The turmoil stems from a traditional rental payment system called jeonse. Read more at straitstimes.com.
SEOUL – South Korea has proposed a Bill to protect the housing rights of people who have been scammed of millions of dollars through rental schemes as the fallout from the fraud grows.
It will include an option to have the state-run Korea Land & Housing Corp buy affected properties and convert them into public rental homes., where tenants pay at least half of the value of the property up front and get their money back at the end of their lease, instead of paying monthly rent. This provides property owners with cash to invest or buy more homes.
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