Jeonbuk Province, Complete Blockade of Real Estate Speculation Using Internal Information

Guidelines Established for Restricting New Real Estate Acquisitions Related to Job Duties

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeollabuk-do announced on the 3rd that it will implement the "Guidelines on Restricting New Real Estate Acquisitions by Jeollabuk-do Public Officials" starting from the 4th of this month.

These guidelines follow the amendment to the Public Officials Ethics Act that was enforced in October last year.

Jeollabuk-do designated 18 departments, including the Regional Policy Division, as real estate-related departments in August last year after gathering opinions from relevant departments.

In particular, according to the "Operational Guidelines on Restricting New Real Estate Acquisitions" notified by the Ministry of Personnel Management, the provincial guidelines include ▲ the scope of restricted persons, departments, and real estate for new acquisitions ▲ reporting of exceptional acquisitions ▲ measures (disciplinary actions) in case of violations of obligations.

Accordingly, the restriction on new real estate acquisitions limits acquisitions using job-related information, and in cases of exceptional acquisition reasons such as gifts or acquisition of real estate for actual residence, a report must be submitted within 30 days.

Furthermore, if the acquisition does not fall under exceptional reasons, voluntary sale within six months may be requested, and disciplinary actions may be taken if real estate is acquired without reporting.

Before implementing the guidelines, Jeollabuk-do required employees of real estate-related departments to submit property reports detailing the circumstances of real estate acquisition and sources of income by the end of December last year.

Additionally, the land transaction survey for public officials conducted last year will be further conducted this year targeting real estate-related departments and related organizations to establish the property registration system for public officials.

The 2022 survey targets projects that could cause an increase in nearby land prices, such as urban development, industrial complexes, tourism complexes, residential area maintenance, and golf courses, among projects planned or underway until the previous survey.

Moreover, the survey will focus on land transaction status within 1 km around the target sites, conducted similarly to the previous year, but will be carried out within the scope of public officials in real estate-related departments and direct lineal ascendants and descendants subject to property registration.

The main focus of the investigation is illegal real estate transactions using insider information and whether the purpose of acquiring farmland and other real estate has been fulfilled.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

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