Cathay Life Insurance Co (國泰人壽) yesterday said it broke ground on its third logistics facility in Taichung’s Wuri District (烏日), which is part of the life insurer’s NT$30 billion (US$901.7 million) bid to tap the logistics business.
In 2014, Lin Yuan Group (霖園集團) purchased a 51 percent stake in Ally Logistic Property (永聯物流) via an investment subsidiary, aiming to introduce advanced logistic solutions to Taiwan. Cathay Financial Holding Co (國泰金控) is the group’s flagship company.
Ally Logistic Property plans to invest NT$30 billion to build a warehouse and storage facilities on land secured through public sector contracts by Cathay Life throughout the nation.
“Most corrugated metal-roofed warehouses in Taichung do not conform to fire safety and efficiency standards. Through the project, we hope to fill the demand for advanced logistics services that can be tailored for the needs of every client,” Ally Logistic Property chairman Charlie Chang (張建泰) said.
In addition, the conglomerate’s foray into logistics is to provide it with data and a testing ground for Cathay United Bank’s (國泰世華銀行) new logistics financing service, which is to allow companies to use warehoused inventory as collateral for loans.
The NT$3.1 billion logistics center adjacent to the Taiwan High Speed Rail Taichung Station in Wuri spans 36,355m2 and offers convenient access to major cities along the west coast within an hour’s travel time, the conglomerate said.
Cathay Life has secured the rights to use the land for 30 years, it said.
The facility is expected to provide logistical support to several of Taichung’s industries, including precision machinery, bicycles, medical technology, biotechnology and aerospace engineering, the conglomerate said, adding that it is expected to be completed in the third quarter of next year.
The company’s first logistics center in New Taipei City’s Ruifang District (瑞芳) began operations in 2014 and facilitates the sale of luxury goods and home appliances by cross-border e-commerce vendors. Its second facility in Taoyuan’s Dayuan District (大園) provides logistical support for sales of consumer goods and industrial materials.
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