The Ministry of the Interior announced yesterday that the nation would start registration of real-estate transaction prices on Aug. 1, a move the government views as a first step in enhancing transparency in the real-estate market.
The announcement came after the legislature passed amendments to three property laws — the Real Estate Broking Management Act (不動產經紀業管理條例), the Land Administration Agent Act (地政士法) and the Equalization of Land Rights Act (平均地權條例) — in December last year aiming to curb the nation’s runaway real-estate prices.
Beginning in August, land administration agents, real-estate buyers and real-estate brokers must register the value of property transactions within 30 days of closing a deal, the ministry said in a statement posted on its Web site.
If the parties involved fail to do so within the required 30 days, “land administration agents and real-estate brokers will be subject to a fine of between NT$30,000 and NT$150,000 (US$1,000 to US$5,000),” Radio Taiwan International (RTI) quoted Deputy Minister of the Interior Chien Tai-lang (簡太郎) as saying at a press conference.
“Real-estate buyers who fail to register transaction prices within 30 days, will be given a 15-day grace period” before facing a fine, Chien added.
After the registration of real-estate transaction prices, the ministry hopes the disclosure of information about real-estate transactions will begin to take place in October at the earliest, which will help promote transparency in the market, ease transaction disputes and expedite deal negotiations, according to Chien.
Department of Land Administration Director Hsiao Fu-tao (蕭輔導) pledged the administration would conduct inspections on a regular basis on more than 5 percent of all registrations every year, to help deter people from registering inaccurate transaction prices, RTI reported.
At this stage, registered property prices cannot be used as a basis for levying taxes until after enough price data have been collected, relevant laws have been revised and complementary measures put in place, according to real-estate brokers.
However, the registration of actual transaction prices would help the government move toward using market prices as a basis when adjusting its land-value assessments and compensation evaluations, the brokers said.
Separately, the Ministry of Finance yesterday announced details of 12 land development projects set to be open for bidding in the near future.
Their total market prices are expected to reach NT$5.08 billion (US$169.58 million).
The winning bidders of the 12 projects will be able to develop the land by granting “superficies” rights, the ministry’s National Property Administration said in a press release.
Two of these projects are located in Taipei City and five in New Taipei City (新北市). The other properties are located throughout the nation.
The base prices for the superficies right of these pieces of land would be set at between 30 percent and 50 percent of their market prices to attract more bidders, the release said.
The bidding for the two projects in Taipei City will open on July 31, with both projects for residential use, the administration said.
Additional reporting by Amy Su
Netherlands-based semiconductor equipment supplier ASML Holding NV yesterday said that it is planning to hire an additional 1,000 people in Taiwan this year in response to growing demand from clients. ASML had previously planned to recruit 600 people this year, but that the plan has been adjusted upward, ASML vice president and ASML Taiwan general manager Grace Wang (汪佳慧) told reporters. ASML has a workforce of more than 4,500 in Taiwan, accounting for about 10 percent of its global total, Wang said. This year’s recruitment campaign would focus on adding people in the customer support, manufacturing and supply chain domains to assist ASML
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
Nvidia Corp yesterday announced that CEO Jensen Huang (黃仁勳) would attend an employee meeting in Taipei tomorrow to celebrate the launch of the company’s Taiwan headquarters project. Huang would attend a gathering at the site of Nvidia’s planned headquarters in Beitou Shilin Technology Park (北投士林科技園區), the company said in a statement. After arriving in Taiwan on Saturday last week, Huang told reporters that he plans to meet with Quanta Computer Inc (廣達) chairman Barry Lam (林百里) and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman C.C. Wei (魏哲家), and would attend the groundbreaking ceremony for Nvidia’s Taiwan headquarters tomorrow. Nvidia has not yet applied
Huawei Technologies Co (華為) said it has come up with a new pathway to shorten its gap with industry leader Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), potentially achieving a breakthrough in making advanced semiconductors without cutting-edge equipment. Right now there is about a five-year gap between what TSMC is capable of and what Huawei, together with its manufacturing partner Semiconductor Manufacturing International Corp (中芯), can produce. Huawei is to start making 1.4-nanometer chips by 2031 with its own “LogicFolding” technology, Huawei semiconductor chief He Tingbo (何庭波) said in a rare public appearance during a chip conference yesterday, while TSMC has
RSS