Jung Se-kyun: "False Real Estate Reports Will Not Be Overlooked... Strong Measures Including Investigation"

'False Reports of "New High Prices" Exposed... Jeong Issues Directive at Cabinet Meeting'

Prime Minister Chung Sye-kyun is speaking while presiding over the Cabinet meeting held on the morning of the 23rd at the Government Complex Sejong in Sejong City, connected via video with Seoul. 2021.2.23 Photo by Yonhap News

[Sejong=Asia Economy Reporter Son Seon-hee] Amid numerous cases recently uncovered in the real estate market where false reports of record-high prices were made and then canceled, Prime Minister Chung Sye-kyun on the 23rd urged the relevant authorities to "take strong measures, including investigations if necessary, to prevent acts that disrupt the market from gaining a foothold."

At a Cabinet meeting held at the Government Complex Sejong on the morning of the same day, Prime Minister Chung stated, "The government will never tolerate the real estate market, which is directly connected to the lives of the people, being controlled by certain forces," and made this request separately from the Cabinet agenda, according to an official from the Office for Government Policy Coordination.

What Prime Minister Chung pointed out were repeated cases recently detected in apartment and other real estate transactions where prices were reported higher than the usual market value and then canceled. He expressed concern, saying, "These are essentially false reports not supported by actual transaction prices," and added, "There are considerable cases observed where the same individual reports multiple record-high prices for a specific apartment complex and then cancels them."

Prime Minister Chung repeatedly urged the relevant authorities, including the Ministry of Land, Infrastructure and Transport, the Ministry of Economy and Finance, the National Tax Service, and the National Police Agency, to "cooperate organically and respond meticulously under a clear policy that false reports will never be tolerated."

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