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According to Taiwan's Mainland Affairs Council, 22 of the dead were from the Chinese mainland. Altogether 31 passengers from the Chinese mainland, including three children, were onboard Flight GE235 which was heading for Jinmen from Taipei.
The mainland passengers were on trips organized by two travel agencies from Xiamen city in Fujian province, Taiwan tourism authority confirmed.
Amateur video recorded by a car dashboard camera showed the plane nose-up as it barely cleared the buildings close to Taipei's Songshan airport before crashing into the river.
"The pilot's immediate reaction saved many people," said Chris Lin, brother of one of the survivors. "I was a pilot myself and I'm quite knowledgeable about the immediate reaction needed in this kind of situation."
Aerospace analysts said it was too early to say whether the pilots intentionally pulled the plane above the buildings, and noted that the crew may have been aiming for the river to reduce casualties.
A more conclusive picture will emerge only when authorities release details from the plane's cockpit voice and flight data recorders, which were recovered on Wednesday.
"He's missed the buildings but it is premature to make an analysis of what happened on this flight. We have to wait for the data from the cockpit voice recorder and flight recorder," said aviation analyst Geoffrey Thomas, editor-in-chief of airlineratings.com.
Taiwan media reported that it appeared Liao had fought desperately to steer his stricken aircraft between apartment blocks and commercial buildings.
The head of Taiwan's Civil Aeronautics Administration, Lin Tyh-ming, has said Liao had 4,914 flying hours under his belt and the co-pilot 6,922 hours.