Gwangju City Identifies 104 Suspects Involved in Illegal Resale and Supply Order Disruption

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 13th that it had identified 104 suspects involved in illegal transactions such as illegal resale of pre-sale rights and disruption of supply order at an apartment complex in Gyelim-dong, Dong-gu, where the subscription competition rate was high last year and numerous complaints about illegal transactions occurred.

After analyzing real estate transaction data and explanatory materials of 132 pre-sale right traders aged 30 or younger and direct traders immediately after the resale restriction period ended in June last year, suspicious illegal transactions were detected, including 28 cases of illegal resale, 33 cases of supply order disruption, 32 cases of under-the-table contract transactions, and 11 cases of failure to submit explanatory materials.

Among them, 28 individuals suspected of receiving illicit gifts from their parents will be reported to the National Tax Service.

This month, the city will conduct a detailed investigation of these illegal transactions jointly with the Ministry of Land, Infrastructure and Transport’s Real Estate Market Illegal Activity Response Team, and the Civil Affairs Judicial Police Division will directly initiate investigations against violators.

Those involved in illegal resale and supply order disruption will be criminally prosecuted and sent to the prosecution with a recommendation for indictment, facing imprisonment of up to three years or fines up to 30 million KRW. For under-the-table contracts and failure to submit explanatory materials, related departments plan to impose administrative fines of up to 30 million KRW.

Kim Hyun, head of the Civil Affairs Judicial Police Division, said, “We will continue rigorous investigations into real estate transactions and illegal trading. In particular, we plan to focus investigations on fraudulent subscription activities that disrupt real estate supply order, such as false residence registration, sham marriages or divorces, and trading of subscription savings accounts to win apartment subscriptions.”

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