Democratic Party members face a series of suspicions over real estate speculation

The Democratic Party of Korea, which proposed a real estate speculation investigation of all 300 National Assembly members, seems perplexed as a series of suspicions have been raised over real estate speculation by its members. Investigation results regarding speculation by the ruling party members and aid staff in Phase 3 new cities by the party’s ethical investigation group are yet to be published.

According to property registration data of the Democratic Party of Korea and the National Assembly on Friday, Democratic National Assembly member Seo Young-seok of Bucheon, Gyeonggi Province jointly bought with a friend 877 square kilometer of land and a building categorized as a type two neighborhood convenience facility in Bucheon in August 2015. The properties were valued at 127.35 million won and 233.59 million won, respectively, based on actual transaction prices. Seo was a member of the Bucheon city council at the time and the properties are now in his local constituency. As they are two kilometers away from the Daejang district of Bucheon, which is designated as one of Phase 3 new cities, the properties were not subject to self-report to the ethical investigation group of the Democratic Party of Korea. “I bought the properties to move a pharmacy in an old building,” said Seo during a phone conversation with the Dong-A Ilbo. “Their prices have not gone up at all and the land is not for speculation as it does not have any connection to streets.”

It was also reported that the father of Democratic Party member Kim Ju-young purchased 496-square meter forest land near Namyang New Town in Hwaseong, Gyeonggi Province in 2019. As it was part of a group purchase of 11,729 square meters among dozens of people, it is suspected of a “splitting equity” scheme. “My father aged over 90 bought the land for my disabled second eldest brother. I will discuss it with my father and take care of it as soon as possible,” said Kim.

It was also reported that the family members of Yang Hyang-ja, Yangyi Won-young, Kim Kyung-man, and Yoon Jae-kab own land in the metropolitan and nearby region, meaning there are a total of six ruling party members suspected of real estate speculation.

The Democratic Party of Korea remains rather quite about when the investigation results of its ethical investigation group will be announced. “As the ethical investigation group is analyzing self-reports made until Wednesday, it may take some time for results to be released,” said a member of the party. “As a series of suspicions have been raised over real estate speculation by the party members, it is concerning that the public sentiment, which is already disturbed by the issues surrounding the Korea Land and Housing Corporation, will be more agitated.”


Dong-Jun Heo hungry@donga.com