China’s tycoons leave the country

China’s tycoons leave the country
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China’s billionaire tycoons helped build the country’s economy into a powerhouse. Now, they are keeping low profiles — or leaving the country.

In the latest exodus, two of China’s best-known entrepreneurs, Pan Shiyi and Zhang Xin, resigned this week as leaders of their struggling real estate empire, Soho China. The husband-and-wife team moved to the U.S. during the pandemic and had tried to manage their business remotely.

Their resignations underscore the growing concern among private entrepreneurs that China is veering away from an era of freewheeling capitalism, toward an increasingly state-driven economy that prioritizes politics and security over growth.

Resignations: Other very wealthy entrepreneurs have also stepped down from top jobs in recent months, including Jack Ma, co-founder of Alibaba; Colin Huang, founder of Pinduoduo, a rival to Alibaba; and Zhang Yiming, founder of TikTok’s parent company, ByteDance.

Departures: Zhou Hang, a prominent tech entrepreneur and venture capitalist, recently left Shanghai’s lockdown for Canada. There, he denounced China’s current policies.

Source: The New York Times

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