Getting Housing Construction Rolling

LH to increase housing project orders to 14 tln won this year

President Lee Ji-song of Korea Land and Housing Corp.(LH) said LH will invest 14 trillion for housing construction this year, 2 trillion won more than it did last year to reinvigorate the housing construction this year.
CEO Lee said LH will expand its public role and expand the housing project orders next year, he said, to help the growth of the construction industry and thus help boost the growth of the national economy.
LH has been increasing its housing construction projects last year to do its part to reinvigorate the housing construction market, which has been stagnant last year year. In 2010, the company issued housing construction projects worth 7.9 trillion won and it issued 11.9 trillion won worth last year. It will be increased to 14 trillion won this year.
LH's housing project orders this year will account for 36 percent of total public housing project orders issued this year, which came to 33.4 trillion won. President Lee also said advance payments for his company's housing construction projects would be around 1.5 trillion won to help the tight cash situations of builders.
Lee also voiced some concerns over practices in the construction industry by saying the industry should get rid of three major malpractices that hamper its growth including deeply rooted financial problems, unfair practices and sleazy deals in order to create a new culture in the industry that would ensure mutual survival among builders. He also urged them to go overseas for construction projects and help one another to grow together and establish a clean culture in the industry.
He went on to say that some look at the construction industry as a waning one, but he said it is still going strong in the areas of providing jobs and productivity, making a big contribution to the national economy. In order to rebuild the industry for a resurgence, they have to reform and work for mutual development.
Under the government's scheme of advancing public corporations, LH launched itself by merging KLC and KNHC in an effort to eliminate the duplication of functions, to boost the efficiency of management, and to contribute to national economic development.
Major Duties:
* To construct and supply decent and affordable housing units to the vulnerable and to improve their residential environment, as well as to implement tailored residential welfare programs
* To develop housing land, new towns, a Multi-functional Administrative City and Innovation Cities, as well as to execute projects aimed at regenerating cities in a bid to create comfortable residential spaces and urban environments.
* To develop industrial and logistics complexes, the Gaeseong Industrial complex, FEZs, and overseas land to boost national competitiveness and to create employment.
* To perform land reserve and management, rental housing management, and land and housing informatization.
LH has received an investment of 10.6 trillion won from the government and 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. nw

President Lee Ji-song of Korea Land and Housing Corp.