TAIPEI (TVBS News) — Nvidia selected Taipei sites for its new headquarters Monday (Nov. 10), with the city government settling a NT$4.43 billion (around US$143 million) contract termination fee with Shin Kong Life Insurance (新光人壽). Taipei Deputy Mayor Lee Shu-Chuan (李四川) confirmed the deal for T17 and T18 sites at Beitou Shilin Technology Park after third-party and accounting reviews. The settlement marks a significant development in Taiwan's technology sector expansion.
Lee explained the Taipei City Government, the municipal administration, will submit termination documents to Taipei City Council, Taiwan's local legislature, by the end of Monday (Nov. 10). The deputy mayor hopes the council will include the proposal in Wednesday's (Nov. 12) agenda for immediate approval of the settlement agreement. Shin Kong Life Insurance plans an interim board meeting Thursday (Nov. 13) and aims to complete contract signing Friday (Nov. 14) following council approval.
Accountants reduced Shin Kong Life Insurance's original termination fee from NT$4.47 billion (around US$144 million) to NT$4.43 billion (around US$143 million) after professional review. Lee noted the company initially paid NT$3.45 billion (around US$111 million) in rights and taxes to the city government for the development project. After deductions, the final settlement amount totals NT$985 million (around US$32 million), exceeding the city's initial funding estimate of NT$800 million (around US$26 million) by over NT$100 million.
Lee stated he was unsure whether accountants reduced the fee by over NT$40 million (around US$1.3 million) due to company overestimation, emphasizing reliance on professional accounting review. The financial settlement resolution paves the way for Nvidia's strategic expansion in Taipei's rapidly growing technology sector and business district. The deal marks a significant development in Taiwan's tech landscape as international companies seek regional headquarters locations. ◼ (At time of reporting, US$1 equals approximately NT$31)