Gwangju City Detects 44 Cases of Illegal Real Estate Transactions

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 14th that from the 24th to the 28th of last month, it conducted a joint crackdown on illegal real estate transactions with the National Police Agency, National Tax Service, and autonomous districts, uncovering 44 cases violating the Licensed Real Estate Agents Act and other regulations.

As part of measures to stabilize the real estate market, the city formed five joint crackdown teams targeting 89 brokerage offices suspected of false reporting of actual transaction prices and those with numerous complaints, conducting focused inspections.

The types of violations detected include ▲ three cases of license lending suspicions and unregistered brokerage activities ▲ 25 cases of discrepancies between actual transaction reports and contract dates on transaction contracts, omissions of required information or seal stamps on confirmation statements ▲ 16 cases of mismatches between registration books and office signboard names, and failure to post original certificates.

Regarding the 44 cases uncovered during the crackdown, actions taken include three referrals for investigation, 25 administrative sanctions, and 16 corrective guidance measures.

Gwangju City plans to continue inspections and investigative cooperation targeting areas with frequent complaints, suspected under-the-table transactions, and new apartment sales offices to block illegal transactions and speculative activities.

To this end, at the end of this month, a meeting for real estate market stabilization will be held with the National Police Agency, National Tax Service, and others to share information related to illegal real estate transactions and discuss inter-agency cooperation.

Additionally, in collaboration with the Licensed Real Estate Agents Association, the city plans to strengthen promotional activities such as campaigns and distribution of promotional materials to encourage citizens to participate in fair real estate transactions.

Lee Su-won, Director of the Land Information Division of the city, stated, “We will continuously share information and conduct joint crackdowns with related agencies such as the National Police Agency and National Tax Service to establish order in the real estate market and minimize citizen damages.”

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