According to the Korean newspaper 'Asia Daily', the only residence owned by South Korean President Lee Jae-myung is about to be sold.
On July 14th, Lee Jae-myung presided over a state council meeting at the Blue House. During the meeting, he listened to a report on the national opinion collection plan regarding real estate policies and said to South Korean Prime Minister Han Seung-sook, "I no longer have a house."
Blue House subsequently stated that the real estate transaction of Li Jae-myeong and his wife Kim Hye-young in Ponyang District, South City, Gyeonggi Province is in its final stage. Currently, the pre-signing of the contract has been completed, and the formal contract will be signed soon.
According to Yonhap, a private residence with an area of 164 square meters was purchased by Lee Jae-myung and his wife in 1998 for 3.6 billion Korean won (approximately 1.64 million yuan). They have lived there since moving into the presidential residence in Hannam-dong, central Seoul.
In February this year, Lee Jae-myung decided to sell his self-owned housing at a price lower than the market value, in order to demonstrate his determination to stabilize the domestic real estate market. Shortly after the property was listed, he completed a preliminary agreement with the buyer.
According to ‘Asia Daily’, due to South Korean laws, some areas in Pangtang are designated as land transaction permit zones. Therefore, the formal contract signing and property transfer process for housing transactions takes longer than for ordinary real estate transactions.
Blue House stated that the buyer who is about to sign the formal contract is the same one who completed the preliminary agreement in February this year. The delay in the transaction is mainly due to the need to complete the land transaction approval process, and there has been no change in either the buyer or the seller.
