Kim Tae-nyeon: "Comprehensive Investigation of False Real Transaction Reports to Inflate House Prices... Eradication of Market Disruptors"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 22nd and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] Kim Tae-nyeon, the floor leader of the Democratic Party of Korea, warned on the 24th about the ‘false reporting’ practice of declaring real estate transactions at prices higher than the market value and then canceling them, stating, “Market-disturbing acts that manipulate actual transaction reports to inflate house prices must be strictly punished.”

At the Supreme Council meeting held at the National Assembly that morning, Floor Leader Kim said, “It was found that one out of two canceled apartment contracts in Seoul last year was registered as the highest transaction price ever recorded.”

He added, “There may be unavoidable reasons for transaction cancellations. However, it is difficult to accept that about 32% of more than 30,000 canceled sales cases were registered at the highest transaction price at the time. In certain apartment complexes with particularly high prices, such as Gangnam and Seocho, there were cases where a single person registered multiple highest-price transactions and then suddenly canceled them. This raises suspicion of intentional false transaction reports aimed at inflating house prices.”

Floor Leader Kim emphasized, “Manipulating actual real estate transaction prices is a criminal act no different from stock price manipulation,” and pointed out, “It is a very serious issue because the fact that the cancellation of sales reports is not reflected on online real estate sites causes harm to actual buyers.”

He then requested the Ministry of Land, Infrastructure and Transport to conduct a full investigation into the false reporting situation. He urged, “I hope the Ministry of Land, Infrastructure and Transport and related agencies will conduct a thorough investigation of false transaction cancellations and root out the forces disrupting the real estate market. I also request that measures stronger than simple fines be taken.”

Floor Leader Kim added, “The Democratic Party will eradicate malicious behaviors that disrupt the real estate market order and unjustly inflate house price bubbles,” and said, “We will also consider measures to require reporting on the contract date or registration date instead of within 30 days from the contract date as currently stipulated.”

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