Chongryon HQ’s second auction to be held in October

Chongryon-TokyoThe Chongryon headquarters and North Korean de-facto embassy building and land in Chiyoda-ku will be put up for public auction in October after the bidder from the first auction was unable to go through with the purchase.

Bidding is open from the October 3 to 10 and bids will be opened on October 17. The minimum bid is 2.134 billion Yen (21.7 million USD) and a deposit of 533.6 million Yen (5.4 million USD) is required to bid. 

Foreclosure proceedings against Chongryon began in July 2012. The building was put up for auction in March 2013. The chief priest of a Kagoshima-based buddhist temple made the highest bid of 4.5 billion Yen, but was unable to come up with the money by the deadline. As a result he lost his deposit and has been prohibited from bidding again.

The priest had planned to let Chongryon continue to use the building, but the organisation may be facing a possible eviction if the future owner has other plans.

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