“Wouldn’t that make a great condo?” Trump is excited by North Korea’s real estate potential

Prime beachfront property.
Prime beachfront property.
Image: KCNA via Reuters
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Donald Trump may now be president of United States, but the former property developer is still obsessed with real estate. That came through today in Singapore, where he spoke to reporters following the summit where he met North Korean leader Kim Jong Un.

North Korea’s impoverished economy, the result of years of mismanagement and international sanctions, has a lot of potential, Trump said:

“As an example they have great beaches. You see that whenever they’re exploding their cannons into the ocean. I said, boy, look at that view. Wouldn’t that make a great condo? And I explained, I said, you know, instead of doing that you could have the best hotels in the world right there. Think of it from a real estate perspective. You have South Korea, you have China, and they own the land in the middle. How bad is that, right? It’s great.”

Trump has a point, and good eye for prime real estate. Indeed, his own company, the Trump Organization, might one day win deals in North Korea should the nation open up to development. Despite concerns about conflicts of interest, Trump still owns the sprawling company, which has real estate projects around the world. Recent financial disclosures by his daughter and son-in-law, Ivanka Trump and Jared Kushner, who also act as senior White House advisers, detailed extensive property holdings of their own (paywall).

North Korea appears to appreciate its tourism potential. In May, Kim ordered the building of a world-class resort on the scenic beach at Wonsan, an eastern port city facing the Sea of Japan.

Trump also said his one-on-one meeting with Kim was “very, very good” and that the two have an “excellent relationship.” After shaking Kim’s hand for the cameras, he gave him the thumbs-up.