The Taipei City Government has completed a deal to terminate a land use contract with Shin Kong Life Insurance, clearing the way for artificial intelligence (AI) chip designer Nvidia Corp to build its Taiwan headquarters in the city, Mayor Chiang Wan-an (蔣萬安) said yesterday.
“Today, I want to formally announce that we have completed the contract termination, meaning that the rights to plots T17 and T18 [in the Beitou Shilin Technology Park] have returned to the city government,” Chiang said.
“Moving forward, we will quickly enter into talks with Nvidia. We expect to sign a contract with Nvidia before the Lunar New Year [in February], allowing construction to begin by the middle of next year,” he said.
Photo courtesy of the Taipei City Government
Chiang’s announcement ended months of negotiations between the city government and Shin Kong Life over the land rights, which began in June when Nvidia confirmed it was seeking the site for its Taiwan headquarters.
Shin Kong Life obtained the land’s surface rights in 2021 after winning a public tender, but had yet to begin development of the two lots.
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 argued 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, on Oct. 22, Shin Kong Life announced its willingness to terminate the contract, contingent on reimbursement for costs already incurred. It later proposed a termination fee of NT$4.47 billion (US$142.14 million).
On Nov. 12, the Taipei City Council approved its review of the agreement with a revised fee of NT$4.43 billion, which Shin Kong Life’s board of directors approved on Friday.
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