Taipei Deputy Mayor Lee Shu-chuan (李四川) yesterday said the city government is set to terminate a land use contract with Shin Kong Life Insurance on Friday, clearing the way for artificial intelligence chip designer Nvidia Corp to build its Taiwan headquarters in the city’s Beitou District (北投).
Lee said a termination fee has been reviewed by accountants from the city government and Shin Kong Life.
The city government would submit the proposed fee and documents to the Taipei City Council tomorrow, with the aim of securing approval during the session on Wednesday.
Photo: CNA
Lee last week said Shin Kong Life proposed a payment of NT$4.47 billion (US$144 million) for the termination of the land use in the Beitou-Shilin Technology Park, describing the price as “reasonable” compared with the city’s estimate.
The city government has sent a draft termination agreement to Shin Kong Life’s lawyers for review, and the insurer is expected to hold a special board meeting on Thursday or Friday to discuss the matter.
Both sides are expected to sign the agreement by Friday, Lee said.
After the termination, the city government on Nov. 17 would begin procedures to transfer the land rights to officially reclaim the site, Lee added.
The city government and Shin Kong Life have been at odds over the plot in the Beitou technology park since Nvidia CEO Jensen Huang (黃仁勳) in May announced that the company had selected it for its Taiwan headquarters.
Shin Kong Life in 2021 obtained rights to the land after winning a public tender. However, it has yet to begin development.
The city government objected to allowing the insurer to directly transfer the rights to Nvidia, citing concerns about potential profiteering, and requested a mutual contract termination.
The insurer initially said that ending the contract could be seen as a breach of trust by its board, because it would harm the company’s long-term interests.
However, Shin Kong Life on Oct. 22 announced its willingness to terminate the contract, contingent on reimbursement for costs already incurred.
When Huang arrived in Taipei on Friday, he said he hoped the land issue could be resolved smoothly, so Nvidia could construct “a beautiful building” in Taipei.
Lee said he aims to sign a new land use contract with Nvidia early next year once the company submits its investment plan.
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