Democratic Party's Yang Bu-nam 'Dad's Chance' Controversy... Gifted Hannam-dong House to His 20s Son

by Lee Dongwoo

Published 31 Mar.2024 16:16(KST)

Yang Bu-nam, the Democratic Party candidate running in Seo-eul, Gwangju, has been revealed to have gifted a detached house in Hannam-dong, Yongsan-gu, Seoul, to his two sons in their 20s. Yang's camp denied that this was a sneaky gift.

According to political circles on the 31st, the property details reported to the National Election Commission show that Yang's two sons each hold half of the shares of a detached house with one basement floor and three above-ground floors located in Hannam 3 District, Yongsan-gu, Seoul.

The house was gifted by Yang's spouse to the two sons in 2019. At the time of the gift, the eldest son was 25 years old and the younger son was 23. The redevelopment project for Hannam 3 District received approval for the business implementation plan in March 2019. The house gift took place in November, eight months later.

Yang reported to the Election Commission that the house was valued at 936 million KRW, but it is known that the actual value is higher due to redevelopment prospects.

Yang Bu-nam, head of the Democratic Party of Korea's National Verification Legal Support Group, is attending the headquarters chiefs meeting of the election campaign committee held at the central party office in Yeouido, Seoul on the 14th, delivering opening remarks. Photo by Dongju Yoon doso7@

However, Yang's camp stated that there is no problem as all taxes were paid and the gift was made through proper legal procedures.

Yang's camp said, "We humbly accept the criticism regarding 'parental advantage,' but there was no 'illegal loan' nor was this a 'sneaky gift'; it was a legitimate gift following proper procedures."

They added, "This detached house was purchased in anticipation of a Seoul assignment in 2004 and was never a real estate investment aimed at redevelopment benefits," emphasizing, "The gift to the two sons in 2019 was an unavoidable measure to comply straightforwardly with the Moon Jae-in administration's policy against owning two houses in one household, without going against the stance expected of a high-ranking public official."

They also claimed, "It is true that we paid the gift tax on behalf of the two sons due to their insufficient income, but we plan to be reimbursed in the future," and "We were confirmed to have no issues during the Democratic Party's candidate screening process."