LH President Lee Han-jun: "Promoting Sale of High-Value Land in Seoul and Elsewhere... Seeking More Housing Supply Measures"

Meeting with Ministry of Land Journalists on the 18th
Unreserved Answers, Meeting Exceeded by About 30 Minutes
"If Budget for Jeonse Fraud Support Is Insufficient, Government Will Request Additional Funds"

"We will reduce debt by selling high-priced land holdings in Seoul, Jeju Island, and other areas, while also seeking ways to supply more housing by finding affordable land near Seoul."

"We will allocate a budget of 6.5 trillion won from LH's purchase rental budget for an estimated 26,000 houses affected by jeonse fraud, and if insufficient, we will purchase them through government finances."

On the 18th, Lee Han-jun, President of Korea Land and Housing Corporation (LH), held a meeting with reporters from the Ministry of Land, Infrastructure and Transport at the Jinju headquarters in Gyeongnam, candidly discussing various LH issues. Although the originally scheduled meeting time was one hour, the session exceeded the schedule by about 30 minutes due to the reporters' barrage of questions and Lee's straightforward answers.

Lee Han-jun, President of Korea Land and Housing Corporation (LH), held a meeting with reporters from the Ministry of Land, Infrastructure and Transport at the headquarters in Jinju, Gyeongnam on the 18th, where they had an open and candid discussion about various current issues facing LH.
[Photo by LH]

The meeting was conducted in a free Q&A format without a fixed topic. Questions poured in on policy-related issues, including sensitive topics such as the collapse accident at the Geomdan apartment parking lot, the preference for LH's apartment brand 'Andante,' support measures for victims of jeonse fraud, LH's financial structure improvement plans, and redevelopment issues of the first-generation new towns.

Regarding the question about the Geomdan apartment parking lot collapse and future measures, President Lee emphasized, "The situation on-site was quite serious," and added, "We have formed a safety inspection team consisting of academic experts and resident-recommended specialists to uncover all causes of the accident and ensure that such incidents never happen again."

He continued, "We are conducting detailed safety inspections on all LH sites applying the flat slab construction method used in the accident-affected apartment, as well as on LH sites where GS Construction, the contractor of the accident apartment, is working," explaining the progress of the response.

Regarding the residents' demand for full reconstruction, he said, "Whether to respond depends on the safety inspection results, so it is not appropriate to say now whether we will or will not proceed."

In response to the question about the low preference for LH's premium brand 'Andante,' Lee answered that it was because LH supplied housing that did not meet the public's needs. He stated, "There must be reasons why customers do not want the Andante brand, and we cannot force the brand on such customers," adding, "By improving the quality of LH apartments, such as developing noise reduction technology between floors, and building trust, this issue will naturally be resolved."

Regarding the plan to purchase houses affected by jeonse fraud, Lee said, "We have coordinated with the Ministry of Land, Infrastructure and Transport to allocate a budget of 6.5 trillion won for an estimated 26,000 houses affected by jeonse fraud," and added, "If the budget is insufficient, we will purchase through government finances."

He particularly noted, "Following the controversy earlier this year over high-priced purchases like Suyu Palace Cantavil, LH has revised its system to purchase rental housing below cost price, so it seems feasible within the budget," and explained, "However, additional budgets may be needed for repairs after purchase, so we will consult with the government on administrative procedures after acquisition."

Lee Han-jun, President of LH, is answering various questions from the press corps.
[Photo by LH]

There was also a surprising remark. When asked about LH's debt reduction plan, President Lee announced that they are consulting with the Ministry of Land, Infrastructure and Transport on reducing debt by selling high-priced land holdings in Seoul, Jeju Island, and other areas.

Although no specific details were given about the land to be sold, this implies that many sites held by LH in Seoul, excluding the Dobong-gu Subangsa site (263 households) scheduled for pre-sale next month, could be subject to sale. Sites scheduled for sale this year include Seongdong-gu Prison, Magok taxi garage, and Magok 10-2.

Lee stated, "Even if we supply at 70% of the surrounding market price in expensive areas, housing priced in the 1 billion won range could be released," and argued, "As a public housing supplier called New Home, this does not align with public sentiment."

He added, "Rather than building New Home on expensive land, utilizing the land according to its designated use will help LH reduce debt, and it is preferable to supply large-scale housing near Seoul rather than small-scale lottery housing within Seoul."

He also expressed willingness to promote the sale of land held in Jeju Island and Yeongjongdo, Incheon. Lee said, "There is usable land in Jeju Island, and in Yeongjongdo, there is about 1.1 million pyeong of neglected land," and added, "We will seek ways to utilize these appropriately in cooperation with the government and local governments."

Regarding the redevelopment project of the first-generation new towns, he expressed frustration and acknowledged the difficulty. Lee said, "I proposed the first-generation new town project during the presidential election and was the person who briefed the president," and argued, "The campaign report summarized it as securing a supply base for an additional 100,000 houses in the first-generation new towns, but it was misunderstood as something that would be completed during the term."

He continued, "LH plays a role as a master planner for the detailed planning by local governments for the redevelopment of the first-generation new towns," but pointed out, "It is not just a matter of thinking about reconstruction alone." He added, "Urban planning laws that satisfy users are important," and said, "It is not just about immediate housing supply but also about considering 30 to 40 years ahead, so LH is contemplating housing supply policies to prevent confusion in advance."

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