KAMCO Launches Public Auction for 651 Items Worth 74.9 Billion KRW

Major assets scheduled for sale. Photo by Korea Asset Management Corporation

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 18th that it will auction 651 items worth 74.9 billion KRW, including 84 residential buildings such as apartments and houses nationwide.

The auction will be held for three days starting from the 21st. The items were entrusted to KAMCO for auction by public institutions such as tax offices and local governments to collect delinquent taxes. This auction includes 360 items priced at 70% or less of the appraised value.

However, bidders should pay attention to rights analysis during the auction, and the responsibility for eviction of tenants lies with the buyer. The auction of items may be canceled before bidding due to reasons such as tax payment or undeliverable notices.