Among all of you living in Korea, have you ever seen a building with 'LH' written on it while walking down the street? Did you know that 'LH' stands for Korea Land and Housing Corporation? There are many world-famous companies in Korea, such as Samsung Electronics and LG Electronics, but 'LH' is a very important national institution in the field of construction. It is a national construction company that is not well known to foreigners but well known to Koreans.
If you travel to various cities in Korea, you will see many buildings with different names, but did you feel that most of the buildings marked with 'LH' are apartments? These buildings are usually tall and fairly large. But I bet you're wondering which construction company the building labeled 'LH' is, exactly. This time, I would like to introduce 'Korea Land and Housing Corporation' to you, and 'LH' is a company called 'Korea Land and Housing Corporation', and we would like to find out what role it plays in Korean society.
Introduction to 'LH'
Source: LH Korea Land and Housing Corporation
To introduce you to LH, LH is a public corporation that contributes to the development of the national economy by establishing measures and methods for improving people's residential life and efficient use of national land. LH was established in 2009 through the integration of Korea Land Corporation and Korea National Housing Corporation, and is currently carrying out various projects such as urban development projects, public housing projects, national policy projects, and other projects.
According to the information on the company website, LH's vision is 'a better world for people' and its management goal is 'people-centered management'. LH thinks from the customer's point of view, listens to the customer's words, and strives to create a better home and city.
Social role of 'LH' in Korea
LH plays an important role in housing welfare and urban development in Korean society.
Source: LH, 'Smart City Forum 2021' held - Landjipgo > Policy General (chosun.com)
LH supplies public housing to meet the housing demand of the Korean people, helps regenerate old houses and cities, and creates new towns and smart cities. In addition, we are contributing to the efficient use and preservation of national land through the purchase of land banks and development restricted areas. In addition, we are practicing cooperation and sharing with the international community through overseas projects and inter-Korean cooperation.
Types and characteristics of public housing projects conducted by LH
Public housing:
Public pre-sale housing is housing for which the purchase price is paid and ownership is acquired. Non-homeowner household members who meet income and asset standards are eligible for supply, and Newlywed Hope Town is a representative example.
Public rental housing:
Public rental housing is housing where you can live for a certain period of time after paying the rent. It is supplied to the underprivileged class, young people and newlyweds, and includes national rental housing, permanent rental housing, happy housing, and long-term jeonse housing.
Rental housing for non-homeless people:
Homeless low-income rental housing is housing that is supplied at low rent for a long period of time to the low-income class without a home. You can acquire ownership by paying rent for 20 years, and it is characterized by lower rent than national lease and preferential occupancy qualification.
Social assessment of LH
LH has introduced a social value impact assessment system to lay the groundwork for promoting social values in the public sector. Through the news of "LH, 'social value' creation in earnest... strengthening the public nature of its own business" published in the Apartment Management Newspaper on July 27, 2020, LH has systematically identified factors from the perspective of realizing social values from the drafting stage of internal regulations. It is a system that analyzes and evaluates, and it can be seen that through this system, the publicity of unique projects such as public housing projects, urban development projects, and overseas projects is being strengthened.
If you look at the news presented above, you can even confirm that LH is being evaluated as a public institution that contributes to job creation and revitalization of the local economy. In 2018, LH was selected as a job contributor by the Presidential Commission on Jobs, and in 2019, it was awarded the Presidential Commendation in the Social Value Creation category at the National Quality Management Competition. LH is supporting the soft landing of the construction industry by placing orders for construction services worth KRW 10 trillion in 2021.
LH annually discloses its sustainability management strategy and performance through its sustainability management report in accordance with the international reporting standard GRI (Global Reporting Initiative). LH practices sustainability management by reflecting ISO 26000, the 10 principles of the UN Global Compact (UNGC), and the 17 goals of the UN SDGs.
