Zhang Xin

Rate this item

(5 votes)

Bloomberg.com

Read 10451 times

Zhang Xin is the CEO of SOHO China, the largest and most trusted real estate developer in Beijing. Together with her husband, Pan Shiyi, they started the company from scratch. From being a factory worker in Hong Kong, Zhang Xin braved going to London in search for a better life. Life overseas did open doors for a Chinese woman like her. Now a mother of two, Zhang Xin is several times richer than the Queen of England. Her family net worth is currently valued at 3.6 billion dollars, making her one of the richest in China and the whole world.

Achievements

Why Zhang Xin is Extraordinary

Zhang Xin is the CEO of SOHO Beijing, the largest real estate developer in China. She is currently the chairwoman of Tech For China Board of Directors and is considered richer than Queen Elizabeth and Oprah Winfrey. Valued at more than 3 billion dollars, Zhang Xin and her husband, Pan Shiyi, do not let wealth get the better of them. Since they started practicing Baha’i faith, the two established SOHO Foundation as a way of giving back to society.

From Sweatshop to Skyscrapers

Zhang Xin’s success story is unbelievably inspiring. Born during Mao Tse-tung’s Cultural Revolution, she was not able to live a life her educated parents could have afforded. After being sent for reeducation, her parents separated leaving her to the care of her mother. She began working for more than 12 hours a day in Hong Kong clothing factories just to be able to save money to get out of that drab place.

She finally saved up enough for a one-way ticket to London and eventually won a scholarship at the University of Sussex. She earned her master’s diploma from the University of Cambridge in 1992. She worked for Barings Plc., which sent her back to Hong Kong. She then moved to New York and got a job at Goldman Sachs. The culture suffocated her until she had no choice but leave the place before it turns her into a “wolf.” She briefly worked for Traveler’s Group but eventually went back to China.

Falling in Love with Pan Shiyi and Real Estate Business

She met Pan Shiyi, a self-made man who’s both ambitious and sentimental. He wanted to make a little Manhattan in Beijing which sounded amusing and incredulous to Zhang Xin. The two were engaged in 4 days and got married in the same year they met. The following year, they became partners in Hongshi which was soon renamed SOHO (small office home office).

With 5 million followers on Weibo, Zhang Xin is one of the most influential figures in China. She managed to succeed without relying on connections. She proved that it’s possible to do honest business in China. As a matter of fact, SOHO is one of the highest tax payers in the real estate industry. From 2006 to 2010, SOHO was named one of the "Most Admired Companies" in China by FORTUNE (China) Magazine. Unlike their competitors, SOHO peddles their units to individual tenants instead of leasing it to only one corporate owner. That way, they ensure that their buildings are occupied. Selling SOHO units are not so hard considering their elegant structure and modern features.

She was honored as an individual patron of architectural works at the 8th la Biennale di Venezi and voted among “Most Influential Figures in the Age of China's Transition” by the Economic Observer in 2002. The following year, Zhang Xin was named Asia's Under-50 Movers and Shakers by Asia Inc, along with Pan Shiyi. She’s also a recipient of BusinessWeek´s Stars of Asia Award and the Montblanc Arts Patronage Award in 2004.

Now, Forbes Magazine recognizes her as one of the "World's Most Powerful Women" aside from being included in their list of the "Top Ten Billionaire Women We Admire." She is also among "China Top 10 Career Women Role Models in 2009" by the All-China Women’s Federation, China Sun Media Group, Sina.com and Hunan TV and was recognized by the China Institute with the Blue Cloud Award.

Zhang Xin’s life was not easy but it made her into one of the most successful women of worth in this age. Without those obstacles, she wouldn’t have the courage to do the unexpected, like conquering the real estate industry in a place where women are regarded as inferior citizens.

