Illegal Dumping in 3rd Phase New Towns of Seoul Metropolitan Area Serious... Gyeonggi Special Judicial Police 'Caught' 122 People

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has identified 122 real estate speculators who engaged in illegal transactions through false address registration or use for purposes other than intended in the 3rd phase new towns such as Goyang Changneung and Namyangju Wangsuk, as well as the Gwacheon area.

Gyeonggi Province announced on the 18th that since March this year, it has conducted a planned investigation targeting illegal activities such as unauthorized transactions, false address registration, and use for purposes other than intended in the land transaction permission zones of Goyang City and Namyangju City, which are part of the 3rd phase new towns, and identified a total of 122 people, including 97 illegal speculators and 25 people who sold forest land in Gwacheon City by splitting shares without obtaining land transaction permission.

Among the major cases detected, Mr. A, who lived in Seoul, registered a false address to receive compensation in kind after his business located in Goyang City, where he is the representative, was included in the Goyang Changneung public housing district. He even equipped the business site with a bed, wardrobe, and cooking facilities, but it was revealed that he actually lived in Seoul with his family. The province is investigating Mr. A on suspicion of violating the Real Estate Transaction Report Act.

The province identified 12 people, including Mr. A, who obtained permission by registering false addresses within the land transaction permission zones for speculative purposes. Their total speculative amount was calculated at 8.8 billion KRW.

Mr. B, who lives in Guri City, submitted a false land use plan claiming he would farm directly and obtained permission to acquire farmland in Naegok-ri, Jinjeop-eup, Namyangju City, but it was revealed that he entrusted the farming of the land to the previous owner.

Also, Mr. C obtained permission for farmland in Namyangju City as a greenhouse for vegetable cultivation but illegally built and used a warehouse, and Mr. D, after obtaining permission for forest land in Goyang City for forestry management purposes, created and used a parking lot, which was caught in this crackdown.

There were 68 illegal speculators who violated the permitted purposes stated in the false land use plans, and their speculative amount reached 22.6 billion KRW.

Meanwhile, Mr. E, who lives in Seoul, illegally built and rented out a logistics warehouse and commercial building on his farmland in Ipae-dong, Namyangju City, which is a development-restricted zone, and transferred ownership to his child through a burdened gift (transfer including debt) with a mortgage of 800 million KRW.

In this investigation, 17 offenders were identified who concluded burdened gift contracts without obtaining land transaction permission. Their unfair gains were calculated at 9.4 billion KRW.

Separately from the 3rd phase new towns, the province also uncovered illegal speculative activities by planned real estate within the land transaction permission zones.

Mr. G, a representative of a planned real estate company, purchased 10,106 square meters of forest land in Galhyeon-dong, Gwacheon City, twice for 1.1 billion KRW, falsely promoted that there were many development prospects such as the opening of a nearby subway station to gain capital gains, and concluded sales contracts without obtaining land transaction permission. The province referred all 23 people, including Mr. G and speculators who signed sales contracts with him, to the prosecution. Their speculative amount totaled 1.4 billion KRW.

Under current laws, if permission is not obtained or is obtained by fraudulent means in land transaction permission zones, offenders may face imprisonment of up to two years or a fine of up to 30% of the official land price at the time of contract.

Kim Young-soo, head of the Gyeonggi Province Fair Special Judicial Police Unit, said, "We plan to conduct additional intensive investigations into illegal speculation in the 3rd phase new towns in the metropolitan area," adding, "We are currently conducting intensive investigations into fraudulent subscription in overheated subscription rate complexes and will announce the results next month."

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