Taiwan Cooperative Planning MBS Sale

Taiwan Cooperative Bank in Taipei will sell as much as $909 million of mortgage-backed securities this year to reduce its proportion of home loans amid a recovery in the property market.

"We need to offload some of the house loans to make room for further lending," Chen An-hsiung, the president of Taiwan Cooperative, the island's second-largest bank by assets, said in a phone interview. "We are still positive on the housing market."

House prices in Taiwan have risen almost two-thirds since the third quarter of 2003, when the property market began to recover from a decade-long oversupply, according to Sinyi Realty Co., a house brokerage.

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