Strengthening financial soundness by implementing debt reduction policy hosted by Gyeonggi-do/Appointing professional manager through personnel hearing of provincial assembly/Establishing new vision and business strategy reflecting the demand of improvement/Achieving sales of 5.1 trillion won/Implementing 56 tasks for government innovation including normalization of  welfare system

On the 28th day in last month, Gyeonggi Urban Innovation Corporation (the “Corporation”), whose president is Geumsik Choi) announced  that it has achieved to be included in the five agencies which are ranked in “A” class among 60 agencies of public corporations and  industrial complexes of municipal governments in Korea  by winning “A“ class, the first class, as a result of ‘2015 (for performance in 014) Management Evaluation of Local Public Corporation by the Ministry of Government Administration & Home Affairs, MGAHA).

Even in the early of 2014, it received concern from Gyeonggi-do, provincial assembly and press due to its excessive debts, the Corporation established and implemented its “Debts Reduction Plan (Apr., 2014)” under full support of Gyeonggi-do and provincial assembly, which ended up surplus achievement of  government standard goal of debt ratio (320%) by 38%  including  financial debt reduction by 750 billion won and strengthened its financial soundness. In addition, the Corporation appointed a professional manager who has been accredited through “personnel hearing” held twice and he took his office (Sep. 2014)for the first time for public corporations and established new vision and business strategies which reflect the demand of citizens of Do as pointed out in public hearings.   

Internally, the Corporation has conducted preliminary preference survey, improved the way of supply such as disposal by a sale en bloc, made its effort in sales promotion and debt reduction through changes in business methods such as attraction of private capitals and transition of commission for lease on deposit bases, which led to achievement of accomplishment of sales 5.1 trillion won, the largest sales volume since its foundation and debt ratio reduction. These achievements were recognized and the Corporation was selected by MGAHA as one of outstanding local public agencies in debt reduction in 2015. (Jan. 2015)

Moreover, the Corporation sets an example of leading innovative public corporation for other public corporations by completing 56 tasks of government innovation guidelines including 12 tasks of normalization of welfare system as required by MGAHA through smooth agreement with labor union.

Recently, reflecting recent changes in business environments such as changes in real estate markets and sailing of its 6th executives elected by popular vote, the Corporation established its new vision of “best public corporation creating happy urban life” through participation of all employees and external professionals along with inauguration of new president and make its efforts in innovating organizational culture through selecting 4C (Creation, Challenge, Customer-orientation and Communications), its four core values.

In the future, reflecting changes in urban development paradigm, the Corporation has a plan that it will shift its focus: from new town development to urban restoration’ from simple industrial complex development to development of cutting-edge, fusion and complex industrial complex; and from installment sale of newly-built houses to housing welfare projects.

In particular, the Corporation makes its effort in addressing present local issues through regional comprehensive development agreement with 31 cities and Guns in Gyeonggi-do based on its experience in carrying out large scale projects such as those for Gwanggyo New Town, and Godeuk International Industrial Complex and will make its more efforts in supply rental housing for low income class by developing housing welfare model customized for Gyeonggi-do through construction of happy housing by utilizing the land  publicly owned by cities and Guns.