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NT$25B in Taipei apartments held by Ting Hsin Wei family
Taiwan News, Staff Writer
2013-12-23 02:03 PM
More figures are emerging regarding the Wei family of the Ting Hsin Group and their use of re-shored capital to leverage the purchase of luxury apartments in Taiwan. In the most recent case the family was given the opportunity to buy nine apartments on Taipei’s cushy Ren-ai Road after repatriating capital from China under the terms of the "returning salmon” program initiated in 2008. It was revealed that in the latest arrangement the family was required to post only one percent of the total value of the nine apartments, with the bank putting up the rest of the capital required.

Several years back a separate Construction and Development Department was set up within Ting Hsin Group to push more aggressively into the real estate market in Taipei. Since then the group has put together packages that add up to nearly NT$25 billion for 16 large apartments, nine smaller layouts and a total of nearly twenty thousand ping (about 66,000m2) of land.

The sweetheart deal under which the family puts up only one percent of the value of a purchase in cash has so far netted the family a total of 14 luxury apartments in some of the swankiest neighborhoods of Taipei.

The largest single purchase by the group came in July 2010 when Wei Chuan borrowed NT$10.168 billion to acquire almost 16,000 ping (50,000m2) of land in Sanchong’s Xinyan District. As the sole bidder on the property Wei-chuan won the bid at a price NT$2.77 billion higher than the minimum, prompting observers of the market to speculate the deal had been won by a newcomer to the market who misjudged the real value of the property.

In September 2011 an auction brought the group back to prominence in the real estate market. as it wrested the China Bills Finance Building on Dunhua South Road in Taipei away from China Life and Fubon Life with a bid of NT$4.628 billion. The deal showed the group’s determination to branch out actively into the real estate market in Taiwan.

The group has continued buying up some of the priciest real estate in town, acquiring a total of at least 25 top-tier apartments in the coveted area of Ren-ai Road and Dunhua South Road on the eastern side of Taipei.

In addition, Ting Hsin Group's development arm recently completed the sale of the last units available in its Ting-ho Park development on Linyi Street near Xiniyi Road, an exclusive unit with only one apartment per floor in the building.

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