LH, Full-Scale High-Intensity Innovation Begins with Real Estate Ownership Registration and Rental Housing Survey

LH Innovation Committee Holds 2nd Meeting to Launch Intensive Innovation
Strengthening Internal Controls Including Early Registration of Employees' Real Estate Holdings
Enhancing Fairness and Transparency with Full Investigation of Unfair Practices in Rental Purchase Operations
Eradicating Preferential Treatment by Excluding Internal Staff from Bidding and Evaluation
Establishing Public Service Discipline with Promotion Restrictions and Dismissals for Multi-Homeowners and Speculators

Kim Jun-gi, Chairman of the LH Innovation Committee, emphasized "Integrity, Fairness, and Transparency" at the 2nd LH Innovation Committee held on the 27th. / Provided by LH.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) is intensifying the implementation of high-strength innovation measures, including early registration of real estate holdings by executives and employees and a full-scale investigation into allegations of unfairness in the purchase rental housing.

On the 27th, LH held the 2nd LH Innovation Committee meeting to diagnose the fundamental causes of the real estate speculation allegations in new towns and to prepare reasonable solutions accordingly. They announced the launch of strong internal reforms, including ▲strengthening internal controls such as early registration of real estate holdings ▲conducting a full investigation into purchase rental housing allegations ▲eradicating preferential treatment suspicions for former officials ▲restricting promotions for multi-homeowners.

First, ahead of the implementation of the revised Public Officials Ethics Act on October 2, LH established a real estate reporting and registration system early and prepared countermeasures such as registering the real estate holdings of executives and senior staff since the 10th. In addition, to fundamentally block speculation suspicions using internal information, LH plans to strengthen access control to important information such as candidate sites and establish an internal information leakage prevention system early.

Regarding recent allegations of unfairness in the purchase procedures and standards of purchase rental housing, LH will enhance fairness and transparency through meticulous analysis and inspection of the entire work process.

They expanded the restriction on housing purchases from current employees and immediate family members to include houses owned by retired employees, and will immediately conduct a full investigation of all employees. If any unfairness or corruption is confirmed, they will promptly request an investigation, strictly applying a zero-tolerance principle.

To eradicate suspicions of preferential treatment and abuse of power during bidding and evaluation processes, LH significantly reduced the discretion and authority of internal staff by replacing all architectural design competition judges with external members. To secure fairness and transparency that meet public expectations, LH plans to prohibit private interest meetings among current and former executives and employees in principle.

They also plan to greatly strengthen public service discipline and integrity throughout the entire personnel system, including hiring, service, promotion, and evaluation, by restricting promotions to higher positions for multi-homeowners and speculators who do not reside in the properties.

If prosecuted by the prosecution for violating real estate acquisition restrictions, immediate dismissal will be enforced, and a new provision for suspension will be introduced for cases causing social disturbances that conflict with public sentiment, significantly strengthening punishment for corruption and misconduct.

Above all, to resolve public distrust such as “covering for insiders” during the detection and handling of real estate speculation, LH launched a Compliance Oversight Committee composed of external experts on the 14th. This committee investigates real estate speculation and deliberates disciplinary levels, establishing a permanent external verification and monitoring system.

Kim Jun-ki, Chairman of the LH Innovation Committee, said, "LH will effectively perform its original functions, faithfully implement housing supply expansion policies such as the 2.4 Plan, and accelerate innovation efforts to become a clean, fair, and transparent public corporation by preparing innovation measures that strengthen internal controls layer by layer."

The LH Innovation Committee plans to hold regular meetings at least once a month to concretize LH innovation measures through in-depth review and regularly check the implementation status.

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