Gyeonggi-do Uncovers 74 Real Estate Development Companies Failing Registration Requirements

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has identified 74 real estate development companies that failed to meet registration requirements.

Gyeonggi Province announced on the 9th that from August 24 to November 1, it investigated illegal activities among 697 real estate development companies in the province and found a total of 74 companies, including 11 suspected of not securing at least two professional personnel and 63 that failed to report changes in registration details.

The province decided to cancel the registration of companies that did not secure professional personnel and impose fines on those that failed to report changes in registration details.

Under current law, real estate development business operators must meet registration requirements such as having at least two full-time professional personnel, a capital of at least 300 million KRW (600 million KRW for individuals), and securing office space. Failure to meet these requirements results in cancellation of registration.

Additionally, if there are changes in registration requirements or registration details (such as representative, executives, location, etc.), registered companies must report these changes to the province through the Real Estate Development Association within 30 days from the date of change.

Hong Ji-seon, Director of the Urban Housing Office of the province, stated, "The number of violations by real estate development companies this year has decreased compared to 210 cases in 2019 and 160 cases in 2020," and emphasized, "We will continue to cooperate with related organizations such as the Real Estate Development Association to actively guide and enforce compliance so that real estate development companies can conduct their business lawfully."

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