Chongryon headquarters back on the auction block

The Chongryon headquarters and North Korean de facto embassy building in Tokyo will be put up for public auction for a second time in early October.

The building and land was first listed for auction in March 2013. It made headlines after the winning bidder – the chief priest of a Kagoshima-based buddhist temple – failed to come up with the money for his 4.5 billion Yen bid.

The priest was forced to forfeit his 500 million Yen deposit and is prohibited from bidding on the property again. Chongryon are also banned from bidding on the property.

Bidding is open from October 3 ~ 10, and the winning bidder will be decided on October 17. Bidding estimates, including the minimum required bid will be announced on September 18. The minimum bid at the earlier auction was set at 2.134 billion Yen.

Chongryon owes 62.7 billion Yen to the Resolution and Collection Corporation. Foreclosure proceedings began in July 2012.

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Source: The Yomiuri Shimbun, August 16, 2013.

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