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June 24, 2017

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Gov't moves to repurchase idle land lots in Taipei

TAIPEI, Taiwan -- In an effort to prevent local business conglomerates from hoarding land lots for price manipulations, the National Property Administration (NPA) under the Ministry of Finance has kicked off a mechanism to repurchase land lots in the greater Taipei area that have remained idle for two to three years after they're sold via public biddings, at the original bidding prices offered by the winning bidders, NPA officials said yesterday.

NPA officials said that the government has suspended auction sales of state-owned, non-public-use land lots in Taipei City, and therefore the repurchase mechanism will be applied to state-owned land plots in Taipei County that are not for public use and size over 100 pings and under 500 pings.

The officials said that those who win the bid to purchase land lots that are located in the urban planning zone of the Taipei County and size over 100 pings are required to start development of the lots within two years after the open bidding, or the land lots will be repurchased by the National Property Administration at the original bidding prices offered by winning bidders.

Those who purchase state-owned land lots in the urban planning areas through negotiations with government units are required to develop the lots within three years after the procurement, or see their land plots re-purchased by the government at original buying prices, according to NPA officials.

The officials continued that the bureau will install a "repurchase article" on the future instructions on opening biddings for state-owned land plots, and will stipulate that the mortgage loans for the land lots purchased won't be allowed to exceed the original transaction prices for the properties.

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