How North Korea’s billion-dollar construction boom could transform the Pyongyang skyline – as well as the Kim regime’s finances
Financial pressure on North Korea is growing as the Chinese investors who have traditionally propped up its economy are retreating amid tougher than ever restrictions imposed by Beijing
Beachfront, five-star hotels? Skyscrapers just blocks from Kim Il-sung Square?
North Korea is racing forward with major development projects some experts believe are aimed at expanding a market for rented or privately owned real estate to help fortify the finances of Kim Jong-un’s regime against the bite of sanctions over its nuclear programme.
A swelling market for private property doesn’t sound very socialist, and it’s not. But the chronically cash-strapped government appears to be nurturing a fresh source of revenue – sales of property to the newly affluent class of North Koreans who have made their fortunes on the country’s growing, but still largely unofficial, market economy that has come into its own since Kim assumed power.
The pressure on Pyongyang is growing as the Chinese investors who traditionally have propped up its economy are retreating amid tougher than ever restrictions imposed by Beijing.
The construction projects, which could cost well over a billion dollars to complete, have a lot of momentum behind them. They are part of a six-year building spree under Kim that has transformed the Pyongyang skyline. North Korean officials said they hope to have at least some of the developments ready to show off for celebrations in September marking the country’s 70th anniversary.