Yangju City Cracks Down on Scam Real Estate Schemes... Year-Round Damage Reports Accepted

by Lee jonggu

Published 21 Apr.2025 16:25(KST)

On April 21, Yangju City in Gyeonggi Province (Mayor Kang Suhyeon) announced that it is accepting year-round reports of damages related to scam real estate schemes from victims and citizens who become aware of such incidents, in order to prevent harm to residents caused by illegal activities involving local land.

Notice of Year-Round Reporting for Scam Real Estate Damage. Provided by Yangju City

Illegal activities by so-called "scam real estate firms" typically involve corporations using plausible business names such as "OO Auction" or "OO Development" to falsely advertise land that is difficult to develop as if it were a planned development site, and then selling it at inflated prices.

The main methods include: ▲ multi-level investment solicitations through acquaintances, ▲ "parcel sales," where land is divided and resold at high prices to multiple buyers, and ▲ "unregistered resale," where land is resold without official registration transfer.

The city explained that these practices not only disrupt the order of the real estate market, but can also cause financial harm to good-faith investors.

Citizens wishing to report damages should prepare documents that can prove their losses, such as sales contracts, and submit them in person to the Real Estate Management Team of the Land Management Division at Yangju City Hall.

A Yangju City official stated, "To prevent damages from scam real estate schemes, it is essential to verify accurate information about the property, such as the land lot number, before signing any contract," and added, "You should also visit the site to assess the real development potential, and thoroughly check whether actual transactions have taken place through nearby real estate agencies."