All appeals are dismissed.

The costs of appeal are assessed against the plaintiffs.

The grounds of appeal are examined.

1. According to Article 9(1) [Attachment 1] of the former Enforcement Rule of the Rental Housing Act (amended by Ordinance of the Ministry of Land, Transport and Maritime Affairs No. 350, Apr. 11, 201) with respect to the grounds of appeal on the construction cost at the time of conversion for sale in lots, the conversion price for sale in publicly constructed rental housing for five years is the arithmetic mean of the construction cost and the appraised value in the case of the publicly constructed rental housing for which the mandatory lease period is five years (hereinafter “instant attached Table”). The conversion price for sale in lots shall not exceed the arithmetic mean of the construction cost and the appraised value in the case of the publicly constructed rental housing for five years; however, the construction cost shall be calculated by deducting the depreciation cost out of the rental period calculated based on the construction cost of rental housing and the housing site cost at the time of initial conversion for sale in lots (Article 1(b)). The upper limit of the construction cost at the time of conversion for sale in lots shall be calculated by guaranteeing that the upper limit of the construction cost and interest on the housing site price at the time of sale in lots can be excessively determined.