Tan Yu (Chinese: 鄭周敏; Pe̍h-ōe-jī: Tīⁿ Chiu-bín; pinyin: Zhèng Zhōumǐn; 5 April 1927 – 12 March 2002) was a Chinese-Filipino philanthropist and businessman who founded the Asiaworld Internationale Group[2] and established the KTTI Foundation, which provided scholarships to and supported the education of thousands of young students. In 1997, Forbes listed Tan Yu as the 7th wealthiest person in the world, estimating his net worth to be about $7 billion. He was placed amongst the top 10 in the world on the Forbes List of World Billionaires 1997,[3][4] making him the wealthiest man in the Philippines.[5]
Tan Yu | |
|---|---|
| 鄭周敏 | |
 | |
| Born | 5 April 1927 |
| Died | 12 March 2002 (aged 74) |
| Citizenship | Filipino[1] |
Early life
editOriginally from Fujian province in China, Yu and his family moved to the Philippines at a young age. He began making a living in the province of Camarines Norte through selling bread buns in the streets and doing some fishing. He graduated from University of St. La Salle in Bacolod, and in 1997, received an honorary doctorate of science degree from the New Jersey Institute of Technology.[6] By the age of 18, he had established a successful textile business.[7]
Tan Yu's early success in the textile industry laid the foundation for his future business empire. His ability to identify market opportunities and his entrepreneurial spirit were evident from a young age, traits that would define his career.[8]
Business career
editDuring his lifetime, he planned to develop his private islands Fuga and Barit, two of the northernmost islands in the Philippines, into a resort in the Pacific for businessmen and tourists.[9] Under the company Asiaworld, he possessed more land in the Philippines than the government, as well as possessing overseas assets in the form of property,[10] hotels[11] and banks.[12]
His key holdings included the Asiaworld Plaza Hotel in Taiwan, which became a landmark property in the country, over 200 Hectares of prime land in Manila Bay and the Islands of Fuga and Barit.[13]
Tan Yu's business interests were diverse, spanning real estate, hospitality, banking, and agriculture. His Asiaworld Internationale Group became a conglomerate with significant influence in the Asian business landscape. Some of his notable achievements include the establishment of Asiaworld Group of Companies, which had interests in real estate, hotels, and banking across Asia.[14]
Tan Yu was known for his shrewd business acumen and his ability to spot lucrative investment opportunities. His business philosophy emphasized diversification and long-term growth strategies.[15]
Philanthropy
editIn addition to his business ventures, Tan Yu was renowned for his philanthropic efforts. The KTTI Foundation, which he established, provided scholarships and educational support to thousands of young students in the Philippines. His commitment to education stemmed from his belief in its power to transform lives and communities.
Tan Yu's philanthropic work extended beyond education. He was known to support various charitable causes and community development projects in the Philippines and other parts of Asia.[16]
Personal life and death
editTan Yu died of heart failure in Houston, Texas, in 2002 at the age of 74. Jose de Venecia, the Speaker of the House of Representatives in the Philippines, commended his achievements as a great businessman and as a philanthropist, for providing jobs to a number of Philippine people.[17] He was posthumously honored with the Dr. Jose P. Rizal Award for Excellence.[18]
His children continue to live in the Philippines, Taiwan, Hong Kong and the US.[19]
References
edit- ^ Flores, Wilson Lee (7 November 2001). "Tan Yu & Salvador Araneta". The Philippine Star. Retrieved 16 July 2024.
But Tan Yu never changed his Filipino citizenship and he never forgot the Philippines
- ^ Philippe, Lasserre. "Players in Asia-Pacific: A Profile". INSEAD Euro-Asia Centre.
- ^ "Bill Gates Tops Forbes List of Billionaires". Los Angeles Times. 1 July 1996.
- ^ "Gates Stays On Top Of Forbes' Richest List -- Asian Tycoons Move Up In Rankings". The Seattle Times. 1 July 1996.
- ^ Bay-Hansen, C.D. (2011). Power Geopolitics in the Pacific Age. Inkwater Press. ISBN 9781592995806.
- ^ "CNN Asiaweek Interview". CNN Asiaweek. 30 November 2000. Archived from the original on 9 January 2014. Retrieved 3 February 2012.
- ^ "Tycoon, Philanthropist Tan Yu dies at 75". Philippine Headline News.
- ^ Flores, Wilson Lee. "Tycoon Tan Yu dies in Texas, 75". Philstar.com. Retrieved 7 November 2024.
- ^ "From Backwater to Fantasy Isle: Filipino-Chinese Tycoon Makes an Audacious Move". CNN Asiaweek. Archived from the original on 27 September 2011. Retrieved 19 August 2008.
- ^ "Taiwanese Billionaire Tan Yu building homes in Houston". Houston Chronicle. Archived from the original on 7 September 2012.
- ^ "Forbes Asia Financial Report". Forbes Magazine.
- ^ "Tan Yu's $12 Billion Empire". CNN Asiaweek. Archived from the original on 4 February 2009. Retrieved 21 August 2008.
- ^ Studwell, Joe (23 September 2008). Asian Godfathers - Money and Power in Hong Kong and South East Asia. Atlantic Monthly Press. ISBN 9781555848927.
- ^ Flores, Wilson Lee. "Tycoon Tan Yu dies in Texas, 75". Philstar.com. Retrieved 7 November 2024.
- ^ Flores, Wilson Lee. "Tycoon Tan Yu dies in Texas, 75". Philstar.com. Retrieved 7 November 2024.
- ^ Flores, Wilson Lee. "Tycoon Tan Yu dies in Texas, 75". Philstar.com. Retrieved 7 November 2024.
- ^ "Jose de Venecia Jr. Mourns the Loss the Tycoon". Philippines Star. Archived from the original on 6 September 2012.
- ^ "2008 Dr. Jose P. Rizal Awards for Excellence; Search for Outstanding Chinese-Filipinos". The Manila Times Internet Edition. Archived from the original on 19 April 2008. Retrieved 28 August 2008.
- ^ "Lessons from a Tycoon". Philippine Star. Archived from the original on 7 July 2012.