The government will join the private sector in establishing a joint-venture company to speed up the pace of urban rejuvenation, a spokesman for the Cabinet's top economic planning agency said yesterday.
Competitive salaries will be offered to attract competent professionals to work for the new company, the Council for Economic Planning and Development (CEPD) spokesman said.
The spokesman said the council had been working to quicken the pace of land redevelopment in old urban communities across the country, but problems in land acquisition stemming from illegal constructions and occupancy had increased cost and scheduling risks and costs, turning off most private investors from the projects.
Saying that urban renewal is a complicated process that cannot be completed solely by government agencies or nonprofit organizations, the spokesman said that the council has decided to collaborate with the private sector to set up an urban rejuvenation company that will begin operating on April 21.
According to a CEPD blueprint, the National Development Fund under the Executive Yuan will invest a maximum of NT$2.4 billion (US$75 million) for a 40 percent share in the company, and state-run financial institutions will hold a 9 percent stake, investing a maximum of NT$540 million, the spokesman said.
The remaining 51 percent will be held by private companies, which will invest a maximum of NT$3.06 billion, the spokesman said.
He added that total investment in the joint-venture company would be set at NT$6 billion, with the paid-in capital to be set at NT$3 billion when the company is established.
Many cities around the country have old buildings that are often crowded together in densely populated areas. Some of the buildings were quickly built after 1949 to accommodate the influx of hundreds of thousands of refugees fleeing China.
The newly formed company is designed to assist government agencies, state-run institutions and private companies to carry out urban renewal as well as help select and manage urban renewal business operators dedicated to implementing community regeneration.
The company will also invest or provide funds to various urban renewal companies to spur development in the construction and related businesses, the spokesman said.
He said the company would offer high pay to lure professionals specializing in urban renewal, urban planning, land development, financial planning, investment assessment, legal affairs and project management.
According to the initial plan, the company's president is expected to receive an annual salary of NT$3 million to NT$4 million. General managers would get NT$2.5 million to NT$3.5 million, while deputy general managers would be offered NT$1.5 million to NT$2.5 million.
Meanwhile, department heads would receive NT$1 million to NT$1.4 million. An annual salary ranging from NT$800,000 to NT$1.2 million would also be offered to staffers, the spokesman said.
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort
RSS