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Updated Friday, November 13, 2009 10:40 am TWN, The China Post news staff

Wealthy Taiwanese eye luxury homes in the south

TAIPEI, Taiwan -- Thanks to exorbitant realty prices in Greater Taipei areas, luxury residences in southern Taiwan are attracting people from the north with cash to spare, data from a realty agency showed. According to the statistics by U-trust, people from Taipei and Taiwanese businessmen in mainland China are increasing willing to purchase luxury residences in Kaohsiung City, which offers much better choices for the same price compared to Taipei. Some of these high rollers are Kaohsiung locals who earned their fortunes in the north and are now planning to “return in glory by purchasing luxury residences in Kaohsiung with their hard-earned capital, U-Trust observed. The government's reduction of the inheritance tax to 10 percent last year also spurred a capital reinfusion to Taiwan.

On the other hand, local affluent residents prefer shopfronts, especially town house shops. A decent shopfront can be bought for NT$10 million to NT$30 million, U-Trust said, while a shopfront in a prime Kaohsiung location will cost around NT$40 million to NT$50 million. In comparison, NT$50 million will get a person very little in Taipei, U-trust declared.

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