CROWELL Business Summary

Crowell Development Corp. (2528.TW) is a Taiwan-based real estate firm that generates revenue primarily through the investment, construction, and sale of residential and commercial properties. Its business model focuses on a high-turnover strategy, acquiring land in emerging urban zones and executing rapid construction cycles to maximize capital efficiency. The company’s primary revenue segments are residential property sales, which contribute the vast majority of annual turnover, supplemented by property leasing and parking lot management. Within the Taiwan Stock Exchange (TWSE) construction sector, Crowell competes directly with industry leaders such as Highwealth Construction, Cathay Real Estate, and Farglory Land. Positioned as a mid-cap growth contender, Crowell differentiates itself through its focus on large-scale residential complexes in Taoyuan, Taichung, and Kaohsiung, often outperforming larger legacy peers in project delivery speed and urban renewal integration. Founded in 1985, Crowell is currently led by Chairman and General Manager Su Yung-Ping, who spearheaded a 2017 management transition that redefined the company’s operational focus. Su possesses a dual background in Civil Engineering from National Taiwan University and Management from National Central University, providing a foundation for the firm’s data-driven land acquisition and project development strategies. He is supported by Vice General Manager Hsu Lien-Chin, a former senior manager at Ernst & Young with extensive experience in financial auditing and corporate governance. The company’s board and strategic direction are heavily influenced by its largest shareholder, He-Zhu Investment (an affiliate of the Pao-Ho Group), which holds a 37% stake as of March 2026. This institutional support has been critical in transforming Crowell into a high-growth, project-centric enterprise with a robust land bank across Taiwan’s primary residential corridors.