Shin Kong Life breaks ground amid impasse over Nvidia HQ land rights

Taipei, Oct. 16 (CNA) Shin Kong Life Insurance Co. held a groundbreaking ceremony Thursday on Taipei plots selected by U.S. chipmaker Nvidia Corp. for its overseas headquarters.

The event drew significant attention, particularly as the city government has been trying to persuade Shin Kong Life to accept compensation and relinquish its surface rights to the plots, allowing the government to sign a new agreement directly with Nvidia.

The insurer won the bid for surface rights to the 3.89-hectare T17 and T18 plots in Beitou Shilin Technology Park in 2021 and plans to build an eco-friendly office complex for technology and commercial use.

Both the city government and Nvidia want Shin Kong Life to terminate the contract, but they have yet to agree on the amount of compensation.

On Thursday, Welch Lin (林俊維), president and spokesperson of TS Financial Holding Co., Shin Kong Life's parent company, declined to discuss compensation, saying the ceremony was held on an auspicious date under the lunar calendar and was "not a provocative move."

He said the company had followed all regulations and had not delayed construction, as alleged by Taipei Deputy Mayor Lee Shu-chuan (李四川), explaining that it received the miscellaneous structures permit only on Oct. 9.

"From the very beginning, Shin Kong Life never intended to get a penny from the Taipei City government or its taxpayers," Lin said, adding that the compensation issue was between Shin Kong Life and Nvidia.

During a visit to Tainan on Thursday, Taipei Mayor Chiang Wan-an (蔣萬安) said Nvidia hopes to obtain the plots' surface rights once the city and Shin Kong Life agree to end the current contract.

Chiang added that the city has identified alternative sites to keep the Silicon Valley company's Taiwan headquarters in Taipei.

Meanwhile, the Taipei City Construction Management Office confirmed Shin Kong Life received the miscellaneous structures permit on Oct. 9, saying the company must apply for construction within six months but has not yet done so.

The ceremony did not violate any regulations, the office said, as it did not involve actual construction work such as excavation for foundations, basements or diaphragm walls.