Minister of Land, Infrastructure, and Transport Reveals Investigation Results on False Transaction Reports: A Warning to Real Estate Manipulators

Golden Egg: Important Real Estate Information You Should Know

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Minister of Land, Infrastructure and Transport, Won Hee-ryong, is determined to put a stop to market manipulation and ensure a fair and functioning real estate market. On the 11th, Minister Won posted a message on his Facebook page titled “Unveiling the Price Manipulation Houses After Months of Planning and Investigation”. In this post, he emphasized the necessity of removing these manipulative forces that distort price information, hindering the proper functioning of the market and potentially deceiving the people.

To address this issue, the ministry has taken several measures, such as disclosing actual transaction information for flats, including the registration date and whether the registration has been publicly disclosed. This transparency allows for better judgment of the reliability of transaction reports. Furthermore, the Real Estate Disruption Reporting Center is actively receiving reports of collusion or price gouging by real estate agents.

By highlighting the recent investigation findings on false transaction reports that artificially inflate house prices, published by the Ministry of Land, Infrastructure and Transport on the 10th, Minister Won aims to draw attention to the issue and serve as a warning to the executives involved. These executives have become active proponents of the “low house price theory” in certain areas of Seoul.

To ensure accountability, the ministry plans to directly investigate consistently unregistered transactions suspected of false reporting. If criminal activity is detected, a police investigation will be requested. Currently, local governments are only imposing fines for delayed reporting or registration.

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The Ministry of Land, Infrastructure and Transport is committed to maintaining a transparent and fair real estate market. They will continue their efforts to combat fraudulent practices and protect the interests of the public.

By Hwang Jae-seong, Golden Egg columnist.

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Golden Egg: This week’s good-to-know real estate information selected by reporter Hwang Jae-seong This is a time where dozens of real estate-related information pour in every week. It is never easy to cover the boulders to find money making information. The Dong-A Ilbo will save you trouble. We will find real estate information every week and organize its meaning. Minister of Land, Infrastructure and Transport Won Hee-ryong “We will definitely stop the act of destroying the market (real estate) with a countermeasure. -market.”

On the 11th, Minister of Land, Infrastructure and Transport Won Hee-ryong posted a message on his Facebook page titled “After several months of planning and investigation, the workers leading the price manipulation houses revealed.” Here, he noted that “if we don’t remove these house price manipulation forces, price information will be distorted and the market will not be able to function properly, and the people will have no choice but to be deceived .”

In addition, to this end, “Since last month, when disclosing actual transaction information for flats, the date of registration and whether or not the registration has been disclosed have been disclosed so that reliability can be judged the transaction reporting information, and the Real Estate Disruption Reporting Center receives reports of collusion or housing price gouging by real estate operatives.” he added.

The intention of Minister Won’s message is to once again draw attention to the ‘results of the investigation into false transaction reports to raise house prices’ published by the Ministry of Land, Infrastructure and Transport the day before (the 10th) (hereafter referred to as ‘the results of the investigation). ‘). It is interpreted to contain the meaning of a warning to the ‘executive forces’ who are concerned that they will be active with the recent ‘low house price theory’ in some areas of Seoul.

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Simple login and continue reading Read rich articles for members only Receive notifications of your own subscribed content Collect articles you want to see again Discover your tendency to consume articles Leave comments and receive notifications of big comments Subscribe to different newsletters to your liking Ministry of Land, Infrastructure and Transport Based on this, we intend to directly investigate whether or not false reports are made for transactions that are suspected to be in violation consistently among unregistered transactions, and if it is recognized that they are subject to a criminal penalty, we will request a police investigation. Currently, local governments are notified of unregistered cases, and only fines are imposed in the case of delayed reporting or delayed registration.
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