Gyeonggi-do Publishes Casebook on Illegal Activities of Planned Real Estate Agents

Gyeonggi Provincial Government Gwanggyo New Office Building Exterior View

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province produced and distributed a casebook on the illegal activities of speculative land investment on the 10th.

The casebook was created by referring to damage and investigation cases reported to the 'Speculative Land Investment Illegal Activities (Damage) Reporting Center' operated by Gyeonggi Province, as well as related precedents and academic papers.

The main contents include ▲ the actual conditions of illegal activities in speculative land investment ▲ major cases and precedents of illegal activities in speculative land investment ▲ methods and procedures for reporting damage ▲ self-diagnosis and countermeasures for suspicious speculative land investment transactions.

According to the contents mentioned in the casebook, Mr. A purchased land worth about 40 million won after hearing from Company B that there were favorable developments such as the construction of a private highway and housing site development near a specific area. However, this area was actually undevelopable due to being a military base and a military facility protection zone under the Military Base and Military Facilities Protection Act, as well as a civilian control line.

Company C purchased a specific forest land for 1.1 billion won and then promoted false favorable developments, including the opening of a subway station, through telemarketers, concluding sales contracts worth 1.4 billion won with 23 people.

A provincial official said, "We hope that residents will prevent speculative land investment fraud by reading the casebook," and added, "We will continue to make efforts to establish order in real estate transactions by conducting regular detailed investigations into suspicious speculative land investment transactions."

Meanwhile, in December 2020, the province signed a 'Business Agreement to Eradicate Illegal Activities in Speculative Land Investment' with the Gyeonggi Southern and Northern Police Agency and requested investigations into 211 damage reports by September this year. As a result of the investigations, seven cases involving the return of sales proceeds worth about 250 million won and 15 cases of fraud charges were sent to the prosecution.

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