TAIPEI (Taiwan News) — Taiwan Asset Management Corp. announced Wednesday it has signed an agreement with Hua Nan Assets Management to jointly invest in an urban renewal project in Taipei, marking the first collaboration of its kind between state-owned financial institutions.

The redevelopment site, located in the Xinglong section of Wenshan District near Wanlong MRT station, spans about 2,612 square meters. Plans call for a 22-story residential building with four underground levels, providing around 200 housing units, per CNA.

Under the agreement, TAMCO will oversee implementation of the project, while Hua Nan Assets will participate as a co-investor. Both companies said the venture is expected to boost the development potential of the surrounding area.

TAMCO Chair Kung Wen-ping (宮文萍) said the initiative illustrates how financial resources can be aligned with government policy and may serve as a model for future cooperation among state-backed enterprises. She added that closer collaboration between public companies can help diversify income, support business transformation, and promote sustainable operations, according to CTEE.

Meanwhile, the National Housing and Urban Regeneration Center said urban renewal in Taipei is accelerating, with five new investment projects launched this year along metro lines. These projects are expected to draw NT$19.5 billion (US$640 million) in investment and cover more than 22,000 square meters, bringing cumulative urban renewal investment to NT$109.3 billion.