Blue House: "President Lee Has No Special Relationship With Buyer... Transaction Was Transparent"

"Giving Up Reconstruction Gains...
Demonstrating Commitment to Normalizing the Real Estate Market"

On the 21st, the Blue House stated that "the allegation that President Lee Jae-myung had any personal ties or special relationship with the buyer in the sale of his apartment in Bundang-gu, Seongnam-si is groundless."

President Lee Jae-myung is speaking at the Cabinet Meeting held at the Blue House on the 21st. Photo by Yonhap News

The Blue House released an announcement through the spokesperson's office that day, requesting, "Please be cautious of claims or reports that are factually incorrect."

The Blue House explained, "The sale was conducted through a standard real estate transaction process. The title was transferred out of consideration for the buyer's circumstances, and the establishment of the security right (geunjeodang) was carried out transparently in accordance with a civil agreement between the parties involved. This security right relates to the unpaid balance expected to be settled at the end of October."

The Blue House emphasized, "The designation of the (apartment complex's) area as a leading reconstruction zone took place in November 2024, during the previous administration of Yoon Suk-yeol, when the mayor of Seongnam was also a member of the People Power Party." It added, "Claims of special privileges in the reconstruction designation are also unfounded."

The Blue House further stated, "President Lee and his wife gave up the expected profits from reconstruction and sold the only home they had lived in for 28 years at a price below market value." It explained, "This was intended to demonstrate the administration's commitment to normalizing the real estate market."

Previously, during the process of President Lee selling his home, there were suspicions raised by some that the transaction might involve a special relationship, as the buyers established a security right worth approximately 1.77 billion won in favor of President Lee and his wife.

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