Shin Kong Life Insurance Co., Ltd. completed the acquisition of land at Zhongzheng District, Taipei City and the whole building of No.8, Xiangyang Road from Well Glory Development Co., Ltd..
December 31, 2012 at 09:30 am IST
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Shin Kong Life Insurance Co., Ltd. won an auction to acquire land at Zhongzheng District, Taipei City and the whole building of No.8, Xiangyang Road from Well Glory Development Co., Ltd. (GTSM:5529) for TWD 1.6 billion on November 13, 2012. As per the terms of the deal, the first payment consists of 10% of the purchase price including TWD 150 million as security deposit; the second payment and the third payment each consists of 10% of the purchase price and the fourth payment consists of 70% of the purchase price. Real Estate Planning Committee was the decision making authority for the deal. The Directors of Shin Kong Financial Holding Co., Ltd. (TSEC:2888), parent of Shin Kong Life Insurance don't have any objection to the deal. Top Real Estate Joint Appraisers Firm and REPro International Real Estate Appraisers Firm acted as professional appraisal institution.
Shin Kong Life Insurance Co., Ltd. completed the acquisition of land at Zhongzheng District, Taipei City and the whole building of No.8, Xiangyang Road from Well Glory Development Co., Ltd. (GTSM:5529) in the quarter ending December 31, 2012.
MEGA International Development Co Ltd, formerly Well-Glory Development Co Ltd, is engaged in the development, distribution and leasing of residential buildings, as well as commercial buildings. The Company provides villas, mansions, commercial buildings and congregate housing. The Company's real estate projects are constructed by construction contractors. The Company mainly provides its products and services in Taiwan.
Shin Kong Life Insurance Co., Ltd. completed the acquisition of land at Zhongzheng District, Taipei City and the whole building of No.8, Xiangyang Road from Well Glory Development Co., Ltd..