Suncheon-si Requests Tax Investigation on 98 Sales Transactions of Hanyang Soojain in Yongdang-dong

Next in Line: Haeryong-myeon Boksung-ri 'Hanshin The Hue' and Maegok-dong 'Seohan Idaeum' Announced

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City has announced strong guidance and crackdowns on the common practice of drafting down contracts (underreporting transaction amounts) during the resale process of apartment sale rights. In this context, it has requested a tax investigation into 98 transactions of Suncheon Hanyang Sujain apartment sale rights.

The Suncheon Hanyang Sujain apartments, under construction in Yongdang-dong, Suncheon, consist of a total of 1,252 units. The winners of the sale rights signed contracts over four days from April 13 to 16, and resale was allowed upon payment of 10% of the deposit.

As of May 24, the number of reported transactions of Hanyang Sujain apartment sale rights in Suncheon reached 300 cases (273 sales and 27 gifts or joint ownership). This means that 24% of the total 1,252 units were traded within 38 days, indicating a large presence of speculative forces and sellers aiming for premiums.

A Suncheon City official stated, “Most of the Suncheon Hanyang Sujain apartment sale rights transactions were brokered through licensed real estate agencies, with private individual transactions accounting for less than 5% of the total volume. We will continue to enforce crackdowns and provide guidance to real estate agencies to ensure that only genuine buyers trade apartment sale rights.”

If a licensed real estate agent drafts duplicate contracts or falsely reports transaction amounts, they may face fines up to three times the acquisition and registration tax, cancellation of agency registration, or suspension of business. If fined 3 million KRW or more under the Real Estate Brokerage Act, they may also lose their license.

Suncheon City focused its recent tax investigation request on transactions where the premium amount was underreported during the actual transaction reporting of sale rights. The city official said, “Although we initially requested investigations for 98 cases, if suspicious circumstances arise in a second or third phase, we will continue to request tax investigations.”

Next, Suncheon City plans to monitor and crack down on transactions of the ‘Suncheon Hanshin The Hue’ apartments under construction in Boksung-ri, Haeryong-myeon, and is also closely watching the Suncheon Seohan Idaum apartments scheduled for occupancy in Maegok-dong in July.

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