North Korean Economy Watch

The Daily NK has just updated their very valuable tables of rice prices and exchange rates. Things appear to have improved for the won and for those who have to make purchases with it.

Here is the most recent data on the Won/US$ exchange rate:

In March 2013 it took approximately W8,700 to buy one US$. Today that number has fallen to as low as W7,300. Most of the won’s gain in value has taken place in the last month.  As of February 2014, the US$ was worth W8,400–meaning the Won/US$ exchange rate has fallen (the currency has appreciated) by appx 13% since then.

Since the Chinese Yuan trades in a narrow band around the US$, the data would look much the same in terms of the Chinese currency.

Of course what remains to be seen is how stable the rate will be going forward.

The Daily NK also offers time series data on the price of rice:

According to the chart above, the price of a kilo rice has fallen from approximately W6,900 in March of 2013 to W4,000 in March 2014. A fall of 42% in the last year!

According to the Daily NK:

This spring has brought a noticeable increase in the number of North Korean factories and enterprises leasing out parcels of farmland to private individuals, it has emerged.

A source from North Pyongan Province reported the news to Daily NK on the 21st. She explained, “The trend recently has been towards factories leasing out parcels of their farmland. On average they agree to divide up production 70/30, but in cases where lessees have already shown the ability to generate good returns on their own private plots it can be as high as 50/50.”

North Korean factories and firms use land given to them by the state to grow supplementary foodstuffs for employees, such as vegetables for use in side dishes like kimchi. Large ones have dedicated units that manage their farmland full-time, while smaller ones do so on an ad hoc basis.

The lease agreements are being concluded according to not only the capacity of the farmer to generate returns, but also upon which side is to provide inputs such as vinyl coverings and fertilizer, the source went on to reveal. If the majority of the inputs are to come from the factory then the harvest is likely to be divided 70/30 in favor of the factory. If the farmer is making the majority of the investment personally, the division can be as high as 50/50.

“Obviously, anyone who has money is going to prefer a 50/50 split, and people who don’t are going to get 70/30,” the source said. “Factories generally like the 50/50 split more because it means they do not to have to concern themselves with the farming process itself.”

Lessees are in some cases able to secure access to farmland via bribery or human networking, but the source emphasized that the ability to generate a good harvest is what usually matters. “We’ve had private farm plots here for the better part of 20 years now,” she pointed out, “so we know very well who has lots of farming experience and who is hard-working.”

Sources explain that people who are officially registered as members of cooperative farms cannot farm land owned by factories in this way. In general, the ones taking out the leases are either factory workers who know how to farm effectively, or failed traders who have turned to farming other people’s private plots for them.

Importantly, the leasing of land in this way appears to have become official policy. This marks a shift in approach: although cases of similar deals between factories and private individuals started to appear at the beginning of the 2000s, these were illegal which limited their spread. Conversely, the authorities have been focusing heavily on improving the efficiency of the agricultural system for the last 2-3 years, and instances of land rental are now more widespread than ever before.

In an interview with the pro-North Korea publication Choson Sinbo last May, Kim Myong Ho, a 52-year old director in the North Korean Ministry of Light Industry, explained that the government had decided to grant factory and enterprise managers greater authority in order to improve industrial production.

Authority over land owned by individual factories and enterprises rests with factory managers, who decree what is grown, in what quantities, and by whom. Therefore, in the event that managers stipulate that their land is being leased in order to increase production, the leases are acceptable to the state.

“The state directive was that we have to improve production and the management of state firms,” the source commented. “They don’t mind whether this is done by farming the land directly or by leasing it to other people to farm.”

Read the full story here:
Farm Deals Abound as State Pushes for Production
Daily NK
2014-3-22

UPDATE 10 (2014-10-20): According to RIA Novosti, the Russians and North Koreans have conducted their first transaction in rubles:

The first transactions in rubles between Russia and North Korea were carried out in October, Russia’s Far East Development Ministry said in a statement Monday.

“Russia and the DPRK [Democratic People’s Republic of Korea] have begun carrying out transactions in rubles in the framework of agreements, reached during the 6th meeting of the intergovernmental committee on commercial-economic relations between the Russian Federation and the DPRK, headed by the Minister for the Development of the Russian Far East Alexander Galushka,” the statement posted on ministry’s website reads.

