Land & Housing Scandal
Land & Housing Scandal
  • Choi Seon-uk
  • 승인 2021.06.03 14:16
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LH Headquarters, Seoul (Provided by The Asia Business Daily)
LH Headquarters, Seoul (Provided by The Asia Business Daily)

  Buying one’s own house is the mainstream life goal in Korean society. The Government always tries to make effective housing policies and political parties always make housing strategies. Despite the efforts, housing prices are fatally rising, and speculation is rampant all over the country. In this situation, many people really need adequate residential space. Still, they can’t find any chance to obtain housing. According to court records, the number of house buyers decreased from 530,000 in 2015 to 410,000 in 2019 with the trend continuing.
  In March 2021, the Korea Land & Housing Corporation (LH) became the center of a major scandal. LH is publicly owned company existing to improve national residential life and efficient utilization of national territory.
The incident started in the third term new town development site in Gwangmyeong and Siheung. There were allegations of LH executives and employees buying 23,000 square meters of land with inside information before the candidate site was confirmed.
  People are furious about public officials in a company that should exist for the nation, selfishly focusing on their own profits, especially in the middle of a housing problem. The investigation is still ongoing. A number of suspects are to be punished for violating their obligations.
  This national rage is naturally affecting politics and upcoming elections. New attention is being given to public official property disclosures. Last April, there were by-elections, and Mayors of Seoul and Busan were newly elected. While the election campaigns were in progress, the candidates’ real estate holdings become a matter of interest. In the past, real estate holdings of high-ranking public officials have been controversial. In the aftermath of the LH scandal, real estate of public officials is again becoming a target of concern.
  The use of inside information and abuse of authority caused national outrage. It is connected to suspicious about government and public management. Government ministries have made statements about their willingness to break this nationwide atmosphere of distrust with transparent and honest public management. Nevertheless, fundamental problems have yet to be resolved.


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