Foreign victims shut out of Korea's 'jeonse' fraud relief efforts

Foreign victims are being left out of South Korea's efforts to provide relief to those affected by the "jeonse" housing deposit system. This system, which requires large upfront deposits, has been criticized for its potential to lead to financial losses for those who invest in it. The exclusion of foreign victims from relief efforts is significant because it may prevent them from recovering their losses, which in some cases can be substantial, such as the 140 million won deposit made by a Chinese citizen in this case. This could have…

Why it matters

Foreign tenants are being shut out of relief efforts for jeonse fraud in Korea. This could lead to a loss of trust in the Korean rental market and affect the overall economy.

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