Chao Teng-hsiung
Taipei, Taiwan
Taiwan
real estate, Self Made
$1,400,000,000
1605
#1605 Billionaires 2019
#30 Taiwan's 50 Richest 2018
Chao started Farglory Land, one of Taiwan's largest real estate developers, in 1978 and is still the largest shareholder.Farglory Land is the flagship unit of Farglory Group, whose interests include financial and retail services, air-cargo logistics and hospitality.Chao also controls Farglory FTZ Investment Holding, Farglory Life Insurance and Farglory Hotel.Eldest son Wen-Chia, also known as Frank, took over as Farglory Land chairman in 2014 amid a corruption scandal involving Chao.In 2017 a Taipei court issued a detention order for Chao in connection with his alleged role in bribery and embezzlement.
Born into poverty in western Taiwan, Chao moved to Taipei in 1966 and did odd jobs. He saved money to supply cement to construction firms.Over time he bought property and developed his own projects, starting out with buildings that combined factories and offices.
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