Jeju Police Agency Cracks Down on Real Estate Speculation... Operates Dedicated Investigation Team

[Asia Economy Honam Reporting Headquarters (Jeju) Reporter Hwang Jeong-pil] The Jeju Police Agency announced on the 15th that it will operate a 'Real Estate Speculation Task Force' to eradicate real estate speculation offenders.

The operation of this dedicated task force is a measure to prevent market disruption in the real estate sector, in line with the government’s stance, amid the explosive public demand for a strict investigation into the Korea Land and Housing Corporation (LH) land speculation allegations.

The task force, led by the head of the investigation division and composed of 24 investigators, will focus on cracking down on areas such as the Jeju 2nd Airport construction site, thoroughly tracking speculative funds and criminal proceeds for confiscation and recovery.

In particular, it will intensively crack down on real estate speculation activities aimed at compensation profits, such as the illegal use of internal real estate information by public officials and employees of public institutions, illegal acquisition of farmland in development-planned areas nationwide, and illegal land alteration. It will also target various market disruption acts including false transaction reports followed by cancellations, price manipulation through collusion, illegal resale, nominee transactions, unregistered resale, and illegal brokerage.

A Jeju Police Agency official urged, “Since the illegal use of internal real estate information is often conducted secretly, we ask for active whistleblowing and reporting through the ‘Real Estate Speculation Reporting Center.’”

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