Shin Kong Financial Holding Co (
This, in addition to the stake held by Shin Kong Life Insurance Co (
Shin Kong Financial's first REIT consists of four properties -- the Shinkong Jasper Tienmu Building (52 percent of the portfolio), Tainan Shinkong Mitsukoshi Building (28 percent), Shinkong International Building (10.1 percent) and Taiwan Securities Building (9.9 percent).
Capital gains
REITs, which invest in properties such as offices, hotels and hospitals, pay out almost all the income they earn in dividends, making them attractive to investors seeking regular returns with the possibility of capital gains.
Taiwan Ratings Corp (
Target surpassed
Shin Kong Financial said although the profits gained from this REIT might not be booked into this year's accounts, the company's performance prospects remain rosy as its unaudited after-tax profit as of October had already achieved 101.4 percent of its whole-year target of NT$7.4 billion, the statement said.
In early October, the company acquired 100 percent of local lender Macoto Bank (誠泰銀行) and merged it with Shin Kong Commercial Bank (新光銀行), boosting the holding company's total number of banking branches to 108 nationwide.
To strengthen its banking unit's asset quality, Shin Kong Financial plans to set aside a reserve fund of between NT$800 million and NT$900 million to write off bad loans in hopes of lowering its non-performing loan ratio to below 2.5 percent and raising its bad loan coverage ratio to 40 percent next year.
This should not affect its full-year financial forecasts, the company said.
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