Korea to ease regulations to make better use of state-owned property

South Korea will ease regulations on leasing state-owned properties to make better use of neglected public assets, the finance ministry said Tuesday.

The Cabinet approved a revised law that allows the government to cut rents on its buildings and land that have not been fully utilized for a long time and to extend leasing contracts by up to 20 years, according to the Ministry of Strategy and Finance.
 

This undated file photo shows a model of apartment buildings to be built and up for sale. (Yonhap)

Also, the government will be allowed to impose higher fines on those who occupy state-owned land without permission.

The revision is part of the government's long-term plan to transform unused public land into homes for newlyweds, day care centers and industrial zones for venture startups.

The government will carry out a survey of nationally owned properties by 2018 and come up with detailed plans to utilize state assets.

South Korea has 1,039 trillion won ($ 914.5 billion) in national assets as of the end of 2016, with the government complex in Sejong being the most expensive, worth an estimated 900 billion won. (Yonhap)