be difficult for anyone from either party to oppose real estate verification alone."

However, opinions differ regarding the selection of the institution to conduct the verification and its scope, so a challenging process is expected before actual verification can be realized. The People Power Party and the Democratic Party have evaluated the National Assembly members’ full investigation by the Anti-Corruption and Civil Rights Commission as ‘insufficient,’ and in some cases, candidates are not public officials, making it difficult for the Commission to investigate. Accordingly, the People Power Party has also raised the possibility of party-level verification. On the same day, after the Supreme Council meeting, People Power Party leader Lee Jun-seok told reporters, "I have no judgment on whether real estate verification will be advantageous or disadvantageous to any candidate," adding, "If it helps the public’s judgment, it can be discussed at the National Election Commission."

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