Farglory Group (遠雄集團), owner of the nation’s biggest developer, said its offshore operations would account for more than half of its sales within a decade as it expands and plans to list an overseas real-estate joint venture by 2015.
The company operates in countries including the US, Abu Dhabi and China, where it is developing properties with Shanghai-based Shimao Property Holdings Ltd (世茂房地產控股) and Hong Kong’s Henderson Land -Development Co (恒基兆業地產). The joint venture, called Straits Construction Investment (Holdings) Ltd (海峽建設投資有限公司), could go public in Hong Kong, Farglory chairman Chao Teng--Hsiung (趙藤雄) said.
Farglory, which said all of its more than 600 real-estate projects in the past four decades were profitable, is aiming to tap its local experience to expand revenue sources beyond Taiwan. Its overseas projects are expected to make up 10 percent of sales this year, he said.
“The group will expand offshore in stages to increase -competitiveness on the global front,” Chao said in Taipei on Thursday. “Our experience in Taiwan and demand from clients encouraged us to expand our business scope to the mainland, the US, France and Abu Dhabi.”
Shares in Farglory Land Development Co (遠雄建設), the unit that is the nation’s biggest publicly traded developer, jumped 2.4 percent to NT$52.30 at the close of trading yesterday, the highest since Sept. 22. Farglory Free Trade Zone Investment Holding Co (遠雄自貿港投資控股), an air cargo and warehouse unit, surged 1.6 percent. The benchmark TAIEX gained 1.9 percent.
Farglory Land owns 27 percent of Straits Construction, which plans to start building residential and commercial real estate in China next month in Nanjing Hexi New Town in Jiangsu Province and Fuzhou Pingtan Integrated Pilot Area in Fujian Province.
The two projects could boost Farglory Land’s earnings by NT$10 to NT$15 per share, Regina Lee (李佳桂), a Jih Sun Securities Investment Consulting Co (日盛投顧) analyst, said by telephone on Thursday.
Farglory Group, with NT$300 billion (US$9.99 billion) in property assets in Taiwan, including investments in the financial, logistics and leisure industries, also plans to list Farglory Life Insurance Co (遠雄人壽), Far Glory Hotel Co (遠雄悅來飯店) and a property company that invests in China within five years.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”