Vice President Annette Lu attended the award presentation of the "FIABCI Taiwan Real Estate Excellence 2006" on June 5 in Taipei.
She said in her remarks delivered at the ceremony that Taiwan's real estate industry is the locomotive that leads the development of the other industries. She referred to the fact that the industry's production accounts for 20% of Taiwan's Gross Domestic Product (GDP), tantamount to NT$5.3 trillion, or 66% of total national production.
In the recession year of 2001, the declining real estate industry resulted in a negative GDP growth in Taiwan. However, the vice president said, the implementation of halving the Land Value Increment Tax has reversed the situation, with the government's tax revenue increasing by NT$ 85 billion three years later.
The thriving real estate industry guarantees increases in Taiwan's national wealth, the vice president said, while praising the award recipients.