Finance Minister Hong Nam-ki said on Wednesday that the government will set up a state organization to crack down on illegal real estate transactions. 

The minister unveiled the plan in his opening remarks at a government meeting to discuss measures to prevent manipulation of the property market. 

Under the plan, the government has decided to expand the existing ad hoc task force under the Ministry of Land, Infrastructure and Transport. 

The current task force is composed of 13 officials from seven state organizations, but the government plans to assign more experts and officials to enhance capabilities to analyze abnormal transactions.  

The government will soon draft a bill to establish the organization.  

The minister also said the government will conduct a joint inspection until the end of the year to check whether people in the rental home business are abiding by related regulations.