The government is embarking on a sweeping transformation of the national asset management system. As of the end of last year, the total value of state property reached 1,402.7 trillion won. However, the government determined that the existing real estate-centric system has limitations in efficient management, as asset classes have diversified beyond real estate to include intellectual property, securities, and virtual assets.

Accordingly, the government announced on the 27th that it will extensively overhaul the State Property Act, enacted in 1950, for the first time in 76 years to newly establish the 'National Asset Basic Act.'

From 'Ownership and Preservation' to 'Operation and Value Creation'

The core of the new law is to shift the concept of state property, traditionally centered on 'ownership and preservation,' to a concept of national asset focused on 'operation and value creation.' The goal is to build an integrated management system that encompasses not only real estate but also personal property, financial assets, intellectual property, and virtual assets.

The National Asset Basic Act will reflect the characteristics of each asset class by establishing separate chapters for four key areas: real estate, securities and investments, intellectual property, and virtual assets. It will outline a system for customized management throughout the entire lifecycle, from acquisition to management and disposal.

Specifically, for real estate, the government plans to discover idle assets, expand joint utilization with local governments and public institutions, and unify development standards. For intellectual property, the government will review establishing valuation methods, establishing a principle of prioritizing utilization, and creating a new national IP bank. In the securities and investment sector, the government aims to integrate the management system and unify shareholder rights exercise and disposal strategies. For virtual assets, the government will clearly define them as targets for national asset management and strengthen the legal basis by establishing disposal procedures and criteria for private consignment.

Governance Overhaul… Public-Private Joint Task Force to Launch Immediately

Changes are also forecasted in terms of governance. The current State Property Policy Review Committee will be expanded and reorganized into a 'National Asset Management Committee,' which will review and vote on comprehensive national asset plans, basic directions for asset management, and special operations.

National Asset Officers will be designated at each central ministry to strengthen the management of asset status and legal compliance. Plans to expand the scope of consignment and the role of the Korea Asset Management Corporation (KAMCO) will also be reviewed.

A public-private joint task force involving private experts will be launched immediately, and the Korea Development Institute (KDI) will be designated as the lead research institution to spearhead the drafting of the bill.

Digital Management System Construction… 'K-Asset Cloud' to Begin in 2027

The establishment of a digital management system will also begin in earnest. Within this year, the government plans to link asset information from local governments and public institutions to the existing fiscal management system (dBrain) and introduce an AI chatbot to the administrative network to support legal interpretation and case searches.

Subsequently, starting in 2027, the government will begin formulating an Information Strategy Plan (ISP) to build the 'K-Asset Cloud,' an AI-based dedicated database (DB) for national assets. Once this system is completed, it will enable the integrated management of assets held by the central government, local governments, and public institutions, as well as strategic utilization such as discovering idle sites, recommending development candidate sites, and matching demand.

Asset utilization methods will also be institutionalized. A system will be established to classify assets available for supply annually, survey and match the utilization demand of central ministries, local governments, and public institutions, and reflect this in mid-term development plans. Urgent policy demands will be addressed through separate, ad hoc procedures.

After presenting the basic direction and design principles of this plan, the government intends to finalize the National Asset Basic Act and subordinate regulations through inter-ministerial consultations and the legislative process. Starting in 2027, the construction of a dedicated national asset DB and AI advancement projects will also be pursued in earnest.