Public officials who are found guilty of using confidential information in speculative real estate buys will face up to life imprisonment.

The government on Monday announced a set of strong anti-speculation measures amid public backlash over the alleged shady real estate investments by public officials using insider information. 

Under the measures based on a revision that passed the parliament last week, officials using exclusive information regarding land development to buy and sell properties themselves or to leak such knowledge to others will face five years to life in prison if the proceeds exceed five billion won. 

The scope of the sentence would be reduced to three to five years if the profits are below five billion won. 

Public officials found to have seriously violated the market order will also be required to pay three to five times the undue profits from their real estate investment. 

Meanwhile, the government also plans to revoke the licenses or employment of real estate agents or renters involved in speculation for a certain period of time to help prevent the recurrence of such cases.