In May, Russian President Vladimir Putin signed a law ratifying an agreement on settlement of the DPRK’s debt to Russia. Russia agreed to write off 90 percent of the North Korea’s debt to the former Soviet Union, which amounted to $10.94 billion as of September 17, 2012. The remaining 10 percent ($1.09 billion) is to be paid off in 40 installments over the next 20 years.

No word yet on what was purchased.

Here is coverage in Xinhua:

Russia has started interbank transactions with the Democratic People’s Republic of Korea (DPRK) in the Russian ruble, the Ministry for Far East Development said Monday.

The business went ahead according to an agreement the two sides reached earlier this year. The ministry’s press service said in a statement that the first transactions have already been completed.

The move is part of the efforts aimed at the ambitious goal of boosting annual bilateral trade to 1 billion U.S. dollars by 2020, the Itar-Tass news agency quoted the ministry as saying.

“Moscow and Pyongyang signed a deal on May 5 about writing off all DPRK debts to Russia, which has facilitated the launch of ruble-based accounting between the two countries,” Far East Development Minister Alexander Galushka said.

Under the deal, Russia has written off 90 percent of the DPRK’s debt and restructured the remaining 1.09 billion dollars to be paid off in the next 20 years.

Amid worsening ties with the West, Russia has turned to Asian countries for more economic and political cooperation.

Prime Minister Dmitry Medvedev said in July that Russia should push for a breakthrough in economic relations with the Asia-Pacific region.

UPDATE 9 (2014-6-5): RIA Novosti reports that Russia and the DPRK will begin negotiating bilateral trade contracts in rubles rather than dollars. According to the article:

Russia and North Korea are preparing to launch bilateral transactions in the Russian ruble this month to boost trade turnover between the two nations to $1 billion by 2020, Russia’s Far East Development Minister said Thursday.

In May 2014, Moscow agreed to write off 10.94 billion of Pyongyang’s Soviet debt with the remaining 1.09 billion to be paid in installments over the next 20 years.

“The decision to write off DPRK’s debt to Russia has opened up the way to resolve a wide range of issues that was previously blocked by this debt load. Ruble transactions between Russia and DPRK will begin as early as this month, with first bank accounts to be set up in Russian banks,” Far East’s Development Minister Alexander Galushko said.

North Korea currently uses euros as the official currency in settling overseas trade deals.

The announcement came on the heels of a meeting in Russia’s far eastern city of Vladivostok where Galushko took part in the sixth annual session of the Russian-Korean standing commission, an intergovernmental agency on trade, economic and scientific cooperation.

The minister added that Russia hoped to ramp up its trade turnover with Korea to $1 billion, up from the current $112 million. “It is not much,” he pointed out, saying that a greater degree of Korea’s commitment to the existing bilateral projects could whip up sales to $400-500 million.

UPDATE 8 (2014-4-19): Russia has reportedly [formally] written of the DPRK’s debt. According to Reuters:

The State Duma lower house on Friday ratified a 2012 agreement to write off the bulk of North Korea’s debt. It said the total debt stood at $10.96 billion as of Sept. 17, 2012.

The rest of the debt, $1.09 billion, would be redeemed during the next 20 years, to be paid in equal instalments every six months. The outstanding debt owed by North Korea will be managed by Russia’s state development bank, Vnesheconombank.

Russia’s Deputy Finance Minister Sergei Storchak told Russian media that the money could be used to fund mutual projects in North Korea, including a proposed gas pipeline and a railway to South Korea.

More at the Voice of Russia.

UPDATE 7 (2014-3-20): Russian Duma committee recommends write off $10 b DPRK debt. According to Voice of Russia:

Committee of the State Duma for the budget and taxes has issued a recommendation to the MPs to ratify an agreement between the Russian government and the Democratic People’s Republic of Korea on settling the North Korea’s debt to Russia on the Soviet-era loans issued to that country.

The document that was submitted for ratification by the Russian government features the agreements reached at the negotiations that lasted almost twenty years and took account of the special features of financial, political and economic relations between Russia and North Korea.

Debt settlement embraces all the categories of reciprocal financial claims and obligations of the former USSR and the DPRK, with the precise parameters registered on the date when the agreement is signed.

Overall amount of the DPRK’s financial obligations to Russia stood at an equivalent of $ 10.96 billion as of September 17, 2012.

