OnBid

But chiefly, in conjunction with this, it was designed to facilitate the online trading of property owned by public-sector entities in South Korea.

[1] As of 2003 OnBid was being used as a place where information could be stored and gleaned as regards the property owned by the then 234 provincial and government organizations as well as the Korea Land Corporation, for purposes of auctioning and leasing it.

[1] In 2004 KAMCO decided to cease all offline auctions of property and move it all to the OnBid site where bidding and selling could be done online.

[1] The OnBid site is managed by KAMCO but the organization continues to seek partnership with online real estate companies and also to offer its facilities to other financial institutions through business relationship.

[1] Ultimately OnBid is expected to play an increasingly important role in real estate e-commerce.