Part of Yongin-Bundang to Be Confirmed as District of Overheated Speculation.

Part of Yongin city, Gyeong-gi and new city Bandung, in succession with Seoul is likely to be confirmed as district of overheated speculation.

Ministry of Construction and Transportation (MOCT) stated on 10th that as apartment prices in Yongin and Bundang district shows rapid rise, it is discussing with Gyeong-gi state to confirm those districts as district of overheated speculation.

MOCT is reported that it plans to confirm only certain areas as district of overheated speculation since pressure of rising prices differ in each dong.

If it is confirmed as district of overheated speculation, people can bargain right of taking apartment after one year from the date of contract and will pay more than two times of the instalment of apartments.

If people violate it, they should pay penalty fewer than 20 million won or under two years penal servitude.

Jae-Seong Hwang jsonhng@donga.com