Farglory Group (遠雄集團), owner of the nation’s biggest developer, said its offshore operations would account for more than half of its sales within a decade as it expands and plans to list an overseas real-estate joint venture by 2015.
The company operates in countries including the US, Abu Dhabi and China, where it is developing properties with Shanghai-based Shimao Property Holdings Ltd (世茂房地產控股) and Hong Kong’s Henderson Land -Development Co (恒基兆業地產). The joint venture, called Straits Construction Investment (Holdings) Ltd (海峽建設投資有限公司), could go public in Hong Kong, Farglory chairman Chao Teng--Hsiung (趙藤雄) said.
Farglory, which said all of its more than 600 real-estate projects in the past four decades were profitable, is aiming to tap its local experience to expand revenue sources beyond Taiwan. Its overseas projects are expected to make up 10 percent of sales this year, he said.
“The group will expand offshore in stages to increase -competitiveness on the global front,” Chao said in Taipei on Thursday. “Our experience in Taiwan and demand from clients encouraged us to expand our business scope to the mainland, the US, France and Abu Dhabi.”
Shares in Farglory Land Development Co (遠雄建設), the unit that is the nation’s biggest publicly traded developer, jumped 2.4 percent to NT$52.30 at the close of trading yesterday, the highest since Sept. 22. Farglory Free Trade Zone Investment Holding Co (遠雄自貿港投資控股), an air cargo and warehouse unit, surged 1.6 percent. The benchmark TAIEX gained 1.9 percent.
Farglory Land owns 27 percent of Straits Construction, which plans to start building residential and commercial real estate in China next month in Nanjing Hexi New Town in Jiangsu Province and Fuzhou Pingtan Integrated Pilot Area in Fujian Province.
The two projects could boost Farglory Land’s earnings by NT$10 to NT$15 per share, Regina Lee (李佳桂), a Jih Sun Securities Investment Consulting Co (日盛投顧) analyst, said by telephone on Thursday.
Farglory Group, with NT$300 billion (US$9.99 billion) in property assets in Taiwan, including investments in the financial, logistics and leisure industries, also plans to list Farglory Life Insurance Co (遠雄人壽), Far Glory Hotel Co (遠雄悅來飯店) and a property company that invests in China within five years.
Taiwan’s technology protection rules prohibits Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) from producing 2-nanometer chips abroad, so the company must keep its most cutting-edge technology at home, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the remarks in response to concerns that TSMC might be forced to produce advanced 2-nanometer chips at its fabs in Arizona ahead of schedule after former US president Donald Trump was re-elected as the next US president on Tuesday. “Since Taiwan has related regulations to protect its own technologies, TSMC cannot produce 2-nanometer chips overseas currently,” Kuo said at a meeting of the legislature’s
TECH WAR CONTINUES: The suspension of TSMC AI chips and GPUs would be a heavy blow to China’s chip designers and would affect its competitive edge Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, is reportedly to halt supply of artificial intelligence (AI) chips and graphics processing units (GPUs) made on 7-nanometer or more advanced process technologies from next week in order to comply with US Department of Commerce rules. TSMC has sent e-mails to its Chinese AI customers, informing them about the suspension starting on Monday, Chinese online news outlet Ijiwei.com (愛集微) reported yesterday. The US Department of Commerce has not formally unveiled further semiconductor measures against China yet. “TSMC does not comment on market rumors. TSMC is a law-abiding company and we are
FLEXIBLE: Taiwan can develop its own ground station equipment, and has highly competitive manufacturers and suppliers with diversified production, the MOEA said The Ministry of Economic Affairs (MOEA) yesterday disputed reports that suppliers to US-based Space Exploration Technologies Corp (SpaceX) had been asked to move production out of Taiwan. Reuters had reported on Tuesday last week that Elon Musk-owned SpaceX had asked their manufacturers to produce outside of Taiwan given geopolitical risks and that at least one Taiwanese supplier had been pushed to relocate production to Vietnam. SpaceX’s requests place a renewed focus on the contentious relationship Musk has had with Taiwan, especially after he said last year that Taiwan is an “integral part” of China, sparking sharp criticism from Taiwanese authorities. The ministry said
US President Joe Biden’s administration is racing to complete CHIPS and Science Act agreements with companies such as Intel Corp and Samsung Electronics Co, aiming to shore up one of its signature initiatives before US president-elect Donald Trump enters the White House. The US Department of Commerce has allocated more than 90 percent of the US$39 billion in grants under the act, a landmark law enacted in 2022 designed to rebuild the domestic chip industry. However, the agency has only announced one binding agreement so far. The next two months would prove critical for more than 20 companies still in the process
RSS