Top Reasons why Zhang Xin is Extraordinary

She spent five years working in a sweatshop until she saved enough money to go to London where she completed her degree through a scholarship at the University of Sussex. She then completed her master’s from Cambridge University.
She’s currently the CEO of SOHO Beijing, the largest real estate developer in China.
She is now the chairwoman of Tech For China Board of Directors.
She’s considered to be the seventh richest self-made woman in the world, seven times richer than Queen Elizabeth II and far richer than Oprah Winfrey.
She has more than 5 million followers on Weibo.
She was recognized as one of "World's Most Powerful Women" by Forbes in 2008 and 2011.
She was included in the Financial Times’ "Top 50 Women in World Business" and among Forbes’ "Top Ten Billionaire Women We Admire."
She’s named among "China Top 10 Career Women Role Models in 2009" by the All-China Women’s Federation, China Sun Media Group, Sina.com and Hunan TV.
She founded SOHO Foundation to help provide needy youngsters education that their family couldn’t afford to give.
SOHO is one of the top ten taxpayers in China's real estate industry from 2003 onwards and was named one of the "Most Admired Companies" in China by FORTUNE (China) Magazine from 2006 to 2010.

Biography

Biography of Zhang Xin

Date of Birth: | Born in: 1965 / Nationality: China

Having been born during Mao Tse-tung’s Cultural Revolution, her parents were sent to the countryside to be “reeducated.” This eventually led to her parents’ separation. She spent her adolescent years in a factory eking out a living and trying to be as frugal as possible. Unlike girls her age, Zhang had a dream. She wanted a better life; she hungered for education; she had a goal.

While Mao empowered women in his belief that they hold up half the sky, gender inequality was still palpably felt during Zhang Xin’s teenage years. To dream of leaving her country and trying her luck overseas was not very common to women of her age. Well, Zhang Xin is not really your typical woman. Although she’s every inch graceful, her business acumen is that of a cunning capitalist.

She used her Wall Street knowledge to grow SOHO China. In her early 30s, she became one of the most respected business figures not only in her country but in the rest of the world. Zhang Xin’s story never fails to inspire women to make a name for themselves and not to be content with where society places them. Women of worth like Zhang Xin is a living testimony that women not only hold up half the sky but also dictate the economy.

Her skyscrapers are telling of her sophisticated taste. The architecture of her buildings spells elegance. This makes us wonder, if women can run a household and keep it in order, they can very well run businesses and even beautify a city’s landscape. Don’t get fooled by Zhang Xin’s charm. Underneath her pretty face is a business tycoon toughened by poverty. Her buildings, on the other hand, are all works of art. Well, that’s what happens if a woman gets to lead alongside men.

Zhang Xin’s Early Life

Zhang Xin’s parents were both college graduates. In fact, the couple used to work as translators at the Bureau of Foreign Languages. She was born in 1965, about the time Mao Tse-tung launched China’s Cultural Revolution, opening the country’s door to modernization. Her parents were sent to the countryside for “reeducation.” The sudden poverty they experienced took its toll in her parents’ marriage. The two decided to separate and Zhang Xin was left to the care of her mother.

Her mother decided to go to Hong Kong where she found a job as a translator. Zhang Xin recalls sleeping on her mother’s desk because there was no decent home for them. She used her dictionary as pillow. When she was about 14 years old, she started working in sweatshops. Zhang Xin became one of the many workers in Hong Kong factories who wear the same clothes. Having no notion of private property, it was difficult for Zhang Xin to have an ambition. China’s socialist government was not so encouraging especially for women like her to dream of becoming successful someday.

But although she had no idea of what it’s like to live somewhere else, Zhang Xin knew that it’s not the kind of life she wanted to end up having. She worked in textile factories where work could last for 12 hours. At times when she heard of a factory offering a cent more than her pay, she did not hesitate jumping from one factory to another. It was the thought of earning more that kept her going.

During that time, she and her mother lived in a room that could only accommodate two beds. They shared a bathroom with a dozen more families. It’s the kind of life that was so miserable Zhang Xin wanted to escape come hell and high water. She saved every penny she earned until she had enough for an airfare to London. It’s a very risky move—she either make it there so she could come back a successful woman or fail and never make it back to China.

But off she went with her suit case, wok inside. Speaking very little English, the 19-year-old Zhang Xin left her mother to seek a better life abroad.

Zhang Xin’s Life Overseas

When her plane landed in London, Zhang Xin had nowhere to go. She didn’t know anybody there and hadn’t seen a place so alive all her life. While thrilled about finally making it to a free country, Zhang Xin realized how difficult it is to live in a strange country where the culture is so different with what she was accustomed with. She felt so helpless she ended up crying on the street, suitcase in tow.

