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September 10, 2009

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Home » Business » Real Estate

Mainland funds sought for Taiwan land

FORMOSA Plastics Group, a Taiwan-based conglomerate founded by late tycoon Wang Yung-ching, is seeking investors from the Chinese mainland for its 850,000 square meters of land in Taoyuan High-Tech Industrial Park.

The firm is riding on growing interest from the other side of the Taiwan Strait following the recent opening up of investment to Chinese mainland firms.

The land plots, close to the Taoyuan Internaational Airport and designated for manufacturing facilities, is worth about 1.9 billion yuan (US$278 million), Formosa said yesterday.

"We've noticed an increasing interest for real estate investment in Taiwan from Chinese mainland investors since June 30, when Taiwan announced that it will open up 100 industries and projects to Chinese mainland companies,'' said Billy Yen, general manager for Taiwan operations at DTZ, a real estate services provider.

"The long-anticipated opening, aimed at helping the island's economy and adding jobs, will surely boost Taiwan's real estate market in the long run," Yen said.

Under the new rules, Chinese mainland companies will be allowed for the first time to buy real estate in Taiwan, including commercial and residential properties.

Meanwhile, these companies will be able to apply for loans of at least 50 percent of the total capital involved in the property deal from Taiwan banks which offer a much lower lending rate, industry people said.

Individuals from the mainland have been able to buy real estate in Taiwan since 2002, earlier reports said.


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