“From metropolitan-area apartments to cars”... KAMCO to auction seized assets worth 701.3 billion won

[Financial News] Korea Asset Management Corporation (KAMCO) will auction 2,521 seized assets worth a total of 701.3 billion won through OnBid over three days, from November 2 to 4. The auction comprises 2,423 real estate properties and 98 movable assets. Land, including forest land, makes up the largest share, with 1,358 items. A total of 585 items are also included in the auction, including 248 residential buildings such as apartments and houses in the Seoul metropolitan area, including Seoul and Gyeonggi Province. Movable assets for sale include unlisted shares and cars.
KAMCO’s public auctions of seized assets are administrative proceedings in which public agencies, including tax offices and local governments, sell property they have seized to collect overdue national and local taxes. Items available for auction include all types of property that can be seized, such as real estate including land and houses, as well as cars, precious metals, and securities. Auction items for each round can be checked on the OnBid website.
KAMCO said, “Of all the items up for auction, 1,713 are valued at 70% or less of their appraised value,” adding, “We expect them to draw interest from end users.” Bids can be submitted through the OnBid website or app without restrictions on time or location. The entire process, including auction progress and bidding results, is made public transparently. Bidding takes place at one-week intervals for each round, and if an auction is unsuccessful, the scheduled auction price is reduced by 10% each time.
Bidders should carefully assess the rights attached to each property and note that buyers are responsible for evicting tenants. In addition, an auction may be canceled before bidding for reasons such as payment of taxes or an inability to serve notice. Bidders should therefore review the relevant public records and inspect the property in person before bidding. The results will be announced on November 5.
Meanwhile, KAMCO has supported efficient tax collection administration by disposing of seized assets for more than 40 years, since 1984. In the past five years, it has contributed to national and local government revenues by collecting 1.6347 trillion won in overdue taxes through auctions of seized assets.
[email protected] Park Mun-su Reporter