'Crackdown on False and Delayed Real Transaction Reports by Planned Real Estate Firms'... Gyeonggi-do Catches 273 Individuals

Gyeonggi Provincial Government

Gyeonggi Province has identified 273 individuals involved in illegal activities related to planned real estate through its self-developed ‘Planned Real Estate Continuous Monitoring System.’

Gyeonggi Province announced on the 20th that from August to December this year, it conducted an investigation into 1,014 suspicious planned real estate speculative transactions across 15 cities and counties within the province, uncovering 273 offenders who submitted false or delayed real estate transaction reports, and imposed fines totaling 200 million KRW.

Additionally, 116 suspected cases of illicit gift transfers were reported to the relevant tax offices, and 42 cases of evasion of land transaction permits were referred to investigative authorities for further investigation.

Among the major cases uncovered, Corporation A, a planned real estate suspect company, violated the requirement to report the sale of forest land located in Danwon-gu, Ansan City, within 30 days after signing a sales contract with buyer Mr. B in September 2023. Instead, they falsely reported the contract date as November 2023. This was an attempt to avoid delayed reporting fines. During the investigation, the illegal act was confirmed, and Ansan City imposed fines of 1 million KRW each on both the seller and the buyer.

Mr. C entered into a transaction contract with Corporation D, a planned real estate suspect company, for forest land in Hwaseong City designated as a land transaction permit zone. Although land within the permit zone must be reported to the competent authority before sale, this was not done. Gyeonggi Province confirmed that a mortgage was established and ownership was transferred after the land transaction permit zone was lifted, and requested an investigation into Mr. C.

The ‘Planned Real Estate Continuous Monitoring System’ used in this investigation operates by immediately tracking transactions when real-time transaction data received from sources such as the Korea Real Estate Board matches Gyeonggi Province’s planned real estate transaction patterns (algorithm) based on factors like share transactions, land use zones, and transaction frequency over time.

Gyeonggi Province operates the ‘Planned Real Estate Illegal Activity (Damage) Reporting Center’ to eradicate illegal activities related to planned real estate, receiving reports from victims of planned real estate fraud and referring cases to investigative authorities.

Ko Jung-guk, Director of the Land Information Division of Gyeonggi Province, stated, "We will continuously track and conduct intensive investigations into illicit planned real estate speculative transactions. We will strive to establish a fair and transparent transaction order by imposing administrative measures and referring illegal matters to investigative authorities."

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