Delpha Construction Co (
The property developer defaulted on NT$327 million in bonds, blaming the nation's decade-old recession in the property market and lackluster demand for about NT$10 billion worth of office properties it developed.
"The lingering property market recession has finally exhausted our finances," Delpha spokesman Chen Chih-chen said.
"We are seeking government assistance for a second chance." Taiwan's property slump, the result of overzealous building that has resulted in about a million vacant homes, has forced many developers into default and left many creditors holding bad loans.
Property accounts for about 40 percent of all lending collateral in Taiwan. More than 11 percent, or NT$1.66 trillion, of bank loans were non-performing or in trouble as of September.
Shin Kong Life Insurance Co (
Under Taiwan regulations, financially troubled companies can seek Ministry of Finance permission to roll over debt. If the government agrees, lenders who extend debt repayment don't have to show the loans as non-performing on their balance sheets.
Shares in Delpha fell by about half in the past 12 months, compared with a 6 percent decline in the nation's key TAIEX.
‘FORM OF PROTEST’: The German Institute Taipei said it was ‘shocked’ to see Nazi symbolism used in connection with political aims as it condemned the incident Sung Chien-liang (宋建樑), who led efforts to recall Democratic Progressive Party (DPP) Legislator Lee Kun-cheng (李坤城), was released on bail of NT$80,000 yesterday amid an outcry over a Nazi armband he wore to questioning the night before. Sung arrived at the New Taipei City District Prosecutors’ Office for questioning in a recall petition forgery case on Tuesday night wearing a red armband bearing a swastika, carrying a copy of Adolf Hitler’s Mein Kampf and giving a Nazi salute. Sung left the building at 1:15am without the armband and apparently covering the book with a coat. This is a serious international scandal and Chinese
PERSONAL DATA: The implicated KMT members allegedly compiled their petitions by copying names from party lists without the consent of the people concerned Judicial authorities searched six locations yesterday and questioned six people, including one elderly Chinese Nationalist Party (KMT) member and five KMT Youth League associates, about alleged signature forgery and fraud relating to their recall efforts against two Democratic Progressive Party (DPP) legislators. After launching a probe into alleged signature forgery and related fraud in the KMT’s recall effort, prosecutors received a number of complaints, including about one petition that had 1,748 signatures of voters whose family members said they had already passed away, and also voters who said they did not approve the use of their name, Taipei Deputy Chief Prosecutor
UNDER ATTACK: Raymond Greene said there were 412 billion malicious threats in the Asia-Pacific region in the first half of 2023, with 55 percent targeting Taiwan Taiwan not only faces military intimidation from China, but is also on the front line of global cybersecurity threats, and it is taking action to counter those attacks, President William Lai (賴清德) said yesterday. Speaking at the opening of this year’s Cybersec Expo in Taipei, the president assured foreign diplomats and exhibitors that Taiwan remained committed to strengthening its defense against cyberattacks and enhancing the resilience of its digital infrastructure. Lai referenced a report from the National Security Bureau (NSB) indicating that the Government Service Network faced an average of 2.4 million intrusion attempts daily last year, more than double the figure
Retired US general Robert B. Abrams reportedly served as adviser to Chief of the General Staff Admiral Mei Chia-shu (梅家樹) during the Ministry of National Defense’s computer-simulated war games in the buildup to this year’s 41st annual Han Kuang military exercises, local media reported yesterday. For 14 days and 13 nights starting on April 5 and ending yesterday, the armed forces conducted the computer-simulated war games component of the Han Kuang exercises, utilizing the joint theater-level simulation system (JTLS). Using the JTLS, the exercise simulated a continuous 24-hour confrontation based on scenarios such as “gray zone” incursions and the Chinese People’s Liberation
RSS