What is "onbid"

OnBid,an on line Korean language based South Korean facility, is "the required venue for public notifications regarding the management or disposition of national/public assets or properties" in that country. But chiefly, in conjunction with this, it was designed to facilitate the online trading of property owned by public-sector entities in South Korea. It went into operation in October [2002] and is managed by the Korean Asset Management Company (KAMCO), itself a government run company in South Korea.

As of the end of 2006 some 5,000 public sector institutions and 333,000 private sector individuals and organizations had already become OnBid members.