International Business & Economy Taiwan rejects HK firm's skycraper bid over China 'security concerns'

Taiwan rejects HK firm’s skycraper bid over China ‘security concerns’

Author

Date

Category

- Advertisement -
Taiwan has vetoed a $2 billion bid by a Hong Kong-led consortium to build a twin skyscraper in Taipei citing national security concerns, arguing the company is too heavily influenced by mainland China.

Hong Kong-listed Nan Hai Corporation had successfully bid to build the “Taipei Twin Towers” along with Malaysian property developer Malton Berhad in a TW$ 60 billion deal that was billed as the city’s biggest construction project in years.

But on Wednesday Taiwan’s Ministry of Economic Affairs blocked the project citing Nan Hai’s links with China.

“Nan Hai’s close ties with China is a grave threat to (Taiwan’s) national security if it were allowed to develop,” Yang Shu-ling, spokesperson for the ministry Investment Commission, told AFP.

The commission noted that half of Nan Hai’s management and board of directors are Chinese nationals, adding it was concerned the company could be “influenced by mainland policies”.

- Advertisement -

The planned 76-storey site was particularly sensitive, Yang added, because it was located next to Taipei’s main station and metro systems.

“This involves the issue of national security because of its close proximity to greater Taipei’s important transportation hub for metro, high speed rail, railway trains and buses,” Yang added.

Taiwan retains huge business links with China but relations between the two governments have plummeted since the 2016 election of President Tsai Ing-wen who does not recognise Beijing’s “One China” policy.

Beijing has since cut off communication with her administration, ramped up military drills and poached some of Taiwan’s dwindling allies.

The island has been a self-ruled de facto nation in charge of its own affairs and borders for the last 70 years.

But Beijing maintains Taiwan is part of its territory and has never given up its threat to retake it, by force if necessary.

Tsai is seeking a second term at elections in January and is campaigning on a more Beijing sceptical ticket than her opponents who favour much warmer ties with the mainland.

Neither Nan Hai in Hong Kong, nor its Taiwan subsidiary, responded to requests for comment.

But Taipei mayor Ko Wen-je, an independent, warned on Thursday that the decision might put off foreign investors.

sc/jta/je

Taiwan | politics | investment | China | HongKong

Follow us on Social Media

Send in your scoops to news@theindependent.sg 

No tags for this post.
- Advertisement -

Praise for student who eats lunch discreetly out of respect for Muslim friends fasting

Singapore - A student has garnered praise for his sensitivity towards his Muslim friends fasting for Ramadan by eating his lunch discreetly. Syafiq Izwan Kassim, a teacher in Malaysia, took to Facebook on Wednesday (Apr 14) to share an experience with one...

Troubles not over: Leong Sze Hian ordered to pay another S$130,000 for legal costs, disbursements

Singapore— Blogger Leong Sze Hian celebrated a little too early when he thanked Singaporeans on Facebook on Apr 4 for contributing the S$133,000 he was ordered to pay by the High Court as damages to Prime Minister Lee Hsien Loong. His legal...

Girlfriend who gets sick daily tells boyfriend with appendicitis ‘not make pathetic looking face’ because she wants a strong man

Singapore -- A boyfriend took to social media to ask girls if they were against “guys who act pathetic”. In a post on popular Facebook confessions page NUSwhispers on Thursday (Apr 15), the boyfriend wrote about his girlfriend of six years. He wrote:...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

No tags for this post.
Theindependent