She soon found work as an attendant in a fish and chips stand. With a steady source of income, she started going to a secretarial school and enrolled in an English class. Having been able to adjust in the English way of life, Zhang Xin started looking for more opportunities to get better education. Fortunately, she won a scholarship grant in the University of Sussex.

In 1991, Zhang Xin finally completed her Economics degree. With an undergraduate diploma, she was able to pursue further studies and finished her master’s in Development Economics from Cambridge University in 1992. Hard work and determination were her only weapon. Soon after she was out of Cambridge, Barings Plc.—an investment bank based in London—hired her to analyze privatization in China. This brought her back to Hong Kong. Being academically successful, Zhang Xin was sought by companies who want to have a better understanding of China. It was necessary for companies to have people who understand China in order to infiltrate the market. With a population considered the third largest in the world, investing in China was every businessman’s dream.

Zhang Xin’s Wall Street Days

Soon, Zhang Xin left Barings and flew to the United States. She worked for Goldman Sachs, one of the most respected investment banking firms in Wall Street, the stock capital of the world. Working in an environment dominated by men did not faze Zhang Xin at all. What she was not able to stand was the crass culture inherent in a world driven by profits. In an interview, she said:

“On Wall Street, all values seemed upside down. People spoke crassly, treated each other badly, looked down on the poor and adored the rich. The difference [from working in factories] is, in Hong Kong the competition turned people into shortsighted mice, whereas on Wall Street it turns them into wolves and tigers.”

Apparently, Zhang Xin is not the type to sugarcoat reality. As much as she adored working in a place bursting with energy and applying all she learned about economy, Wall Street proved to be too much for a woman used to blending with the crowd. She decided to leave and work for Traveler’s Group in 1994. No longer happy with her life abroad, Zhang Xin chose to go back to her home country.

In Beijing, a friend suggested she goes into real estate. Her friend told her she knew someone who’s planning to invest in that industry. That businessman turned out to be Pan Shiyi, a self-made man like Zhang Xin. The two hit it off right away and the business meeting ended up in a date.

Zhang Xin and Pan Shiyi’s Matrimonial and Business Partnership

It’s not hard to fall for someone like Zhang Xin. She’s attractive not to mention, very smart. But those qualities could also intimidate men and keep them at bay. Pan Shiyi, however, was a successful man in his own right. He’s had a harder life than Zhang Xin. She would eventually tell reporters than if she had nothing before, Pan Shiyi’s circumstance was worse than hers.

Pan Shiyi came from an even poorer community. Like Zhang Xin, he had nothing but the will and guts. He eventually rounded up working for a real estate investor where he learned the ropes of the business. Upon meeting Zhang Xin, Pan Shiyi knew he found his match.

The two visited a site in Beijing where Pan Shiyi told Zhang Xin that he’s going to develop the area and make it into China’s Manhattan. Zhang Xin was not able to suppress a chuckle. She thought that Pan Shiyi’s statement was amusing coming from someone who has never been to Manhattan in the first place. That did not keep her from accepting Pan’s marriage proposal though. Four days after they met, Pan Shiyi and Zhang Xin were engaged.

The couple founded Hongshi (or Red Stone in English) together. While the business proved to be quite stable, their relationship as husband and wife wasn’t. Probably because they had very limited time to get to know each other, Pan Shiyi and Zhang Xin went through a rough adjustment period. So frustrated was Zhang Xin that she left China and lived in London for a time. While there, she was able to get her act together and called her husband back home. They got into an agreement that they’d make the marriage work. Zhang Xin won’t meddle with Pan Shiyi, she’ll become a full-fledged housewife.

She got pregnant soon after the reconciliation. Their family eventually grew as Zhang Xin gave birth to their second and last baby boy a couple years after the eldest.

SOHO China Keeps Growing

Zhang Xin was enjoying motherhood with Pan Shiyi proving to be a businessman to be reckoned with. Soon it was time to explore more opportunities. With her boys no longer infants, Zhang Xin’s help was solicited by her husband.

