KAMCO to Auction Seized Assets Worth 291.4 Billion Won

Korea Asset Management Corporation (KAMCO) announced on October 31 that it will hold a public auction for seized assets worth 291.4 billion won from November 3 to November 5.

The public auction of seized assets is an administrative procedure in which public institutions such as tax offices and local governments sell off assets seized to collect overdue national and local taxes, with KAMCO handling the sale process.

The auction covers items that can be seized, including real estate such as land and houses, as well as automobiles, precious metals, and securities. The items available in each auction round can be checked on the Onbid website.

This auction will see the sale of 1,250 real estate properties and 49 movable assets, with land accounting for the largest portion at 804 items. In addition, a total of 179 residential buildings, including apartments and houses, will be auctioned, with 57 of them located in the Seoul and Gyeonggi metropolitan area. Movable assets such as patent rights and investment securities will also be sold. Notably, 981 items, or a significant portion of the total, are being offered at less than 70% of their appraised value.

Meanwhile, bidders should pay close attention to rights analysis when participating in the auction, as the responsibility for vacating tenants lies with the buyer. It is also important to note that the auction for a given item may be canceled before bidding due to reasons such as tax payments or delivery failures. Therefore, it is advisable to thoroughly review official documents and conduct on-site inspections of the items of interest before participating in the auction.

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