Sejong Strongly Responds to Land Share Splitting in Planned Real Estate Speculation

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City announced on the 10th that it will strongly respond to the practice of "land share splitting," a type of speculative activity in planned real estate, in cooperation with related organizations.

Land share splitting refers to speculative activities where a specific corporation purchases forest land, which is difficult to develop, at a low price and shares the ownership with dozens of people to resell it at a high price.

According to the city, there are 381 parcels of forest land in the area owned by 20 or more people as shared shares, including 52 parcels owned by more than 100 shared owners.

In particular, in the past three years, there has been a case in Sejong where one corporation traded dozens of forest land parcels through about 1,800 shared shares.

Accordingly, the city plans to join hands with related organizations such as the Ministry of Land, Infrastructure and Transport, the National Police Agency, the National Tax Service, and the Korea Real Estate Board to tackle land share splitting.

First, to prevent damage from planned real estate speculation, the city will conduct joint inspections with the National Police Agency and actively provide related information to the National Tax Service to prevent illegal acts aimed at tax evasion, utilizing various possible policy measures, the city explained.

Also, to effectively respond to planned real estate speculation, the city plans to notify tax offices when suspicious planned real estate speculation is detected based on the analysis results of the big data system operated by the city.

The Korea Real Estate Board is developing a "Land Abnormal Transaction Alert Service" to prevent damage from planned real estate speculation, and the city plans to actively utilize this system to prevent victims from occurring.

Above all, the city advised that since it is practically impossible to obtain consent from hundreds of shared owners when forest land is divided after being purchased as shares for development, a thorough review of land use plans, land (forest) registers, and owners is necessary when trading shares.

Kim Tae-o, Director of the Construction and Transportation Bureau of the city, said, "We will prevent innocent victims caused by shared share transactions through big data analysis and cooperation with related organizations," and added, "The city will firmly strengthen cooperation with related organizations to block planned real estate speculation in the future."

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