“This amount is rather conventional in many ways – not only because of the exchange rate but also due to the interest rates accumulated over a huge period or, in other words, a non-return of the loans because many of them were issued in the 1980’s,” Sergei Storchak, a deputy minister of finance said at the session.

“We applied a standard pattern in which we write off 90% of the debts amount and 10% is left over,” he said. “We agreed to utilize this 10% for financing the joint projects implemented on the North Korean territory.”

There projects are related to the energy sector, healthcare, and the country’s foodstuff security.

“Frankly speaking, we hope we’ll be able to attain agreement in the course of future joint work on allotting plots of land for construction of a gas pipeline on the DPRK territory,” Storchak said adding that Russia’s major producer and exporter of natural gas, OAO Gazprom, continues eyeing a possible integration in the Korean market of gas.

For this purpose, it will need some land acquisitions and “a part of the debt can be utilized for this purpose,” Storchak said.

Russian government officials say settlement of debts on the loans issued by the former USSR with the observance of conditions coordinated with Pyongyang pursues three objectives.

In the first place, it removes the problem of North Korea’s outstanding debt to the Russian Federation that was an irritating factor for bilateral relations for quite some time.

Secondly, the agreements that have been reached enable Russia to exert noticeable influence on the DPRK’s social and economic development through projects in healthcare, education, and the energy sector, since Russia will have a say in the decisions on their financing.

Thirdly, owing to the presence of big enough debt claims, Russia will have an opportunity to take part in multilateral talks on settling the North Korean debts in the format of the Paris Club of Sovereign Debtors and to influence the terms of debt repayments in Pyongyang’s interests.

You can read more about the gas pipeline here.

UPDATE 6 (2012-9-18): RIA Novosti reports that the DPRK and Russia have signed a debt deal.  According to the article:

Russia and North Korea have signed a deal on settlement of the DPRK’s $11 billion debts to Russia, Deputy Finance Minister Sergei Storchak told Prime news agency on Tuesday.

“It was signed yesterday,” Storchak said.

Russia and North Korea have been negotiating over the issue of Pyongyang’s debt to Russia, left over from the Soviet era, for the last four years without result. Russia did not rule out writing off part of the debt and either rescheduling the remainder or offsetting it against investment.

Storchak previously said it was understood a debt settlement would involve a conversion of the ruble debt into dollars, giving an initial discount of around 90 percent of the debt.

The remaining debt of over $1 billion would be used in a “debt for aid exchange” plan to assist with joint education, health and energy projects in North Korea.

Here is coverage of the deal in KCNA:

Agreement on Debt Settlement between DPRK, Russia Signed

Pyongyang, September 18 (KCNA) — An agreement on settling the debt incurred by the loan provided by the former Soviet Union which the DPRK owes to the Russian Federation was signed between the governments of the two countries in Moscow on Monday.

The agreement was inked by Vice-Minister of Finance Ki Kwang Ho from the DPRK side and Vice-Minister of Finance Sergey Storchak from the Russian side.

The conclusion of the agreement on the debt settlement would create fresh conditions for boosting the relations of economic cooperation between the two countries in the future.

The Wall Street Journal offers some additional details on the deal:

Deputy Finance Minister Sergei Storchak told Interfax that the “restructuring conditions are standard in connection with our membership in the Paris Club, with a conversion into U.S. dollars at an appropriate discounted rate with the balance of the debt to be used for a debt-for-aid program.”

The $11 billion figure was reached by using the Soviet conversion rate of 67 kopecks to the dollar, the ministry said, which at today’s exchange rate would make the debt just $238 million. Russia has reached similar agreements over the years with many former Soviet-clients in larger part because there was little chance the loans would ever be repaid.

Russian and North Korea had resumed negotiations over the decades-old debt in August 2011, following a meeting between former Russian President Dmitry Medvedev and the late-North Korean leader Kim Jong Il. During the meeting, the two sides agreed to pursue a pipeline project that would send Russian gas to South Korea via North Korea.

The following June, a preliminary agreement was reached and the finance ministry submitted a proposal to the Russian government for approval, Interfax reported.

Experts say the settlement of the long-stalled debt talks represented a change in political will on both sides and would help spur along the pipeline project as well as other railway and electricity deals.

