Zhang Xin (, also known as Xin "Shynn" Zhang,[3] born 1965) is an American businesswoman best known for co-founding the real estate developer SOHO China with her husband Pan Shiyi.
Born in Beijing, Zhang moved with her family to Hong Kong at the age of 14. She pursued higher education in the United Kingdom and began her career in finance in Hong Kong and New York. From 1995 to 2022, she and her husband built SOHO China into a major office developer during China’s property boom, before stepping down from the company ahead of the sector’s downturn. Since the 2010s, they have shifted their assets and business activities to the United States, where they set up the New York–based family office Seven Valleys (now Closer Group), and founded Closer Properties and Closer Media.
Early life and education
In the 1950s, Zhang Xin's parents, second generation Burmese Chinese, left Burma and immigrated to China.[4][5][6]
Born in Beijing in 1965, Zhang remained with her mother after the separation of her parents,[6] moving with her mother to Hong Kong at the age of 15,[1] where they lived in a room just big enough for two bunk beds.[6] To save for an education abroad, she worked for five years in small factories that made garment and electronic products.[8][1] By the age of 19, she had saved enough for airfare to London and to support herself for English study at a secretarial school in Oxford.[9] To support herself in the UK, she "worked in a traditional British fish and chip shop run by a Chinese couple," and took on Prime Minister Margaret Thatcher as a role model,[1] while also developing a "fascination with left-wing British intellectuals."[6]
In 1987, while still studying in London, she earned a scholarship that enabled her to begin studying economics at the University of Sussex, where she received a bachelor's degree.[6][1] In 1992, she graduated with a master's degree in development economics from Cambridge University,[10] where she wrote her master's thesis on privatization in China.[6] In 2013, Zhang received an honorary doctorate from the University of Sussex.[11]
Career
Early career
Upon graduation, Zhang was hired by Barings PLC (later Barings Bank), which had scouted Cambridge for students with knowledge of privatization in China, and which hired Zhang on the strength of her master's thesis on the topic.[6] She returned to Hong Kong to work, but in 1993, her unit at Barings was acquired by Goldman Sachs, and Zhang was transferred to New York City,[6] where she helped bring privatized Chinese factories to the public stock exchange.[1] Intrigued by China's burgeoning urbanization, she returned to her hometown, Beijing, where she met and married her husband—who purportedly proposed just four days after they met, in 1994.[1][7] In 1994, the couple began a mixed-use development project on unwanted land, called "New Town."[7]
Soho China
She co-founded Hongshi (meaning Red Stone), which later became SOHO China, with her husband Pan Shiyi in 1995.[9] Over the next decade, they began six additional development projects in China, including a residential development in Boao, on the island of Hainan, and the Commune by the Great Wall, a managed boutique hotel in Beijing featuring the works of twelve Asian architects recruited by Zhang.[7][6] Early in their marriage and business relationship, the couple experienced friction due to differing ideas of how the business should be run, leading Zhang to return to England for a time to reflect.[1] Eventually, she decided to return to her husband, but left the business for a time, returning to focus on the design end when business increased.[1]
Within 10 years, Soho became China's leading commercial property developer, with Zhang known as "the woman who built Beijing".
Recognition
Zhang has received international awards for her role as an architectural patron in China and as an entrepreneur.[1] In 2002, she was awarded a special prize at the 8th la Biennale di Venezia for Commune by the Great Wall, a private collection of architecture, now a hotel.[1]
Zhang is a member of World Economic Forum, Davos and a board member of the Harvard Global Advisory Council.[23] She served as a trustee to the China Institute in America from 2005 to 2010, and was recognized by the China Institute with a Blue Cloud Award in 2010.[24] In 2014, Zhang was listed as the 62nd most powerful woman in the world by Forbes.[25] and is "regularly named one of the top businesswomen in the world."[1]
Personal life
Zhang and Pan have two sons.[14][7] They are members of the Baháʼí Faith.[30][31]
Further reading
Gillet, Kit. "ZHANG XIN" (Archive). China International Business (CIB). January 2010 issue, 19 January 2010.
In 2011, Zhang began to transition from merely developing and selling properties to buying and leasing space, and branched out of China by acquiring a $600 million stake in New York City's
In 2014, Zhang and her husband launched a $100 million charitable initiative, the SOHO China Scholarships, "to fund disadvantaged Chinese students at top institutions across the globe,"[14][17][1] including gifts of over $10 million to Yale University, over $15 million to Harvard University, and $10 million to the University of Chicago; the gifts engendered some controversy among critics who felt that the money could have been spent improving schools in China.[14] The SOHO China Scholarships support approximately 50 Chinese students pursuing undergraduate degrees at partner universities.[18]
SOHO China began a transition from a business model of building and selling properties to one of buying and leasing them,[19] with Zhang participating in the February 2015 launch of the SOHO 3Q shared office space sector, leasing shared space to companies in cities in China.[20]
Zhang began unwinding her operations in China in the mid-2010s, citing high capital costs and low rental yields that had reduced investment returns in the country's real estate sector to "very low" levels. Between 2014 and 2021, SOHO China sold more than RMB30 billion (US$4.2 billion) in assets, ranging from office buildings to parking facilities, before Beijing blocked Zhang's proposed sale of the entire company to Blackstone.During the same period, Zhang invested in nearly a dozen trophy properties in New York and Boston, including stakes in the General Motors Building and Park Avenue Plaza in Manhattan, with total investments exceeding US$5 billion.[21] Zhang relocated to the United States during the COVID-19 pandemic and resigned from SOHO China in September 2022.[22]
Zhang and her husband have also been ranked by Forbes among the "world's most powerful couples."
