President Byun Chang-heum of Korea Land and Housing Corp. (LH) gives a New Year’s speech at LH headquarters in Jinju, Gyengsangnam-do, on Jan. 2.

President Byun Chang-heum of Korea Land and Housing Corp. (LH) said the company will boost its investment in official projects and spur economic growth to give hope to youth and wipe out social imbalances.

Byun made the remarks in a New Year’s ceremony held on Jan. 2 at the company’s head office in Jeonju, South. Jeolla Province.

He said the overall economic prognosis for this year looks good, except for the construction sector, and the company will make full use of its 24.9 trillion won investment fund, up 38 percent from last year, to help the economy pick up.

The investment will be used for early transportation measures for the 3rd new cities, the supply of new housing and other areas to spur investments in the construction sector, he added.

He also said the company strives to give hope to youth who suffer from a lack of jobs, high residential expenses and childcare expenses by providing them with stable homes and jobs.

He will do this by combining the company’s rental housing program and startup support program. The company will also work on its overseas financial support program to help Korean firms set up operations overseas to secure future growth engines, he said.

He will also steer the company to provide resources to problems related to the two extremes of society, which have been hindering the integration of society and its health development, he said.

The LH CEO also said he will also tackle issues for daily job seekers and senior citizens living alone so they find stable homes and make ends meet.

LH was established to improve quality of life and develop the national economy by creating stable housing for the country’s citizens and efficiently utilize national land.

LH’s organization consists of a main HQ with 8 divisions, 1 research institute, and 45 departments along with 12 regional HQs and 2 independent project divisions.

Its 6,495 staff members, specializing in land and housing, are striving to systematically implement national land and housing policies. Development of the Kaesong Industrial Complex (the first stage has been completed, and second phase is ongoing).

LH has a legal capital of 35 trillion won, a paid-in capital of 29.4 trillion won (from the government, Korea Development Bank, etc) with which to stabilize people's residential welfare and help with national economic development.

Its major duties consist of constructing and supplying decent and affordable housing to those in need, improving their living environment, as well as implementing tailored residential welfare programs.

Other goals include:

To develop residential areas, new towns, multi-functional administrative cities, innovation cities, as well as to execute projects aimed at regenerating cities in order to create comfortable residential spaces within urban environments;

To develop industrial and logistics complexes, including the Kaesong Industrial Complex, FEZs, and overseas land to boost national competitiveness and create employment; and

To perform land reserve and management, rental housing management, and land and housing informatization.

A view of LH’s ceremony to kick off the 2020 business year. (Photos: LH)