Wealthy and powerful entrepreneurs in China were once idolized by the public, doted on by the government and courted by foreign investors. They helped build the Chinese economy into a powerhouse and with it became the global face of Chinese business in a freer era, amassing billion-dollar fortunes, buying mansions overseas and holding court at elite international gatherings.
Now billionaire tycoons are the outsiders in an increasingly state-driven economy that prioritizes politics and national security over growth. As the government cracks down on business and the economy weakens, they are keeping low profiles, stepping down from their companies or leaving the country entirely.
In the latest exodus, two of China’s best-known entrepreneurs, Pan Shiyi and Zhang Xin, resigned this week as chair and CEO, respectively, of their real estate empire, Soho China. Both had already moved to the United States early in the pandemic and tried to manage their business with late-night calls back to China.