Yeosu-si Requests Investigation of 10 Suspected Illegal Resale Cases

A Total of 73 Suspects of Illegal Resale and Illicit Gift Transfers Reported to Relevant Authorities

[Yeosu=Asia Economy Honam Reporting Headquarters, Reporter Sim Kyung-taek] Yeosu City in Jeollanam-do has notified the police station and tax office of suspected illegal resale cases following the third detailed investigation into the resale of pre-sale rights for newly supplied apartments in Ungcheon, which began on the 10th of last month.

The city announced on the 10th that it conducted a thorough analysis of explanation materials and financial transaction details for 56 individuals involved in 27 reported transactions from mid-February to the end of March this year, and requested investigations for about 10 people.

These include suspects of illegal resale who made contracts during the resale restriction period, individuals who purchased pre-sale rights by receiving cash from family members, and those suspected of gift tax evasion by not reporting gift taxes.

The city plans to impose strong administrative measures according to relevant laws if violations such as resale of pre-sale rights during the restriction period, brokerage of resale, or under-the-table contract reporting are confirmed based on investigations by related agencies.

Additionally, Yeosu City is conducting a detailed investigation into the newly supplied residential lodging facilities in the Ungcheon area.

A city official stated, “To prevent damage to genuine buyers and foster a healthy real estate market, we will continuously monitor illegal transactions of pre-sale rights and focus on investigating illegal activities,” adding, “We will devote all efforts to eradicating illegal activities such as blocking real estate speculation forces to reduce the burden of home ownership for ordinary citizens.”

Meanwhile, Yeosu City has so far notified related agencies of a total of 73 individuals, including 29 suspected of illegal resale and name trust issues, and 44 suspected of disguised gifting and unclear sources of funds, based on the first and second investigations into the resale of pre-sale rights for newly supplied apartments.

Yeosu=Asia Economy Honam Reporting Headquarters, Reporter Sim Kyung-taek simkt7@asiae.co.kr

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