Government to Prioritize Leasing 2,800 State-Owned General Properties to Small Business Owners

Available on 'Onbid' from the 5th... "See it all at a glance"

[Asia Economy Reporter Kwangho Lee] The Ministry of Economy and Finance announced on the 4th that it will actively identify idle state-owned properties and provide information on approximately 2,800 leasable general state-owned properties through the Onbid website starting from the 5th.

This was done by thoroughly reviewing about 680,000 general properties entrusted to the Korea Asset Management Corporation and selecting usable properties. Detailed information such as recommended usage, publicly announced land prices, and transportation conditions will be provided to support decision-making and convenience for demanders.

In particular, this time, to support small business owners facing management crises due to the novel coronavirus disease (COVID-19), about 1,350 properties excluding farmland will be preferentially leased to small business owners until December 31.

If lease demand is confirmed through expressions of lease intention, restricted competitive bidding limited to small business owners will be promoted at the time of bid announcement. In this case, a minimum lease fee rate of 3% for small business owners, which is lower than the general competitive bidding minimum lease fee rate of 5%, can be applied, providing a practical rent reduction benefit.

However, to increase the utilization of state-owned properties and expand participation opportunities, any remaining properties without confirmed lease demand by the deadline will be converted to general competitive bidding targets.

Jongwook Lee, Director of the Treasury Bureau at the Ministry of Economy and Finance, said, "Through the government's proactive information provision, we expect to enhance public convenience and support small business owners who are struggling due to COVID-19." He added, "We will continue to steadily identify idle state-owned properties and explore various utilization plans that can harmoniously achieve profitability and public interest."

This content was produced with the assistance of AI translation services.