The government has decided to carry out regular investigations of suspicious transactions involving high-value homes worth more than 900-million won and publish the results.

At a ministerial meeting on real estate policy held in Seoul on Wednesday, Finance Minister Hong Nam-ki also announced that the government will monitor major areas where new housing will be built and investigate immediately when there is concern of overheating.

Hong said the government will discuss how to bolster its response as it cannot permit acts that throw the real estate market into chaos.

He said authorities plan to strengthen their investigations and crackdowns on irregularities such as price fixing, illegal subscriptions and omissions. He warned that suspicious real estate transactions would be thoroughly investigated and face stern punishment.

Hong stressed that it would be difficult to stabilize the real estate market regardless of how many new houses are supplied unless speculation by owners of multiple homes and other irregularities are uprooted.

The finance minister also said the government will move quickly to take the follow-up measures required to establish the legal framework for the government's real estate policies, including the supply of additional housing.