Chiu was born in Shanghai in 1924 and moved to Hong Kong in 1949. He made his first investment by opening a cinema in a rural area. In 1959, he collected deposits from farmers and opened a qianzhuang, Far East Bank. In 1962, he bought the Lai Chi Kok Amusement Park, a major zoo and theme park in the city at the time. He founded and became the chairman of the Far East Consortium in 1972, focusing on property development. The company was listed in 1972 and its sister company, the Far East Holdings International which, was listed in 1973. He was also chairman of the Far East Hotel and Entertainment which was listed in 1979. In 1982, he rose to fame when he bought the Rediffusion Television and renamed it Asia Television, which he sold in 1989. There was rumor that ATV staff were told how many pieces of toilet paper they were allowed to use during the chairmanship of Chiu. In 1986, the group acquired a 34per cent stake in Far East Holdings from the Chiu family. In the 1980s, Chiu and his son David were charged with falsifying documents of the Far East Bank but the case was dropped in 1993 because he had been diagnosed with Alzheimer's disease. David was later acquitted of fraud charges. On 8 September 2011, Chiu retired as the chairman and was appointed as the honorary chairman of Far East Consortium International Limited. Chiu was appointed Justice of the Peace on 20 November 1964 and was appointed to the 6th to 9th Chinese People's Political Consultative Conference from 1983. He was one of the founders of Yan Chai Hospital and the vice patron of the Community Chest of Hong Kong from 1968, the founder and permanent honorary chairman of The New Territories General Chamber of Commerce. In 1966, he founded and became chairman of Ju Ching Chu Secondary School, which named after his first wife. Chiu and his second wife Marion Chiu were both members of the Hong Kong Jockey Club, owning horses Fair Wing, My Time and Wind Winner. Chiu fainted at his villa in Ting Kau in the morning of17 March 2015 and was declared dead at Yan Chai Hospital in Tsuen Wan, aged 90.
