FUNDING: Consortium head Kent Hsu said that 16 local lenders had agreed to provide loans for 60% and his own companies would provide the remaining 40%

Taipei Times
Date: Oct 19, 2019
By: Crystal Hsu  /  Staff reporter

A local consortium is to take over development of the Twin Towers project near Taipei Railway Station after the original winner of the contract was removed due to national security concerns, the Taipei City Government said yesterday.

The local group — consisting of contract computer maker Clevo Co (藍天電腦) and its property development affiliate Hongwell Group (宏匯集團) — would take over the contract after meeting certain requirements, including submitting NT$1.9 billion (US$62.07 million), it said.

The consortium lost a contest in December last year to another consortium led by Hong Kong-based Nan Hai Development Ltd (南海發展) and Malaysian property developer Malton Berhad.

However, the Investment Commission in July revoked the approval, citing national security concerns.    [FULL  STORY]