Gwangju Nam-gu Conducts Detailed Investigation into Suspected Real Estate Transaction Irregularities

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Nam-gu, Gwangju Metropolitan City (District Mayor Kim Byeong-nae) announced on the 9th that from this month until next month, it will conduct a thorough investigation of real estate transaction reports and actual transaction details between parties, including transaction contracts, payment proof documents, and consistency among proof documents.

The detailed investigation targets real estate transactions that took place between July and August 2018, totaling 68 cases notified by the Ministry of Land, Infrastructure and Transport as subjects for detailed investigation.

About 60% of these are related transactions linked to apartment complexes coinciding with the new apartment sales period, identified as located in the Hyochon 1 District and around Baegun Plaza.

The remainder mostly involved real estate transactions in Bangnim-dong and Wolsan-dong, and some transactions of older apartments within the district were also included in the detailed investigation.

Nam-gu plans to collect explanatory materials from real estate transaction parties by July, including transaction contracts, proof of funding and expenditure from buyers and sellers, and brokerage status, then compare each with the actual real estate transaction prices.

Those found to have falsely reported transaction prices will be fined between 2% and up to 5% of the acquisition price according to relevant laws.

The results of the fine imposition are expected to be finalized after mid-next month.

A Nam-gu official stated, “As the government frequently notifies local governments of materials subject to detailed investigations to stabilize the real estate market, prevent speculation, and establish proper transaction order, we will strictly conduct detailed investigations of real estate transactions to ensure transparent transactions and do our best.”

This content was produced with the assistance of AI translation services.