By Bloomberg News -
Dec 27, 2012 5:00 AM GMT+0800
“Turtle eggs,” he said to the visiting well-wisher, using a slang term for bastards. “I don’t acknowledge them as my sons.”
Deng Xiaoping, center row third
left, Yang Shangkun, center row second left, and Wang Zhen (center row
third right) pose for a photograph with naval officers of the South
China Sea Fleet at an undisclosed location on Jan. 26, 1984. Source:
AFP/Getty Images
Top leaders of the Communist
Party of China, from left: Zhou Enlai, Chen Yun, Liu Shaoqi, Mao Zedong,
Deng Xiaoping, and Peng Zhen, chat during a meeting of the Central
Committee of the CPC in Beijing in 1962. Source: AFP/Getty Images
Deng Xiaoping, China's former leader, center, during a visit to Nanjing, Jiangsu Province, China, in 1985. Source: EyePress
Zhuo Lin, center, the widow of
Deng Xiaoping, with sons Deng Pufang, left, and Deng Zhifang, third
left, daughters Deng Nan, fourth left, and Deng Rong, third right, and
Politburo Standing Comittee member Hu Jintao, right, attend a final
rites ceremony for Deng Xiaoping off the eastern coast of China on March
2, 1997. Source: XINHUA/AFP/Getty Images
Chen Yun, left, China's former
economic planner, left, speaks with Bo Yibo, China's former vice
premier, center, and Yao Yilin, then vice premier of the State Council,
at an undisclosed location in 1984. Source: EyePress
Li Xiannian, then vice premier of
China, second right, looks on as Zhou Enlai, then premier, third right,
addresses workers in Siyang county, Jiangsu Province, China, on May 1,
1965. Source: AFP/Getty Images
An undated photo of a statue on display in Nanniwan, Shaanxi Province, China. Photographer: Tian Ying/ImagineChina
Deng Rong, left, daughter of Deng
Xiaoping, meets with Vladimir Putin, Russia's president, in Moscow on
Oct. 20, 2005. Source: AP Photo/ITAR-TASS, Alexei Panov, Presidential
Press Service
He Ping, right, chairman of China
Poly Group Corp. and son-in-law of Deng Xiaoping, seen here with Manabe
Kunio, president of Sagawa Express Co., at an undisclosed location on
July 30, 2003. Source: ImagineChina
Bo Xilai, back left, then China's
Minister of Commerce, stands with Deng Pufang, foreground, and Deng
Nan, right, children of Deng Xiaoping, during a memorial ceremony for
Bo's father Bo Yibo in Beijing on Jan. 17, 2007. Photographer: Alexander
F. Yuan/AP Photo
Chen Yuan, chairman of China
Development Bank Corp. and son of Chen Yun, speaks with reporters in
Beijing on June 6, 2012. Photographer: Nelson Ching/Bloomberg
Wang Jun, second right in
glasses, former chairman of Citic Group Corp. and son of Wang Zhen, at
the Dongfeng Nissan Cup at the CTS Tycoon Golf Club in Shenzhen, China,
on Dec. 1, 2012. Source: OneAsia
Chen Xiaoxin, a former board
member of Abax Global Capital Ltd. and grandson of Chen Yun, seen in
this undated photograph. Photographer: Ji Guoqiang/ImagineChina
Chen Xiaodan, granddaughter of Chen Yun, at a debutante ball in Paris in November, 2006. Photographer: Julian Andrews
A screen grab shows the Weibo
page of Wang Jixiang, also known as Clare, great-granddaughter of Wang
Zhen, with pictures of shoes, handbags and jewelry. Source: Sina Corp
Bo Guagua, left, grandson of Bo
Yibo, with Chen Xiaodan, granddaughter of Chen Yun, in an undisclosed
location in this undated photograph. Source: EyePress
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One son behind the project, Wang Jun, helped build two of the country’s biggest state-owned empires: Citic (6030) Group Corp., the state-run investment behemoth that was the first company to sell bonds abroad since the revolution; and China Poly Group Corp., once an arm of the military, that sold weapons and drilled for oil in Africa.
Today, the 71-year-old Wang Jun is considered the godfather of golf in China. He’s also chairman of a Hong Kong-listed company that jointly controls a pawnshop operator and of a firm providing back-office technology services to Chinese police, customs and banks.
