Lin Min-hsiung: Strong Taiwan Stock Market Boosts Luxury Home Sales for Yuanli Construction

(CNA, Taipei, 21st, by reporter Ho Hsiu-ling) Lin Min-hsiung, Chairman of Pxmart and Yuanli Construction, stated today that with the strong performance of the Taiwan stock market, many people who made money have turned to buying luxury homes. This has led to exceptionally good sales for Yuanli's luxury properties last year. For instance, Yuanli's landmark luxury residential project, "One Park Taipei," has seen impressive sales and is nearly sold out. He said that although the recent housing market is said to be weak, Yuanli has grown against the trend. Speaking to reporters after attending a press conference today for the 10th anniversary of operating the Yilan Traditional Arts Center, Lin pointed out that while the recent housing market is considered to be weakening, Yuanli Construction can still grow against the sluggish market atmosphere mainly due to its brand advantage. "Consumers still recognize brands," he said. However, he mentioned that there are no plans to launch new projects to capitalize on the momentum this year. The focus will be on the "Four Seasons Manor" project, which has a total of about 1,600 units, with about a thousand already sold. Furthermore, regarding the public's interest in the opening date of Yuanli's Four Seasons Hotel in Taipei's Xinyi Planning District, Lin said that his second son, Lin Hung-jen, is currently in charge. The hotel is expected to be completed this year and open to guests next year. He also reminded Lin Hung-jen "not to take too much time," stating that while Yuanli is the owner, he hopes to let the Four Seasons Hotel manage its operations as much as possible. As for whether the rise in the Taiwan stock market will drive a consumption upgrade and a shift towards high-end supermarkets, Lin said, "Our (Pxmart's) products are no worse than those of high-end channels." For example, for beef imported from the same supplier, Pxmart uses a technique to remove tendons and membranes to improve the texture. He believes that regardless of the stock market's performance, Pxmart's sales will not be affected.