Shin Kong set to relinquish Nvidia HQ land rights by Friday: Taipei

Taipei, Nov. 10 (CNA) Shin Kong Life Insurance is set to complete the return to Taipei of a plot of city-owned land eyed by U.S.-based semiconductor designer Nvidia Corp. for its Taiwan headquarters on Friday, Deputy Mayor Lee Shu-chuan (李四川) said Monday.

The city and the insurer have been at odds over the plot in the Beitou Shilin Tech Park ever since Nvidia CEO Jensen Huang (黃仁勳) announced in May that the company had chosen the site for its Taiwan headquarters.

However, Lee told a news conference that a mutual termination agreement, which includes a fee of about NT$4.43 billion (US$142.85 million) payable to Shin Kong Life, has been completed.

If city lawmakers approve the terms of the deal at a weekly meeting Wednesday, the land transfer is expected to be ratified by Shin Kong Life at a special board meeting on Thursday, Lee said.

This would allow the city government and the insurer to sign the final contract on Friday, he added.

The fee payable to Shin Kong Life, reviewed by two accountants, is slightly lower than the NT$4.47 billion proposed by the insurer on Nov. 5.

Responding to media questions about whether the accountants believed Shin Kong Life had overestimated their costs, Lee said he did not know about the details of the review, having left it to the accountants' professional judgment.

Lee said that relevant procedures, including the investment plan and architectural designs, are currently underway, with Nvidia officials scheduled to arrive in Taipei next week for discussions.

He expressed optimism that the city could sign the contract with Nvidia by the Lunar New Year holidays and break ground by June 2, 2026, when Huang is expected to visit Taiwan.

Shin Kong Life obtained the surface rights to the as-yet-undeveloped Nvidia plot in 2021 after winning a public tender, but has yet to begin development.

On Oct. 22, Shin Kong Life announced its willingness to terminate the land contract, contingent on reimbursement for costs already incurred.