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Regulation on Real Estate in Kaesong Industrial Zone Adopted

Pyongyang, August 25 (KCNA) — The Presidium of the Supreme People’s Assembly of the DPRK promulgated ordinance No. 33 “On Adopting Regulation on Real Estate in Kaesong Industrial Zone” dated July 29, Juche 93 (2004).

The regulation on real estate in Kaesong Industrial Zone requires the Cabinet of the DPRK and institutions concerned to take technical measures to implement the regulation.

The regulation has 4 chapters and 58 articles.

Its aim is to establish a strict order in real estate acquisition and deal in the zone and help enterprises and individuals conduct smooth business and provide them with good living conditions.

The regulation is applied to enterprises and individuals who acquire, transfer, lease or mortgage real estate in the zone.

It is also applied to enterprises and individuals who acquire real estate to build infrastructure to be linked with the zone from outside.

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