Foreign victims shut out of Korea's 'jeonse' fraud relief efforts
At the start of 2022, Nan Ming-ji, a 40-year-old with Chinese citizenship, moved with his parents into a home in Ansan, Gyeonggi Province. The family put down a 140 million won ($104,000) deposit — money his parents had saved since arriving in Korea two decades ago. It was no small sum. But under the country’s distinct “jeonse” system, such large upfront deposits have long been the norm. Instead…
According to prosecutors, foreign victims have been left out of Korea's recent efforts to provide relief to those who have fallen victim to jeonse fraud.
In 2022, Nan Ming-ji, a 40-year-old Chinese citizen, moved with his parents into a home in Ansan, Gyeonggi Province. They put down a 140 million won deposit — money his parents had saved for decades. While this large upfront payment is typical under Korea's jeonse system, where tenants pay a lump sum for the right to occupy a property, it has also been exploited by unscrupulous landlords.
In October 2023, Nan's father discovered a notice stating that their home was on the auction block. Just weeks later, the family learned that their landlord owned multiple other buildings, all of which had been flagged for auction. The Nan family had become victims of jeonse fraud on a massive scale.
Jeonse fraud has surged across Korea in recent years. Fraudulent landlords have exploited the system by taking deposits from multiple tenants and using those funds to acquire properties, often without putting any of their own money down.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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