“The decision on a settlement of debt is a significant step as it removes the obstacles for cooperation. Now credits can be granted,” said Alexander Vorontsov, an expert on North Korea at the Russian Academy of Sciences.

Read more below:

Read the rest of this entry »

According to Yonhap:

The Belgium branch of Handicap International earmarked $1.12 million for this year to support medical and rehabilitation facilities in the communist country to promote the health and well-being of the disabled there, the Voice of America (VOA) reported, citing an e-mail from the agency’s official Dominique Delvigne.

The budget is also to be spent for such projects as nurturing teachers in charge of special education for visually- and hearing-impaired people, and assisting the (North) Korean Federation for the Protection of the Disabled (KFPD), the official added.

The NGO, established in 1982 to help disabled and vulnerable people in situations of poverty and exclusion, conflict and disaster, began to help physically challenged people in North Korea in 1998 at the request of the KFPD.

According to the report on disability published by the World Health Organization in 2013, some 3.4 percent of the population in North Korea suffered from a disability as of 2007.

Read the full story here:
Belgium-based NGO to spend US$1.1 mln in 2014 for disabled N. Koreans
Yonhap
2014-3-19

First the bad news. According to Yonhap:

North Korea has destroyed forests about 18 times the size of Manhattan for more than 10 years, data showed Tuesday, in the latest sign of deforestation in the communist country.

Global Forest Watch, which is run by the Washington-based World Resources Institute, said on its website that a total of 160,515 hectares of forest were destroyed between 2000 and 2013.

It also said North Korea created 13,680 hectares of forest between 2000 and 2012.

The development illustrates the rapid deforestation in North Korea as people cut down trees for fuel and turn forests into farmland to grow more food.

Experts have said severe deforestation is one of the reasons behind devastating floods that hit North Korea in recent years.

North Korea’s total forest area stood at 5.2 million hectares, with its output estimated at US$300 million as of 2006, or 2.5 percent of the country’s gross domestic product.

You can see a visualization of the DPRK’s deforestation with Global forest Watch here.

Of course the problem is the a classic “tragedy of the commons“.

And according to the Donga Ilbo:

According to the Korea Forest Service’s report on the “cost for reforestation in North Korea” that the Dong-A Ilbo obtained on Tuesday, as of 2008 deforested mountains accounted for 32 percent of the total land of North Korea, about 2.84 million hectares. To restore the area, about 32 trillion won (about 30 billion dollars) is estimated to be required.

Deforestation is proceeding at a rapid pace in North Korea. It appears even faster in areas with high population density. The Korea Forest Research Institute has recently analyzed photos taken by a German commercial satellite and found deforestation progressed in North Korean cities of Pyongyang and Gaesong more rapidly than rural areas of Hyesan and Bongsan over the same period of time. The institute concluded that such discrepancy is cause by reckless lumbering and reclamation in urban areas. Besides, some reclaimed lands are not used for cultivation and just wasted because of the spread of crop theft, further exacerbating deforestation. In this regard, many argue that reforestation in North Korea should be beyond planting trees and in line with measures for food, fuels and income.

The Donga Ilbo also reports that an organization called the Green Asia Organization has been created to try and help resolve the problem:

Private organizations of South Korea, North Korea and China have started to make systematic efforts to reforest bare mountains in North Korea. The Green Asia Organization, which seeks to grow trees in mountains and nurture forest farmers at the same time, is to be launched and hold an international symposium on “international cooperation measures for reforestation on the Korean Peninsula” on Wednesday.

The organization is established based on the understanding that reforestation of North Korea costs trillions of won (billions of U.S. dollars) now and the cost will increase even further as time goes. Deforestation in North Korea not only directly affects the ecosystem of South Korea but also increases the cost for reunification. Besides, it can evolve into a more serious environmental issue in East Asia.

This organization does not have an English-language web page (or any at all as far as I can tell). If you are able to find out more about this group, please let me know.

Read the full stories here:
N. Korea destroyed forests about 18 times the size of Manhattan
Yonhap
2014-3-18

Reforestation of N. Korea is precedent for ‘Green Reunification’
Donga Ilbo
2014-3-19

According to the Daily NK:

In an unprecedented move, the North Korean authorities have warned residents in border areas that sharing information on market prices with the outside world will result in harsh punishment.

