LH Enters Emergency Management: "Eradicate Corruption and Reduce Debt"

Korea Land and Housing Corporation (LH) has entered an emergency management system to eradicate corruption, improve management efficiency, and enhance financial soundness.

On the 20th, LH announced, "At the expanded emergency management executive meeting held on the 18th, we focused on discussing measures to improve organizational integrity, such as eradicating corruption and establishing public service discipline, as well as strengthening financial soundness with debt reduction as the top priority."

Debt reduction has been set as the top priority for securing financial soundness, and fundamental measures such as establishing a financial soundness plan will be prepared. While carrying out LH's core tasks such as housing supply, residential welfare, and balanced regional development, unnecessary projects will be selectively reduced in scale and timing from a mid- to long-term perspective. Non-core projects and those competing with private and local government projects will be reviewed for abolition or transfer. Plans for selling idle assets and reducing business promotion expenses and operating costs will also be included in the financial soundness plan.

Additionally, measures to alleviate the burden of living expenses for low-income households, support for revitalizing the livelihood economy, housing supply that meets public expectations, and provision of residential welfare services to enhance customer satisfaction will also be prepared.

LH plans to invest 29 trillion won, which is 43% of the 67 trillion won public institution investment execution target set at the beginning of the year, to support private economic revitalization policies.

Furthermore, LH has implemented a rent discount policy since the first half of 2020, supporting about 53 billion won in housing costs to date. Since last year and until next year, wages for all executives at grade 2 and above have been frozen, and this year, all executive performance bonuses will be fully returned.