Commercial property deals spike in Q3

LOCAL CAPITAL: Fubon Life Insurance Co’s NT$25.52 billion purchase of Sunworld Dynasty Hotel Taipei helped commercial transactions more than double quarterly

Taipei0 Times
Date: Sep 30, 2020
By: Crystal Hsu / Staff reporter

Cushman & Wakefield Taiwan general manager Billy Yen speaks at a news conference in Taipei yesterday.
Photo: Hsu Yi-ping, Taipei Times

Commercial property transactions totaled NT$67.64 billion (US$2.32 billion) in the July-to-September quarter, more than doubling from the previous quarter and a year earlier, driven by self-occupancy and investment demand from local technology and insurance companies, Cushman & Wakefield Taiwan (戴德梁行) said yesterday.

Local capital drove all of the deals, of which 72 percent were concentrated in Taipei, Taoyuan and Tainan, Cushman & Wakefield said.

Fubon Life Insurance Co (富邦人壽), the main subsidiary of Fubon Financial Holding Co (富邦金控), acquired Sunworld Dynasty Hotel Taipei (王朝大酒店) near the Taipei Arena MRT Station for NT$25.52 billion, the property consultancy said.

The transaction came with an agreement from the property’s US owner, Sunrider International, to lease the complex to keep the hotel going and generate rent income for Fubon Life.

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