S Korea calls for dialogue following DPRK's threat to seize its properties

SEOUL, March 19 (Xinhua) -- South Korea called once again on the Democratic People's Republic of Korea (DPRK) to engage in dialogue on cross-border tours, a day after the DPRK threatened to confiscate the South Korea's real estate inside the resort area of Mt. Kumgang, one of the destinations of the suspended tours.

"North Korea (DPRK) should abide by all inter-Korean agreements, and all pending issues between the two Korea must be resolved through dialogue," Seoul's Unification Ministry spokesman Chun Hae- sung told reporters in a briefing.

"We express our deep regret over the announcement, which not only violates agreements between business operators in both the South and the North but also runs counter to international conventions," he added.

The reiteration follows Pyongyang's announcement late Thursday that it would look into assets held by South Korean firms in the resort area, which local media previously said would amount to 360 billion won (31 million U.S. dollars), and find a "new business partner" if Seoul refuses to reopen the tour by April.

Chun said the government would respect business operators in deciding what they would do in response to the DPRK's investigation.

The DPRK might include military officers among investigators looking into South Korean properties, Seoul's Yonhap News Agency reported citing an unnamed ministry official.

Tours to Mount Kumgang, launched in 1998 and run by South Korea 's Hyundai Asan Corp., was halted in 2008 soon after a South Korean female tourist was shot to death by a DPRK sentinel.

Tours to the border town of Kaesong was also suspended in the same year, rapidly souring inter-Korean ties. Earlier this year, the two sides held working-level talks on reopening the tours but failed to narrow differences on major issue

Seoul has reiterated its position that drawing up safety measures and launching an investigation into the shooting incident should come first before reopening the tours, but Pyongyang has claimed the preconditions have been already met.

The row over the tour programs deepened in early March after the DPRK threatened to revoke all inter-Korean deals related to tour programs, denouncing South Korea for blocking the resumption of the tours.