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The government will seek to sell off some 61 sq. km of public real estate to prevent it degrading in the hands of squatters, the Ministry of Planning and Finance said Thursday.
An increasing number of public properties are illicitly occupied, and their asset value plummets if they are left unattended for a long time.
The government will ease regulations on the sale of national property in the first half of this year. It aims to establish a special account with the proceeds to buy land and give it to small and medium-sized enterprises and the needy, either free of charge or at low interest. The total sales price of the 61 sq. km is estimated at W3.11 trillion (US$1=W1,348).
(englishnews@chosun.com )
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