Anchor: As of this week, foreign nationals who want to buy real estate in South Korea will have to adhere to stricter rules including showing proof of residency status, overseas financial holdings and funding plans. The Lee Jae Myung administration laid out its latest anti-speculation policy on Monday, with the goal of cooling prices and averting a full-blown housing market crisis.
Rosyn Park reports.

Report: The Ministry of Land, Infrastructure and Transport says tougher real estate transaction rules for foreign nationals will take effect Tuesday, in line with a change to the enforcement rules of the Real Estate Transaction Reporting Act.

Foreigners who want to purchase real estate will be required to show proof of a valid visa and a South Korean residence or place to stay for at least 183 days. 

In addition to domestic banking and financial information, they will also have to submit information on overseas bank deposits, foreign loans and offshore financial institutions along with a funding plan for their purchase and supporting documentation.
 
Proceeds from the sale of stocks, bonds and cryptocurrencies must also be reported if used as part of the funds to purchase a home in the country.

These new measures are aimed at preventing speculative property purchases with illicit overseas funds, according to the ministry.

A government probe last year discovered 416 suspicious real estate transactions involving foreign buyers.

In recent days, President Lee has used social media to warn that more hard-line policies will be imposed to crack down on real estate speculation and stabilize the housing market.

Now, the ruling Democratic Party, the government and the presidential office are working on legislation to establish a multiagency team under the Prime Minister’s Secretariat to handle investigations into illegal real estate practices.

A bill on the establishment and operation of the agency is expected to be tabled within the month.
Rosyn Park, KBS World Radio News.