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So, what if Spanish Formosa
with its original borders stayed Spanish until 1899, when it gained independence as Republic of Hermosa as a consequence of Spanish-American War?
Would the area of roughly 3,000 sq km still have a population of 9 million as it has OTL? Would its population be in significant part Spanish and Taiwanese aborigine/Spanish mestizo with Spanish surnames? Would there be significant Chinese population? Would Hermosa be as prosperous as neighboring Republic of China? Would the political culture resemble Latin America with frequent military coups and the like?