Zhang Xin is one of China’s most influential and successful businesswomen, having co-founded and led SOHO China, the largest developer of office buildings in Beijing and Shanghai. She is also a philanthropist, an art collector, and a social media star with 10 million followers on Sina Weibo. But her journey to the top was not easy. She overcame poverty, cultural barriers, and political turmoil to achieve her dreams.
According to Forbes, her real time net worth as of 7/19/23 is $1.2 billion
From Factory Worker to Wall Street
Zhang Xin was born in Beijing in 1965, to Burmese Chinese parents who worked as translators at the Foreign Languages Press. During the Cultural Revolution, her parents separated and she stayed with her mother, who struggled to make ends meet. When she was 15, they moved to Hong Kong, where they lived in a cramped room with two bunk beds. Zhang worked in garment and electronic factories for five years, saving enough money to buy a plane ticket to London and enroll in a secretarial school in Oxford.
In London, Zhang learned English and developed an interest in politics and economics. She admired Margaret Thatcher as a role model, but also read left-wing British intellectuals. She applied to study economics at the University of Sussex, and later won a scholarship to pursue a master’s degree at Cambridge University.
After graduating from Cambridge in 1992, Zhang landed a job at Goldman Sachs in New York, where she worked as an investment banker for four years. She then moved to Travelers Group, where she became a vice president. She gained valuable experience and insights into the global financial markets, but she also felt a longing for her homeland.
Building an Empire
In 1995, Zhang returned to China with her husband Pan Shiyi, whom she met at a conference in New York. They decided to start their own real estate company, SOHO China, with the vision of creating modern and innovative office spaces for China’s emerging entrepreneurs. They named their company after the trendy district in New York, where they used to live.
SOHO China quickly became a leader in the industry, developing dozens of landmark projects in Beijing and Shanghai, such as Commune by the Great Wall, Jianwai SOHO, Sanlitun SOHO, Galaxy SOHO, Wangjing SOHO, and Bund SOHO. The company’s buildings are known for their distinctive designs, often created by renowned architects such as Zaha Hadid, Kengo Kuma, and David Adjaye.
Zhang was the CEO of SOHO China from 2005 to 2022, overseeing the company’s strategy, operations, and branding. She also played a key role in taking the company public on the Hong Kong Stock Exchange in 2007, raising $1.9 billion in one of Asia’s largest IPOs at the time. Under her leadership, SOHO China grew into the largest developer of prime office properties in China’s two largest cities, with a portfolio worth over $10 billion.
In 2022, Zhang and Pan stepped down from their executive roles at SOHO China, but remained on the board as non-executive directors. They also agreed to sell a majority stake in the company to Blackstone Group for $3 billion, pending regulatory approval. The deal would mark one of the largest foreign acquisitions of a Chinese real estate firm.
ZHANG XIN FAMILY
Zhang Xin’s family consists of her husband Pan Shiyi, her two sons, and her parents. Zhang Xin and Pan Shiyi are the co-founders of SOHO China, a leading real estate developer in China. They met while studying at the University of Cambridge and married in 1995. They have two sons, Pan Tianze and Pan Yuze, who were born in 1997 and 2000 respectively. Zhang Xin’s parents are second generation Burmese Chinese who immigrated to China in the 1950s. They worked as translators at the Foreign Languages Press but separated during the Cultural Revolution. Zhang Xin stayed with her mother and moved to Hong Kong when she was 15. She later reunited with her father in Beijing after she became successful
Giving Back
Zhang is not only a business mogul, but also a generous philanthropist and a passionate art lover. She and Pan founded the SOHO China Foundation in 2005 as a charitable organization to support education and poverty alleviation initiatives. In 2014, they launched the SOHO China Scholarships to provide financial aid to Chinese undergraduate students at leading international universities such as Harvard, Yale, and the University of Chicago.
Zhang is also an avid collector of contemporary art, especially Chinese artists such as Ai Weiwei, Liu Xiaodong, and Zhang Xiaogang. She has donated artworks to museums such as the Guggenheim Museum in New York and the Ullens Center for Contemporary Art in Beijing. She also supports emerging artists through residencies and exhibitions at her own art space in Beijing.
Zhang is widely regarded as one of the most powerful and influential women in the world. She has been featured on Forbes’ list of The World’s Most Powerful Women several times since 2006, ranking 62nd in 2014. She has also been named one of The World’s Most Powerful Couples with Pan by Forbes, one of Time’s 100 Most Influential People, one of Fortune’s Most Powerful Women International, one of Fast Company’s Most Creative People in Business, and one of CNN’s Leading Women.
Zhang is an inspiration to millions of people, especially women and young entrepreneurs, who admire her vision, courage, and resilience. She is a role model for how to overcome adversity, pursue excellence, and make a positive impact on the world.
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Zhang Xin Controversies
Despite her achievements and popularity, Zhang has also faced some challenges and controversies in her career. She has been criticized for her outspoken views on social and political issues, such as democracy, human rights, and environmental protection. She has also been accused of being too westernized and elitist, and of exploiting the Chinese market for personal gain.
Some of the controversies that Zhang has encountered include:
- In 2012, she was involved in a public dispute with the Beijing Municipal Commission of Urban Planning over the design of Galaxy SOHO, a futuristic complex designed by Zaha Hadid. The commission claimed that the project violated the city’s planning regulations and damaged the historical and cultural heritage of the area. Zhang defended the project as a symbol of innovation and creativity, and refused to make any changes. The project was completed in 2012, but the controversy continued for years.
- In 2013, she was sued by a former employee, Gong Aiai, who alleged that Zhang had illegally fired her after discovering that she had used fake identity cards to buy multiple properties in Beijing. Gong, who was nicknamed “House Sister”, was later sentenced to three years in prison for forgery. Zhang denied any wrongdoing and said that she had fired Gong for poor performance. The lawsuit was dismissed by a Beijing court in 2014.
- In 2014, she sparked a backlash on social media when she posted a photo of herself with the Dalai Lama, the exiled Tibetan spiritual leader who is considered a separatist by the Chinese government. Zhang said that she had met him at a conference in India and that she respected him as a religious figure. She also said that she did not intend to offend anyone or interfere with China’s sovereignty. However, many netizens accused her of being unpatriotic and ignorant, and called for a boycott of her company.
- In 2017, she was questioned by Chinese authorities as part of an anti-corruption investigation into Anbang Insurance Group, a Chinese conglomerate that had bought a stake in New York’s Waldorf Astoria Hotel from Blackstone Group in 2014. Zhang and Pan had also bought a stake in the hotel from Blackstone Group in 2015, along with other investors. Zhang said that she had cooperated with the investigation and that she had no direct connection with Anbang or its chairman Wu Xiaohui, who was later sentenced to 18 years in prison for fraud and embezzlement.
Zhang has maintained her integrity and dignity throughout these controversies, and has not let them affect her vision or values. She has also continued to express her opinions and share her insights on various platforms, such as TED Talks, Davos, Aspen Ideas Festival, and Harvard Business Review. She has also used her social media influence to raise awareness and support for causes such as education, women’s empowerment, climate change, and public health.
Zhang Xin is a remarkable woman who has shaped not only Beijing’s skyline, but also China’s society and culture. She is a trailblazer who has broken barriers and stereotypes, and a leader who has inspired and empowered others. She is a brilliant mind who has made a lasting impact on the world.
