LH to Make Good on National Agenda of New Govt., Including Supply of 2.5 Mln Units
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LH to Make Good on National Agenda of New Govt., Including Supply of 2.5 Mln Units
Public rental housing units lower housing costs

27(Mon), Jun, 2022




President Kim Hyun-joon of Korea Land & Housing Corp. (LH) delivers a speech at 2022 department chiefs¡¯ workshop at the Daejeon Education & Training Institute on May 26. (Photos: LH)



Korea Land & Housing Corp. (LH), celebrating one year of self-innovation, reaffirmed its pledge to transform itself to gain public trust. 

LH issued a news release on June 6, in which the corporation vowed management innovation to transform itself anew and restore public trust by carrying out the agenda of the new government, such as the stabilizing of the real estate market. 

LH said the corporation had implemented steps to pursue overall reform and innovation, such as building of strong control means to prevent the repetition of real estate speculation in June 2021. 

The steps were taken after LH executives and staffers were criticized for their involvement in a string of real estate speculation in March 2021. 

According to LH, executives and staffers are required to register their properties and are restricted from acquiring new real estate property while being required to report real estate properties related to their work. 

LH has built up stringent systems designed to prevent the repetition of those similar to the previous real estate speculation era, such as LH¡¯s in-house scrutiny and the Ministry of Land, Infrastructure and Transport¡¯s regular scrutiny, prevention, surveillance, exposure and punishment. 

LH also decided to freeze pay of LH officers with a status of a second class or higher for three years, and strengthened management by cutting operating costs and other budget and disposing of investment companies. 

LH went through retrenchment, such as consolidating and disbanding departments at LH headquarters and reducing staff quota by 1,064 employees. 

Those who were found to be involved in real estate speculation were relieved of their positions and had their basic pay halved. 

Those who were indicted were discharged by authority. The scope of LH employees who have been banned from landing new jobs has been expanded from executives to officers with a status of a second class or higher. 

Furthermore, LH expanded the LH Innovation Committee, which was inaugurated last year, into the ESG Management Innovation Committee. 

The step is designed to explore innovation tasks as part of efforts to continue innovation. The new committee is committed of conducting the conventional function of overseeing innovation and playing a leading role in ESG management.

LH President Kim Hyun-joon convened the 2022 workshop for department heads at the training institute in Daejeon in May to share diverse views on the implementation of state agenda of the new government, including the supply of 2.5 million housing units, LH¡¯s management innovation and raising sustainability. 

President Kim said, ¡°LH has done bone-cutting soul-searching and implemented stringent reform steps to eradicate corruption and irregularities and we¡¯ll continue to push for them in the years to come.¡± 

LH will be reborn into a public entity being loved and trusted by people by carrying core real estate policies of the new government and continuing reform steps, he added. 





A bird¡¯s eye-view of an integrated public rental housing of the Gwacheon Knowledge & Information Town. 


Public Rental Housing Units Lower Housing Costs

A survey of 10,000 public rental housing occupants showed that eight out of 10 respondents said they were satisfied with public rental housing units. 

The latest survey was conducted to grasp awareness of public rental housing occupants and gather diverse opinions to offer better housing services. 

The survey targeted 10,156 households occupying permanent rental housing and other rental units. It was conducted during the period between last Oct. 28 and last Dec. 15. 


   
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