Chinese Nationals Make Up 56% of Suspicious Foreign Property Transactions in South Korea
According to the article Chinese nationals make up 56% of the suspicious property transactions currently being investigated. Americans make up 21%, Taiwanese 8%, and Canadians 6.6% of the additional suspicious real estate cases:
![A view of apartment complexes seen in Jamsil in southern Seoul [YONHAP]](https://i0.wp.com/koreajoongangdaily.joins.com/data/photo/2023/07/03/d2f01153-3987-493d-94e5-72deffd1bc71.jpg?w=640&ssl=1)
A view of apartment complexes seen in Jamsil in southern Seoul [YONHAP]
The Korean government detected over 400 suspicious land transactions made by foreigners between 2017 and 2022, with more than half of the cases linked with Chinese nationals.
The Ministry of Land, Infrastructure and Transport reported 437 land acquisitions deemed illegal to related investigation agencies following its large-scale nationwide investigation conducted from February through to June. Out of a total of 14,938 foreign land transactions between 2017 and 2022, the investigation then focused on 920 suspicious cases, in which individuals involved were asked to provide supporting documents for further examination. (…..)The investigation identified various violations, with the most common being the manipulation of reported transaction amounts and contract dates, with 419 cases of misreported contracts. Additionally, 61 cases were suspected of tax evasion through expedient gifting, and 35 cases raised suspicions of illegally imported funds from overseas.
Joong Ang Ilbo
You can read more at the link.
What high level Korean language skills these Chinese, American, Taiwanese and Canadian “nationals’ must have to navigate their way through Korean land scams.
Who is selling them the land? Migrant kulaks from Kazakhstan?
As always, “follow the money”.
Let’s really analyze the numbers.
400 out of 14,938 foreign land transactions.
That’s a tiny percentage out of that total, or about 2.7 percent.
Even then, if you just count the Chinese nationals (56% of this total), it’s even a less number, or 1.5 percent to be exact – a tiny number.
The headline is that 56% of suspicious transactions involve Chinese residents. So what’s the problem (other than the fact that they’re Chinese), when we know over half of the foreign residents in Korea have Chinese passports – so this ratio is right along the lines of the ratio of foreign population in Korea. The Yoon administration and the right-wing press corp that he controls including this Joongang Ilbo, are just scapegoating the Chinese residents. Not surprising knowing that it’s also Yoon who in the name of raising the birth rate, proposes to import nannies from Southeast Asia, pay them below minimum wage, and exploit them as cheap labor/slaves. Disgusting.
Notice that GI Korea who is usually adamant about analyzing the real numbers, just throws out this article as bait. As long as they’re just the hated Chinese and not Americans, right?