Byun Chang-heum (the center), president of LH, talks with college students at the College Students Idea Contest and “My LH Stories” Event at the PR Center for Wirye Hope Town for Newlyweds on Jan. 7. (Photo: LH)

Korea Land & Housing Corporation (LH) will go ahead with tasks and rev up the Korean economy while giving new hope to young people. It will also focus on tackling the polarization of society by actively expanding investment, said Byun Chang-heum, president of LH in early January.

“By executing a budget of 24.9 trillion won, an increase of 38 percent from 2019, LH will take the initiative in injecting fresh vitality into the Korean economy,” Byun said, reminding employees that the economic growth rate was expected to improve somewhat this year, and the construction sector is still concerned about a cut in investment.

In particular, the company plans to actively support construction investment by accelerating early implementation of wide-area transportation measures and shortening the housing supply schedule for so-called Phase 3 New Cities.

In addition, “As Korea is approaching its population cliff due to the deepening of its low fertility, the nation has to give new dreams and hopes to young people struggling due to difficulties in finding decent jobs, paying housing and childcare expenses,” Byun emphasized.

To this end, LH will put forth efforts to provide stable housing conditions by combining rental housing and startup support facilities for young people and create future growth engines by preparing cutting-edge industrial spaces and expanding overseas business.

“We will actively lead the way in resolving polarization problems undermining the integration and healthy growth of our society,” Byun said. Byun promised to make LH work with a view to care for the socially marginalized in all business areas.

In order to deal with changes in social, economic and technological environments and meet the high expectations of the people, he pledged to turn LH into a platform company by developing creative business models and integrating them with various projects such as housing welfare, urban regeneration and regional development in conjunction with local governments, companies and experts.

LH announced in late January that the company held a policy seminar on the diagnosis of public housing problems in the Seoul metropolitan area and countermeasures.

The seminar held jointly by the Korea Planning Association and LH aimed to diagnose housing supply in the public sector in response to concerns over a shortage of housing supply in the Seoul metropolitan area, and seek ways to supply housing in cities, including the Phase 3 New Cities.

Kwon Chi-heung, a researcher at the Land and Housing Institute, made the first presentation in the seminar under the theme of “The Conditions of Seoul Metropolitan Housing Market and the Roles of the Public Sector.”

During the presentation, Kwon suggested the necessity of introducing the Phase 3 New Cities that can coexist with current cities by analyzing the conditions of the Seoul metropolitan housing market, housing price trends and housing purchasing capabilities.

“Existent urban areas need actual regeneration that residents can feel in order to continue as a valuable living place for ordinary people,” said Bae Woong-gyu, a professor of Chung-Ang University in the second presentation under the theme of “Diversity of Housing Supply and Roles of the Public Sector.”

Kwon Hyuk-sam, a senior researcher at LH Land & Housing Research Institute, spoke about how to maintain and repair roadside houses with the participation of the public sector in accordance with the Housing Stabilization Plan.

 
“I hope this policy seminar will serve as a meaningful opportunity to help establish policies on housing supply in the Seoul metropolitan area.” LH president Byun Chang-heum said. “LH will take the initiative in triggering housing supply by the private sector through stable housing supply through the Phase 3 New Cities.”