Hiyes Business Summary

Hiyes International Co., Ltd. (2348.TW) is Taiwan’s dominant real estate service provider, operating a diversified business model centered on real estate agency sales, property development, and strategic land investments. The company generates the majority of its revenue through high-margin commission fees from its agency segment, where it has maintained the largest market share in Taiwan for seven consecutive years as of 2026. This is supplemented by its construction segment, which recognizes revenue from the sale of self-developed residential and commercial projects, and a growing investment portfolio focused on long-term rental income from ground-rights developments like the Taipei City Council site. Within the Taiwanese market, Hiyes maintains a superior competitive position relative to direct peers such as Sinyi Realty (9940.TW), JSL Construction & Development (2540.TW), and Cathay Real Estate Development (2501.TW), distinguishing itself through its integrated "agency-plus-development" strategy and a massive project pipeline exceeding NT$490 billion. The company is led by Chairman Xi-Wen (James) Huang and General Manager Jun-Jie (Jack) Wang, who are the primary architects of the firm’s 2013 pivot from the technology sector (formerly Veutron Corp) into a real estate powerhouse. This founding executive team, which includes Deputy General Managers Jiang-Huang Huang and Kai-Wen Zheng, possesses deep expertise in architectural planning and integrated marketing, allowing the firm to consult on product design long before projects hit the market. The leadership is supported by a board that includes prominent industry figures and is backed by a mix of institutional investors, including Dimensional Fund Advisors and Fubon Asset Management. Under this veteran management team, Hiyes has successfully transitioned from a pure-play brokerage into a vertically integrated developer with significant recurring revenue streams from its commercial leasing and urban renewal projects.