By Chinmei Sung
Aug. 23 (Bloomberg) -- Cathay Life Insurance Co., Taiwan's biggest life insurer, bought a building in Neihu Technology Park in Taipei for NT$3 billion ($96 million), its second property investment in the island's capital this year.
Cathay Life paid NT$410,000 per ping for the headquarters of Taiwan's Gala Television Corp., the Taipei-based insurer said in a stock exchange filing through parent Cathay Financial Holding Co., Taiwan's biggest financial services company by market value, yesterday.
The value per ping was a record for the Neihu district, the Economic Daily News reported today. A ping, the standard area measure for real estate in Taiwan, equals 3.3 square meters, or about 36 square feet.
Cathay Life won a tender for 2,629 square meters of land in Taipei's downtown with a NT$2.39 billion bid last month.
To contact the reporter on this story: Chinmei Sung in Taipei at csung4@bloomberg.net.
Sunday, August 24, 2008
Cathay Life Buys Taipei Building From Gala TV for $96 Million
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