“1,800 people who own dozens of forest fields?” Sejong Seo, a planning real estate that splits shares and sells

In the past three years, S Corporation has bought dozens of forest fields in Yeonseo, Jeondong, and Jeonui-myeon, and has been caught trading with more than 1,800 shares of shares in Sejong City.

According to the Sejong City and the Ministry of Land, Infrastructure and Transport on the 10th, 381 lots of land with more than 20 people’s shared interest in the forests in Sejong City now amount to 52 lots. As the discussion on the relocation of the National Assembly to King Sejong, the rate of increase in land prices was 3.60%, the highest in the country as of the fourth quarter of last year.

Land splitting is a speculative act in which a specific corporation buys a forest field that is difficult to develop at a low price, and then divides it into shares of more than a dozen people and sells it back at a high price. Although not illegal, it is difficult to exercise property rights in practice because owners must obtain all consent from other owners in order to conduct development activities on shared land that is not divided by cadastral view.

Accordingly, the city is planning to crack down on the splitting of the land shares of the planned real estate in cooperation with the Ministry of Land, Infrastructure and Transport, the National Police Agency, the National Tax Service, and the Korea Real Estate Agency.

It is planning to report to the tax office after detecting a projected real estate suspected of speculation using its own big data system and the Korea Real Estate Agency’s’Notification of Abnormal Land Transactions’.

One real estate expert advised, “Because public equity itself cannot be punished, the parties to the equity transaction should take a closer look at the land use plan and land (forest) ledger, and then sign the contract to avoid frustration.”

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