Mon, Jun 10, 2019 - Page 3 News List

More CYC earnings, holdings detailed

TRACKING THE NUMBERS:Since 1952, the corps has sold or granted 34 plots of land and 28 buildings, and now holds about NT$2.6 billion in various currencies

By Chen Yu-fu and William Hetherington  /  Staff reporter, with staff writer

People walk past the entrance of the China Youth Corps headquarters in Taipei on Aug. 7 last year.

Photo: Chu Pei-hsiung, Taipei Times

Since its establishment, the China Youth Corps (CYC) made about NT$600 million (US$19.1 million at the current exchange rate) from selling property, the Ill-gotten Party Assets Settlement Committee said yesterday.

The committee, which last year froze the corps’ assets after designating it as an affiliate of the Chinese Nationalist Party (KMT), said it is investigating the origins of NT$5.6 billion of those assets.

The corps reported selling or granting 34 plots of land and 28 buildings since it was established in 1952, the committee said.

The largest single sale was a building and plot of land at 30 Zhongshan Rd, Sec 1 in Taipei that was sold to Sunrise Construction in 2016 for NT$300 million, the committee said.

The corps purchased the property in 1992 for NT$75 million to establish a cram school, and sold it when the corps discovered the Cabinet was planning to establish the Ill-gotten Party Assets Settlement Committee, the committee said.

However, after the sale, the corps continued to rent the property from the company to keep the school running, which it did until February of this year, the committee said.

The corps is the KMT affiliate with the largest number of holdings, owning 71 plots of land and 136 buildings, and earns revenue largely through three ventures — public sports centers, cram schools and youth activity centers around the nation, the committee said.

It owned nine properties in the Beian (北安) area of Taipei’s Zhongshan District (中山), which it began selling in 1994 to companies such as Chang Ying Construction, earning NT$123 million, the committee said.

Two plots it purchased in 1965 in Nantou City for NT$48,000 were granted to the KMT to use for a “community service center” in 1984, which the KMT recently applied to the corps to sell, the committee said.

One property the corps sold was the former residence of former premier Lee Huan (李煥) on Siwei Road in Taipei’s Daan District (大安), it said.

The building had been purchased in 1971 for NT$640,000, and was sold in 2015 for NT$267.79 million to Fu He Xing Construction Co, the committee added.

The corps has 52 vehicles registered to it, and about NT$2.6 billion in various currencies in 289 accounts at different banks, the committee said.

It has also applied to a credit organization to purchase a medical biochemistry foundation priced at NT$4.85 million, it said.

The corps holds a total of NT$35 million shares in China Steel Corp, TSRC Corp and Living Psychology Publishers Co and NT$68.11 million in China Youth Travel Association shares, the committee added.

The corps began selling old properties and buying new ones after former corps president Jeanne Li (李鍾桂) took over the organization, the committee said.

The committee said that its investigations into the corps’ property transactions would continue.

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