The appeal is dismissed.

The costs of appeal are assessed against the plaintiff (appointed party) and the appointed party.

The grounds of appeal are examined.

1. According to Article 21(1) and (10) of the former Rental Housing Act (amended by Act No. 9863 of Dec. 29, 2009), Articles 23(7) and 13(5) of the former Enforcement Decree of the Rental Housing Act (amended by Presidential Decree No. 21744 of Sept. 21, 2009), and Articles 14 and 9(1) of the former Enforcement Rule of the Rental Housing Act (amended by Ordinance of the Ministry of Land, Transport and Maritime Affairs No. 194 of Dec. 16, 2009; hereinafter the same), when selling to lessee publicly constructed rental houses with an exclusive use area of 85 square meters or less constructed in a housing site developed by a public project, the pre-sale conversion price shall be calculated in preference to the lessee pursuant to Article 9 [Attachment 1] of the former Enforcement Rule of the Rental Housing Act (amended by Presidential Decree No. 21744 of Sept. 21, 2009).

According to the instant attached Table, the pre-sale conversion price of rental housing, the mandatory rental period of which is five years, is the arithmetic mean value of the construction cost and the appraised value (paragraph (1) (b). Here, the construction cost is calculated as “self-interest on the housing price at the time of the initial invitation of occupants - depreciation cost” and the housing price at the time of the initial invitation of occupants is the aggregate of construction cost and housing site cost (paragraph (2) (a) (i)]; among them, the housing site cost is the housing site cost developed and supplied by a public institution under the Act on the Management of Public Institutions, such as the State

In the case of a housing site (hereinafter referred to as "business-owned housing site") that is not a public housing site (hereinafter referred to as "business-owned housing site") acquired or held by a rental business operator, the person authorized to approve project plans shall bear the expenses of the rental business operator before the first public notice of recruitment of occupants is given.