K
orea Land and Housing Corp. will try to keep its financial conditions stable at all times while continuing to carry on with projects such as building “Happy Homes” and “ New Stays,” an enterprise-type of rental house, to cover shortages of hotel rooms to accommodate the influx of foreign visitors, new president Park Sang-woo said upon taking his new position at LH’s head office as the new CEO.
During an interview over phone with a local business daily reporter, Park said he will lead LH to develop a solid debt reduction plan and a way to stabilize housing conditions for normal people so they can live happily in their homes.
Sources close to the housing construction industry said the early inauguration of President Park to replace CEO Lee Jae-young is expected to speed up various projects that are still in progress and stabilize the LH’s organization, which was shaken by the sudden resignation of the former CEO in early February.
The new CEO is considered to have considerable experience in the housing construction policies and also at jobsites during his long career with the Ministry of Land, Infrastructure and Aviation. His experience, therefor, makes him the right person to take over the top job at LH to take charge of the housing company’s important projects, including the construction of Happy Homes, New Stays and bases for the construction of various high-tech industrial complexes around the country.
Outlining four major areas of the company’s operation, President Park stressed an open management system centered on the people; the future; the development of a corporate culture based on understanding; and communication.
One of the problems that the new CEO should take care of is finding new sites to build more houses amid a dearth of suitable land around the country and finding new growth engines to keep the company operating at a profit in the days to come, the sources close to the housing industry said.
LH was established to spearhead the improvement of the quality of life and development of the national economy through the realization of stable housing for the country's citizens and the efficient utilization of the national land.
Major Duties:
- To construct and supply decent and affordable housing units to the 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 City and Innovation Cities, as well as to execute projects aimed at regenerating cities in a bid to create comfortable residential spaces and urban environment;
- To develop industrial and logistics complexes, Kaesong Industrial complex, FEZs, and overseas land to boost national competitiveness and to create employment; and
- To perform land reserve and management, rental housing management, and land and housing informatization.
LH looked for its new CEO after the resignation of president Lee Jae-young in February through a public ad and finally picked the new CEO who served with Korea Construction Policy Research Institute as its chairman. Minister Kang Ho-in of the Ministry of Land, Infrastructure and Aviation, in consultation with Cheong Wa Dae, the Presidential Mansion, decided to select Park due the need for close cooperation between LH and the ministry, especially, in the matters related to the new stay home projects.
The LH CEO is a graduate of Korea University with BA degree administration and got his master’s degree at George Washington University. He launched his public career by passing the 27th National Administrative Examination in 1983 with the Ministry of Land, Infrastructure and Aviation and rose through the ranks, holding such key positions as the construction policy officer, assistant minister in charge of the construction policy, among others, before he was appointed to head the construction policy research institute in 2012.
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