Real estate deadline is Dec. 2

The Seoul city government announced Monday that the real estate owned by Korean residents with foreign nationality must be registered under their real names no later than Dec. 2.

The deadline was set in accordance with the Law on the Entry-Exit and Legal Status of Korean Residents Living Abroad, which was enacted in December last year.

¡°We have begun receiving registrations under the real names of the owners, but there are only three so far,¡± a city government official said. ¡°Unless the owners register their real estate under their real names before the deadline, they might have to pay a penalty of up to 50 percent of the appraised value of the real estate.¡±