LH Announces 'New Vision' to Practice 'People-Centered Management'

Presentation of 8 Major Management Goals Including Supply of 800,000 High-Quality Houses
Establishing a Dense Housing Safety Net by Securing 2 Million Rental Homes

“A company that cultivates the hopes of the people through homes and cities they want to live in,” aiming to create homes and cities from the perspective of the people.

Korea Land and Housing Corporation (LH) held a new vision declaration ceremony on the 10th and announced eight major management goals for the successful achievement of the vision.

By 2032, LH plans to supply 800,000 high-quality homes, provide 2 million housing welfare units, develop 250㎢ of smart cities, reduce greenhouse gas emissions by 2.88 million tons, achieve 100% digital transformation of public services, maintain a debt ratio below 200%, enhance fairness, integrity, and customer satisfaction, and establish balanced development growth hubs.

Lee Han-jun, President of LH, is seen delivering a speech at the vision declaration ceremony held on the 10th. [Photo by LH]

First, in the housing sector, LH aims to catch two rabbits?quantity and quality?by supplying 800,000 high-quality homes with no noise between floors. Starting this year, all LH homes will fully apply a level 3 noise reduction design, and by 2025, a level 1 noise reduction design will be introduced to improve quality.

Active cooperation with the private sector will also be promoted to develop technologies for improving housing quality. Additionally, excellent private brands desired by the public will be applied, gradually expanding from four pilot complexes. To smoothly implement these plans, LH has assigned the National Housing Innovation Office, directly under the president, to act as the control tower.

They will also secure a stock of 2 million rental homes, including 120,000 upgraded homes for vulnerable groups. In response to aging and low birth rates, LH plans to supply various types of housing to build a more comprehensive housing safety net.

In the urban sector, LH plans to develop 250㎢ (75 million pyeong), about 40% of Seoul’s area, into smart cities. By implementing a “transportation first, then move-in” plan, they aim to alleviate public inconvenience and dramatically improve urban living convenience through IT-based compact cities.

Measures to address the climate crisis were also announced, targeting a reduction of 2.88 million tons of greenhouse gases. LH will significantly expand green spaces in all cities it builds, including the 3rd New Towns, to absorb carbon, and increase the use of eco-friendly fuels such as solar power and hydrogen in cities and homes.

This year, zero-energy homes will be fully introduced, and the zero-energy home rating will be gradually raised through high-performance insulation materials to reduce fossil fuel dependence in home energy use.

To resolve public inconvenience, LH will convert all customer service operations to 100% digital. All LH services related to public life, such as housing subscription, housing service applications, and defect reporting, will be reviewed from the public’s perspective and utilize advanced IT technologies to make them the easiest and most convenient for the people to use.

As of the end of 2022, the debt ratio stood at about 219%, and LH has set a goal to reduce it below 200%. All assets held by LH will be thoroughly examined, and unnecessary idle assets will be boldly disposed of.

LH will also change its business portfolio to meet future social changes and public demand. It plans to expand reconstruction, redevelopment, and remodeling, strengthen the reorganization of aging planned cities and urban management functions, transforming from a housing and urban construction company into a specialized company for urban reorganization, management, and rental housing services.

LH President Lee Han-jun said, “We will do our best to actively implement the people-centered vision and management goals announced today so that LH can stand tall as a public corporation cultivating the hopes of the people.”