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real estate fraud by Kim Jong Un

2021-06-28  Category:North Korea

real estate fraud by Kim Jong Un

Photo by U.S. Department of State (licensed under CC0 1.0)

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In the past, there was a real estate bubble in North Korea.Real estate worth more than 20 million yen is not affordable to the people of that economic level of communist country.North Korea is always short of foreign currency, and the underground economy is the foundation of North Korea's economy.On the surface, large amounts of money are flowing into foreign products and DVDs that are considered illegal.

More than half of the high-end villas in Heungmu-dong, Peony Peak, Pyongyang, were found to be empty, and Kim Jong-un held a state-led auction.At the time of the auction, the authorities ordered that the source of the money and the background of the successful bidder be independent.Since there is no need to worry about money from the black market, elite officials from 11 agencies that procure, research, and analyze nuclear and missile development parts from abroad participated in the auction, raising the purchase price to 23 million yen.

Real Estate Fraud

by National Leaders

Two years later, at the end of 2019, Kim Jong Un suddenly announced that he would provide new luxury apartments to executives of 11 stations, and ordinary employees would be given apartments in the middle and new apartments in Mangyeongdae would be given to section chiefs.No one can refuse to provide Kim Jong Un with an apartment.They gave up luxury villas one after another and moved to a new apartment.Of course,at the past almost half of the rooms were empty, so no one could buy them even if real estate prices continued to fall.

Kim Jong-un sold high-end villas to elite executives at auction and transferred them to poor-quality new apartments and deposited the difference into the national treasury.Real estate prices have fallen by one-tenth since 2021, with the government ordering the eradication of private transactions in state-owned housing.

Source: Yahoo News


金正恩の罠にかかった若手エリート「夫婦生活」の天国と地獄(高英起) - エキスパート - Yahoo!ニュース