Gwangju City to Begin Detailed Real Estate Transaction Investigation with Autonomous Districts from the 8th

Investigation of 720 Suspected Real Transaction Cases Until the 19th

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 7th that it will conduct a detailed investigation on suspected real estate transaction data in cooperation with its five autonomous districts from the 8th to the 19th.

Since January this year, Gwangju has been collecting actual transaction verification documents such as transaction contracts, proof of payment funds (account transfer details, bankbook copies), and proof of fund procurement (gifts, real estate disposal, loans, etc.) from 2,095 subjects (720 cases) under detailed investigation, and reviewing them by district.

In particular, this joint investigation is expected to be professionally reviewed with the support of field visits from the Korea Real Estate Board.

Of the 720 cases under investigation, the types are as follows: ▲390 cases of suspected actual transaction data from the Ministry of Land, Infrastructure and Transport ▲318 cases of special investigation on suspected false reporting of fund procurement plans when acquiring housing (10 cases of minors acquiring housing, 200 cases of housing acquisition exceeding 300 million KRW by persons under 30, 58 cases of housing acquisition over 600 million KRW, 50 cases of transactions using other borrowings without deposit succession or loans) ▲12 cases of direct transactions without a licensed real estate agent.

Those found to have violated actual transaction regulations as a result of the detailed investigation will be subject to fines of up to 30 million KRW or fines equivalent to 5% of the real estate acquisition price, and will be reported to the National Tax Service for suspected evasion of capital gains tax or gift tax. Those who violated restrictions on resale of pre-sale rights will be referred for investigation.

Lee Su-won, Director of the Land Information Division of the city, said, “Active cooperation from the subjects under investigation is necessary for a smooth detailed investigation, and voluntary reporting during the investigation process can lead to a reduction in fines,” adding, “We will strictly punish illegal real estate activities based on the investigation results to establish a sound and transparent real estate transaction order.”

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