All appeals are dismissed.

The costs of appeal are assessed against the plaintiffs.

The grounds of appeal are examined.

1. According to Article 3-3(1) [Attachment 1] of the former Enforcement Rule of the Rental Housing Act (amended by Ordinance of the Ministry of Construction and Transportation No. 584, Oct. 15, 2007) 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 appraisal value in the case of the publicly constructed rental housing for which the mandatory lease period is five years (hereinafter “the attached Table”). The conversion price for sale in lots shall not exceed the arithmetic mean of the construction cost and appraisal value in the case of the publicly constructed rental housing for five years; however, it shall not exceed the amount calculated by deducting the depreciation cost during the lease period from the construction cost of rental housing at the time of initial conversion for sale in lots from the total amount of one’s own fund to the construction cost and housing cost at the time of conversion for sale in lots (Article 1(b)).