President Lee Jae-young of the Korea Land and Housing Corp. speaks during his inauguration 

ceremony on June 7 at the company’s conference room. (Photo on courtesy of LH)

   President Lee Jae-young of Korea Land and Housing Corp. (LH) said he was very happy and at the same time felt a heavy responsibility on his shoulders as he was named the top executive officer at LH on June 7 during his inauguration ceremony. 

LH was born out of merger of Korea Land Corp. and Korea National Housing Corp. to eliminate duplicated functions and for efficiency in the construction of public housing and the development of land in Korea, which are the bases for the happiness of the people, the basic mission for LH as a government-owned company. 

“As we face the new age of hope, we have to do our best in carrying out the mission including the construction of residential houses for homeless people, the development of new cities, the construction of Sejong City, the construction of reform cities, and the construction of logistics complexes around the country as we do our best to provide better housing services,” the new CEO saidi in his inauguration speech.

“Everyone working for LH should do his or her best to make LH loved and respected by the people around the country by doing to their fullest the mission given to LH, the largest public company in Korea in terms of asset,” Lee said.

He said the conditions both at the company and outside are not that good for the company with economic conditions sluggish and the slump in construction projects. What LH is being called on to do to satisfy what the people want are to boost the conditions of the residential housings that LH builds and effective use of land across the country.

During his first tour of the site in Mok-dong and Oryu-dong in southern Seoul where the national housing complexes called Happiness Residential Houses are to be built by LH, the new CEO said, “We will consider what the local autonomous administrations and the local residents want before going ahead with the government housing project. The fact that he chose to visit the site shows his firm intention to successfully undertake the national project. Following his visit to the Happiness housing site, he moved on to visit the Sejong Special Autonomous City in South Chungcheong Province and paid calls on the City Hall, the Ministry of Land, Infrastructure and Transport, and the housing projects for government employees in the city.

Construction of New Cities Overseas

LH is building industrial parks and new cities in various countries around the world to boost Korea’s international comp-etitiveness.

LH exports its globally-recognized expertise on land development, thereby successfully fostering resource diplomacy while executing international cooperation projects. 

South-North Economic Cooperation Projects

LH is driving forward a range of South-North Korea economic cooperation initiatives to ensure peace and economic prosperity of the Korean peninsula.

The Gaeseong Industrial Complex project is being conducted based on the combina- tion of the South’s capital and technological prowess and North Korea’s land and manpower reserves, making it the first and largest instance of economic cooperation for both Koreas.

It represents a new direction for the South-North community.

The joint initiative provides South Korea’s small- and medium-sized enterprises with the benefits of North Korea’s low-priced land, facilities, and low-wage workforce to support their competitive business activities, while improving living conditions for North Korea’s citizens

Capital

LH has received an investment of 10.6 trillion won from the government and the Korea Development Bank to stabilize the people’s residential welfare and help national economic development. LH has a legal capital of 30 trillion won and a paid-in capital of 15.2 trillion won, allowing it to perform the public projects in the interest of the people. 

Organization and Workforce

LH’s organization consists of HQs (nine divisions, one research institute, and 47 departments), 12 regional HQs, and 21 project divisions. Its 6,100 staff members specializing in land and housing are striving to systematically implement national land and housing policies.