Gyeonggi-do to Conduct Thorough Investigation of Suspicious Planned Real Estate Transactions

Gyeonggi Provincial Government Gwanggyo New Office Building

Gyeonggi Province is launching a thorough investigation into suspicious transactions involving planned real estate.

On the 28th, Gyeonggi Province announced that it will use its self-developed 'Planned Real Estate Continuous Monitoring System' to organize suspicious planned real estate transactions by the end of next month and proceed with detailed investigations into these cases.

Planned real estate refers to corporations that engage in speculation by purchasing undevelopable forest land and other properties at low prices, then selling shares to dozens or even hundreds of people through exaggerated or false advertisements.

The 'Planned Real Estate Continuous Monitoring System' developed by the province operates by immediately tracking transactions that match the province’s planned real estate transaction patterns (algorithm) based on real-time transaction data.

The algorithm comprehensively reviews factors such as whether the transaction involves shares, the land use zone, whether the transaction amount is excessively inflated compared to the official land price, and the frequency of transactions over a period to determine illegal speculative transactions.

Once suspicious transactions are confirmed, the province notifies the relevant cities and counties to investigate illegal activities such as violations of real estate transaction reporting, evasion of land transaction permits, and name-trust arrangements.

Last year, the province investigated 198 suspicious planned real estate speculative transactions, identifying 700 violators including those who falsely reported actual real estate transactions, imposing fines totaling 598 million KRW, and filed complaints on 20 cases of land transaction permit evasion.

Ko Jung-guk, head of the Land Information Division of the province, stated, "We will conduct rigorous investigations into planned real estate speculative transactions," emphasizing, "We will strive to establish a fair and transparent transaction order by imposing administrative measures and requesting investigations by law enforcement agencies when illegal activities are detected."

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