Chang yun chung biography of martin

Chang Yun Chung

Singaporean millionaire and shipping magnate (–)

In this Chinese name, the family name is Chang (张).

Chang Yun Chung

Born27 August

Kinmen, China

Died4 September () (aged&#;)

Singapore

NationalitySingaporean
Other&#;namesTeo Woon Tiong
Alma&#;materXiamen Datung College
Children14

Chang Yun Chung (Chinese: 张允中; 27 August – 4 September ), also known as Teo Woon Tiong,[1][2][3][4] was a Singaporean billionaire and shipping magnate who founded Pacific International Lines (PIL). He was the world's oldest billionaire after the death of David Rockefeller in

Early life

Chang was born on Kinmen Island[5][6] on 27 August [7][8] He had two brothers and three sisters.[9]

Education

Chang attended primary school in Kinmen and high school in Xiamen,[9] before studying at the Xiamen Datung College in China.[1][4][10]

World War II

When the Japanese invaded China in , Chang fled to Singapore along with his mother and siblings to join his father who had moved there in In , Chang moved to Malacca to do business with his uncle, who transported goods from Sumatra to Malacca. During the Japanese occupation of Malaya, Chang hid in rubber plantations outside of Malacca. When he returned to Singapore, which was also occupied by Japan, in search of his father, he found out that his father had been killed by the Japanese after being caught by the Kempeitai. He then returned to Malacca with his mother and continued to do business with his uncle.[9] He was caught by the Japanese in and as he had aided the anti-Japanese resistance in Malaya.[6][9][11] In , he was supposed to be executed by the Japanese, but was instead held captive until the surrender of Japan in as his mother had given all her possessions to the head of the Kempeitai to ensure his safety.[9] Following the Japanese surrender in , Chang returned to Singapore.[9]

Career

In , Chang joined Thye Hin Guan Brothers, a produce company in Singapore, where he worked as the general manager.[9] He entered the shipping business in after helping Thye Hin Guan Brothers form Kie Hock, a now defunct shipping company.[3][5][9] During this time, he also served as a director at other shipping companies.[1][10]

PIL

In , Chang left Kie Hock and founded PIL in Singapore.[12] Originally formed as a coastal operator,[13] PIL operated with a route from Jakarta to Bangkok with two used ships that Chang had bought.[4] He led PIL to become one of the first foreign shipping companies to venture into China.[4][5] PIL has since expanded to become one of the largest shipping companies in Singapore.[2] His son, Teo Siong Seng, succeeded him as the executive chairman of PIL in April [3] He remained in the company with the honorary title of chairman emeritus and continued serving an active advisory role.[2][12][14][15]

Wealth

According to Forbes, Chang became a billionaire in , with his net worth reaching as high as $ billion in [16] In March , at age 98, Chang became the worlds oldest living billionaire after the death of David Rockefeller.[1][4] His net worth fell below $1 billion in , with Forbes estimating his net worth as $ million in August prior to his death.[13]

Personal life

Chang had eight sons and six daughters.[7][8] Chang died in his sleep in his Singapore home on 4 September after turning the prior month.[7][8][11]

References

  1. ^ abcdSchrodt, Paul (29 November ). "Meet the World's Oldest Billionaire, a Mysterious Year-Old Shipping Magnate Who Has 14 Kids". Time. Archived from the original on 3 December Retrieved 21 February
  2. ^ abc"year-old S'porean is the world's oldest billionaire & he still goes to work every day". . Retrieved 21 February
  3. ^ abcTan, Hwee Hwee (12 May ). "Keeping things shipshape". The Business Times. Retrieved 21 February
  4. ^ abcdeSavchuk, Katia. "After David Rockefeller's Death, Here Is The World's (New) Oldest Billionaire". Forbes. Archived from the original on 22 March Retrieved 21 February
  5. ^ abc"Recipient of Business China Excellence Award: Teo Woon Tiong （张允中）". YouTube. 9 December Retrieved 21 February
  6. ^ ab"The 'silver tsunami': Ten nonagenarians who shaped Asia in ". Nikkei Asia. Retrieved 21 February
  7. ^ abc"PIL founder YC Chang dies at age ". Seatrade Maritime. 9 September Retrieved 21 February
  8. ^ abchermes (9 September ). "Shipping tycoon Teo Woon Tiong dies at ". The Straits Times. Retrieved 21 February
  9. ^ abcdefghChew, Melanie (). Leaders of Singapore. Singapore. ISBN&#;. OCLC&#;: CS1 maint: location missing publisher (link)
  10. ^ abBenson, Emmanuel Abara (30 November ). "Story of the world's oldest billionaire will inspire you a lot". Nairametrics. Retrieved 21 February
  11. ^ ab"Pacific International Lines founder Chang Yun Chun at ". SeaNews Turkey: International Shipping Magazine. Retrieved 21 February
  12. ^ abGilchrist, Karen (5 December ). "At years old, the world's oldest billionaire still goes to the office every day". CNBC. Retrieved 21 February
  13. ^ ab"Chang Yun Chung". Forbes. Archived from the original on 4 September Retrieved 21 February
  14. ^Burgos, Jonathan. "Singapore's Richest At , The World's Oldest Billionaire Has No Plans To Slow Down". Forbes. Archived from the original on 29 August Retrieved 21 February
  15. ^suresh-nair (6 December ). "Billionaire Chang Yun Chung is years but enjoys working every day". Retrieved 27 February
  16. ^"Chang Yun Chung". Forbes. Archived from the original on 8 April Retrieved 27 February