Conglomerate:Shin Kong’s sale of a commercial building to Fubon could see the company make a NT$7.8 billion gain as it continues to shed loss-making investments
Taipei Times
Date: Dec 14, 2015
By: Ted Chen / Staff reporter
Shin Kong Financial Holding Co (新光金控), which reported worse-
The Shin Kong Mitsukoshi Department Store’s A8 building in Taipei’s Xinyi District is pictured on Friday night. Shin Kong Financial Holding Co is selling the building to Fubon Life Insurance Co for NT$27.034 billion. Photo: CNA
than-expected losses last month, on Friday said the sale of an office building in Taipei’s Xinyi District (信義) could improve its bottom line this month.
Shin Kong Financial is the only financial holding company among its domestic peers to report a loss last month, totaling NT$734 million (US$22.27 million), dragged down by its subsidiary Shin Kong Life Insurance Co’s (新光人壽) equity portfolio adjustment.
Last month, Shin Kong Life, the major earnings source of the financial conglomerate, reported a loss of NT$1.7 billion as it continued to dispose of its loss-making stock investments.
On Friday, the life insurer said in a statement that it is poised to book NT$7.8 billion in gains after selling its A8 commercial building to Fubon Life Insurance Co (富邦人壽) in a NT$27.034 billion deal. The building houses a branch of the Shin Kong Mitsukoshi Department Store (新光三越百貨) chain.
