Regulations for the Auction of Domestic Land and Improvements Acquired by Foreigners That Are Not Used in Accordance with Regulations Article 15

In the event that auctions held in accordance with the Regulations that have no bidders or nullified bidding after two invitations for bids, the municipality or country (city) government shall consider an appropriate reduction of the price and announce that another auction will be held. The price reduction shall not exceed ten percent.If there are still no bidders or the bidding is nullified when the announced auction is held as stipulated in the above item, the municipality or country(city) government shall announce again a ten percent or less reduction of the minimum bid price again. If there are still no bidders or the bidding is nullified, a reduction of the above percentage is made to the minimum price until the auction is completed.