Ulsan City Fills Treasury by Recovering 154.4 Billion KRW in 'Hidden Assets' Over 3 Years

Achievements in Recovering Unclaimed Property Before the U.S. “Eye-Catching”

Secured Ownership of 125 Parcels Worth 24.6 Billion KRW in 2023

Posted a Total of 497 Property Listings Since 2021

Ulsan City is enjoying the considerable benefits of discovering its "hidden assets" and filling its treasury. Last year alone, it uncovered assets worth a whopping 24.6 billion KRW, and over the past three years, it has added a total of 154.4 billion KRW to its asset list.

On the 13th, Ulsan City announced that as a result of promoting the "Untransferred City-Owned Property Discovery Project" last year, it secured property rights worth approximately 24.6 billion KRW across 125 parcels.

The major discovered city-owned properties include △ 101 parcels of national land transferred from abandoned riverbeds worth 24.2 billion KRW △ 17 parcels related to the construction of the access road to Bonggye General Industrial Complex worth 51 million KRW △ 4 parcels from the Suam-ro expansion project worth 200 million KRW △ 3 parcels from the road expansion project between Unyang Police Station and Seoburi worth 100 million KRW.

The Untransferred City-Owned Property Discovery Project is a program that identifies national or private lands within completed urban planning facilities such as roads, parks, and rivers, and transfers ownership to Ulsan City. Since its steady implementation starting in 2021, it has secured ownership of a total of 497 parcels worth 154.4 billion KRW to date.

An official from Ulsan City stated, "There were considerable practical difficulties in the process of finding city-owned properties, but as a result of actively discovering hidden assets to strengthen finances, we were able to achieve good results. Although the number of discoveries is expected to decrease this year as it enters its fourth year, we will continue to make every effort to protect Ulsan City's property rights."

Ulsan City Hall.