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July 2012

Introduction of Korea Asset Management Corporation. July 2012. Contents. KAMCO in Brief KAMCO’s Public Property Management & Development -with focus on real estates. 1. KAMCO in Brief. 1. Vision & Mission KAMCO History Ownership & Organization Business Areas.

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July 2012

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  1. Introduction of Korea Asset Management Corporation July 2012

  2. Contents KAMCO in Brief KAMCO’s Public Property Management & Development -with focus on real estates

  3. 1. KAMCO in Brief 1 • Vision & Mission • KAMCO History • Ownership & Organization • Business Areas

  4. 1. Vision & Mission • KAMCO is a sole public AMC and a ‘Consolidated Stabilizer of the Economy’ in Korea Safety Support of Financial Markets Increasing Public Asset Value Pursuing sustainable growth of the National economy through an advanced comprehensive asset management system A public asset management agency striving to promote the values of financial and public asset Enhance the value of financial and public asset Vision National Comprehensive Asset Management Organization Mission Strategy Objective Strengthening Management & Innovation

  5. 2. KAMCO History 2013-2016 2009-2012 2004-2008 • Launched the National • Happiness Fund • Unified national property • management • Relocated headquarters to • Busan • Started acquiring ships on our • own account • Commended for supporting • SMEs restructuring improvement • of Sale & Lease Back Method 1997-2003 • Launched Corporate • Restructuring Fund • Launched National Property • Management Fund business • Launched overdue • receivables collection service • for government 1962-1996 • Launched Hanmaeum • Badbank service in support • of personal credit recovery • Launched Heemangmoah, • a joint collection agency • Launched Credit Recovery • Fund, a comprehensive credit • recovery support scheme • Launched state-owned land • consignment development • service • Changed company name to • Korea Asset Management • Corporation, or KAMCO • Launched NPL Resolution Fund • Launched state-owned property • management service • Launched OnBid, the first • online asset disposal system • in Korea • Established as Korea Asset • Management Corporation • Launched NPLs resolution • service for financial institutions • (KDB → overall financial • institutions) • Launched liquidation service • for government-invested • corporations • Launched delinquent tax • settlement service

  6. 3. Ownership & Organization • Shareholding Structure • Organization Management Supervisory Committee CEO Chief Audit Executive Board of Directors Vice CEO KDB 16 Financial Institutions 8.14% KRW 70 bn 2016 Financial Performance Assets KRW 2,522 bn 9.16% KRW 78.8 bn 5Executive Directors Paid-in capital KRW 860 bn Legal capital KRW I tn KEXIM Revenue KRW347 bn 25.86% KRW 222. 4 bn Net income KRW109 bn 22 Departments 4 Offices 12 Regional Branches Government 56.84% KRW 488.8bn *Employees in total: 1,324 (as of Dec.2016)

  7. 4. Business Areas (1) Financial Sector (Year-round restructuring Support) Corporate Sector (Restructuring corporate support) Supporting fiscal health and liquidity of financial corporations through acquisition Stabilizing businesses through asset acquisition, debt-to-equity swap, funding, etc. KAMCO Household Sector (Financial support for low wage earners) Public Sector (Entrustment and management of State-owned public assets) Supporting the financially underprivileged through diverse programs including Debt-Rescheduling, Switch-over Loan microfinance Enhancing public fiscal health by disposing of tax-delinquent property and managing State-owned public assets efficiently • KAMCO has been safeguarding Korea’s economy by acquiring & resolving NPLs, supporting corporate restructuring, restoring individual credit, and carrying out government-mandated tasks

  8. 4. Business Area (2) • Business Portfolio Enhancing Asset Soundness of Financial Market Consumer Credit Recovery Government Commissioned Business Operation of an Online Asset Disposal System • Management & • Development of • National & Provincial • Properties • Public Asset Auction system Operation • Support for Microfinance • Acquisition & Resolution of NPLs • Management & Disposal of • Properties owned by • public institution • Corporate Restructuring • (i.e. Ships, Sales and Lease Back) • Credit recovery, microfinance, and self-reliance support program • Delinquent Tax • Settlement

  9. 2. KAMCO’s Public Property Management & Development 2 • Public Property • Government Policy Change • KAMCO’s Role • Management of Public Property • Development of Public Property

  10. 1. Public Property • Definition National Property • (definition) Properties owned by the national government • Subject to National Property Law, Ordinance, and Rules • (definition) Properties owned by 242 regional governments • Subject to Regional Government Management Law, Ordinance, and Rules Regional Govt. Property • Total Size: 31,688 ㎢ • Yearly National Income from the National Assets (Unit: K, ㎢) Income(KRW tn) Total: KRW 8.9 tn 2.3 1.3 1.0 1.1 1.0 0.8 0.7 0.7 (as of 2016) (as of 2016)

  11. 2. Government Policy Change Disposition • Maintenance & • Preservation Expansion & Utilization • Active & Planned • Management 1977 ~ 1993 1945 ~ 1976 2011 ~ Present 1994 ~ 2010 Disposition - Government funded itself by selling off national properties instead of tax collection Maintenance & Preservation - Rapid decrease of national properties & Rise of real estate price - Increase of tax, resulted from economic growth  no need of disposition for funding Expansion & Utilization - Efficient use of national properties to satisfy various needs/demands of the public Active & Planned Management - Integrated management of public properties by Ministry of Strategy and Finance - KAMCO’s systemic management & commissioned development

