NOVEL PROBLEM:Efforts to sell the Xinyi District site were hindered by requirements that Novel Hall be preserved. However, the deal still requires government approval
Date: Nov 02, 2015
By: Ted Chen / Staff reporter
CTBC Financial Holding Co (中信金控) expects to add NT$7.04 billion (US$214.6 million)
to its annual net income this year after wrapping up the sales of its former headquarters site in Taipei’s Xinyi District (信義).
That will translate into an addition of NT$0.38 earnings per share to CTBC Financial’s net income this year.
The holding company, which owns the nation’s biggest credit card issuer, CTBC Bank (中信銀行), on Friday said that it has sold 95 percent stake in its former headquarters on Songshou Road to a subsidiary of land developer Continental Holdings Corp (欣陸控股) and Green Heaven Investment Ltd BVI (英屬維京群島商子樂開發股份有限公司) for a combined NT$15.12 billion, according to a filing with the Taiwan Stock Exchange.
Green Heaven is a subsidiary set up by foreign private equity firm Riant Capital (子樂投資), while Continental Holding operates real-estate developer Continental Engineering Corp (大陸工程). [FULL STORY]