Kee Tai Properties holds press conference for partial building collapse in Taipei

基泰建設在台北召開部分建築倒塌新聞記者會

Property developer responds to city government’s freezing of assets and pledges to compensate victims


TAIPEI (Taiwan News) — Kee Tai Properties addressed its role in the partial collapse of an apartment building and destabilizing neighboring properties in Dazhi, Taipei City at an emergency press conference at the Taiwan Stock Exchange on Sunday (Sept 10).

Making the first public statement since the incident, Kee Tai Properties Chairman of the Board Chen Shih-ming (陳世銘 ) appeared remorseful, bowing to the audience and apologizing three times. He said that in the past few days, all of the company’s staff and resources have been devoted to remedying the incident, per PTS.

Chen announced his resignation as chairman, effective immediately, to show his acceptance of responsibility for the accident. Kee Tai Properties CEO Feng Hsien-mien (馮先勉) proceeded to address the audience.

Feng said the reconstruction cost of the 25 most severely affected households is estimated at NT$247.5 million (US$7.7 million). The Taipei City Government has already frozen NT$60 million of the company’s assets for the benefit of homeowners.

Feng said that despite these financial obligations, overall operations would not be affected. The company still has NT$3.18 billion in cash and time deposits, as well as access to NT$5 billion, according to Feng.

Feng also addressed rumors that Kee Tai Properties could use the present situation to its advantage and rebuild the entire area. He said that when the project was first planned, local residents were asked to join, though most were unwilling.

Now that previously skeptical homeowners have no choice but to have their homes rebuilt, the company took the initiative to increase the property swap from the original 0.7 ping for 1 ping (3.3 sq. meters) to a more equitable 1 ping for 1 ping in the new building. Feng said that 70% of households are currently willing to cooperate with more follow-up communication.

Kee Tai said that it is willing to bear rent for three years for the 25 disaster-stricken households that are unwilling to accept their proposed resettlement plan. For the pre-sale buyers of Kee Tai Dazhi who wish to terminate their contracts, the company will handle the matter in accordance with the contract, but they will show leniency.