North Korea has announced a set of real estate regulations for South Korean firms that will do business in the Gaesong industrial complex.

In announcing the regulations on Wednesday, the North's official KCNA News Agency said the rules would allow for the southern firms' land proprietorship to be transacted, exchanged, leased, donated, transferred and inherited.

The license to use the land in the industrial park will not be revoked during the lease period and the rental fee is to be imposed 10 years after the signing of the lease contract.

The regulations also provide for an extension of the land lease period if the lessee wishes it, except for cases deemed untenable in consideration of public interest.

The KCNA said the North Korean Cabinet and relevant agencies will work out implementing measures to follow up on the regulations.

Fifteen South Korean companies are scheduled to move into the pilot section of the industrial park by the end of this year. Two thousand more South Korean labor intensive manufacturers are expected to set up operations in the 6,500 hectare industrial complex when it's completed by 2020.