REB Strikes MOU with KPFIS to Upgrade Probe into Real Estate Transactions

President Son Tae-rak of Korea Real Estate Board (REB) poses after he held an online ceremony to sign an MOU on stabilizing the real estate market and state fiscal operation and management with Korea Public Finance Information Service (KPFIS) on Feb. 9. (Photos: REB)

Korea Real Estate Board (REB) signed an MOU on stabilizing the real estate market and state fiscal operation and management with Korea Public Finance Information Service (KPFIS) on Feb. 9.

The signing of the deal is designed to share KEB’s examination and analysis tactics of abnormal real estate transactions and KPFIS’ probe and analysis of illegal subsidy beneficiaries.

Both institutions agreed to mutually cooperate in probing and analyzing illegal payment beneficiaries and real estate transactions, sharing information to overhaul value evaluations of state assets, and offering support to raise functions of detecting abnormal real estate transactions.

REB, a real estate transaction monitoring institution, performs functions of verifying and surveying real transactions of real estate. Under the agreement, REB plans to ramp up the classifying and analyzing of abnormal real estate transactions.

REB President Son Tae-rak said, “The deal is expected to stabilize the real estate market and explore diverse support policies related to state fiscal operation and management.”

REB will establish real estate market order by furthering upgrading tactics of probing and surveying illegal and expedient real estate transactions, he added.

A view of K-apt, a public house management information system.

REB Expands Electronic Bidding System of K-apt to Project Qualification

Korea Real Estate Board (REB) said it has expanded electronic bidding system of the K-apt, a public house management information system to project qualification (PQ), in accordance with the revision of guidelines on the designation of public house management operators and businesses.

K-apt is a system of divulging management information such as management costs of public houses, maintenance & management traceability, and outcomes of accounting audit and operating and managing an electronic bidding system.

PQ is a system of determining final bidders based on evaluation categories such as capability of performing a contract other than prices to make up for loopholes of the lowest price bidding system.

Currently, the electronic bidding system of the K-apt has been applied only to the highest price bidding system. The PQ system, classified into the non-electronic bidding system, will be subjected to the electronic bidding system, a move designed to reveal biddings to housing occupants in a transparent fashion.

The takeaways of the revision include changing time of closing biddings and opening bids, expanding the electronic bidding system to PQ and the revealing of PQ outcomes.