LH 'Emergency Management Inspection Meeting'... Proactive Response to Real Estate Market Downturn Caused by COVID-19

On the 31st of last month, LH President Byeon Chang-hoom (center in photo) and executives held an emergency management situation review meeting at the headquarters located in Jinju. (Photo by LH)

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 1st that it held an emergency management situation review meeting on the 31st of last month at its headquarters in Jinju, Gyeongnam, to proactively respond to the real estate market downturn caused by the spread of the novel coronavirus infection (COVID-19).

This meeting was held to review the progress of policy tasks such as the Housing Welfare Roadmap, the 3rd New Town, and Urban Regeneration New Deal amid concerns over a global economic crisis due to the spread of COVID-19, and to prepare short-, medium-, and long-term economic crisis response measures.

First, LH explained that although the domestic and international economic downturn is becoming evident as the COVID-19 situation prolongs, LH projects are generally proceeding normally so far.

This year, LH plans to invest 23.6 trillion won, the largest amount in the public sector, and to execute early spending of 9.3 trillion won, which is 39% of the total, within the first half of the year. As of the end of last month, 5.7 trillion won of project funds have been executed without any issues.

The 'COVID-19 Economic Vitality Support Plan' announced on the 3rd of last month, including 19 tasks such as expanding advance payments, reducing rent for small business owners, and deferring rent payments for permanent rental housing, is also progressing and being prepared normally.

LH decided to strengthen project process inspections and establish a 'Emergency Management Promotion Task Force (TF)' led by the vice president and an 'Emergency Management Meeting' involving all executives to prepare measures for livelihood and housing support.

Additionally, LH will expand non-face-to-face work methods to minimize project schedule delays and make thorough efforts to improve the mid- to long-term financial structure. In the event of a downturn in the real estate market, LH plans to proactively prepare measures to support companies and households in crisis.

Byun Changhoom, President of LH, said, "Since all policy tasks carried out by LH are closely related to the lives of the people, we will do our best to ensure stable project execution even amid the COVID-19 crisis," and added, "We will also take the lead in playing a safety net role for the livelihood economy through large-scale public investment execution and active support for small and medium-sized enterprises, small business owners, and vulnerable groups."

This content was produced with the assistance of AI translation services.