Oh Se-hoon: "The President Has Personally Proved How Abnormal the Real Estate Market Is... Loan Regulations Need to Be Revised"

[Financial News] Oh Se-hoon said, "The current real estate regulations have made the market so abnormal that the President has personally proved it," adding, "I have no intention of criticizing the President's transaction. In fact, it may even be something to be grateful for."
On the 22nd, Oh said on his social networking service, "A market where even the President has to think through such methods just to sell one house. What clearer evidence of regulatory failure could there be?" He added, "If the flexibility the President needed was necessary, then it is even more urgently needed by the public. There are 10 million different circumstances for 10 million Seoul citizens."
Earlier, on the 14th, the Yangji Village Apartment in Sunae-dong, Bundang, Seongnam, Gyeonggi Province, which had been owned by President Lee Jae-myung and First Lady Kim Hye-kyung, was sold for 2.9 billion won. In the process, a mortgage with a maximum claim amount of 1.77 billion won was placed on the property for the buyers, Mr. Kim and Mr. Jo. Some have criticized the deal as a kind of "trick sale" often used when bank lending standards become tighter.
The Blue House explained, "The ownership transfer was completed with consideration for the buyer's circumstances, and the mortgage registration was carried out transparently in accordance with a civil agreement between the parties to the transaction."
Oh said, "There is, however, one difference between the President and the public," adding, "The President had a way, while ordinary homebuyers with no house of their own and a 200 million won loan cap had no way at all."
He went on to say, "I understand the President will hold a direct discussion with the public tomorrow on real estate policy. That is fortunate," and stressed, "Please check what concerns the public voiced most often ahead of the discussion."
Oh said, "This is a desperate appeal to revise rigid loan regulations that are suffocating people," adding, "If you remember the frustration you must have felt in this transaction, you will be able to answer tomorrow at that forum."

[email protected] Lee Chang-hoon Reporter