Wang Chaobin: A Forbes Chinese Real Estate Tycoon Navigating Turbulent Sino-U.S. Relations

I met Mr. Wang Chaobin for the first time four days ago, on August 27th, at the Forbes Business Forum in Manhattan. He was the first speaker, and his speech immediately caught my attention. I was struck first with surprise, then with admiration. The surprise came because, in recent years, American media and public discourse have been overwhelmingly critical of China. The two U.S. political parties may attack each other on every issue, but they stand united when it comes to resisting China. Many of my American friends who were once extremely friendly toward China now express confusion about the current situation. Yet, they remain steadfast, navigating the perilous waters of Sino-U.S. relations, with a hope to build a bridge that allows both sides to interact freely once more.

Take, for example, Steve Orlins, sitting in front of me in the first row. He's the Chairman of the National Committee on U.S.-China Relations and the former Asia Chairman of the Carlyle Group, one of the world's largest private equity firms. He’s a prime example of someone committed to fostering better relations. Last year's welcome dinner for President Xi in San Francisco, following the Xi-Biden meeting, was organized by the National Committee, and it was a hot ticket—attended by Fortune 500 companies. A few months ago, at the Harvard China Forum, I happened to be seated behind Mr. Orlins. His speech that day revolved around a Chinese saying: "You have me in you, I have you in me." He had just returned from China after a 1-hour, 45-minute conversation with President Xi Jinping and had briefed the U.S. Congress upon his return. The phrase "You have me in you, I have you in me" left Congress puzzled. "What does that mean?" they asked. American think tanks, scholars,and sinologists analyzed Xi Jinping’s frequent use of Chinese idioms and concluded it meant "integration."

Steve Orlins speaking at the Forbes forum

Integration? Business Entrepreneurs are open to sharing markets and profits, but politicians? They’re not keen on sharing power equally. After further discussion with Mr. Orlins, we thought another phrase might be more understandable to the Congress: "If the lips are gone, the teeth will feel the cold." Maybe they’d get that? But who wants to send that kind of message out? To turn Sino-U.S. relations into a game of three-way contention? In America’s eyes, Russia is already disintegrated. The U.S. also has vast oil reserves, similar to Russia’s underground resources. It's not just about the oil underground but also the ownership models above ground. For example, in Alaska, when large oil reserves were discovered, the first question- who owned them- came up. The Alaskan people owned the land, but could they dig for the oil barehands? All parties related formed an equity fund, and everyone got a stake. This is the new "equity society" model currently proposed by the U.S. Congress—resources owned by all.

But let’s get back to the Forbes event.

Sitting next to Wang Chaobin was a former U.S. Ambassador to China. After Mr. Wang's speech, they engaged in a quiet conversation, half in Chinese, half in English. Mr. Wang, who has been investing in the U.S. since the early 1990s, speaks English well. Meanwhile, U.S.ambassadors to China are often fluent in Chinese. Orlins, a Harvard Law School graduate, also speaks excellent Chinese. As I listened, I realized their conversation was about the speeches on the big screen by the Chinese Ambassador to the U.S. and the U.S. Ambassador to China. Both were essentially saying the same thing: China and the U.S. need to repair their relationship. The vast Pacific Ocean lies between the two countries, and even the Big Bang couldn’t push them apart, so they need to find a way to coexist peacefully.

Wang Chaobin himself embodied this spirit of coexistence, not just through his bold words on stage, but through his actions over the past 30 years. "I am grateful to both China and the United States," he said. Mr. Wang shared his story, describing how he founded China’s first privately-owned real estate development company in the 1980s—Project No. 0001—and built the first Taiwan Compatriots Community in China. In 1992, as the reform and opening-up policies deepened, he built China’s first privately-owned SanBao 三胞Economic Development Zone, covering 2 square kilometers. It became a leading example of reform in Henan Province and across China. Over the decades, Wang Chaobin’s companies have consistently paid over hundreds of millions in taxes each year, with his personal income tax leading in Henan for 40 years. Moreover, he has “neither internal nor external debts," owing nothing to anyone—individual, company, or country.

“How did you manage that? Aren’t most Chinese real estate developers known for getting land from the government, mortgaging it to banks for low-interest loans, and then rolling out developments, with ordinary people essentially buying options through pre-sales?” a typical business model.

“I’ve never sold pre-sale homes, and I’ve never overdrafted from any bank. Last year, when the real estate market was down and the economy was sluggish, I lent out interest-free loans. Forbes recognized me because of my positive assets. All my assets are real,” Wang responded.

“And how did you earn your first bucket of gold? Don’t all Chinese entrepreneurs have a tainted origin?” I couldn’t help but inquired.

“In the 1980s, the government asked me to take over a failing transport project and turn it around so that everyone could get paid,” Wang explained. He did just that. He later bought the business.

His story reminded me of Zhang Ruimin, the CEO who transformed Haier Group into a global brand. In the mid-1980s, Zhang, then working at the Qingdao Quality Inspection Bureau, saw a group of people arguing downstairs because a faulty refrigerator couldn’t freeze food. The young Zhang thought, "Why should Chinese people have to settle for substandard products?" When he was sent to rebuild the "Qingdao Red Star Electric Appliance Factory" (the predecessor of Haier Group), Zhang famously smashed 76 defective refrigerators. That bold move set the foundation for Haier to become China’s first and remains to be number one appliance brand, selling worldwide.

Wang continued, “I am full of gratitude to both countries. I was fortunate to encounter China’s best period for development, which allowed a poor kid like me to make his first bucket of gold. After that, I just aimed to pursue the biggest dreams, always within the boundaries of the law. China’s open-door policy enabled me to come to the U.S. after making my first bucket of gold. Over the past 30 years, I worked in both countries. The U.S. is vast and sparsely populated. Given my background in real estate, of course, I bought large amounts of land here. Who knows, there might even be a lot of oil under the 10 square kilometers of the land I bought.”

In conclusion, Mr. Wang stated, "Both China and the United States have provided opportunities for growth and wealth for all of us. After decades of continuously doing real estate and trade, here I am on the Forbes Global Billionaires List in 2023. Today, my heart is filled with gratitude for both China and the U.S. Now that Sino-U.S. relations are strained at the government level, it presents us with unprecedented opportunities at the grassroots level!”

Listening to Mr. Wang filled me with surprise and new hope. Having lived in the United States for almost 40 years, many of us have acted like bridge-builders, constantly thinking of ways to bring the best of America to China—from the early days of the "Eight Big Items" to new ideas like asset stripping, debt-to-equity swaps, financing, IPO listing, and raising global funds to help revitalize Chinese enterprises. Now, we are finding ways to position Chinese products, identify markets, and seek partners in the U.S. and globally. We've come this far, helping each other and making corrections along the way, up to 2024.

Are we now to go down a dark path just because we have differences? If the next era of AI and artificial intelligence becomes the dominant force in the world, why would we think of arming it to the teeth to cause harm instead of using it for health and saving lives?

We must not look at today’s world with the same eyes and knowledge from 30 years ago or govern our acts with Cold War syndrome?

To and this article, my thanks go to the Forbes Business Forum. Thank you, Chairman Wang Chaobin. And my heartfelt thanks to my dear sister, Yue-Sai Kan—without her invitation, I wouldn’t have had the chance to witness firsthand the genuine sentiments of Mr. Wang and Yue-Sai Kan my heroine on stage, as well as their 30-year friendship and the hopes for the future!

I’ve learned. I’m inspired. I’m grateful. In them I found our common ground.