North Korea has begun freezing privately owned South Korean property at the North's Mount Geumgang resort.

The North's Guidance Bureau for Comprehensive Development of Scenic Spots on Tuesday unilaterally notified officials from 28 South Korean firms that it will implement procedures to freeze the assets owned by the firms until Friday. The officials arrived at the resort in the morning to witness start of the procedures.

In the presence of the South Korean officials in the afternoon, the North plastered stickers denoting "frozen" on the Geumgangsan Hotel, Onjeonggak recreation complex, and shops at a hot spring.

The Unification Ministry in Seoul said the "frozen" stickers that had been placed on assets owned by the South Korean government and the Korea Tourism Organization have been replaced by stickers that read "confiscated."

The North will reportedly continue the freezing procedures Wednesday on all South Korean civilian assets except those owned by Hyundai Asan. The procedures for Hyundai Asan will be implemented Thursday.