Companies apply to visit Kumgang

South Korean companies with real estate in Mount Kumgang, North Korea,

applied for permits to visit the North at the Ministry of Unification in

response to its threat to confiscate properties at the scenic resort, Hyundai

Asan Corporation said in a release yesterday.

Among the 33 organizations that applied for a visit are Hyundai Asan,

Korea Tourism Organization and Emerson Pacific Group. A total of 52

people from the organizations will travel to the North today and tomorrow.

North Korea’s Asia-Pacific Peace Committee said in a March 18 statement

that it would examine all real estate at the Mount Kumgang resort held by

South Koreans and called a meeting of the owners tomorrow. It also

warned that it would confiscate any property whose representatives did not

visit the resort by 11 a.m. tomorrow.

“The assets of those who do not come by the specified date will be seized and they won’t be able to come back to Mount Kumgang,” the committee said.

The committee also said on March 4 that it would abolish all tourismrelated

contracts with the South unless South Korea sent tourists to Mount

Kumgang and Kaesong, the ancient capital of Goryeo Dynasty (918-1392).

South Koreans hold 359.3 billion won ($316 million) worth of property in

Mount Kumgang. Hyundai Asan owns hotels and restaurants; Korea

Tourism Organization holds hot springs and performance halls; and

Emerson Pacific has golf courses, among others.

“We don’t know what North Korea would do,” said a KTO spokesperson.

“We will go and see what happens.”

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