A Daily NK source located in North Hamkyung Province reported on the 14th, “Recently lectures at People’s Units have emphasized that the Republic’s secrets are being leaked to the outside via phone conversations. We were threatened that if anyone was caught in the act of calling someone outside of the country they would be sent to a prison camp.”

“It was said that ‘impure elements’ are planning to bring about the collapse of socialism in our style from the inside out,” the source recalled.

“We were also told that market prices were a state secret. Such a thing has never been raised in a People’s Unit lecture before, and the people are dumbfounded that the price of rice, pork and corn can be considered a secret of that magnitude.”

“Others are making more cynical remarks,” the source continued. “They say, ‘We’re the worst off in the world, and since we don’t get paid we can’t buy expensive rice. This is a national embarrassment for them and all they want to do is hide it. That’s why market prices are a state secret as well.'”

Furthermore, “Many ordinary people are of the opinion that the cadres [should be targeted] as they know better than anybody else about state secrets. Smugglers, too, are now concerned for their livelihoods as it is necessary for them to discuss pricing issues with their counterparts in China.”

The flow of information in and out of the country has long been restricted by the Kim regime out of fears of a challenge to their unitary rule.

Others assess that these latest measures indicate the North’s sensitivity over recent criticism leveled against the regime in the South Korean media, an act that the North deems an “insult to the Highest Dignity.”

Read the full story here:
Regime Classifies Market Prices as “State Secret”
Daily NK
Kang Mi Jin
2014-3-17

According to Yonhap:

The North’s per-capita GDP for last year is estimated at US$854, up $39 from a year earlier, according to the report released by the Hyundai Research Institute (HRI), a South Korean private think tank.

The North’s 2013 per-capita GDP amounts to a mere 3.6 percent of South Korea’s per-capita GDP of $23,838 for the same year, it said

North Korea’s grain production improved on the back of favorable weather conditions, while the country also expanded its investment in various industrial sectors, the report said.

The communist state’s grain production is estimated to have grown some 5 percent last year from a year earlier. The country saw an 8.5 percent on-year rise and 10 percent gain in its grain production, respectively, in 2011 and 2012.

Also, the reclusive nation increased its budget spending for railroads, metal and power generation sectors, which contributed in boosting its economy, the report showed.

Trade between North Korea and its strongest ally China jumped 10.4 percent on-year to reach $6.5 billion last year, while inter-Korean trade sank 42 percent to $1.1 billion due to a five-month halt of an jointly run industrial park.

The 2013 inter-Korean trade figure is the lowest since 2005 when the comparable figure was $1.06 billion.

The Kaesong Industrial Complex was shut down in early April 2013 after the North unilaterally pulled out all of its workers at 123 South Korean firms. It reopened in September after Pyongyang agreed not to repeat such a suspension.

Assistance from the international community to the North also dropped 47 percent on-year to reach $63.1 million last year, the report said.

Though the story does not cite the article from which the data is drawn, you can download the original report by the Hyundai Research Institute here (PDF in Korean).

Read the full story here:
N. Korea’s per-capita GDP grows 4.8 pct in 2013: report
Yonhap
2014-3-16

According to Wellspring’s website:

Wellspring has had the privilege to partner with several Non-Government Organizations (NGO’s) in our work in North Korea. Partnering with other groups allows Wellspring to work efficiently and effectively by focusing on our specialty – drilling water wells in North Korea. We have provided wells for our partners in several areas of the country and desire to work with new partners who are currently working in North Korea.

According to Yonhap:

Private agencies in the United States have provided North Korea with aid to help its people have access to clean water and medicine, media reports said Friday.

According to the Washington-based Radio Free Asia (RFA), Wellspring, a non-governmental organization in the U.S., sent a large truck to the North earlier this week to support its groundwater development project.

The aid was provided at the request of the North’s underground water development research institute, and the lorry was purchased in China, according to the RFA.

Under the vision of “Bringing living water to the people of North Korea,” James Linton, who leads the organization, has visited the communist country every year since 2007 to provide training, equipment, and expertise in the field and has drilled some 200 wells across the country.

The Connecticut-based private agency AmeriCares also recently sent medicine, medical devices and food for children worth $370,000, according to the Voice of America.

They are expected to arrive in the North next month to be delivered to hospitals and local clinics in Pyongyang and North Hwanghae, it added.

North Korea has regularly suffered from acute food and medical shortages caused mainly by isolation and natural disasters.

