Trump, Kim summit leads to real estate boom in this Chinese trade city
President Trump’s historic summit with North Korean leader Kim Jong Un on Tuesday in Singapore could be good news for a border city between China and North Korea.
Property in Dandong, China, an important trading outpost that has felt the pressure of sanctions implemented in response to Pyongyang’s nuclear program, has become a hot commodity throughout recent months, amid a slew of groundbreaking meetings between North Korean officials and other countries.
Home sales in March reached an eight-year high, coinciding with President Trump’s announcement that he would meet with Kim Jong Un, according to Bloomberg. In March, the North Korean leader also made a trip to Beijing.
A meeting between the leaders of both South Korea and North Korea in April also boosted optimism and intrigue in the city.
In the two weeks following that summit, home prices rose by more than 50%, according to a local real estate agent interviewed by NPR.
Dandong is a little more than 500 miles from Beijing, but sits extremely close to the elusive North Korea.
Loosening tensions, and therefore potentially decreased sanctions, could lead to an economic boom for this Chinese city, which facilitates the passage of about 70% of goods entering North Korea.
At the conclusion of the Singapore summit, Trump and Kim reached an agreement that included complete denuclearization of the Korean Peninsula in exchange for some security assurances on behalf of the United States.
As previously reported by FOX Business, it is not only China that could benefit from a more economically open Pyongyang. U.S. businesses also stand to gain a lot from the country, which is rich in minerals and could provide access to low-cost manufacturing options.
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