Kim Dongyeon, Governor of Gyeonggi Province, has announced that he will offer reward money of up to 500 million won to public-interest whistleblowers who report illegal real estate transactions such as housing price collusion.
Gyeonggi Province stated that on the 26th Governor Kim visited real estate agency office A in Hanam City, which suffered damage due to housing price collusion, listened to the damage situation, and then promised rewards of up to 500 million won to public-interest whistleblowers who report price-fixing and similar acts. He also stressed the principle of strict rewards and punishments, including penalties for illegal real estate transactions.
At the meeting, Governor Kim said, "Completely eradicating acts that disrupt the real estate market is absolutely necessary for the overwhelming majority of the public," adding, "Gyeonggi Province will mobilize every possible means to serve as a shield so that real estate transactions remain sound and fair."
He went on to say, "We have created a Real Estate Damage Report Center, and if reports are filed on illegal real estate activities with very decisive leads and evidence, we will pay reward money of up to 500 million won."
He continued, "Price-fixing acts are unforgivable and will definitely be punished," and asked representatives of the Korea Association of Realtors who were present to cooperate.
Mr. B, who met Governor Kim that day, said, "Since the second half of last year, even when listings are perfectly normal, if we post properties below a certain price, complaints are invariably filed with City Hall, and protest text messages and phone calls keep coming in at night and on weekends," adding, "Because of this, our business activities have been greatly constrained and the damage is severe."
Kim Dongyeon, Governor of Gyeonggi Province, visited an A real estate agency office in the Hanam area on the 26th and is talking with real estate agents. Provided by Gyeonggi Province
When asked whether there are many such cases, he explained, "There are various types of listings, but in the case of urgent sales that come out depending on the seller's situation, they were unconditionally targeted," and added, "In such cases, the sellers also suffer damage because they cannot sell their properties."
Gyeonggi Province recently uncovered an apartment complex in Hanam City on suspicion of systematically colluding to fix housing prices by using online communities such as KakaoTalk. The group made protest calls to nearby licensed real estate agents who introduced properties priced below 1.1 billion won, reported those perfectly normal listings as fake real estate listings on portal sites, and collectively filed civil complaints with Hanam City Hall, engaging in such group actions.
Focusing attacks on licensed real estate agents who broker properties listed below the colluded price constitutes a violation of the Licensed Real Estate Agents Act. Gyeonggi Province is investigating Mr. D, who led the collusion, and will refer the case to the prosecution, and, under Governor Kim Dongyeon's direction, plans to expand the investigation to all participants.
Governor Kim Dongyeon recently declared an all-out war on real estate crime and ordered four key measures: expanding investigations not only into ringleaders of housing price collusion but also into active participants; promoting joint special investigations by the provincial and city/county governments into real estate market-disrupting acts; establishing a "Real Estate Corruption Report Hotline" center; and paying reward money of up to 500 million won to public-interest whistleblowers.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
