The government plans to sell land and buildings worth a collective 16 trillion won or more over the next five years to help shore up state coffers. 

The Ministry of Economy and Finance announced the plan during an emergency economy-related ministers’ meeting on Monday. 

Economy and Finance Minister Choo Kyung-ho, who presided over the meeting, said intensive efforts are underway to reform the public sector to help overcome difficult economic situations. 

In one such effort, he said, the government will sell state assets that have not been utilized productively and, with that, will seek to induce a virtuous cycle of economic growth led by the private sector. 

As of last year, there were some 700 trillion won worth of state-owned lands and buildings across the nation.