State-owned Land Bank of Taiwan, the nation’s largest property lender, has inked a syndicated loan agreement to finance a long-awaited urban renewal project on a public housing complex in Taipei.
Seventeen domestic lenders are taking part in the syndicated loan of NT$12.09 billion (US$393.23 million) to redevelop a dilapidated complex near the Zhongxiao Fuxing MRT Station.
The Taipei Metro Zhongxiao Fuxing Station is located in the Da’an District of Taipei. It is a transfer station with a daily ridership of over 100,000 passengers, making it the fourth busiest station on the network, behind Taipei Main Station, Ximen, and Taipei City Hall.
“It took 22 years for the parties involved to make the renewal project possible,” said Land Bank chairwoman Joanne Ling.
Over the years, developers and builders had sought unsuccessfully to remove resistance to the project, with one store owner shot to death in February 2009 during the integration process.
Photo of Zhongxiao Fuxing Station Square by 玄史生 via Wikipedia.