Gangdong-gu, Seoul, has launched a full investigation and preventive measures after confirming speculative real estate transactions in which difficult-to-develop forest land was split and sold in fractional shares to multiple buyers, capitalizing on expectations of greenbelt deregulation.

Gangdong-gu announced today (31st) that it has confirmed the sale of four forest lots within the development restriction zones in Goreuk-dong and Dunchon-dong to 168 people in fractional shares, and is currently investigating the related transactions.

The district explained that the problematic land is subject to multiple regulations simultaneously, including natural greenbelt areas, development restriction zones, public-use forest land, and Grade 1 biotopes, making development practically impossible.

Despite this, transactions driven by expectations of development took place, and the market margin reaped by the relevant company is estimated to reach approximately 2 billion won.

The district views the practice of splitting and selling such low-development-potential land to a large number of people, known as "share splitting," as something that can lead to speculative real estate damages, prompting it to raise its response level.

First, the district has established a "Real Estate Agency Scam Damage Reporting Center" at the district office and is conducting a full-scale investigation into the parcels where suspicious transactions occurred.

If circumstances such as manipulating contract dates or reporting false details during the transaction process are confirmed, the district plans to request a police investigation.

It is also examining whether licensed realtors received money exceeding the statutory brokerage fee under the guise of consultation fees.

If illegal or expedient brokerage practices are uncovered, the district plans to take measures such as filing complaints or requesting investigations.

(Photo provided by Gangdong-gu, Seoul, Yonhap News)