In Q409, the Taiwanese economy was on the verge of emerging from recession, aided by growing trade with China amid improved relations between the two. Should these trends continue, the synergies between the two could provide a compelling case for investors including those in the real estate market. Gross domestic product contracted 1.29% in Q309 year-on-year (y-o-y), a pace of decline significantly lower than Q209 when the economy contracted 6.85%. Employers have begun hiring staff, with Taiwan's unemployment rate falling in October for the first time in more than a year. President Ma Ying-jeou's administration plans to spend TWD858.5bn (US$26.6bn) over four years on infrastructure, consumer grants and tax cuts to revive the economy. The central bank in September kept the benchmark interest rate unchanged at a record-low 1.25% to help the island recover from its first recession since 2001. The bank has cut rates by 2.125 percentage points since September 2008. The average price of housing under construction in Taipei City fell from TWD$599,000 per ping (3.305m2) last year before falling to TWD576,000 per ping during H109 due to the financial crisis. Evidence suggests prices have recovered in the third quarter, reaching a record-high of TWD$601,000 (US$18,674) per ping, according to a poll released by the local My Housing magazine. The office segment remains dogged by vacancy rates, however, and net absorption rates remain under pressure. According to Colliers, Taipei asking and effective rental rates fell slightly in Q309 to TWD$2,002 and NT$1,776/ping/month, respectively compared with the effective rentals of NT$1,778/ping/month in Q209. The investment market remains active, however, with lump sum amounts reaching TWD26.99bn in Q309, a 10.8% increase on Q209.

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Taiwan Real Estate Report Q1 2010
Published on December 2009
Report Summary
In Q409, the Taiwanese economy was on the verge of emerging from recession, aided by growing trade with China amid improved
relations between the two. Should these trends continue, the synergies between the two could provide a compelling case for investors
including those in the real estate market. Gross domestic product contracted 1.29% in Q309 year-on-year (y-o-y), a pace of decline
significantly lower than Q209 when the economy contracted 6.85%. Employers have begun hiring staff, with Taiwan's unemployment
rate falling in October for the first time in more than a year. President Ma Ying-jeou's administration plans to spend TWD858.5bn
(US$26.6bn) over four years on infrastructure, consumer grants and tax cuts to revive the economy. The central bank in September
kept the benchmark interest rate unchanged at a record-low 1.25% to help the island recover from its first recession since 2001. The
bank has cut rates by 2.125 percentage points since September 2008. The average price of housing under construction in Taipei City
fell from TWD$599,000 per ping (3.305m2) last year before falling to TWD576,000 per ping during H109 due to the financial crisis.
Evidence suggests prices have recovered in the third quarter, reaching a record-high of TWD$601,000 (US$18,674) per ping,
according to a poll released by the local My Housing magazine. The office segment remains dogged by vacancy rates, however, and
net absorption rates remain under pressure. According to Colliers, Taipei asking and effective rental rates fell slightly in Q309 to
TWD$2,002 and NT$1,776/ping/month, respectively compared with the effective rentals of NT$1,778/ping/month in Q209. The
investment market remains active, however, with lump sum amounts reaching TWD26.99bn in Q309, a 10.8% increase on Q209.
Table of Content
Executive Summary .....5
Key Features of This Report ...6
SWOT Analysis .7
Taiwan Real Estate/Construction SWOT ........ 7
Taiwan Economic SWOT .. 8
Taiwan Business Environment SWOT .. 9
Real Estate Market Overview 10
Key Projects ....12
Construction Overview ... 12
New and Ongoing Projects .... 14
Residential Construction . 14
Residential Construction . 14
Commercial Construction ...... 15
Commercial Construction ...... 15
Industrial Construction ... 16
Industrial Construction ... 16
Table: Taiwan ' Major Projects ' Construction .. 17
Real Estate Investment Trusts ' End 2009 ........18
Table: FTSE EPRA/NAREIT Global Real Estate Indices Total Returns (%, US dollar terms) ..... 18
North America ..... 19
Table: US REITs ' Total Returns (%, US dollar terms) ... 19
Taiwan Real Estate Report Q1 2010 Page 1/5

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Asia Pacific .......... 20
Europe ..... 21
Industry Finance Outlook .....24
International Financing ....... 24
Global Outlook .... 24
Table: Loan Growth, 2006-2013 (% Change y-o-y) ........ 24
Table: Loan-To-Deposit Ratios, 2006-2013 .. 26
Regional Outlooks ..... 27
Central and Eastern Europe .. 27
Latin America ...... 27
Emerging Asia ..... 27
Middle East .......... 28
Sub-Saharan Africa ......... 28
Domestic Financing ........ 29
Monetary Policy ... 29
Industry Forecast Scenario ...31
Table: Asia Pacific Housing Prices At A Glance (% Change y-o-y) ... 31
Taiwan Real Estate Forecast . 33
Table: Asia Pacific Office Rents, CBRE ....... 33
Table: Current And Forecast Office Rents, 2008-2014 (US$ Per Square Metre Per Month) ....... 34
Construction ........ 35
Table: Economic And Construction Data ..... 36
Taiwan Macroeconomic Forecast ...... 37
Table: Taiwan ' Economic Activity, 2007-2013 .. 39
Real Estate/Construction Business Environment Rating ...40
Table: Asia Real Estate/Construction Business Environment Ratings 40
Real Estate/Construction Business Environment Ratings 40
Taiwan's RECBER .......... 41
Project Finance Ratings: Outlook for Asia Pacific ... 43
Table: Design And Construction Rating ....... 46
Table: Commissioning And Operating Rating ..... 47
Table: Overall Project Finance Rating ......... 49
Business Environment ..... 50
Introduction ......... 50
Table: Business And Operational Risk Ratings .... 50
Latest Developments ....... 51
Table: Legal Framework Ratings ...... 52
Infrastructure ....... 55
Table: Labour Force Quality . 56
Market Orientation ......... 58
Table: Asia ' FDI Annual Inflows ..... 60
Table: Trade Ratings ...... 61
Table: Top Export Destinations ......... 62
Operational Risk .. 64
Company Monitor .......65
Kung Sing Engineering ... 65
BES Engineering Corporation 67
Farglory Land Development .. 69
Huang Hsiang Construction Corporation ..... 71
Cathay Real Estate Development Company Limited ........ 72
Taiwan Real Estate Report Q1 2010 Page 2/5

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Hung Poo Real Estate Development .. 74
Huaku Development ........ 75
BMI Methodology .......76
How We Generate Our Industry Forecasts ... 76
Construction Industry ..... 77
Bank Lending ....... 77
Real Estate/Construction Business Environment Rating .. 78
Table: Weighting Of Indicators ......... 79
Project Finance Ratings Indicators ... 81
Table: Design And Construction Phase ........ 81
Table: Commissioning And Operating Phase ' Commercial Construction .... 82
Table: Commissioning And Operating Phase ' Energy And Utilities . 83
Table: Commissioning And Operating Phase ' Transport .......... 85
Sources .... 86
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