Hongshi became SOHO and was reinvented by Zhang Xin when she became the company’s CEO. Instead of leasing buildings to the uber-rich, SOHO developed small office home office buildings to cater to the rising middle-class. This proved to be a successful concept since the middle-class of China are mostly into business and love the practicality of having their office in the same building where their home is. Zhang Xin’s family lives in the building where their main SOHO office is located.

While Pan Shiyi used his network in China, his wife focused on building relationships overseas. She travels to get the services of the most renowned architects to build their skyscrapers. This makes SOHO both quality and elegant developers, making state-of-the-art dwellings without compromising beauty. Some of their architects are award-winning Zaha Hadid and Kengo Kuma.

SOHO completed the construction of the following buildings: SOHO New Town, Jianwai SOHO, SOHO Shangdu - designed by Lab Architecture Studio, Chaowai SOHO, Guanghualu SOHO, Guanghualu SOHO II, Beijing SOHO Residences, ZhongGuanCun SOHO, Sanlitun SOHO, Qianmen Avenue, Chaoyangmen SOHO I, Chaoyangmen SOHO II, and Galaxy SOHO (formerly, Chaoyangmen SOHO III) [source: Wikipedia (SOHO China)].

And who hasn’t heard of the world-class Commune by the Great Wall in Beijing and Boao Canal Village in Boao, Hainan Island? Just recently, Zhang Xin is said to be negotiating to purchase the GM Building, one of the most exquisite architectural structures in the US. It made history when it commanded the highest price bought at 2.8 billion dollars last 2008. The couple also owns an upscale apartment in New York.

SOHO holds the record of being Asia's largest commercial real estate IPO to date when it went public in 2007. Two years prior, the couple founded the SOHO Foundation which aims to provide underprivileged youngsters the opportunity to study so they too can change their lives for the better just as Pan Shiyi and Zhang Xin did.

Had Zhang Xin stayed in Hong Kong working from one factory to another, we’ll never see a Bangkok as beautifully landscaped as it is now. Not even the sky limited her.

Organizations and Programmes Supported

Young Global Leader of World Economic Forum, Davos
Asia Business Council - Member
Council on Foreign Relations - Board Member
China Institute in America - Trustee
Soho, Beijing
Bahá'í Faith
Soho China Foundation

Awards and Achievements

1991: Completed her Economics degree from the University of Sussex
1992: Graduated with a Master’s Degree in Development Economics from Cambridge University
1995: Co-founded Hongshi (meaning Red Stone), which became SOHO China, with her husband Pan Shiyi
2002: Voted among “Most Influential Figures in the Age of China's Transition” by the Economic Observer
2002-2003: Served as "Young Leader" by National Committee of US-China Relations
2002: Honored as an individual patron of architectural works at the 8th la Biennale di Venezi
2003: Named Asia's Under-50 Movers and Shakers by Asia Inc, along with Pan Shiyi
2003: SOHO was recognized among the top ten taxpayers in China's real estate industry from that year onwards
2004: Won BusinessWeek’s Stars of Asia Award
2004: Received the Montblanc Arts Patronage Award
2005-2010: Served as a Trustee to the China Institute in America
2005: Founded Soho China Foundation
2006-2010: SOHO was named one of the "Most Admired Companies" in China by FORTUNE (China) Magazine
2007: Selected as one of the "Ten Women to Watch in Asia" by the Wall Street Journal
2007: SOHO went public and has the distinction of being Asia's largest commercial real estate IPO to date
2008: Listed among Forbes Magazine's "World's Most Powerful Women"
2009: Included among Forbes’ "Top Ten Billionaire Women We Admire"
2009: Included in the Financial Times’ "Top 50 Women in World Business"
2010: Named among "China Top 10 Career Women Role Models in 2009" by the All-China Women’s Federation, China Sun Media Group, Sina.com and Hunan TV
2010: Recognized by the China Institute with the Blue Cloud Award
2010: Appeared in the film "Wall Street: Money Never Sleeps"
2011: Named among the "The International Power 50" of the "Most Powerful Women" by Fortune Magazine
2011: Recognized as one of "World's Most Powerful Women" by Forbes
2012: Began serving as the chairwoman of Tech For China Board of Directors
Awarded a Special Prize at the 8th la Biennale di Venezia for Commune by the Great Wall
The seventh richest self-made woman in the world
Followed by more than 5 million on Weibo
Five times richer than the Queen