a Taiwan-based electronics maker, has gained approval from the Investment Commission to invest US$50 million in China's real estate market, the commission said Saturday.

It was the largest China-bound property market investment approved by Taiwan authorities since February 2010 when the government lifted a ban on such investments, the commission said.

According to the commission, Lite-On is planning to set up a subsidiary in Changzhou, Jiangsu Province to handle the company's entry into the Chinese property market.

Lite-On, whose products include power supplies, opto electronics and personal digital assistants, was not immediately available for comment on the commission's approval.

The Lite-On application was one of four approved by the commission Friday to allow Taiwan entities to invest in China.

Among the four applicants, China Life Insurance Co. (TAIEX:2628) has gained approval to remit US$61 million to China for the acquisition of a 19.9 per cent stake in Pacific Antai Life from China Pacific Insurance Co.

In addition, Compal Electronics, Inc. (TAIEX:2324), one of Taiwan's leading notebook computer ODM service providers, has secured approval to invest US$100 million in China largely for notebook computer production and marketing business.

The commission has also approved an application for Chinatrust Commercial Bank to spend US$120 million to set up its first China branch in Shanghai.