SHIN KONG’S CHINESE JV ‘TO BE OPERATIONAL BY OCTOBER’

An insurance joint venture between Taipei-based Shin Kong Life Insurance Company and China’s Hainan Airlines is expected to be operational by September or October. Shin Kong Life president Pan Po-cheng, in the Chinese capital this week for a meeting of the new firm, said the launch would give the company a foothold in the country’s huge insurance market. Meanwhile next Thursday in the Taiwanese capital Taipei, Shin Kong is due to auction off a 3,901 sq metre piece of residential land.  It hopes to receive at least T$4.2bn for the plot, netting it at least a 32% profit compared to what it paid the Taiwanese government for the land two years ago. Shin Kong has said it intends to use the proceeds of the sale to buy office buildings and factory complexes in Neihu district to bolster its investments.