Nominee for Minister of Land Park Sang-woo Drafted Apartment Under-Contract for 100 Million Won Less

It has been revealed that Park Sang-woo, the nominee for Minister of Land, Infrastructure and Transport, wrote a 'down contract' at a price about 110 million KRW lower than the actual transaction price when purchasing an apartment in Sanbon, Gyeonggi Province in 2005.

According to materials submitted by Park to Park Sang-hyuk, a member of the National Assembly's Land, Infrastructure and Transport Committee from the Democratic Party of Korea, on the 17th, Park purchased a 149.76㎡ apartment in Baekdu Apartment, Sanbon-dong, Gunpo-si, Gyeonggi Province in June 2005.

Park Sang-woo, nominee for Minister of Land, Infrastructure and Transport Photo by Yonhap News

Park actually bought the apartment for 380 million KRW but reported the purchase price as 269.5 million KRW. There is a possibility that a down contract was made to reduce taxes.

In response, Park's side stated, "This was the result of entrusting the preparation of the real estate sales contract to a certified real estate agent and a notary public according to the customs before the implementation of the actual transaction price reporting obligation system," and added, "We regret that it does not meet current standards."

The mandatory real estate actual transaction price reporting system was implemented in 2006, one year after Park purchased the Baekdu Apartment.

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