Targeting the Minister of Land, Infrastructure and Transport nominee amid 'all-in buying' controversy... People Power Party says, "Don't buy a house with debt"

[Financial News] The People Power Party has launched an attack on Hong Ji-sun, the nominee for Minister of Land, Infrastructure and Transport (MOLIT), regarding allegations of "buying property with borrowed money."
The People Power Party pointed out in a spokesperson's statement, "Candidate Hong engaged in a 'buying with everything he had' a year ago to purchase an apartment in Guro District for 1.005 billion won, raising funds by taking out loans of hundreds of millions of won and even utilizing the so-called 'mother-in-law's chance.'" They added, "It is known that the market value of this apartment has currently risen by nearly 500 million won."
On the other hand, Candidate Hong's side is refuting the claim that the money borrowed from his wife's family (mother-in-law) was merely a private exchange. They are explaining that it was a normal borrowing transaction in which a formal promissory note was written and interest is being faithfully paid at an annual rate of 4.6%.
However, the People Power Party criticized the Lee Jae Myung administration, stating that while it allows those like nominee Hong, who can mobilize loans and family connections, to buy homes and grow their assets, it tells ordinary citizens that they "must not buy houses with borrowed money."
President Lee Jae Myung declared at a real estate policy debate that "people should not take out loans to buy houses to make money." However, while he spoke to the public as if even owning a single home were a luxury, a significant number of Cheong Wa Dae aides and key government officials were not free from controversies regarding multiple home ownership and real estate gap investment. The People Power Party criticized this as a typical example of a double standard regarding real estate.
The People Power Party argued, "From Yong Hye-in to Kim Seung-won, the sloppiness of Cheong Wa Dae's personnel vetting system has been revealed one after another. Now, the public must watch over the controversy surrounding Nominee Hong's 'double standards and all-in buying.'"
[email protected] Kim Kyung-soo Reporter