Minister Lung owns PRC savings bonds

INVESTMENT PORTFOLIOS::The Control Yuan yesterday released the latest asset declarations of three current Cabinet ministers and one former Cabinet member

By Lin Shu-hui and Stacy Hsu  /  Staff reporter, with staff writer

Wed, Nov 28, 2012 - Page 3

Minister of Culture Lung Ying-tai (龍應台) is the first Cabinet member in the nation’s history to possess China-issued savings bonds, according to the minister’s latest asset declaration information made public by the Control Yuan yesterday.

The Control Yuan report showed that Lung has about NT$17.45 million (US$550,000) worth of overseas negotiable securities, NT$10.46 million of which are in Chinese savings bonds that are made with a denomination of 2.30 million yuan (US$369,600).

Other negotiable securities owned by Lung, amounting to NT$6.27 million in value, are stocks issued by Hong Kong-listed Power Assets Holdings, Cafe de Coral Holdings and HSBC.

According to China-based China Merchants Bank, savings bonds are central government securities that are issued by the Chinese government to solicit funding for national infrastructure projects.

Lung’s latest asset declaration, which she made on May 8, showed she also owns two properties in Taipei’s Zhongzheng District (中正) and Yangmingshan, as well as NT$10 million in China Steel Corp stock. The latter two have been put into the trust.

Lung has a home loan of about NT$10.6 million, the report said.

Lung has about NT$14.65 million in bank savings, including 31,000 yuan in the China Merchants Bank, 50,000 yuan, HK$314,000 (US$40,500) and US$16,500 in Hong Kong-based Hang Seng Bank, and about NT$567,000 in the Bank of Taiwan.

Lung’s previous asset declaration was made in December 2002 during her term as director of Taipei City Government’s Department of Culture Affairs, in which she declared a property in Taoyuan City, and NT$23 million of joint bank savings owned by her and her German former husband, but no overseas negotiable securities.

Meanwhile, former minister of the Council for Cultural Affairs Ovid Tzeng (曾志朗), now a researcher at Academia Sinica, owns four properties, one in Taipei’s Xinyi District (信義), one in New York State and two in Southern California, according to his latest asset declaration.

Tzeng has bank savings of NT$92 million in both New Taiwan dollars and US dollars and NT$1.4 million worth of negotiable securities. He does not have a home loan.

Minister of Finance Chang Sheng-ford (張盛和) declared NT$22 million in savings and two properties, one in Taipei’s Shilin District (士林) and Hsinchu County’s Beipu Township (北埔).

National Youth Commission Minister Chen Yi-chen (陳以真) reported three properties — one each in Chiayi County’s Minsyong Township (民雄), Yunlin County’s Gukeng Township (古坑) and Taipei’s Neihu District (內湖) — NT$5 million worth of stocks and a home loan of NT$1.45 million.

Chen did not list any bank savings.