Worth more than Oprah: Meet China's female real estate tycoon
Working in factories since age 14, Zhang Xin becomes China's self-made woman
Zhang Xin, like many of her generation, grew up in poverty and began working in a factory at the age of 14. Zhang today is richer than Donald Trump, Steven Spielberg and Oprah Winfrey. Worth $3.6 billion, according to Forbes, Zhang is worth $800 million more than Oprah Winfrey, the world's best known self-made female billionaire. A Chinese real estate developer, she is responsible for the majority of the "new China's" city scapes.
Amazingly, Zhang Xing's story is not unique. Of Forbes' 2013 list of 24 self-made female billionaires, six are from China, including one from Hong Kong, more than any other country outside the United States.
Two of her Beijing projects, one completed last year and another under construction are designed by the Pritzker Prize-winning architect Zaha Hadid.
The 47-year-old Zhang was born in Beijing just before Mao Zedong's Cultural Revolution. Educated people like her parents were sent to the fields for "re-education." She returned to Beijing with her mother, where they weathered poverty and hardship.
"I was born and grew up when the city was very quiet: no cars, no shops, no lights, no machines. People were just on bicycles," she said.
She and her mother moved to Hong Kong when she was 14, where she spent five years in low-paid factory jobs, manufacturing toys, clothes and electronics, trying to save enough to go to England for an education.
"As a new immigrant to Hong Kong with no education, no background, didn't even speak the local language or dialect, Cantonese, and it was just a hard way to live in Hong Kong," Zhang says.
It took Zhang five years to save enough for a plane ticket to London and an English language course. She won a scholarship to university, studied for a master's degree in economics at Cambridge University and landed her first job at Goldman Sachs in New York.
Zhang chose to return to Beijing, where she met her husband, and together they started SOHO China.
"There was excitement of people talking about how to change China, and it was a very intellectually vibrant time," she said. "I felt that this country was really making a transition, and I wanted to be a part of that."
Zhang and her husband, Pan Shiyi, formed SOHO China in 1995. It swiftly became China's largest commercial real estate developer, with 56 million square feet in prime developments in Beijing and Shanghai.
Amazingly, Zhang's story is not unique. Of Forbes' 2013 list of 24 self-made female billionaires, six are from China, including one from Hong Kong, more than any other country outside the United States.
"I think women of our generation went through Cultural Revolution, went through hardship, coming from nowhere, and suddenly see China's amazing opportunity," Zhang says.
© 2013, Distributed by NEWS CONSORTIUM.
Pope Francis Prayer Intentions for December 2013
General Intention: Victimized Children. That children who are victims of abandonment or violence may find the love and protection they need.
Missionary Intention: Prepare the Savior's Coming. That Christians, enlightened by the Word incarnate, may prepare humanity for the Savior's coming.
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