It seems that Taiwan real estate market may be bucking the global trend with some very positive activity taking place. Property shares are on the up in Taiwan as new hope that the Taiwanese relaxation of its property laws could trigger more investments in the sector.
The main TAIEX share index had risen 61.65 points to 5,843.61 around an hour into trade, hitting its strongest intraday level since Oct. 1 and extending a 6 percent gain over the previous two sessions. Shares of Cathay Real Estate Development rose 2.7 percent and rival Farglory rose 3.91 percent.
‘Construction shares have dropped a lot since last year, and with the help of positive news, these shares could yield pretty good profits for now,’ said Wang Kao-hsiung, a vice president of
KGI Securities.
Other development in the Taiwan property market saw Shin Kong Life successfully sell a commercial building and its land in Taipei City for NT$11.6 billion yesterday.
Real estate developers indicate that the deal is a positive development for an accelerated recovery of Taiwan’s property sector.
ING Antai Life Insurance Co. of the Fubon Financial Holding Group acquired the property in the prime area of the Xinyi Commercial District. The transaction price of NT$11.6 billion was about 16 percent above the NT$10 billion floor bid price.
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