KAMCO to Publicly Lease and Sell 60 State-Owned Real Estate Properties

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 19th that it will lease and sell 60 state-owned real estate properties online over three days starting from the 22nd.

The public auction includes 53 new items such as farmland and residential apartments, as well as 7 real estate properties priced lower than the initial lease or sale price.

According to KAMCO, state-owned real estate has the advantage that ownership is held by the state, so the rights such as mortgages and leases are not complicated.

However, before bidding, it is necessary to check the current status such as the form and location of the real estate in advance, and consider detailed usage conditions including restrictions on each property.

In addition to the annual lease fee, 10% value-added tax must be additionally paid on the lease fee for state-owned property. This does not apply if the lease purpose is for farming or residential use. Also, the annual lease fee is a usage fee for state-owned property and is not refundable like a deposit or lease guarantee upon expiration of the lease contract.

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