Kamco Announces Results of Contest for Cases Easing Burden of Using State-Owned Property

'10 Selected Works Including "A Day Preserved Thanks to the Reduction Policy on Agency Fees"
Total Prize Money of 1.95 Million Won Awarded'

[Asia Economy Reporter Park Sun-mi] KAMCO (Korea Asset Management Corporation) announced on the 18th the results of the 'Public Property Usage Burden Relief Policy Experience Contest,' held to share cases of overcoming the COVID-19 crisis through reductions and deferrals of public property lease fees.

In this contest, held over four weeks starting November 30 last year, KAMCO received a total of 40 submissions, including cases of support through reductions in public property lease fees, and selected 10 winning entries: 1 Grand Prize, 2 Excellence Awards, 3 Merit Awards, and 4 Encouragement Awards.

The Grand Prize was awarded to 'A Day Saved Thanks to the Lease Fee Reduction Policy,' which tells the story of a cafe entrepreneur who leased a public building and faced difficulties due to the spread of COVID-19 but overcame them through the lease fee reduction policy. The winner expressed gratitude through the experience essay, saying, “Although I started the cafe with little experience, thanks to the opportunity given by KAMCO, I was able to start the business, and even in difficult times, the reduced lease fees have allowed me to continue operating the cafe.”

The Excellence Awards went to 'The Old Living Place of an Elderly Couple,' which describes a lease fee reduction case for a supermarket site in Yeongdeok-gun, Gyeongsangbuk-do, and 'The Public Property That Made a Happy Craft Village,' which covers a lease fee reduction case for a craft village site in Yeongdong-gun, Chungcheongbuk-do.

KAMCO awarded a total prize money of 1.95 million KRW, including 500,000 KRW for the Grand Prize, 300,000 KRW for the Excellence Awards, and 150,000 KRW for the Merit Awards, and plans to post the winning entries on the KAMCO real estate website to promote the public property lease fee relief policy to the public.

Hong Young, Head of KAMCO's Public Property Division, said, “This contest has allowed us to share cases of public property usage burden relief with the public. With the extension of the support period until June as an additional measure, we hope that more users will apply and overcome COVID-19 together.”