Hua Nan Asset Management Co (華南金資產管理) has begun breaking ground for an urban renewal project in Taipei, while some peers are slowing down construction amid soaring building material and labor costs.
The project, in Taipei’s Wanhua District (萬華), has 13 floors above ground and three basement floors, and is scheduled to be completed in 2025, the asset management arm of state-run Hua Nan Financial Holding Co (華南金控) said on Wednesday.
Labor shortages and building material price hikes have compelled developers to postpone construction amid interest rate hikes and selective credit controls that deepen a cautious sentiment.
The Hua Nan project has sold 90