Korea Land & Housing Corporation (LH)

Purpose of establishment

LH was established to improve quality of life and develop the national economy by creating stable housing for the country’s citizens and efficiently utilizing national land.

Major Duties

To construct and supply decent and affordable housing to those in need, improving their living environment, as well as to implement tailored residential welfare programs.
To develop residential areas, new towns, multi-functional administrative cities, innovation cities, as well as to execute projects aimed at regenerating cities in order to create comfortable residential spaces within urban environments.
To develop industrial and logistics complexes, including the Kaesong Industrial Complex, FEZs, and overseas land to boost national competitiveness and create employment.
To perform land reserve and management, rental housing management, and land and housing informatization.

Capital

LH has a legal capital of 35 trillion won, a paid-in capital of 29.4 trillion won (from the government, Korea Development Bank etc.) with which to stabilize people’s residential welfare and help with national economic development.

Organization and Workforce

LH’s organization consists of a main HQ with eight divisions, one research institute, and 45 departments along with 12 regional HQs and two independent project divisions. Its 6,495 staff members, specializing in land and housing, are striving to systematically implement national land and housing policies.

Major Projects

Construction of Korea’s first apartment complex (Mapo).
Construction of Korea’s first rental apartments (Gaebong-dong).
Construction of the first-phase new towns in the Greater Seoul area (Bundang, Ilsan, Pyeongchon and Jungdong).
Construction of the first permanent rental houses (Beondong).
Construction of the second-phase new towns in the Greater Seoul area (Pangyo, Dongtan, Kimpo, etc.).
Development of Kaesong Industrial complex (the first stage has been completed, and the basis for the second phase established).
Development of Sejong City and Innovation City (nine of 10 innovative cities, currently under development with total area of 44.2km²).
Completion of construction of 2.18 million houses (a first by a single company).
Development of industrial complexes and FEZs.
Execution of overseas land development projects.
Establishment of the Land Bank (strengthening the centralized land supply and demand control function to stabilize the realty markets).