China Development Financial Holding Corp (
China Development spokeswoman Debbie Tung (
China Development, formed in December 2001, is one of the largest financial holding companies in the nation in terms of net worth. At the end of 2001, its total net worth stood at NT$134.5 billion (US$3.8 billion) and its total assets amounted to NT$201.4 billion (US$5.8 billion), according to statistics provided by the Taiwan Ratings Corp (
The government doesn't allow financial companies to set up branches in China, its political rival. Finibanco, part of Portuguese lender Finibanco SA, operates one office in Macau. There are 23 banks in Macau, according to the Monetary Authority of Macau's Web site.
"Macau is after all, part of China, and through this, China Development will be able to tap China's potential in the future," said Lin Kuan-ho, who helps manage NT$1.6 billion in equities at First Global Investment Trust Co (元大證券投信). Lin's funds don't own China Development shares. "In fact, everybody wishes to invest directly in the mainland banks, though Taiwanese banks have no choice but to seek alternatives."
China resumed sovereignty over Macau in 1999, though the territory will retain some autonomy for 50 years. It is located about 80km from Hong Kong.
China Development yesterday received a "BBB+" counterparty credit rating with a stable outlook from Standard & Poor's, two notches above the lowest investment grade. Its unit, China Development Industrial Bank (
BACK IN THE NEIGHBORHOOD: The planned transit by the ‘Baden-Wuerttemberg’ and the ‘Frankfurt am Main’ would be the German Navy’s first passage since 2002 Two German warships are set to pass through the Taiwan Strait in the middle of this month, becoming the first German naval vessels to do so in 22 years, Der Spiegel reported on Saturday. Reuters last month reported that the warships, the frigate Baden-Wuerttemberg and the replenishment ship Frankfurt am Main, were awaiting orders from Berlin to sail the Strait, prompting a rebuke to Germany from Beijing. Der Spiegel cited unspecified sources as saying Beijing would not be formally notified of the German ships’ passage to emphasize that Berlin views the trip as normal. The German Federal Ministry of Defense declined to comment. While
‘REGRETTABLE’: TPP lawmaker Vivian Huang said that ‘we will continue to support Chairman Ko and defend his innocence’ as he was transferred to a detention facility The Taipei District Court yesterday ruled that Taiwan People’s Party (TPP) Chairman Ko Wen-je (柯文哲) be detained and held incommunicado over alleged corruption dating to his time as mayor of Taipei. The ruling reversed a decision by the court on Monday morning that Ko be released without bail. After prosecutors on Wednesday appealed the Monday decision, the High Court said that Ko had potentially been “actively involved” in the alleged corruption and ordered the district court to hold a second detention hearing. Ko did not speak to reporters upon his arrival at the district court at about 9:10am yesterday to attend a procedural
The High Court yesterday overturned a Taipei District Court decision to release Taiwan People’s Party Chairman Ko Wen-je (柯文哲) and sent the case back to the lower court. The Taipei District Prosecutors’ Office on Saturday questioned Ko amid a probe into alleged corruption involving the Core Pacific City development project during his time as Taipei mayor. Core Pacific City, also known as Living Mall (京華城購物中心), was a shopping mall in Taipei’s Songshan District (松山) that has since been demolished. On Monday, the Taipei District Court granted a second motion by Ko’s attorney to release him without bail, a decision the prosecutors’ office appealed
The Executive Yuan yesterday warned against traveling to or doing business in China after reports that Beijing is recruiting Taiwanese to help conceal the use of forced Uighur labor. The government is aware that Taiwan-based influencers and businesses are being asked to make pro-Beijing content and offered incentives to invest in the region, Executive Yuan acting spokeswoman Julia Hsieh (謝子涵) told a news conference. Taiwanese are urged to be aware of the potential personal and reputational harm by visiting or operating businesses in China, Hsieh said, adding that agencies are fully apprised of the situation. A national security official said that former Mainland
RSS