Hong Kong firm that lost Taipei Twin Towers over ‘links to mainland China’ appeals decision

• Executive with Nan Hai Development says company is ready to sue over loss of multibillion-dollar scheme on national security grounds
• Taipei court has begun considering appeal and decision expected in two to four weeks

South China Morning Post
Date: 17 Nov, 2019
By: Lawrence Chung  

A Hong Kong-based investment company that was blocked from developing a multibillion property development in Taiwan on the grounds it had close links with mainland China says it is appealing the decision and may take the case to court.

Nan Hai Corporation successfully bid for the Taipei Twin Towers project – via its wholly owned subsidiary Nan Hai Development in partnership with Malaysian property developer Malton Berhad – last year only to have the deal halted in June by Taiwan’s Investment Commission on national security grounds.

Yang Shu-ling, a spokeswoman for the commission, said at the time that the parent company’s financial statements showed that more than half of its board members were from mainland China and that the bulk of the subsidiary’s operations and staff were based there.

She said that because the project was located near Taipei railway station – a hub for the city’s bus and train links – “the project cannot be carried out by a group with such a close connection with China, which would easily sway the decisions of the company”.    [FULL  STORY]