By Yu-Huay Sun

(Bloomberg) — Chang Yung-fa, the billionaire founding father of Evergreen Group who turned a second-hand bulk provider into Asia’s largest container-shipping line, has died. He was 88.

He died at 11:05 a.m. on Jan. 20, Evergreen Group stated in an e-mail. No trigger was given.

Chang, the son of a seaman, began constructing his enterprise nearly 5 a long time in the past by shopping for a used bulk vessel and have become one in every of Taiwan’s richest folks. He was chairman of Taipei-based Evergreen Group, which owns Asia’s largest container fleet by way of Evergreen Marine Corp.; EVA Airways Corp., the island’s largest airline by market worth; Evergreen Sky Catering Corp., an airline-catering firm; and resort chain Evergreen International Hotels.

Chang has a fortune of a minimum of $1 billion, in line with the Bloomberg Billionaires Index. “The oceans and ships occupy very important places in my life,” Chang wrote in his autobiography, printed in 1997. The tycoon known as himself “a natural-born son of the ocean.”

Evergreen Marine, the corporate that kick-started his enterprise empire, was established in 1968 with the used bulk vessel. It since expanded into an operator of greater than 190 ships, in line with data from shipping-data supplier Alphaliner.

The firm posted a web lack of NT$2.41 billion ($72 million) within the quarter ended September in contrast with a revenue a yr earlier, as a worldwide financial slowdown harm transport.

China Relations

Chang additionally was an advocate of nearer financial relations between Taiwan and China. In 2008, Taiwanese and Chinese airways together with his group’s EVA Airways started common flights throughout the Taiwan Strait after the lifting of a six-decade ban on direct transport hyperlinks.

His private holdings as of Dec. 31 included 6 p.c of publicly traded Evergreen Marine and a couple of.9 p.c of EVA Airways, Taiwan’s largest airline by market worth, in line with knowledge compiled by Bloomberg. His youngest son, Chang Kuo-wei, is chairman of EVA Airways. Evergreen Group is the benefactor of non-profit organizations corresponding to a maritime museum and symphony orchestra, its web site exhibits.

Shipping Clerk

Born Oct. 6, 1927, in Taiwan’s northeastern coastal city of Suao, Chang was the third of seven kids. He began working as a clerk for a Japanese transport firm as an adolescent whereas attending night time faculty and went on to spend 15 years as a sailor, rising to the rank of captain, in line with his memoirs.

Chang turned the household’s breadwinner when his father died in 1944, as his two elder brothers had married by then, in line with the guide.

He was married in 1953 and had 4 sons and a daughter. In 1989, his son Chang Kuo-ming was kidnapped for a $1.9 million ransom. The youthful Chang was ultimately launched unhurt, and his three kidnappers had been apprehended and executed by Taiwanese authorities the next yr, the Associated Press reported on the time.

–With help from Jill Mao.

©2016 Bloomberg News