Yongin City Publishes "Regional Housing Cooperative Casebook on Damages"

Specific Cases of False or Exaggerated Advertising and Additional Contribution Costs Included
"We Will Continue Surveys to Prevent Further Damages"

Five years ago, Mr. A joined a regional housing cooperative, trusting an employee's claim that "over 90% of the land has been secured." However, in reality, the land secured by the cooperative's developer did not even meet the legal requirement of 15%. Later, Mr. A discovered that the status report provided by the promotional staff referred to the "land use consent rate," not the actual "land acquisition rate."

This is a case of harm suffered by a regional housing cooperative member, as introduced by Yongin City, Gyeonggi Province.

On November 12, Yongin City announced that it had published a "Regional Housing Cooperative Casebook on Damages" to prevent citizens from suffering losses due to regional housing cooperative projects.

The casebook is based on real cases of damages that occurred during the process of regional housing cooperative projects. It specifically introduces cases involving ▲false or exaggerated advertising ▲opaque cooperative management ▲additional contribution costs ▲the use of major brand names without a confirmed construction company, among others.

The casebook also contains information on "private rental cooperatives," which recruit members in a manner similar to regional housing cooperatives.

The city urged citizens to thoroughly review the concept of the project, the eligibility criteria for cooperative members, and the project implementation procedures before joining any cooperative. It also advised caution regarding corruption by work agencies, issues related to refunds, and the uncertainty of project timelines.

The casebook is available at city hall, district offices, and town and neighborhood administrative welfare centers, and can also be accessed on the city's official website.

A city official stated, "We will continue to conduct surveys to prevent damages caused by false or exaggerated advertising and opaque cooperative management."