  12. 3. KAMCO’s Role • History • Work 1997 Started Management of National Property Management of National Properties Development of National Properties 2005 Started Development of National Property 2008 Started Development of Regional Property 2012 Commissioned to Manage National Properties Fund Management of Regional Properties Development of Regional Properties 2013 Exclusive Management of National Properties

  13. 4. Management of Public Property (1) • Mission “Actively manage public properties by leasing and disposing public properties which are hard to be utilized for public/administrative purposes” • Work Process • Due Diligence/ • Grading • Restoration Lease • Disposition • Due Diligence • - collect information on • newly enrolled properties • and key-in the data on • the management system • Grading of Properties • - build database and grade • properties • Restoration of • Properties • - restore properties • occupied without • permission by imposing • indemnity • - increase non-tax revenues • Renovation of Old • Properties • - lease public properties, • which are hard to be • utilized for • public/administrative • purposes, to the public • through Onbid • Sales • - sell public properties, • which are hard to be • utilized for • public/administrative • purposes, to the public • through Onbid • Transfer • - designate special • purpose on properties • ex) school, public office

  14. 4. Management of Public Property (2) • KAMCO’s Integrated Land Management System_BPMS Establishes a web-based GIS by using high resolution aerial images and spatial data and thus being able to support decision making process by linking them with land information and statistical data Enables one-stop working process by linking between e-green automated mailing system and state property BPMS  Shortens process

  15. 4. Management of Public Property (3) • KAMCO’s Online Property Disposition System_Onbid It is a principle to dispose public properties through general bid on Onbid • Assets owned by public institutions • and local government agencies, etc. - Reduces costs and maximizes returns • Properties seized due to tax defaults - Increases tax revenue OnBid Properties to be disposed of by user institutions Seized properties State and public properties Properties of public institutions NPL· entrusted properties • Real estates of public • institutions relocating to • other regions, etc. • Lease and Sell • Public Properties - Supports implementation of government policies - Increases the national and regional government budget • Supports disposition of NPL • and entrusted properties - Enhances soundness of financial firms

  16. 5. Development of Public Property (1) • Mission “Increase value of national properties and satisfy demands on public facilities by discovering and developing under-utilized or under-developed national properties” • Work • Develop and manage national properties, commissioned by the • government, with KAMCO’s own budget • Recover the development costs with revenues created by leasing • developed buildings and spaces •  Increase national properties’ value Commissioned Development Funded Development • Conduct government project such as development of integrated • government offices, funded by National Properties Fund* • Increase efficiency of public finance *Funding Source: revenues created from disposing and leasing national properties, fund management, etc. ※ Regional government properties are developed with the regional governments’ budget and KAMCO’s own budget, which is recovered from revenues created by leasing developed buildings/spaces

  17. 5. Development of Public Property (2) • Business Structure ⑥ Management & Operation Commission ⑦ Lease/sales ⑩Development Profit ⑧ Rent/Sales Price Tenant /Buyer ① Commissioned Development Request ③ Construction Central & Regional Governments ⑤ Ownership Restoring ② Loan ⑨ Repayment ④Construction Costs Construction Company FinancialInstitutions

  18. 5. Development of Public Property (3) • Effect Value of Properties KRW 139.7bn  KRW 498bn 360% Yearly Rental Income KRW 370mn  KRW 22.7bn 6,200% Gross Area of the Properties 3,375㎡ 207,429 ㎡ 6,200% ※The numbers only account for development of NATIONAL properties, not regional properties Increases value of public properties & government revenues

  19. 5. Development of Public Property (4) • Development Type 1: Mixed-Use of Public Office Buildings Purpose • To meet the public’s demand on bigger and better public office • To increase revenue and improve environment through efficient use of land Concept & Example Max. FAR Leasing space Public Office (Govt. Property) Expected Effect • Development of public offices without using government budget • Increase of government revenue (by leasing newly created spaces) • Environment improvement (by making public parks) Under-utilized Govt. Property Leasing space • Public Park

  20. 5. Development of Public Property (5) • Development Type 2: Integration of Public Offices Purpose Purpose • To stimulate regional economy by relocating government offices into the newly developed area • To save government budget by integrating government offices into one building Concept & Example Civil Complaint office Lobby Public Office Public Office Civil Complaint Public Office Public Office Public Office Civil Complaint Public Office Public Office Public Office Public Office Expected Effect Expected Effect • Saving of land space • Saving of government budget • Integration of civil complaints handling offices Civil Complaint Open • Public Park

  21. 5. Development of Public Property (6) • Development Type 3: Development of Spaces for Leasing Purpose Purpose • To develop commercial properties by utilizing under-developed national properties • To stimulate regional economy through development of neighboring areas Max. FAR Newly built Concept & Example Newly built Under-utilized Worn-out facilities Newly built Expected Effect • Increase in revenue and decrease of local residents’ complaints • Efficient use of under-utilized national properties

  22. 5. Development of Public Property (7) • Development Type 4: Development of Public Rental Housing • (planned to be built in 2017) • To supply public rental housing, especially to the young and low-income households, in the cities Purpose Concept & Example We need more public housing! Max. FAR Public Rental Housing Public Office Worn-out Public Offices • Reduction of development cost and shortening of licensing process • Supports implementation of government policies to provide the socially disadvantaged with more living facilities Expected Effect Public Kindergarten

  23. Thank You!

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