A reform committee for the innovation of the Korea Land & Housing Corporation (LH), which has faced criticism for 'land speculation' since the new government took office, will launch. The structure of LH's land sales, housing welfare projects, and the fundamental functions and roles of LH will be among the areas targeted for improvement.
The Ministry of Land, Infrastructure and Transport held a 'commissioner appointment ceremony for the launch of the LH reform committee' at the Kensington Hotel in Yeouido, Seoul, at 5 p.m. on the 28th. The reform committee will be co-chaired by a private sector chairperson and the first Vice Minister of the Ministry of Land.
The private sector chairperson is Professor Lim Jae-man of Sejong University. Chairperson Lim is a figure with extensive research and policy advisory experience in housing policy and public housing. Along with Chairperson Lim, eight experts will participate as private sector commissioners in the LH reform committee, including Kwon Soon-hyung, director of the New Society Opening Research Institute; Lee Kang-hoon, attorney at the law firm Deoksu; Moon Young-rok, vice president of Aibuki Co., Ltd.; and Nam Gi-up, director of the Land Freedom Research Institute.
The LH reform committee will focus on discussing ▲restructuring of projects (revising business methods by sector such as land development and housing welfare) ▲reestablishing functions (redefining roles and functions to secure future growth engines) ▲financial and management innovation (securing financial soundness and establishing a responsible management system).
To support the activities of the LH reform committee, the Ministry of Land will establish and operate an LH reform planning team within the department. The planning team will summarize and coordinate the discussion tasks of the committee. An internal reform promotion team will also be created within LH. The promotion team will work to specify reform tasks, supporting the establishment of LH reform plans that can be practically applied in the field.
Citizens will also be able to provide opinions on the reform of LH. The Ministry of Land will set up a communication channel through a public idea contest so that the reform plans can be developed to meet citizens' expectations, allowing the public to directly propose reform plans. In addition, a citizen advisory group will be operated to accept applications from policy beneficiaries such as newlyweds and tenants. The Ministry of Land will also separately operate a market and expert advisory group comprised of industry stakeholders and experts.
This LH reform follows President Lee Jae-myung's criticism that 'we must end LH's land speculation.' LH creates land for sale to private construction companies, which then develop and sell dwellings in those areas. President Lee criticized this land sale structure for driving up housing prices.
The Ministry of Land plans to operate the LH reform committee with momentum to concretize the blueprint for LH reform and quickly derive viable alternatives for institutional improvement and legal maintenance.
Minister of Land Kim Yoon-duk said, 'The LH reform must be pursued in a direction that allows LH to fulfill its original roles' and added, 'We will quickly prepare reform plans that meet citizens' expectations while ensuring thorough field safety management to promote public housing projects that citizens can be assured of.'