Gyeonggi-do Detects 166 False Real Estate Transaction Reporters... 410 Million KRW in Fines Imposed

Gyeonggi Province has identified 166 individuals who falsely reported real estate transactions within the province and imposed a total fine of 410 million KRW.

Gyeonggi Province announced on the 31st that from September to November, it conducted a special investigation into 2,467 suspected cases of false real estate reporting across 31 cities and counties in the province. As a result, 166 people who falsely reported real estate transactions to evade tax obligations were identified, and a total fine of 410 million KRW was collected.

In a major case, Mr. A reported a sale of a house located in Bucheon City to Mr. B for 150 million KRW in the actual transaction report. However, the investigation revealed that the actual transaction amount was about 140 million KRW, meaning the reported price was inflated by approximately 10 million KRW. Both the seller and buyer were fined a total of 5.6 million KRW.

The corporation C, suspected of being a speculative real estate company, entered into a land sale contract with buyer D in February this year for land located in Guri City. Although the real estate transaction should have been reported within 30 days, it was found that the contract date was altered and the contract was rewritten to avoid the late reporting fine.

Gyeonggi Provincial Government

Additionally, seller E and buyer F entered into a contract for a multi-family house in Gunpo City in May 2023. They were required to report the transaction within 30 days but violated this by falsely reporting the contract date as May 2024.

Gyeonggi Province notified tax authorities of 333 cases where the seller and buyer were confirmed to be family, relatives, or special relations, or where transactions were reported at unreasonable prices compared to surrounding market prices, requesting tax investigations.

By category, these include ▲134 cases of special relationship transactions ▲43 cases of suspicious transaction prices ▲25 cases where transaction amounts could not be verified ▲1 case of payment in kind ▲130 cases of others (including suspected disguised gifts).

Lee Gye-sam, Director of the Urban Housing Office of Gyeonggi Province, stated, "In 2025, we will thoroughly pursue special investigations into suspected false reporting cases to strengthen transparency in real estate transactions. We will also strive to establish a fair and transparent transaction order by taking administrative actions and requesting investigations by law enforcement agencies for illegal activities."

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