North Korea has proposed that the two Koreas hold additional consultations regarding South Korean assets at Mount Geumgang resort in North Korea before July 29.

The North made the proposal on Wednesday when its officials met with a South Korean delegation of government and private company officials.

The North said it would dispose the assets of South Korean firms based on a law promoting tourism in Mount Geumgang if the South fails to respond to the proposal by July 29.

The South Korean Unification Ministry said it will review the North’s offer. Seo Du-hyeon, who led the South Korean delegation to the North, said that the South is ready to talk with the North if it changes its attitude.

Another ministry official said that North Korean officials paid careful attention to the remarks of their South Korean counterparts during Wednesday’s meeting.

The North demanded South Korean firms to have their assets registered according to its special laws on international tours to Mount Geumgang, and asked the South Korean firms to participate in international tour programs. The North said that it could lease, transfer or sell the South Korean assets if the firms do not participate in the tour programs.

The South Korean delegation on its part reaffirmed the existing position that Seoul cannot accept any acts of infringement against property rights. The delegation stressed that the North’s actions of freezing or seizing South Korean property, including any further possible actions taken on the assets, are a violation of agreements between the business entities from both countries, the two governments, and international regulations.