"Must Get at Least OO Hundred Million Won"... Resident Who Led Apartment Price Fixing in Open Chat Room Referred to Prosecutors

"Anything above OO hundred million won is normal," and "National-standard units (exclusive area of 84 square meters) should go for at least OO hundred million won or more."

A resident who repeatedly posted messages in an apartment complex group chat room instructing others not to list apartments below a certain price has been caught.

The Seoul Metropolitan Government's Judicial Police Service announced that it has referred a resident, identified as A, to prosecutors on charges of violating the Certified Public Realtors Act for leading house price fixing through a KakaoTalk open chat room.

A is accused of interfering with the business of real estate agents by repeatedly posting messages intended to exert undue influence on market prices in an open chat room used by residents between June and November of last year.

Under the Certified Public Realtors Act, individuals who interfere with the business of real estate agents by using notices or online communities to induce people not to commission brokerage below a certain price with the intent to exert undue influence on market prices are subject to imprisonment of up to three years or a fine of up to 30 million won.

A labeled real estate agencies that advertised properties at prices lower than what A claimed as "caging real estate agencies" and accused them of trying to drive down prices.

A posted messages in the open chat room such as, "It seems we are being swayed by the caging agencies," and "We must not fall for their rhetoric."

In particular, A repeatedly claimed without reasonable grounds that properly advertised properties based on sellers' requests were false listings.

A referred to such listings as "properties trying to bend downward" and portrayed them as abnormal transactions.

The city urged citizens to report or submit tips regarding illegal real estate activities through its smartphone app or website if they discover or fall victim to such acts.

Those who report or tip off criminal acts along with decisive evidence can receive a reward of up to 200 million won in accordance with the Seoul Metropolitan Government Ordinance on the Protection and Support of Public Interest Whistleblowers.

Lee Chang-seok, head of the Seoul Metropolitan Government's Judicial Police Service, explained, "As apartment prices continue to rise due to housing supply shortages and instability in the jeonse (lump-sum housing lease) market, collusive practices aimed at artificially inflating house prices using online communities continue to occur, taking advantage of this atmosphere."

He emphasized, "Such house price fixing distorts real estate prices and threatens sound real estate transaction order," adding that intensive investigations will continue going forward.

(Photo provided by Seoul Metropolitan Government, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.