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Taiwan's top tycoons cash in on ties with Mainland
2005-03-11 02:45:38 THE ASSOCIATED PRESS

TAIPEI, Mar 11 (AP) -- A tycoon who owns a computer manufacturing empire in China replaced a financier to become Taiwan's wealthiest person, according to a list released Friday by Forbes magazine.

Several Taiwanese billionaires on the list had fortunes linked to China.

Terry Gou, chairman of Hon Hai Precision Ind. Co., was the wealthiest Taiwanese on the list with an estimated worth of US$3.2 billion (€2.3 billion).

Gou founded Hon Hai in 1974 to make plastic switches for television sets. The group has since built a computer empire with a large base in China, where it makes products ranging from cell phones and game consoles to computers and liquid crystal display panels.

The Forbes list included more than 500 people from around the world.

Two other Taiwanese among the seven on the list -- the island's sixth-richest, Barry Lam, and seventh-richest, Hsu Wen-lung -- also accumulated much of their fortunes by investing in China.

The listings reflected Taiwan's growing economic ties with China, as Taiwanese industrialists move manufacturing operations to the mainland, taking advantage of its lower wages and other costs.

Among the Taiwanese on the Forbes list, Gou replaced Tsai Wan-lin, head of an insurance and real estate group, who had been listed as Taiwan's richest man for several years.

In second place for Taiwan was Wang Yung-ching, chairman of the Formosa Plastics Group, with a fortune listed at US$3.1 billion (€2.2 billion).

Wang's empire has invested in power plants and plastics factories in China. He also hopes to build hospitals on the mainland.

Taiwan's third-wealthiest tycoon on the list was Tsai Wan-tsai, head of the Fubon banking group, followed by Jeffrey Koo, chairman of the Chung Hsin banking group.

In fifth place was Chang Yung-fa, chairman of Evergreen Marine, with a worth estimated at about US$1.3 billion (€968 million).

Sixth-place Lam heads Quanta Computer Inc., which assembles laptop computers in China. He has an estimated worth of around US$1.3 billion (€968 million).

Hsu, chairman of the Chi Mei Group, was seventh in Taiwan with as estimated worth of US$1 billion (€735 million).

Chi Mei has produced plastic raw materials in China. Officials say the group is also planning to build factories there to produce liquid crystal display or LCD panels.

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