Exposing Real Estate Scams: The Truth Behind Alleged Moa Town Land Scams

2024-05-08 11:32:29

◀ Anchor ▶

We continue to report the actions of a special real estate company that sells alleys in small pieces, claiming that this area is the target of Seoul City’s housing improvement project, “Moa Town”.

These companies bought land and resold it to individual investors at a price that quadrupled in less than a month.

How was this possible?

Journalist Kim Ji-seong reports on corporate tricks.

◀ Report ▶

I took a copy of the alley register located at the target site of Moa Town in Jungnang-gu, Seoul.

A real estate planning company bought a road for regarding 900,000 won per square meter on September 14 last year and resold it to nine people at regarding four times the price in less than a month.

The company even sold the roads to two of them the same day they purchased them.

In Okcheon-dong, Seodaemun-gu and Bongcheon-dong, Gwanak-gu, it took less than a month for the number of alley owners to reach dozens or even hundreds.

However, investors don’t know how much the company has inflated the price.

[투자자 (음성 변조)]

“I don’t know because I didn’t look at the register carefully. I didn’t even see him. <4배를 지금 가격을 올려서 판매한 건데 혹시 당시에 이거 아셨으면 사실 건가요?> If I looked at it, I wouldn’t be able to buy it.

When purchasing real estate, registration of transfer of ownership must be completed within 60 days, but companies are targeting this two-month “blind period”.

In the case of a company that had already sold an alley in Jungnang-gu, it resold the entire road in 26 days and completed the registration in 35 days.

Even if the investor takes a copy of the register, he cannot know the price at which the company purchased the land.

This is why companies encourage investors to buy quickly during investor consultations.

[부동산업체 관계자 (음성 변조)]

“I can’t guarantee the land. It’s the last thing left, so if someone comes today and says, “I will live,” then…

One way that companies can buy lanes cheaply is through public auctions, and over the last year in Seoul alone, more than 500 roads have been put up for public auction.

Companies advertise that “only real estate experts can hire them,” but in reality, most of them are places where even individuals can easily invest.

[투자자 (음성 변조)]

“I thought this was land that individuals mightn’t buy. That’s why I bought it through this company…”

[김진유/경기대 도시교통공학과 교수]

“People who have never done a land transaction but have just bought and sold houses or their own houses are often targeted as such. »

Experts also suggest a plan for local governments to first secure roads put up for public auction.

However, some worry that local governments’ road purchasing might spur speculative sentiment, making it difficult to make a hasty decision.

The Seoul Metropolitan Government is struggling to propose measures while announcing that areas suspected of speculation will be excluded from the target site of Moa Town.

This is Ji-seong Kim from MBC News.

Video report: Kwan-ho Lee / Video editing: Jeong-ho Park

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