Korea Land & Housing Corporation
Overview
The Korea Land & Housing Corporation (LH, Korea Land & Housing Corporation) is a representative public enterprise in South Korea, overseeing housing construction and supply, land development, urban regeneration, and housing welfare projects. It was established in 2009 through the merger of the Korea Land Corporation and the Korea National Housing Corporation, and operates under the Ministry of Land, Infrastructure and Transport. Its main goals are to stabilize housing for the common people, stabilize housing prices, and strengthen national competitiveness through planned land development.
Main Content
1. Establishment Background and History
- October 1, 2009: The Korea Land Corporation (established 1975) and the Korea National Housing Corporation (established 1962) merged to form the Korea Land & Housing Corporation.
- Major Milestones: Large-scale housing construction to address housing shortages in the 1960s–70s, new town development (1st generation new towns such as Bundang and Ilsan) in the 1980s–90s, and expansion of urban regeneration and public rental housing since the 2000s.
- Legal Basis: A special corporation established under the Korea Land & Housing Corporation Act.
2. Main Business Areas
- Housing Construction and Supply: Construction and supply of public sale housing, public rental housing (permanent, national, happy housing, etc.), and long-term lease housing (Shift). Supplies approximately 100,000 units annually.
- Land Development: Housing site development projects (new towns, innovation cities, administrative multi-functional cities, etc.), and creation of industrial and logistics complexes. Representative projects include Sejong City and the 3rd generation new towns (Hanam Gyo-san, Incheon Gyeyang, etc.).
- Urban Regeneration: Maintenance of deteriorated residential areas, urban regeneration New Deal projects, and residential environment improvement projects. Creation of community spaces using vacant houses and idle sites.
- Housing Welfare: Tailored housing support for vulnerable groups such as low-income households, youth, newlyweds, and the elderly. Linked to housing benefits, housing vouchers, and lease loan programs.
- Real Estate Management: Rental management of public rental housing, purchase of unsold housing, and development and management of public property.
3. Organization and Scale
- Headquarters: Innovation City, Jinju-si, Gyeongsangnam-do (relocated in 2014).
- Regional Headquarters: 12 regional headquarters nationwide (Seoul, Gyeonggi, Busan, etc.) and over 60 business units.
- Employees: Approximately 9,000 (as of 2024).
- Asset Size: Approximately 200 trillion won (as of end-2023, including liabilities).
4. Major Achievements and Controversies
- Achievements: Expansion of housing supply in the Seoul metropolitan area through the creation of 1st, 2nd, and 3rd generation new towns; public rental housing inventory exceeding 1 million units (2023); revitalization of underdeveloped areas through urban regeneration projects.
- Controversies:
- LH Speculation Scandal (2021): Employees were caught engaging in land speculation in areas designated for the 3rd generation new towns, causing a major social uproar. Subsequently, anti-speculation measures were strengthened and internal audit systems were reorganized.
- Debt Issues: The corporation's debt exceeded 150 trillion won (2023), raising concerns about fiscal soundness due to increased interest burdens.
- Housing Quality Controversies: Poor construction and defects in some rental housing led to resident complaints.
5. Social Role and Vision
- Vision: "A global public enterprise leading the nation's housing stability and balanced national development."
- Core Values: Publicness, transparency, innovation, inclusiveness.
- ESG Management: Carbon neutrality (2050), green remodeling, smart city technology adoption, and community cooperation.
Latest Trends
As of 2024–2025, the Korea Land & Housing Corporation shows the following changes and trends.
- Full-scale Supply of 3rd Generation New Towns: Sales and move-ins begin in 3rd generation new towns such as Hanam Gyo-san, Incheon Gyeyang, and Namyangju Wangsuk. Target supply of 170,000 units total.
- 1 Million Public Housing Plan: In line with the government's 'Housing Supply Expansion Plan,' the corporation is pushing to supply 1 million public housing units (including rental and sale) by 2025.
- Digital Transformation: Housing demand prediction using AI and big data, adoption of smart construction technologies (BIM, modular), and advancement of online subscription systems.
- Transparency Enhancement: Complete overhaul of internal control systems after the LH speculation scandal, certification of anti-corruption management system (ISO 37001), and introduction of a citizen auditor system.
- Fiscal Soundness: Establishment of a debt reduction roadmap, asset sales (non-core real estate), and business restructuring (expanding private participation).
- Urban Regeneration New Deal 2.0: Evaluation and advancement of existing urban regeneration projects, expansion of resident-participatory projects.
- ESG Strengthening: Setting RE100 (100% renewable energy) targets, expanding use of eco-friendly construction materials, and creating local jobs.
Related Topics
- [[Public Rental Housing]]
- [[3rd Generation New Towns]]
- [[Urban Regeneration]]
- [[Housing Welfare]]
- [[Ministry of Land, Infrastructure and Transport]]
- [[Korea Land Corporation]]
- [[Korea National Housing Corporation]]
- [[Real Estate Policy]]
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