A view of an inauguration ceremony in which President Kim Hyun-joon of Korea Land & Housing Corp. (LH) took office on- and off-line at LH headquarters in Jinju, Gyeongsangnam-d.o on April 26.

“I’m sorry for causing great frustration and troubles for some staffers’ making real estate speculation,” New President Kim Hyun-joon of Korea Land & Housing Corp. (LH) said in remarks while taking office on April 26.

His inauguration ceremony took place on- and off-line at LH headquarters in Jinju, Gyeongsangnam-do.
President Kim started his inaugural speech after making an unprecedented apology to the people.

President Kim lowered his head, saying, “All executives and staffers, including myself, recognizing the severity of the current situation, will have to turn over a new leaf with deep soul-search and tremendous efforts.”

Kim said LH will reform and overhaul its organization lest such things should occur by diagnosing organizational problems and woes. He announced a plan to establish the LH Innovation Committee, consisting of outside experts from academia and civic organizations and the working-level LH Innovation Team.

LH will be reborn as an entity of integrity, fairness and transparency by implementing the government’s follow-up steps to reform LH, he said.

LH President Kim Hyun-joon gives his inaugural speech while taking office. (Photos: LH)

People’s proposals will be gathered comprehensively to reflect on ways of reforming LH, and irregularities raised by news media will be analyzed. He said irrational practices will be overhauled and reformed to meet people’s expectation of reform outcomes.

President Kim promised to make LH an entity of integrity, fairness and transparency by realizing public interests and promoting communications, harmony and collaboration.

Kim also emphasized the significance of implementing policies to stabilize the real estate market without interruption.

LH will implement its policy projects, such as Feb. 4 housing supply measures, a housing welfare roadmap and pre-subscription for a third new satellite city development in a speedy fashion, he said.

LH will contribute to stabilizing the real estate market by supplying diverse housing such as public rental housing, public jeonse and public subscription for the underprivileged.

Kim also revealed ways of reforming duties by prioritizing fairness, transparency and safety. Gain personal gains using inside information will be dealt sternly with zero tolerance while irregularities and corruption will be rooted up by ramping up in-house overseeing and reforming duties in an effective fashion.

All state-financed projects such as land formation and housing supply will be implemented in the way they can conform to public interests.

LH, seizing this crisis as an opportunity to reform itself anew, will be reborn as a public entity, loved and trusted by people.

President Kim is to appear at a session of the National Assembly Land, Infrastructure and Transportation Committee as his first official duty on April 27.

He is also to make an inspection tour of state policy sites, such as third satellite city development sites.