Taiwan’s financial and life insurance companies raised stakes in commercial properties by NT$25.6 billion (US$923.92 million) in the first eight months of this year, aiming to generate rental incomes and long-term benefits from urban renewal, Sinyi Global Management Co (信義全球資產) said yesterday.
The volume is the second-highest in the past five years and already surpassed the full-year levels of 2018 and 2019, prior to the COVID-19 pandemic, it said.
“The figures suggest strong real-estate investment demand from local financial institutes and life insurers — companies that generally have excessive liquidity,” Sinyi Global general manager James Ko (柯宏安) said in a report.
That would lend support to the nation’s commercial property market for the rest of this year, when the supply of land and superficies rights are expected to decline, Ko added.
Financial institutes and life insurers in the past few years competed for land and superficies rights in prime locations, aiming to develop mixed-use complexes that can generate regular rental incomes.
A lack of investment options directed funds to office buildings and industrial properties, Ko said.
Taipei accounted for NT$15.6 billion, or 60 percent, of overall deals in the first eight month, led by the purchase of China Development Financial Holding Corp’s (中華開發金控) headquarters by Shin Kong Life Insurance Co (新光人壽) for NT$9.29 billion, the report said.
Shin Kong Life is eyeing urban renewal potential for the old building and meanwhile uses it as office space, Ko said.
Mercuries Life Insurance Co (三商美邦人壽) acquired a new office building constructed by Huaku Development Co (華固建設) in Taipei’s Neihu District (內湖) for NT$3.4 billion that is set to become the life insurer’s new headquarters, it said.
The asset management arm of CTBC Financial Holding Co (中信金控) bought Kuo Rui Group’s (國瑞集團) headquarters in Neihu for NT$2.21 billion.
Besides Taipei, Hsinchu city and county have won growing attention from property investment funds, thanks to improving infrastructure and Taiwan’s leadership position in the global technology industry. The shifts have significantly boosted property value and rent rates in the area.
China Life Insurance Co (中國人壽) bought partial floors of an office building in the city for NT$8 billion, and Shin Kong Life acquired another office building, Riant Plaza (萊恩廣場), for NT$5.64 billion, it said.
Ko said he expects Hsinchu to further gain popularity as a real-estate investment location.
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