Mt. Geumgang Real Estate Purchase Made Possible

South Korean corporate, private, and foreign investors can now buy, sell, lease, or inherent North Korea’s Mount Geumgang real estate, but will not be able to hold ownership of the actual tracts of land.

On October 11, North Korea’s Supreme Peoples Assembly’s standing committee made public its 57th clause, “Mt. Geumgang Tourist Zone Real Estate Regulations,” through the Chosun Central Broadcasting Agency.

However, the regulations stated that only real estate having to do with how the land will be developed will be authorized for actual commercial activities, while the actual trading of the land itself will be impermissible.

The move made by North Korea is anticipated to secure legally the once shaky property rights of South Korean corporate investments made in Mt. Geumgang.

On the same day, North Korea also announced that they have adopted the “Gaesung Indsustrial Zone’s Insurance Regulations” after a standing committee decision was met.

taewon_ha@donga.com