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July 05, 2015 6:35 AM ET

Real Estate Management and Development

Company Overview of Korea Land & Housing Corp.

Company Overview

Korea Land & Housing Corporation, together with its subsidiaries, is engaged in land, housing, and urban development projects, as well as related activities in Korea. The company operates through seven segments: Public Housing, Industrial Complex, Rental Housing, Multifunctional Administrative City, Innovation City Development, Land Bank, and Others. The Public Housing segment is involved in the development, construction, sale, and lease of housing units for low income households and individuals. The Industrial Complex segment is engaged in the development, construction, sale, and lease of industrial complexes. The Rental Housing segment constructs, purchases, rents, sells, and operates rent...

217 Jungjadong

Bundang-gu

Seongnam,  

South Korea

Founded in 1962

6,472 Employees

Key Executives for Korea Land & Housing Corp.

Chief Executive Officer, President and Representative Director
Age: 58
Head of Planning & Finance Division, Vice President and Executive Director
Age: 62
Head of Housing Welfare Division and Executive Director
Age: 56
Head of Urban Environment Division and Executive Director
Age: 57
Head of Public Housing Division and Executive Director
Age: 56
Compensation as of Fiscal Year 2015.

Korea Land & Housing Corp. Key Developments

Court Rules Fixed Bonuses Part of Ordinary Wages in Korea Land & Housing Corp.'s Litigation

A Seoul court ruled that regular bonuses should be regarded as part of ordinary wages if they are paid out periodically, clarifying that employers are obligated to raise the amount on an on-year basis. The verdict from the Seoul Central District Court came during the litigation filed by 4,509 workers of the Korea Land & Housing Corp. against the state-run agency. The workers demanded payment of combined KRW 2.3 billion ($2 million) in reflection of yearly growth in monthly wages. The court said regular bonuses and a variety of allowances which were paid by KLHC over the past few years have the function of periodicity with a fixed amount. Even though the payment cycle for the regular bonuses exceeded one month, unlike the monthly salary, it should be considered periodical, as the labor and management had already agreed on an installment-based payment over the year, according to the ruling. The court ordered the KLHC to recalculate the overtime pay allowance for the 4,509 employees between August 2011 and July 2014 based on the yearly growth rate of the ordinary wage. It also downplayed the defendant's argument that some allowances do not belong to normal wages as they were paid not monthly but yearly. Judges distinguished the extraordinary bonus, which is an occasional payment, from regularly paid fixed bonuses.

Finance Ministry Asks Korean Companies To Sell Assets To Pay Off Debt

The Finance Ministry of Korea ordered 12 debt-ridden major public organizations to map out self-rescue plans in a bid to tackle their soaring debt and become more efficient in management. They were also urged to sell unnecessary assets, refrain from issuing additional bonds, and conduct more vigorous feasibility studies before and after launching new businesses. The ordered companies include Korea Electric Power Corp. (KOSE:A015760), Korea Gas Corp. (KOSE:A036460), Korea National Oil Corporation, Korea Land & Housing Corp. and Korea Resources Corporation. “This is a comprehensive set of measures intended to restore normality in public organizations which have skyrocketing debt that has dragged down our economy and whose excessive benefits for their workers have angered the public,” Hyun Oh-seok, Finance Minister of Korea, said.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
December 26, 2014
--
Merger/Acquisition
September 29, 2014
Watos Corea Co., Ltd., Business, Building, and its Appurtenances in 529-1, Wondang-dong, Seo-gu
 

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