At North Korea, construction of a brand new 30-story resort and casino to the northwest of this impoverished Asian country has allegedly been suspended amid rumors that the government of China had lodged an official objection against the coming venue.
Sinuiju shut-down:
Based on a Wednesday story from Chosun.com citing an earlier report from Radio Free Asia, the forthcoming tourist-only advancement was due to sit at the Sinuiju Special Administrative Region, which lies just across the Yalu River in the Chinese city of Dandong. This border region of several 350,000 inhabitants was established in 2002 in order to experiment with the prospect of introducing elements of a market economy but has since remained relatively impoverished due to a lack of foreign investment.
Construction ‘suddenly’ halted:
Radio Free Asia quoted an unnamed source in Dandong as announcing that construction on the planned resort and casino facility was ‘suddenly’ stopped using a few 20 flooring already complete. The broadcaster purportedly explained that Beijing might have resisted an event as a result of concerns on crime and also a desire to keep any of its money from being spent overseas .
Financing difficulties:
However, Radio Free Asia allegedly cited another source in Dandong as detailing that work might happen to be stopped as a result of inability of the man behind the job, Dutch-Chinese billionaire Yang Bin, to bring sufficient financing. The horticulture and real estate magnate was once purportedly regarded as among the wealthiest men in China and this reputation led to him being chosen to administer the Sinuiju Special Administrative Region in 2002. But, his standing in the realm of business was damaged under a year later after he was arrested and convicted on charges of tax evasion.
The source also added that North Korea already Offers the Emperor Hotel and Casino from the northern Rason Special Economic Zone in Addition to the Casino Pyongyang at the cellar of this capital city’s Yanggakdo International Hotel. On the other hand, the nation ’s longterm economic woes alongside its present status as a pariah nation have purportedly made it rather difficult for these places to attract guests.
Access issues:
Concerning the Sinuiju Special Administrative Region, one North Korean source allegedly told Radio Free Asia it ‘doesn’t even make sense to construct a casino’ at the border region as it ‘is difficult to restrain access’ whereas the inland Rason Special Economic Zone ‘is strictly limited to foreigners only. ’
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