Hong Nam-ki: "Continuous Investigation of Funding Sources for Housing Transactions Over 900 Million Won... Results Will Be Periodically Announced"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is speaking at the 1st Real Estate Market Inspection Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 5th. Photo by Moon Ho-nam munonam@

[Sejong=Asia Economy Reporter Joo Sang-don] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki announced on the 5th, "We will conduct continuous investigations into suspicious transactions related to the source of funds for high-priced housing sales over 900 million won and regularly disclose the results." In addition, major planned development sites under the supply plan will be continuously monitored, and if there are concerns about overheating, immediate special investigations will be initiated. This is part of strengthening measures against market disturbances that may occur following the supply expansion plan announced the previous day.

Deputy Prime Minister Hong made these remarks while presiding over the '1st Real Estate Market Inspection Meeting of Related Ministers' at the Government Complex Seoul on the same day.

He emphasized, "No matter how much housing supply increases, achieving stability in the real estate market will be difficult if illegal transactions and speculation by multi-homeowners are not eradicated," adding, "Through cooperation among related agencies, we will strengthen investigations, prosecutions, and crackdowns on price collusion, fraudulent subscription, and tax evasion. Suspicious cases of irregular and illegal transactions will be thoroughly investigated without exception, tracked to the end, and strictly punished."

Regarding the controversy over discord between the government and Seoul City, he drew a clear line. Deputy Prime Minister Hong stated, "The 'Public Participation High-Density Reconstruction' plan announced yesterday was prepared after extensive discussions among the Ministry of Economy and Finance, Ministry of Land, Infrastructure and Transport, and Seoul City, and there are no disagreements or confusion," adding, "The government will make every effort to proceed with the public high-density reconstruction project as planned without any setbacks through cooperation with Seoul City and communication with reconstruction associations."

Meanwhile, the government plans to hold weekly real estate market inspection meetings chaired by the Deputy Prime Minister, with participation from ministers of the Ministry of Economy and Finance, Ministry of Land, Infrastructure and Transport, Ministry of the Interior and Safety, Financial Services Commission, and other related agencies. Through these meetings, the market will be monitored and effective countermeasures will be developed. Additionally, a rapid response team will be operated to conduct daily monitoring of the real estate market and support the real estate market inspection meeting system.