Hua Nan would develop its property holdings and expand its exposure in the lucrative, but highly competitive, wealth management business, president Lee Cheng-yi told investors.

The current market value of its real estate portfolio is about NT$60 billion (US$2.0 billion), doubling its book value of NT$28.8 billion, Hua Nan said.

Taiwan’s commercial property prices are expected to rise on closer Taiwan-China ties under the island’s new president Ma Ying-jeou.

Last month, the insurance unit of Shin Kong Financial said it planned to raise the ratio of its portfolio in the local real estate sector.

On Monday, shares of Hua Nan ended 1.33 percent lower, roughly in line with the 1.44 percent slide of the broader market.

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