Continental Holdings Corp (CHC, 欣陸投控) yesterday said it would consider selling its stakes in four hotels in Taiwan and abroad, but would not accept low-ball offers when offloading investments.
The Taipei-based conglomerate owns the site of the newly launched Humble Boutique Hotel (寒居酒店) in Taipei’s Zhongshan District (中山) and 55 percent stakes in both the Capri by Fraser2 in Kuala Lumpur and the upcoming Line Hotel in San Francisco. It also controls a 35 percent stake in Hotel Nikko Kaohsiung, which is to open next year.
CHC would consider selling the four properties, whose value could bring the company NT$22 billion (US$745.13 million), CHC chief executive officer Cindy Chang (張方欣) told an online investors’ conference.
Photo: CNA
The group would negotiate with serious buyers, but is unwilling to consider unfair evaluations, she said, adding that CHC is ready to pursue stable rental incomes over the long term.
The COVID-19 pandemic has wreaked havoc on hotel operations worldwide, but the company reported that net income last quarter increased more than twofold to NT$1.24 billion, or earnings per share of NT$1.5.
Revenue in the first quarter rose 57.8 percent to NT$10.02 billion year-on-year with contributions from all three subsidiaries: Continental Engineering Corp (大陸工程), Continental Development Corp (CDC, 大陸建設) and HDEC Corp (欣達環工), CHC said in a statement.
CDC, the property development arm, contributed more than 60 percent of the group’s total earnings, thanks to sales of luxury housing in Taipei’s Xinyi District (信義), it said.
In the second half of the year, CDC is expected to post a profit of NT$2.84 billion from new housing units in New Taipei City’s Sindian District (新店), it said, adding that the newly opened Humble Boutique Hotel would also begin to contribute rental income.
Government measures aimed at curbing property speculation might postpone transactions in the short term, as prospective buyers might need more time to assimilate the changes, Chang said.
However, people in need of housing would press ahead with purchases after calm returns to the market, Chang said, adding that CDC’s projects are aimed at buyers with real demand.
Next year, CDC is expected to post a profit of NT$2.39 billion from new housing in Taipei’s Shilin District (士林) and NT$2.23 billion from projects in Zhongshan District, she said.
A residential complex in Kaohsiung might generate NT$3.51 billion in sales, Chang said.
MORE THAN BUZZ: The chip designer said it has received numerous orders from automakers to supply 5G modem chips, as it works to expand beyond smartphones MediaTek Inc (聯發科) yesterday said it would ship the first 5G chips for vehicles to customers in the Asia-Pacific region by the end of the year, as it moves to expand the reach of its 5G chips beyond smartphones. The Hsinchu-based chip designer said it has been developing 5G chips for connected vehicles over the past few years, targeting applications such as telematics and in-vehicle information systems. “We are seeing demand for 5G technology from numerous makers of connected cars, including electric vehicle makers. We have obtained numerous orders from automakers to supply 5G modem chips with highly integrated features,” J.C. Hsu
INVENTORY DOUBLED: Key parts have backed up in warehouses, halting notebook production, as Acer’s CEO said that a gradual reopening would not solve the problem PC vendor Acer Inc (宏碁) yesterday said that lockdowns in China to control COVID-19 upended key component supply and disrupted PC production, although chip shortages have been improving. While chip supply constraints largely eased in the first quarter, the company faces uneven supplies of key components due to COVID-19 restrictions in China, Acer chairman and CEO Jason Chen (陳俊聖) told an online news conference. “Semiconductor shortage was the biggest problem in the first half of last year,” Chen said. “Now, we are beset by a supply chain issue caused by China's lockdowns.” With key components unable to be delivered and backing up in
Qualcomm Inc yesterday said it would maintain its supply chain strategy of sourcing chips from multiple foundry partners, including advanced chips from two major suppliers, to ensure a sufficient chip supply amid the COVID-19 pandemic. Qualcomm is reportedly working with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Samsung Electronics Co on advanced products, such as 4-nanometer chips, for its new flagship 5G chips, the Snapdragon 8+ Gen 1 series. Qualcomm is sourcing chips made by mature technologies from several foundry partners, the company said. Alex Katouzian, general manager of Qualcomm Technologies Inc’s mobile, compute and XR business, told a virtual media briefing that
Covestro Taiwan Ltd (台灣科思創) yesterday launched a new research and development center that is to specialize in resin synthesis and fiberoptic coating after its parent company, Covestro AG, acquired a resins business from Royal DSM, it said. The German company in September 2020 agreed to buy the resins and functional materials business from Royal DSM for about 1.61 billion euros (US$1.69 billion), corporate data showed. The Dutch company’s local units, such as Covestro Resins (ROA) Ltd (帝昇) and Covestro Resins (Taiwan) Ltd (新力美), are next month to be integrated into Covestro Taiwan Ltd, with their employees continuing resins development, Covestro Taiwan said. The
RSS