Government Investigates 160 Cases of Housing Price Collusion
[Asia Economy Reporter Yoo In-ho] The government has filed charges and launched investigations into over 160 cases of housing price collusion.
Park Seon-ho, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, appeared on a radio broadcast on the 19th and said regarding the progress of the housing price collusion investigation, “Since the launch of the Real Estate Market Illegal Activity Response Team, which brings together related agencies such as the Ministry of Land, Infrastructure and Transport, the police, the prosecution, the National Tax Service, and the Financial Supervisory Service, reports of housing price collusion have been pouring in. We have already filed charges in more than 160 cases, and among these, we have classified the cases with high credibility and started investigations.”
Vice Minister Park stated, “It has been identified that residents’ associations and residents have engaged in housing price collusion through various methods both online and offline,” and added, “We expect to announce the results of the investigation and prosecution next month.” He also said, “We will conduct thorough investigations and legally review whether the acts meet the elements of a crime.”
Regarding the recent increase in official prices of apartments and other multi-family housing mainly targeting high-priced homes, Vice Minister Park said, “There is almost no impact on the lives of ordinary people,” emphasizing, “Among apartments and other multi-family housing, 95% of homes priced under 900 million KRW saw an official price increase of 1.9%, while the remaining 5% of high-priced homes increased by about 20%.”
Hot Picks Today
"Suspicious Timing?"...Trump Traded Stocks After Praising Wartime Capabilities
- [Breaking] Three basic local government heads and 510 local council members elected unopposed in the June 3 local elections
- "Even If I Lose My Investment, the Government Will Cover It"... The Fund Attracting Retail Investors' Attention [Weekend Money]
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "Envious of Korean Daily Life"...Foreign Tourists Line Up in Central Myeongdong from Early Morning [Reportage]
He explained, “The official prices of high-priced homes rose significantly because prices surged considerably over the past year, and the official price system had been inadequately operated so that the realization rate of low-priced homes was actually higher than that of high-priced homes, which we have now corrected.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
