Namyangju City Recovers 34.3 Billion Won in 'Hidden Assets' Over the Past Two Years

Hidden Property of Untransferred Ownership in Namyangju City [Provided by Namyangju City]

[Asia Economy Reporter La Young-cheol] Namyangju City in Gyeonggi Province has secured hidden real estate worth approximately 34.3 billion KRW (40 parcels, 89,826㎡) over the past two years since its establishment.

Hidden assets refer to land that the project implementer agreed to donate to the city upon project completion but remains registered under the association's name, preventing ownership transfer and leaving the land neglected for a long time.

The city announced on the 22nd, "We have discovered hidden assets in Hopyeong-dong that had not been transferred to the city for 12 years and secured ownership."

The land in question, including parcel number 270-6 and eight other parcels in Hopyeong-dong, valued at about 600 million KRW, had been left unattended for a long time due to the lack of ownership transfer.

Accordingly, the city's Property Management Team directly visited association officials residing in other regions to negotiate and successfully transferred ownership without litigation, saving 20 million KRW in legal costs and contributing to local fiscal expansion. Previously, the city had uncovered hidden assets worth 18.3 billion KRW last year.

Meanwhile, after completing specialized drone mission training in the public sector conducted by the Korea Transportation Safety Authority, the Property Management Team is utilizing aerial photographs and 3D modeling based on terrain data necessary for property management.

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