TAIPEI (Taiwan News) — Cathay Financial Holdings said Thursday it bought NT$4.55 billion (US$146.18 billion) in land in Tainan’s Xinshi District to build a logistics and industrial complex set for completion in 2030.

The acquisition, under its subsidiary Cathay Life Insurance, covers multiple plots in Xinshi District totaling 68,384 square meters, per CNA. The location offers strategic advantages, including transportation and proximity to the Tainan Science Park, the company said, per UDN.

Cathay Financial said it plans to turn the site into a logistics center and an industrial-office complex, estimating a five-year construction period. The project is expected to yield returns exceeding 3%.

The company said the purchase aligns with its investment strategy and supports growing demand tied to southern Taiwan’s expanding tech sector. It added that the Xinshi area has become attractive as chip activity in Tainan accelerates.

Cathay Financial also announced that subsidiary Cathay Life Insurance has approved issuing cumulative subordinated corporate bonds with maturities of at least 10 years. The issuance will be conducted through its Singapore entity, Cathay Life Singapore Pte. Ltd., either once or in multiple tranches within one year.