KUALA LUMPUR: IOI Properties Group Bhd has come out to say that it will not seek to manage the iconic Taipei 101 building if a plan to buy a stake from Taiwan’s Ting Hsin International Group goes through, according to media reports.

In a report yesterday, the Oriental Daily said IOI Properties had issued a statement that it had no political intent in buying the stake in the building, stressing that its proposed investment was merely commercial. The group said if the plan goes through, it will abide by Taiwanese law to play a financial investor role and will not fight to gain management control of the building.

IOI Properties was also reported as saying that it had no political agenda. It said its proposed investment in Taipei 101 was on the back of its confidence in Taiwan’s long-term development.

It said allowing foreign interest to buy into Taipei Financial Center Corp (TFCC), which owns Taipei 101 building, was in line with Taiwan’s globalisation and liberalisation policy.

“Suppose foreign investors are allowed to participate in Taipei 101’s stake, while also retaining Taiwan-oriented management, it would be a materialisation of Taiwan’s liberal regulation,” IOI Properties reportedly said in the statement.

The statement comes amid objections from the Taiwan government that it was opposed to foreign control of the national landmark. Taiwan’s Premier Mao Chi-kuo had reportedly urged related agencies to make a careful assessment before approving the deal.

This article first appeared in The Edge Financial Daily, on December 11, 2014.