• Kyodo

  • SHARE

The Tokyo District Court said Thursday the runner-up bidder has been awarded the right to acquire the building and land of the Tokyo headquarters of a pro-Pyongyang Korean residents’ group.

The court will now examine the documents submitted by Marunaka Holdings to decide whether to formally approve the sale of the property owned by the General Association of Korean Residents in Japan, known as Chongryon, in Chiyoda Ward to the real estate company, which is based in Takamatsu, Kagawa Prefecture.

The court is to announce the decision Monday.

Marunaka Holdings has offered ¥2.21 billion to buy the property against the minimum sale price of about ¥2.13 billion.

In January, the court invalidated an offer by Avar Limited Liability Co. of Mongolia, which won the auction held last October, because some of the documents it submitted were copies rather than originals. It offered ¥5.01 billion for the properties.

Marunaka Holdings was the only other competitor in the auction. The Japanese company is expected to demand the hand-over of the properties.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW