Yeosu-si Launches Full Investigation into Illegal Resale of Newly Sold Apartments in Ungcheon District

Strong Administrative Measures Including Notification to Police Station and Tax Office Upon Detection of Illegal Activities

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu City (Mayor Kwon Oh-bong) announced on the 18th that it has launched a special full-scale investigation into illegal resale of newly supplied apartments in Ungcheon to strictly crack down on illegal real estate speculation forces.

According to the city, this full-scale investigation is part of the 'Special Crackdown Plan on Illegal Real Estate Transactions' aimed at stabilizing the real estate market, targeting newly supplied apartments in the Ungcheon district, where resale restrictions were lifted in mid-last month.

The investigation will focus on violations of the Real Estate Transaction Reporting Act, such as illegal resale of pre-sale rights and up/down contracts during actual transaction reporting.

The city individually notified about 60 people involved in 33 transactions conducted after the lifting of resale restrictions on the 17th, requesting submission of personal explanatory materials such as financial data by mail.

Based on the detailed investigation results, suspects of illegal resale of pre-sale rights and name-trust suspicions will be referred to the Yeosu Police Station for investigation, and cases suspected of evading capital gains tax and gift tax through low-price transactions will be requested for special financial data investigations by the Yeosu Tax Office, with plans to impose strong administrative measures.

Yeosu City also plans to conduct phased special investigations into illegal resale and down transactions for newly supplied apartments within the last five years.

A city official said, “Through focused investigations on resale of pre-sale rights, we will prevent damage to actual demanders and take the lead in stabilizing real estate prices by establishing a fair and transparent transaction order.”

Meanwhile, Yeosu City operates a real estate illegal transaction reporting center at the Civil Complaints and Happiness Civil Service offices on a regular basis and has assigned dedicated personnel for illegal transaction investigations, taking the lead in establishing real estate market order and protecting citizens' property rights.

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