Yeosu City Requests Investigation of 40 Suspects for Illegal Resale of Apartments in Ungcheon District

40 Suspects of Illegal Transfer and Fraudulent Gift of Pre-sale Rights Reported to Police and Tax Office

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu City, Jeollanam-do (Mayor Kwon Oh-bong) announced on the 29th that it has notified the police station and tax office respectively of the results of the first detailed investigation into newly supplied apartments in the Ungcheon area.

According to the city, on the 26th, investigations were requested for a total of 40 people suspected of illegal resale contracts made during the resale restriction period and those suspected of using parents' or children's names to acquire pre-sale rights through irregular gifting.

The city has been conducting a detailed analysis of explanation materials and financial transaction records since the 16th of last month for 33 reported transactions involving 69 people from mid-January to the 31st, related to newly supplied apartments in the Ungcheon area where the resale restriction period has been lifted.

Depending on the results of investigations by related agencies, if it is found that pre-sale rights were resold or resale was brokered during the resale restriction period, the city plans to impose strong administrative measures such as fines of up to 30 million KRW.

Additionally, the city is conducting a second investigation into newly supplied apartments in the Ungcheon area, and once this investigation is completed, it plans to progressively carry out special investigations into illegal resale and under-the-table transactions for apartments supplied within the last five years.

The city stated, "Starting with this investigation, we will devote all efforts to blocking illegal real estate activities that fuel apartment speculation and increase the burden on ordinary citizens trying to own homes," and added, "We will focus on investigating illegal activities to prevent damage to actual buyers and establish a sound real estate transaction order."

Meanwhile, on the 15th, the city signed a business agreement with the police station and tax office to ensure effective crackdowns and handling of illegal real estate activities, and appointed a ‘Real Estate Market Monitoring Team’ composed of exemplary licensed real estate agents to manage real estate transaction trends.

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