TAIPEI (Taiwan News) — Nvidia Corporation is in the process of setting up a subsidiary to sign the land deal for its Taiwan headquarters before the Lunar New Year, Taipei Mayor Chiang Wan-an (蔣萬安) said Thursday.

After months of disagreements, the city and Shin Kong Life Insurance have reached the final phase of a NT$4.43 billion (US$142.64 million) agreement to transfer land rights for a plot at the Beitou-Shilin Technology Park.

The accord will pave the way for Nvidia to build its Taiwan headquarters on the site. Chiang told reporters that Nvidia executive Scott Ekman said during a meeting Tuesday that the AI company is in the process of launching a Taiwan subsidiary, per CNA.

Chiang said they could meet again to sign an agreement as early as next year, before the Lunar New Year. The 2026 holiday begins on Feb. 14.

The city government said it will provide all necessary assistance to Nvidia for its application with the central government to launch a subsidiary. Because of the size of the land rights deal, the new Nvidia affiliate would be invested with a significant amount of capital, city officials said.