SHIN KONG SELLS LAND TO RECOUP SUB-PRIME LOSSES

The parent company of Taiwan’s second largest life insurer is selling land in Taipei to recoup some of its sub-prime related losses. Shin Kong Financial expects to record a T$3.24bn boost from the sale of two pieces of “prime land” in the Taiwanese capital, its president Victor Hsu told investors. He added the group also expected a T$3bn boost from cash dividends on its stock investments. The combined T$6.24bn would be recorded in the third quarter, Hsu said. Between January and July, Shin Kong suffered a T$11.88bn net loss.