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China-Japan-Koreas | ||
Chinese Businesses at Risk of Forfeiting N.Korea Investments | ||
2013-04-19 | ||
A majority of Chinese businesspeople with investments in North Korea are apparently having problems recovering their money and being forced to leave the country.
As the number of overdue payments increases at North Korean trading companies, deals based on credit have declined markedly in Dandong. Merchants now demand cash before handing over goods.
"The biggest mistake Xiyang Group made was to ignore the dangers of investing in North Korea," said Jiao Qiming, head of a Chinese trading company in Dandong. "Once a dispute occurs, it is impossible to beat the North Korean government." At present, some 2,000 businesses are operating in Dandong along the North Korea border and about 500 of them trade with the North. | ||
Posted by:Steve White |