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Wednesday, May 09, 2018

North Korea Experiments in Real Estate Speculation

North Korea Experiments in Real Estate Speculation: In a new venture in capitalist economics, North Korean authorities have begun offering high-rise apartments for sale to Chinese and North Korean investors with the option for new owners to sell them again at a higher price, North Korean sources say.

The apartments, built by the Dongyang Trading Company in North Korea’s Sinuiju city just across the border from China, are part of a scheme to raise badly needed foreign cash for Pyongyang, a source in China told RFA’s Korean Service.

“This is a North Korean project to launch speculative real estate investment in Sinuiju,” RFA’s source, a resident of the Chinese border city of Dandong, said, speaking on condition of anonymity.