Ruling and opposition parties unite in criticizing LH at National Assembly audit

Lawmakers from both the Democratic Party of Korea and the People Power Party joined forces Monday to criticize the Korea Land and Housing Corporation at a National Assembly audit held by the Land and Transportation Committee, targeting the agency's mounting debt and delays in housing supply.

Before the formal audit began, lawmakers from both parties said LH had submitted inadequate documentation. People Power Party lawmaker Eom Tae-young said in a procedural remark that he had raised the issue of Chinese-made CCTV cameras disguised as domestic products in LH rental housing complexes at last year's national audit. "The 2025 audit report also included a demand for corrective action," he said. "A year later, I checked on compliance and the situation is serious."

Eom then called on LH to submit data on whether each complex covered by the CCTV replacement program had completed the work, along with the replacement schedule.

Democratic Party lawmakers Ahn Tae-jun and Jeong Il-young separately demanded that LH provide data on unsold land parcels by district — including floor area ratios and permitted ratios — as well as details of any review conducted in connection with a potential breakup of the corporation.

Land and Transportation Committee Chairman Yoo Eui-dong, after hearing the lawmakers' demands, urged LH President Lee Sung-hoon to cooperate fully with document requests so the audit could proceed smoothly.

Questioning focused on a proposed corporate split, LH's debt load and delays in housing supply policy. Democratic Party lawmaker Yeom Tae-young said LH's rental business losses had grown from 1.79 trillion won ($1.34 billion) in 2021 to 2.73 trillion won in 2025, and asked how existing debt and deficits would be divided if the corporation were split into two entities — one for housing development and one for residential welfare.

"The government's plan for how it would provide support remains unclear," he said. "With staff attrition already a serious problem, can LH realistically meet its housing supply and residential stability targets?"

People Power Party lawmaker Shin Sung-bum focused squarely on LH's debt. "Statistics show LH's debt is set to nearly double from 174 trillion won in 2025 to 373 trillion won by 2030," he said. "It makes me question whether splitting the corporation in two after 17 years — rendering meaningless the original rationale for merging the Korea Land Corporation and Korea National Housing Corporation — is truly consistent with LH's reason for existing: improving its financial structure and ensuring housing stability."

Fellow People Power Party lawmaker Eom said detailed implementation plans for projects LH had committed to carry out directly under the government's Sept. 7 housing measures had been delayed multiple times. "There are already concerns that even this year's target volume will fall short," he said.

People Power Party lawmakers also trained their criticism on LH President Lee's background as a former presidential secretary for land and transportation affairs at Cheong Wa Dae.

Eom cited remarks Lee made at a recent press briefing suggesting the mortgage lending cap of 600 million won — applicable to homes valued below 1.5 billion won — should be lowered further. "Arguing for an even tighter mortgage cap is like kicking away the housing ladder for ordinary people who don't yet own a home," he said.

People Power Party lawmaker Yoo Sang-bum said Lee had declared in his July inauguration speech that housing is a public good, not a vehicle for speculation. "But a look at his asset disclosures from his time as presidential secretary shows he reported three properties: an apartment in Sejong, a share of a multi-unit house in Daechi-dong in his spouse's name, and a share of an apartment in Dogok-dong," Yoo said. "When someone who behaved that way stands before the public and says housing is not for speculation, what do you think people will make of that?"