Lee Jun-seok, Kim Ki-hyun on 'Real Estate Allegations': "'Not Speculation but Investment'... Low Plausibility"

"Low Plausibility in Terms of Timing and Methodology"

[Asia Economy Reporter Yoon Seul-gi] Former People Power Party (PPP) leader Lee Jun-seok pointed out that there are "parts lacking plausibility in terms of timing and methodology" regarding the allegations of real estate speculation profits related to PPP presidential candidate Kim Ki-hyun's 'KTX Ulsan Station area' property.

On the 17th, Lee posted on his Facebook, "When the Anti-Corruption and Civil Rights Commission conducted a full survey on lawmakers' real estate holdings two years ago, the opposing party raised this issue, so I also looked into it to some extent," he said.

Former People Power Party leader Lee Jun-seok is answering questions from student panelists at a special lecture titled "Asking the Path of Conservatism," hosted by the Department of Political Science and International Relations' "Korean New Conservatism" at Korea University’s Jeonggyeong Hall in Seongbuk-gu, Seoul, in the afternoon of December last year. Photo by Yonhap News

Kim's 'Ulsan real estate allegations' resurfaced after PPP party leader candidate Hwang Kyo-ahn raised the issue. On the 15th, during the '3rd PPP Party Leader Candidates' debate held by TV Chosun, Hwang said, "The route was changed to bend around the land owned by candidate Kim, and there are suspicions of enormous speculative profits on land bought for 38 million won," adding, "Kim was a 17th National Assembly member from Ulsan under the Grand National Party and served as the secretary of the National Assembly's Industry and Resources Committee at the time."

In response, Kim said, "The Moon Jae-in administration tried to take me down by applying for 39 warrants and thoroughly investigated me," adding, "If there had been anything, do you think I would still be here?" He further said, "I will give candidate Hwang a 95% discount on that, just pay 5% and take it."

However, the controversy continued the next day on the 16th when PPP party leader candidate Ahn Cheol-soo raised his voice, saying Kim should "properly explain the 1,800-fold profit." At a joint rally for Gwangju, Jeonbuk, and Jeonnam held at the Kim Dae-jung Convention Center in Gwangju, Ahn said, "How did Kim respond in yesterday's debate? He failed to properly answer Hwang Kyo-ahn's question about the speculative profits from the Ulsan KTX station area," criticizing, "His slick remark about selling it at a 95% discount actually acknowledged that there was an enormous speculative profit."

Regarding this, former leader Lee explained, "The land purchase in 1998 is significantly earlier than Kim Ki-hyun's political debut in 2004 (elected as the 17th National Assembly member), so there is insufficient basis to believe it was bought with the intention of profiting through politics or administration," adding, "Also, the opening of KTX Ulsan Station occurred in 2010, and public discussion in the political sphere happened around 2003, which was some time after Kim purchased the land."

He continued, "It cannot be definitively said that the land was bought in anticipation of the construction of the connecting road," and said, "I think the unfairness felt by candidate Ahn Cheol-soo, who is often criticized for managing his stock price every time he makes political moves, might be similar to the unfairness felt by Kim Ki-hyun."

Lee added, "If this is not a case of power-driven speculation where roads were built on barren land using authority, then rather than calling it 'speculation,' it might just be 'investment,'" and said, "If you are willing to sell the land, I would like to buy it even if I have to borrow money. Please give me a 95% discount from the official land price."

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