2021 From Reliable Partner to Cult of Thieves.

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                                                2021
From Reliable Partner to
Cult of Thieves.
 -   Land and Housing Scandal of South Korea.

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            Land and Housing Corporation        George (Taehyung) Kim
                                                2021-4-6

How did Reliable Partner become a thieve cult?

 How did Moody’s AA2, S&P AA, Fitch AA- Trust rating company commit the crime that so
gigantic in scale? Land and Housing development “LH” of South Korea provided homes to 15%
of the total household in Korea, Which is 2.9 Million units. They developed several new towns
in South Korea – 469 sq. km in size and accounted for 1.56 trillion dollars in assets. (Land and
Housing Coporation, 2021) The company's size is so granitic and huge, and nobody questioned:
“How this was possible?”
 Recent New York Times coverage "The Den of Thieves: South Koreans Are Furious over
Housing Scandal' (The Newyork Times, 2021) shows how did this and why did this incident
rooted in the deepest part of the government. When President Moon-Jae-In was sworn in 2017,
he promised to Young Koreans lower the cost of housing, which was already high enough.
 After 4-years of his administration, after several failed attempt of lowering housing price,
including Colligate Property tax (종부세) – which is a progressive tax slamming up to 1%
annually to the combined housing price for people who own more than one housing and
combining value is the upper level of 535K In housing Value.
 His Property Market failure is so drastically painful, Seoul ranked Third on Numbeo World
apartment price ranking 2021, the 1st of the world in Price to Rent ratio even government
restricted its mortgage rate to 40 - 70% of the apartment price most metropolitan cities.
Land and Housing Development supposed to ease all of this pain.

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 70% of Korean People recite in the apartment complex due to smaller landscape areas and
preferring comport over excessive living space. LH is participating rapid urbanizing of South
Korea by participating all the NEW city development to sell the land to prime developers and

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    Luxury Residential Skyscrapers and Villages of Dong-gu(dist), Busan

sometimes develop themselves. LH was the prime company that blowing the dream of new
apartment complex to general public and they are generating huge profit from it.
  Shortly after President Moon announced the ‘Third Generation New City’ plan, 10 High-
ranking LH Officials Purchased 8.8 Million dollars’ worth of Arable land, which was part of
the proposed new city development site. They didn’t stop from there. They planted thousands
of saleable Bud trees to prevent forceful land sales. They purchased land from farmers at a
bargain price and gained a significant amount of illegal profit. Angry enough? It was just the
tip of the iceberg.
 After this, Government opened an all-phase Ombudsman. Three High-ranking officials
commit suicide and all of them are not even inside ‘Top 20’ Prime suspects. The government
shocked after this and requested the opening of assets to all civil servants, teachers, etc. A
newspaper predicts this could result in an asset disclosure of 10 million Government Workers.
(Chosun Biz, 2021)
Koreans are furious. On the Blind – the anonymous community based on corporate mail,
People demanding all Land and Housing officials to commit suicide following the high ranking
officials, and Anonymous Land and Housing worker mocking the Protested farmers in front of
their headquarters that “I can’t hear them because my office is on the 28th floor.” (Chosun Ilbo,
2021) And categorise all the non-LH workers as “Losers who can’t study hard enough to get a
job in LH” And Harvard-grad political party man made it public to humiliate them (Chosun
Ilbo, 2021)
This phenomenon probably cost the Democratic Party of Korea to lose Mayor By-election in
Seoul and Busan, which they lost in the first place due to high-level sexual harassment, and
cost the humble farmers to lose their land with penny compensations. It costs several lives in
Land and Housing Corporation. In the upcoming 2022 presidential election, the Democratic
Party of Korea probably has to return their presidential seat to People Power Party.
All of this could be prevented if their risk model is accurate, and if they calculate Criminal cost
versus Social Cost correctly, all of this wouldn't have happened.

                                         Bibliography
Chosun Biz. (2021년 03월 29일). “全공직자 재산등록, 가족 포함 재산신고자 1000만명 이를 수도..."
       행정력 낭비"”. Chosun Biz:
       https://biz.chosun.com/site/data/html_dir/2021/03/29/2021032902334.html에서 검색됨

Chosun Ilbo. (2021년 03월 09일). “28층이라 안 들려, 개꿀”···본사 앞 시위 조롱한 LH 직원. Chosun
        Ilbo:
        https://www.chosun.com/national/regional/yeongnam/2021/03/09/XOHUJKP7TBFMPI7YJC44XKD6
       FY/에서 검색됨

Chosun Ilbo. (2021년 03월 10일). “공부 못해 못 와놓고” LH직원 글에, 하버드 출신 이준석의 일침.
       Chosun Ilbo:
       https://www.chosun.com/national/national_general/2021/03/10/N7FGISID75GO7BEKFNILLL75A4/

에서 검색됨

Land and Housing Coporation. (2021년 04월 06일). “BUSINESS PERFORMANCE”. LH -ENG: lh.or.kr/eng
        에서 검색됨

The Newyork Times. (2021년 3월 23일). “‘The Den of Thieves’: South Koreans Are Furious Over Housing
       Scandal”. The Newyork Times: https://www.nytimes.com/2021/03/23/world/asia/korea-housing-lh-
        scandal-moon-election.html에서 검색됨