2024-05-26 00:30:49
“The variety of homeowners of 550 sq. meters of Hutong has elevated to 130”
This string of ideas, obtained three months in the past, was the start of our investigation.
The alley is a street in Ocheon-dong, Seodaemun-gu, Seoul. The whole space of this street connecting the middle of this neighborhood and the alley is about 1,800 sq. meters (about 550 sq. meters), and once I truly copied the register, I discovered that there have been 130 landowners.
The land has been owned by one particular person for 22 years, and on August 10 final 12 months, 10 actual property firms bought the street for about 3 million received per 3.3 sq. meters. Inside three months, the land was divided into small plots and bought to 130 individuals at 12 million received per 3.3 sq. meters.
Inside three months, enterprise quadrupled.
The 130 individuals who purchased the street invested a mean of 30 to 40 million received every and divided the land into plots of about 10 sq. meters every.
Why did 130 individuals purchase this land at such an costly worth and on the similar time be unable to train possession rights and acquire occupation rights (the precise to be members of a redevelopment affiliation) even whether it is redeveloped.
There aren’t any clues besides that the land is positioned inside the “Moa City” website, a small redevelopment venture in Seoul.
■ A “no substance” deal that even an actual property agent acquainted with the neighborhood is unaware of.
As a result of the transaction was a direct transaction between the actual property firm and the person, with out a licensed actual property agent, even native actual property brokers acquainted with village information have been unaware of the main points of the transaction. I simply suspect that that is the so-called “work” of the planner Fang Zhong.
As well as, the addresses of the ten actual property firms listed on the register are principally positioned within the suburbs of Gyeonggi Province. Once we visited, we discovered that they’re all shared workplace customers. There isn’t any signal, not even a proper workplace.
In the end, the one solution to discover out the “why to speculate” is to ask particular person traders immediately.
In keeping with the register, there are 130 traders. The addresses are unfold throughout the nation, and there are additionally foreigners amongst them.
As a reporter for the Seoul Metropolis Corridor, I expanded my working radius across the metropolis corridor and met with particular person traders one after the other. Nevertheless, since many traders spend money on the names of their youngsters and fogeys, even when I go to each family, I typically hear the reply “I do not know”, and there are additionally individuals who say “no” even once I meet them. know” scenario. Flip round and deny the truth that they invested.
Suspicion that there was some conspiracy behind the deal become certainty.
Over the course of 4 days, we visited about 50 households, and by chance we have been capable of go to 4 individuals.
Though the actual property firms they bought the land from have been totally different, the “candy murmur” they heard once they have been launched to the land was comparable.
“It is going to be redeveloped into a particular space of Moa city. For those who make investments a small quantity, it should enhance 2 to three instances.
The actual property firm purchased the street on the publicly introduced worth and bought it to 130 individuals for 4 instances the value, which means that to ensure that traders to see triple the revenue, the street needed to be raised to the publicly introduced worth. 12 instances the value.
That is the “Golden Street”.
is it attainable? No want to hunt professional recommendation, however one appraiser who is aware of his approach round property planning says, “I am glad I saved my principal.”
■ Why promote “Golden Street” which can enhance 12 instances?
So how a lot of this land does the actual property firm personal?
I obtained the investor’s contact data and referred to as to inquire. They mentioned that each one the land had been bought.
I additionally requested particular person traders why they have been assured of “thrice the value”, however they denied that that they had ever made such a publicity and protested: “The inventory fell and nobody was held accountable. Why do it’s a must to do it with actual property?” this matter?
Moa City is a small redevelopment venture that may be a precedence venture of Seoul Mayor Oh Se-hun and goals to supply Seoul with an sufficient provide of latest flats.
However what’s the metropolis of Seoul doing whereas actual property firms speculate in Moadun?
It was not till MBC made related inquiries to the Seoul Metropolis Authorities in March final 12 months that the scenario was realized.
It is going to be broadcast on MBC on March 20. This was reported by way of information stations.
Subsequently, the Seoul Metropolitan Authorities mentioned, “We plan to start out a large-scale investigation as quickly as attainable” and introduced measures to “cease the Moatown hype” the day after the report.
■ Feeling uncomfortable moderately than relieved, protection expands
Solely a replica of the register was readily available when the investigation started. It was not simple to spend 4 days visiting each home and explaining to traders the rationale and goal of protection. Earlier than the interview, I first needed to reply their questions based mostly on what I needed to say, however more often than not, I might hear sighs like “oh my god” and even in excessive instances, curse phrases.
