Politics · South Korea · 1 hr ago
South Korean lawmakers criticize LH debt, split plan and housing delays
South Korean lawmakers from both major parties criticized the Korea Land and Housing Corporation, known as LH, at a parliamentary audit in Seoul.
They questioned a proposal to split the state agency into housing development and housing welfare units.
Lawmakers asked how the split would divide LH’s existing debt and growing rental-housing losses, and how the government would support the new structure.
One cited figures projecting LH debt to rise from 174 trillion won in 2025 to 373 trillion won in 2030.
Members also said plans for LH to carry out part of the government’s housing supply policy had been delayed, putting this year’s targets at risk.
Some criticized LH chief Lee Seong-hun for comments supporting tighter mortgage limits and questioned his previously disclosed property holdings.
Lawmakers also raised concerns about CCTV replacement and the agency’s responses to requests for records; no next steps were reported.
South Korean lawmakers from both major parties criticized the Korea Land and Housing Corporation (LH) over its debt, proposed split and delays to housing supply plans.
At a National Assembly audit on October 12, lawmakers questioned how LH would divide its debt and rental-business losses if it were split into two companies.
They also raised concerns about rising losses, staff departures and whether the proposed split would improve LH’s finances or support housing stability.
Lawmakers said LH had repeatedly delayed detailed plans for carrying out the government’s September 7 housing policy.
Opposition lawmakers also criticized LH president Lee Seong-hoon over remarks about lowering mortgage limits and his previously disclosed property holdings.
- Who
- Lawmakers from South Korea’s ruling and opposition parties questioned LH and its president, Lee Seong-hoon.
- What
- They criticized LH’s debt, proposed organizational split, housing supply delays and other issues.
- When
- October 12, 2026.
- Where
- At the National Assembly in Seoul, during a Land, Infrastructure and Transport Committee audit of LH.
- Why
- Lawmakers raised concerns about LH’s finances, the effectiveness of a split and delays to housing supply plans.
This story does not have two clearly opposing sides.
How will the existing debt and deficit be allocated if the company is split into two for housing development and housing welfare?
I question whether dividing it again after 17 years, undoing the purpose of merging the former Korea Land Corporation and Korea Housing Corporation, fits LH’s raison d’être of improving its financial structure and housing stability.
Before calling for tighter lending rules, carry out the promised supply plans on time.
LH’s rental-business losses were 1.79 trillion won, according to lawmaker Yeom Tae-young.
LH’s rental-business losses rose to 2.73 trillion won, Yeom said.
A projection cited by lawmaker Shin Seong-beom put LH’s debt at 373 trillion won, up from 174 trillion won in 2025.
Lawmakers questioned LH at a National Assembly audit in Seoul.
- LH debt in 2025
- 174 trillion won, according to a projection cited at the audit
- Projected LH debt in 2030
- 373 trillion won
- Rental-business losses in 2021
- 1.79 trillion won
- Rental-business losses in 2025
- 2.73 trillion won
- Audit date
- October 12, 2026
Sources
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