Insurer buys Nangang plot
Shin Kong Life Insurance Co (新光人壽), the main subsidiary of Shin Kong Financial Holding Co (新光金控), on Friday won the auction for the superficies rights to a plot of land in Taipei’s Nangang District (南港) for NT$2.03 billion (US$67.29 million). Shin Kong plans to spend NT$3.76 billion turning the 1,175 ping (3877.5m2) plot into more than 9,000 ping of office and retail space, which could generate rental yields above the minimum rental yield of 2.875 percent required by the Financial Supervisory Commission, the company said.
Shutdown affects estimates
Advanced Semiconductor Engineering Inc (日月光半導體) faces a smaller-than-expected impact on sales, despite the partial shutdown of one of its plants, according to Andrew Lu (陸行之), an Asia-Pacific semiconductor analyst at Barclays PLC. Following confirmation of the K7 plant’s partial shutdown, Lu lowered his estimates for the company’s sales by 2 percent to NT$239.43 billion this year, and for its earnings per share by 6 percent to NT$2.29. Lu expects the shutdown to last less than six months, although the actual duration is not known.
Property plans unveiled
Shining Building Business Co (鄉林建設) is aiming to launch nearly NT$100 billion in new property development projects next year. Shining chairman Lai Cheng-i (賴正鎰) on Friday said the company is planning projects in Taiwan worth more than NT$30 billion and projects in China worth about NT$62.5 billion. This year, Shining unveiled property projects in Taiwan worth NT$30 billion. In the first nine months of the year, the property developer registered a net profit of NT$1.36 per share.