Punishment for False Reporting and Market Manipulation
"Suspicious Transactions Will Be Investigated Even If Purchased With Own Funds"
Kim Yongbeom, Chief of Policy at the Presidential Office, announced plans to establish a new organization to oversee and regulate disruptive activities in the real estate market. He emphasized that even in cases of suspicious transactions where the property was purchased with one’s own money, a comprehensive investigation will be conducted.
At the "Digital Talk Live" public policy forum attended by President Lee Jaemyung on October 14, Kim stated regarding the additional real estate measures to be announced this week, "We will create a new supervisory body for the real estate market," adding, "We will thoroughly punish those who submit false reports and withdraw to disrupt the market. Even if someone purchased real estate with their own funds, the government is already investigating cases where market disruption is suspected through a full-scale review."
The new organization is expected to be modeled after the regulatory bodies that oversee the stock market. Kim explained, "Recently, the President established a monitoring agency for the stock market, which has produced results," and added, "We will introduce policies for the real estate market with a similar level of determination and resolve, including measures to block market disruption." Meanwhile, the government is set to announce its third set of real estate policies soon, aimed at stabilizing the rapidly rising real estate prices.
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