Former ATV boss Deacon Chiu dies, aged 90
Media entrepreneur started with one cinema but expanded into other areas, including television
Deacon Chiu Te-ken
1924-2015
Hong Kong tycoon Deacon Chiu Te-ken - noted as the only owner ever to turn perennially troubled broadcaster ATV into a profitable venture - died yesterday at the age of 90.
Tributes were paid to the veteran of the entertainment industry, who was declared dead yesterday morning at Yan Chai Hospital in Tsuen Wan after being found unconscious at his villa in Ting Kau. Police said Chiu had a history of ill-health and that there were no suspicious circumstances.
Born in Shanghai in 1924, Chiu came to Hong Kong in 1949. He made his first investment by opening a cinema in a rural area. In 1959, he started a small bank, Far East Bank, by collecting deposits from farmers.
In 1962, he expanded his business by buying Lai Chi Kok amusement park - a zoo and theme park, which was closed in 1997 to make way for public and private housing. In 1972, he founded and chaired Far East Consortium, focusing on property development. It was listed in the same year. Sister company, Far East Holdings International, which concentrates on investment in Greater China, was listed a year later.
He also chaired Far East Hotel and Entertainment, which was listed in 1979. It focuses on hotel operations, property rental, securities trading and investment holdings.
Chiu became famous when he bought Rediffusion Television and renamed it Asia Television in 1982. It was a profitable company under his chairmanship, which ended in 1989 when he sold it. The station has since struggled financially and for ratings.