Swiss School
His Australia-educated daughter, Jingjing, gives her home address in business filings as a $7 million Hong Kong apartment partly owned by Citic. Her daughter, 21-year-old Clare, details her life on social media, from the Swiss boarding school she attended to business-class airport lounges. Her “look of the day” posted on Aug. 24 featured pictures of a Lady Dior (CDI) handbag, gold-studded Valentino shoes and an Alexander McQueen bracelet. Those accessories would cost about $5,000, more than half a year’s wages for the average Beijing worker.The family’s wealth traces back to a gamble taken by General Wang and a group of battle-hardened revolutionaries, who are revered in China as the “Eight Immortals.” Backing Deng Xiaoping two years after Mao’s death in 1976, they wagered that opening China to the outside world would raise living standards, while avoiding social upheaval that would threaten the Communist Party’s grip on power.
New Class
In three decades, they and their successors lifted more than 600 million people out of poverty and created a home-owning middle class as China rose to become the world’s second-biggest economy. Chinese on average now eat six times more meat than they did in 1976, and 100 million people have traded in their bicycles for automobiles.The Immortals also sowed the seeds of one of the biggest challenges to the Party’s authority. They entrusted some of the key assets of the state to their children, many of whom became wealthy. It was the beginning of a new elite class, now known as princelings. This is fueling public anger over unequal accumulation of wealth, unfair access to opportunity and exploitation of privilege -- all at odds with the original aims of the communist revolution.
- Graphic: Mapping the Family Tree of China's Red Aristocracy
- Bloomberg's Full Special Report: Revolution to Riches
State Control
In the 1980s, they were chosen to run the new state conglomerates. In the 1990s, they tapped into real estate and the nation’s growing hunger for coal and steel. Today the Immortals’ grandchildren are players in private equity amid China’s integration into the global economy.Twenty-six of the heirs ran or held top positions in state- owned companies that dominate the economy, data compiled by Bloomberg News show. Three children alone -- General Wang’s son, Wang Jun; Deng’s son-in-law, He Ping; and Chen Yuan, the son of Mao’s economic tsar -- headed or still run state-owned companies with combined assets of about $1.6 trillion in 2011. That is equivalent to more than a fifth of China’s annual economic output.
The families benefited from their control of state companies, amassing private wealth as they embraced the market economy. Forty-three of the 103 ran their own business or became executives in private firms, according to Bloomberg data.
Wall Street
He Ping, who was chairman of Poly Group until 2010, held 22.9 million shares in the group’s Hong Kong-listed real estate unit, Poly Property Group Co. (119), as of April 29, 2008. Wang Xiaochao, the son-in-law of former President Yang Shangkun, another Immortal, owned about $32 million worth of shares in another property unit listed in Shanghai, Poly Real Estate Group Co. (600048), as of the end of June. Wang Jun owns 20 percent of a golf venture that counts Citic, the company he previously ran, as one of its main clients.The third generation -- grandchildren of the Eight Immortals and their spouses, many of whom are in their 30s and 40s -- have parlayed family connections and overseas education into jobs in the private sector. At least 11 of the 31 members of that generation tracked by Bloomberg News ran their own businesses or held executive posts, most commonly in finance and technology.
Some were hired by Wall Street banks, including Citigroup Inc. (C) and Morgan Stanley. (MS) At least six worked for private equity and venture capital firms, which sometimes recruit princelings with the intention of using their connections for winning business.
Resentment Rises
“The Chinese Communist Party, pretty much led by these eight people, established their legitimacy as rulers of China because they were stronger and tougher than the other guys,” said Barry Naughton, a professor of Chinese economy at the University of California, San Diego. “And now they’re losing it, because they haven’t been able to control their own greed and selfishness.”China’s rich-poor divide is one of the widest in the world -- 50 percent above a level analysts use to predict potential unrest, according to a Chinese central bank-backed survey published this month. Protests, riots and other disturbances, often linked to local corruption and environmental degradation, doubled in five years to almost 500 a day in 2010.
“Ordinary people in China are very aware of these princelings, and when they think about changing the country, they feel a sense of despair because of the power of such entrenched interest groups,” Naughton said.
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