[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is launching a focused crackdown on illegal real estate activities.
The Gyeonggi Province Special Judicial Police Unit announced on the 29th that it will conduct proactive investigations into illegal real estate activities closely related to residents' lives to preemptively block speculative demand and prevent damage to actual buyers.
The main investigation targets include ▲ fraudulent apartment subscription activities in overheated subscription competitions within the province last year ▲ collusion in housing prices and other acts disrupting real estate transaction order ▲ unregistered and unqualified brokerage activities ▲ illegal real estate activities within land transaction permission zones ▲ illegal speculative activities by foreigners within land transaction permission zones such as military facility protection areas.
The special judicial police will first investigate four complexes, including Paju Unjeong New Town, where the subscription competition rate overheated to 353 to 1 last year. These areas are known to have had 'fraudulent subscriptions' where apartments were allocated through improper means, depriving non-homeowners of subscription opportunities. The special judicial police have already identified suspects of fraudulent subscriptions in two complexes in Unjeong New Town earlier this month and are conducting investigations. Illegal acts will be met with strong measures including criminal punishment and cancellation of subscription rights.
Additionally, the special judicial police will continuously monitor collusive acts such as brokerage restrictions and interference closely related to residents' daily lives, and will focus investigations on prohibited acts by licensed real estate agents such as lending licenses, unqualified and unregistered brokerage, and excessive brokerage fees to eradicate disruptions to real estate transaction order. Joint crackdowns with city and county authorities will also be conducted, focusing on areas where illegal real estate activities are prevalent.
Furthermore, investigations will cover fraudulent acts such as false address registration, name trusts, and unauthorized use within land transaction permission zones, as well as unauthorized transactions. In particular, high-intensity investigations will be conducted to preemptively block speculative land transactions by planned real estate developers and prevent damage to actual buyers.
Moreover, illegal speculative real estate activities by foreigners within land transaction permission zones such as military facility protection areas will also be investigated. For foreigners violating these regulations, investigative efforts will focus on illegal acts occurring during land purchase processes, including source of funds and name trusts, with strong measures against real estate speculation planned.
Last year, the special judicial police identified a total of 341 illegal real estate offenders, including 86 illegal speculators in the Siheung and Gwangmyeong areas designated as 3rd phase new town land transaction permission zones, and 72 fraudulent subscribers in three complexes including Dongtan New Town, which recorded a subscription competition rate of 809 to 1.
Kim Kwang-deok, head of the Gyeonggi Province Special Judicial Police Unit, said, "This year, we will expand investigations into illegal real estate activities comprehensively and focus investigative efforts on protecting residents' housing stability," and urged, "Please actively report illegal acts to eradicate speculative forces disrupting real estate transaction order."
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