Yesterday (3rd March), the City Property Authority organized its regular land auction. On this occasion it was planned to sell 13 locations. However, public participation was very poor; only two people applied to buy the same locations.
Selling municipal property at auction has been considered to be a necessary choice during the current economic hard times. Last year, the city expected to earn MNT 93 billion from auction. But, at the end of 2015, this plan had not been implemented. Therefore, the unsold buildings and other assets were transferred to the 2016 auction schedule. This year, the city has intended to earn MNT 46 billion; now the UB Property Authority faces serious problems due to the dismal turn out.