PPP chief calls Lee's apartment sale a 'trick,' mocks ruling party with 'Deombureo mortgage' jab

People Power Party leader Jang Dong-hyeok has criticized President Lee Jae Myung for selling an apartment in Bundang, Seongnam, Gyeonggi Province — co-owned with his wife Kim Hye-kyung — by placing a mortgage lien on the property, calling the move a "trick."

In a Facebook post Tuesday, Jang said, "When people were struggling under real estate loan regulations, President Lee personally came up with a solution." He described that solution as a "Deombureo mortgage" — a seller-side loan arrangement.

The remark carried a double layer of sarcasm: Jang, who typically omits Lee's title, used an unusually deferential honorific form, while the term "Deombureo mortgage" was a pointed dig at the ruling Democratic Party of Korea, whose name begins with the same word.

Jang continued: "Let's stop worrying about loans not coming through. Let's stop worrying about land transaction permit zones. Just write 'Deombureo mortgage' under the source-of-funds explanation."

He went on to mock what he described as a string of contradictions — that Lee had pushed to abolish the long-term holding special deduction now that the registration on his home was settled, had blocked real estate lending as speculative, called jeonse a form of private financing that should be eliminated, threatened to punish those who bought homes with business loans, and told companies not to offer in-house real estate loans. "He makes the regulations himself and makes the tricks himself," Jang said.

Jang also wrote, "In every way — remarkable," before adding, "The capital gain exceeded 2 billion won ($1.35 million), I hear — how about sharing that 'excess profit' with the people?"

According to Supreme Court registry records, the Bundang apartment co-owned by President Lee and Kim sold for 2.9 billion won on Thursday, with the title transfer completed the same day.

The buyers, however, registered a mortgage lien of 1.78 billion won in favor of President Lee and his wife.

The buyers plan to pay the remaining balance around October.

Some observers interpret the arrangement as Lee effectively lending the buyers the outstanding amount until they can complete payment, given that conventional bank financing was unavailable to them.

Meanwhile, Cheong Wa Dae said the registry details "reflect the circumstances of the buyers."