Chongryon branch in Kyoto up for foreclosure

The Kyoto branch of the General Association of Korean Residents in Japan (Chongryon), has been foreclosed on with public bidding to be held from February 13 ~ 20. 

The Kyoto Chosen Kaikan building is a 10-minute drive north-west of Kyoto Station. The 6-story, 49-year old building has a total floor area of 2,400 sqm (25,800 sq.ft) and sits on a 1,700 sqm block of land.

The Resolution and Collection Corporation petitioned the Kyoto District Court in May 2019 to collect on debts owed to the now-defunct Chogin Kinki Credit Union. The property’s foreclosure history dates back several years earlier. In 2015, a Kyoto-based real estate company petitioned for foreclosure, with the court filing the proceedings in November of that year. The creditor withdrew the auction filing in March 2018. City property taxes are also owing to Kyoto City.

The court valuation for the building and land is set at 435 million Yen, with the minimum acceptable bid set at 348 million Yen (approx. US$3.2 million).

*Update: The winning bid of 928 million Yen was made by an Osaka-based real estate company.

Back in 2013, Chongryon’s headquarters in Tokyo was put up for foreclosure auction. After several false starts, it ended up being sold for 2.2 billion Yen to a mystery buyer who then flipped it for 4.4 billion Yen to its current owner.

The Kyoto Shimbun, January 29, 2020.
NHK, January 29, 2020.

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