SEOUL– South Korea plans to sell public assets estimated at around 22.6 trillion won (US$15.7 billion) over the next five years, data showed Friday, amid its efforts to tighten its belt amid brewing concerns over a recession.
The assets, which will be offloaded by 350 public organizations through 2027, include real estate and other properties of 13.8 trillion won, along with stocks worth 8.6 trillion won, Rep. Koh Yong-jin of the main opposition Democratic Party said, citing data from the Ministry of Economy and Finance.
The Korea Racing Authority, a state-run firm tasked with promoting the racehorse industry, plans to sell its real estate property in southern Seoul valued at 138.5 billion won in 2024, along with another office in the city’s central district of Yongsan valued at 98 billion won in 2025.
The Korea District Heating Corp. also plans to sell its land in southern Seoul valued at 50 billion won in 2025, the data showed.
By organization, those under the Ministry of Land, Infrastructure and Transport accounted for the largest volume of public assets at 8.9 trillion won. Organizations under the Ministry of Oceans and Fisheries followed with 1.5 trillion won, trailed by the Ministry of Trade, Industry and Energy with 1.04 trillion won.
Source: Yonhap News Agency