Read the full story here:
U.S. NGOs offer humanitarian aid to N. Korea
Yonhap
2014-3-14

NOTE: There is LIKELY a misplaced decimal in this story. Output in Dec. 2013 was worth $35.29 million, compared to $36.42 million a year earlier. Yonhap actually says $352.9 and $364.2 million.

According to Yonhap:

Operations at the inter-Korean industrial complex in the North Korean border city of Kaesong have almost recovered to their level before the park came to a sudden halt early last year, data showed on March 9.

The Kaesong Industrial Complex was shut down in early April 2013 after the North pulled out all of its workers at 123 South Korean firms. It reopened in September after Pyongyang agreed not to repeat such a suspension.

According to the data compiled by Seoul’s Ministry of Unification, the output of the firms in the park totaled US$352.9 million in December, slightly lower than the $364.2 million posted a year earlier.

Around 52,000 North Korean employees worked there as of the end of last year, compared to some 53,000 people in March 2013, the ministry said, adding that all South Korean companies, except one, had normal operations as of last week.

Trade volume between the two Koreas in January also reached some 94 percent of that recorded in the same month a year earlier at $168.87 million, the data showed.

In accordance with the so-called May 24 sanctions South Korea imposed on the North for its sinking of one of its warships in the Yellow Sea in 2010, economic exchanges unrelated to the park are banned.

“We’ve seen some progress in the inter-Korean agreement to strive to boost the park by focusing on the three issues of launching Internet services, simplifying the customs process, and making South Koreans’ access to the park easier,” a ministry official said.

As the last remaining symbol of inter-Korean economic cooperation, the Kaesong complex has served as a major revenue source for the cash-strapped communist country.

Read the full story here:
Inter-Korean factory park recovers to pre-halt level
NORTH KOREA NEWSLETTER NO. 304 (March 13, 2014)
Yonhap
2014-3-13

Pictured above (Google Earth): Phyongsong Bus Station (2013-5-3)

According to the Daily NK:

Not only are North Korean people able to buy and sell goods in markets using hard currency these days; US Dollars or Chinese Renminbi are also in use for the ubiquitous “servi-cha,” one of North Korea’s few reliable means of mass transit.

A source from North Hamkyung Province told Daily NK on the 11th, “Trains only run about once a week, and you’d be a fool if you believed that they would run on time. Demand has risen thanks to this state of affairs, so people are making good money from running servi-cha.”

“If you want to ride a servi-cha you can’t use Chosun currency, you have to use Chinese or American money,” the source went on to claim. “You can get anywhere in the country that you want for 200 Yuan.”

The source said that people in Hyesan opt to travel by servi-cha in part because the journey can take up to a week by train but only takes a day by servi-cha. The route from Pyongsung to Chongjin costs 100 Yuan, and a similar amount is required for the trip from the North Hamkyung Province county of Kilju to the border near Hyesan.

According to the source, the price of North Korean gasoline is currently 11 Yuan per kg, approximately two to three Yuan cheaper than the Chinese equivalent. Diesel trades at 6 Yuan. The source said, “There is no problem running a vehicle these days because there are fuel traders selling cheap North Korean gas alongside every road in the country that buses use.”

Many owners of servi-cha have purchased buses rather than utilizing trucks, as they used to do. Owners offer a portion of their income to local government agencies and enterprises, in effect forming the North Korean equivalent of a Chinese “red hat enterprise.”

These privately run buses are clean and popular, and the business itself is seen by operators as an easy way to earn good money. The servi-cha are mainly new vehicles from China or second-hand ones from Japan, and the average cost is in the vicinity of 12,000 USD (though size and type of vehicle both vary). A well run business can earn 3000 USD per month.

In theory, if a traveller wishes to visit a different region, prior to travel he or she must obtain a certificate authorizing the visit. The 2nd Department of his or her Provincial People’s Committee ordinarily issues these permits; however, corruption among Party officials means that these can also be bought illicitly.

According to the source, servi-cha owners deliver regular bribes to senior security service officials running No. 10 Checkpoints, which are in place on every major thoroughfare connecting regions for the purpose of checking transit papers. These payments ensure rapid transit for customers.

Read the full story here:
Servi-Cha Professionalizing for Kim Jong Eun Era
Daily NK
Seol Song Ah
2014-03-13