LH Clinches AAA Rating for Sustainable Management
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LH Clinches AAA Rating for Sustainable Management
State-owned home builder aims to sell 25 tln won worth of residential housing units this year

25(Mon), Feb, 2013

President Lee Ji-song of the Korea Land and Housing Corp.

Korea Land and Housing Corp. (LH) won the AAA rating from the Industrial Policy Research Institute for its sustainable management policies among the major firms surveyed by the institute in 2012, the company said recently.
The survey is conducted annually by the institute to assess the status of the introduction of the sustainable management system among both public and private businesses in the country and its results and to expand the introduction of the system in the business community, the institute said.
LH received excellent ratings in the seven areas that were surveyed including the sustainable management vision, subcontractors, customer service, and environment management, among others.
President Lee Ji-song said the company received the excellent ratings due to its strengthening of the emergency management system to deal with such matters as heavy debts, liquidity problems arising from the slowdown in the real estate market, and large-scale restructuring to stabilize it amid tough conditions. 
“In the days to come, we will cover the weak areas shown in this professional and objective survey and continue to improve the excellent areas in order to secure our position as a leading public business organization for sustainable management,” Lee said.
LH set its target for housing sales for this year at 24.8 trillion won and the collection of 16.2 trillion won on houses sold on an installment basis, after analyzing the sales figures recorded last year.
The company set the target for last year at 26.6 trillion won in residential housing sales, but only achieved 64 percent of the target, or 17.1 trillion won, and in the area of collection of housing sales principal, the company did well by collecting 17.2 trillion won, exceeding its 17.1 trillion won target last year.
In 2012, land sales went well in local areas, taking up 54 percent of land sold by LH, with 40 percent of sales in housing land and 22 percent for commercial buildings.
Sales of residential houses went well last year due to the sales of many houses in reform cities in local areas, with housing sales in the capital area slowing down because of the sluggish “nest housing” sales in the area. The sales of new houses went well with signings recording 101 percent, while the sales of old houses struggled, falling 30 percent on year.
Under the government’s scheme of advancing public corporations, LH launched itself by merging KLC and KNHC in an effort to eliminate the duplication of functions, boost the efficiency of management, and contribute to national economic development.

Major Duties
To construct and supply decent and affordable housing units for the economically vulnerable and to improve their residential environment, as well as to implement tailored residential welfare programs.
To develop housing land, new towns, multi-functional administrative cities and innovation cities, as well as to execute projects aimed at regenerating cities in a bid to create comfortable residential spaces and urban environments.
To develop industrial and logistics complexes, the Kaesong Industrial Complex, free economic zones (FEZs), and overseas land to boost national competitiveness and create employment.
To perform land preservation and management, rental housing management, and land and housing informatization.
LH has received an investment of 10.6 trillion won from the government and the Korea Development Bank to stabilize the people’s residential welfare and help national economic development. LH has a legal capital of 30 trillion won and a paid-in capital of 15.2 trillion, allowing it to execute public projects in the interest of the people.
LH’s organization consists of HQs (six divisions, one research institute, three units, and 53 departments), 12 regional HQs, and 12 project divisions. Its 5,600 staff members specializing in land and housing strive to systematically implement national land and housing policies. These should be laid out as bullet points. 
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