Usually, I really feel a way of reduction after finishing a subject report like this. However this time, my coronary heart turned heavy, as if my homework was not completed but.
It is because I’m satisfied that this “hypothesis of splitting up alleys” is not only an issue in Seodaemun District.
The Moa City goal areas introduced by the Seoul Metropolitan Authorities from January 2022 to January this 12 months are a complete of 85 areas in 25 autonomous areas. The place we launched earlier than is only one of those 85 locations.
Will not there be issues in different areas of Moatown?
So I took out the information.
We extracted all land transactions in Seoul in 2020 and 2021 and solely aggregated “street fairness transactions”, leading to a complete of two,827 transactions. Nevertheless, in 2022 and 2023, when the Moa City program launches, transaction quantity virtually doubled to five,048 transactions.
Particularly in Chengdong District, there have been solely 96 street fairness transactions in 2020 and 2021, however they elevated 6.8 instances to 655 in 2022 and 2023, whereas in Jiangxi District, a villa-dense space, this quantity elevated from 2022 to 2023. It has grown 8.3 instances.
Is that this a coincidence? However the truth is, it is not.
However I am unable to rush into reporting. I could not even suppose as a result of it was so large.
■ Moadun’s “alley cut up” is excessive…8 extra autonomous areas found
For those who question land transactions within the Seoul Autonomous Area on the precise transaction worth question system of the Ministry of Land, Infrastructure, Transport and Tourism, you will discover data such because the date of prevalence of the “divided transaction (fairness transaction)”, transaction space, and buy worth. For instance, assume that the road variety of a street that may be a “Break up Deal” is displayed solely as .
As a way to work out whether or not the street is a part of the Seoul Metropolitan Authorities’s post-plan Moa City subdivision deal, we first need to know the handle of the street, and even that is not simple.
Ultimately, that is how I figured it out.
① Primarily based on the precise transaction worth information, among the many roads traded at comparable instances, roads with the identical worth and the identical space are labeled, after which the whole space is calculated.
② Go to the actual property web site. Zoom in on the street and click on on every parcel to match it with the realm present in step ① to seek out many parcels of the identical measurement.
③ After confirming the package deal handle, examine whether or not it’s a separate transaction via the money register copy. (This course of must be repeated a number of instances as a result of there are numerous packages of comparable sizes)
④ After the cut up transaction is confirmed, please contact the ward workplace to lastly verify whether or not the enterprise location in Moa City exists.
I can solely examine one package deal via these 4 steps, however checking one autonomous area in someday and one 12 months could be very tough.
So, once I was decided to report, I requested the workforce chief and fashioned a working group with two reporters. After a few month and ten days of reporting, the reporters not solely reported on Seodaemun District, but additionally on Central China. Eight autonomous areas, together with Nang-gu, Jongno-gu, Gwanak-gu, Dongjak-gu, Gangseo-gu, and Dobong-gu, have confirmed extra roadway share cut up transactions.
■ Possibly the neighborhood close to Moadun?
nonetheless have a query.
This “cut up alley hype” can be spreading to areas round Moadun. That is as a result of the expectation that “it should quickly be Moa City” is nice prey for planning actual property firms.
The Planning Actual Property Firm bought a 4,000-square-meter alley in Hyokok-dong, Gangseo-gu, Seoul, for two.9 billion received the 12 months earlier than final, and bought it to 263 individuals for 9.6 billion received inside two months, greater than thrice the value.
A 2,440-square-meter alley in Songjeong-dong, Seongdong-gu, was bought to 160 individuals in the identical method for almost twice the value.
After analyzing Seoul land property transaction information in 2022 and 2023, the reporter discovered that the whole space of alleys within the space round Moatown the place alley cut up transactions occurred was 13,453 sq. meters, and the variety of traders was 959.
On this regard, the Seoul Metropolitan Authorities has introduced a coverage that whether it is suspected that speculative forces corresponding to irregular actual property transactions have flowed in, it may be excluded from the general public providing of Moa City on the discretion of the district mayor.
He additionally harassed that he plans to reply aggressively, together with submitting complaints in opposition to actual property firms that plan to purchase roads at low costs after which revenue by encouraging hypothesis.
Nevertheless, the planning actual property firm reported by MBC “didn’t violate any legal guidelines.” I don’t know what the Seoul Metropolitan Authorities will examine, however we’re within the place of “giving it a attempt” and we are going to report once more after reporting on how the Seoul Metropolitan Authorities investigates and what countermeasures it plans to take.
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