In the land of Mao, getting rich is finally glorious. It’s also complicated. Via the Washington Post:
A COUPLE OF YEARS AGO, SHI XIAOYAN SOLD 17 OF HER 20 CARS. That left her with just the Porsches — a Boxster and the 911 Turbo — in the garage downstairs. Shi, who also goes by Celia, is the founder and chief executive of Illinois, the Beijing-based home furniture chain, and No. 21 on a list of the richest women in China, with a reported total wealth, along with her husband, Ye Mingqin, of $125 million. These days, she drives a $38,000 convertible Mini Cooper…
That kind of conspicuous consumption might not be quite so conspicuous in Beverly Hills or even Great Falls. But this is China, where, until fairly recently, being rich was not only rare but virtually criminal.
After the 1949 Communist revolution, private wealth became a huge social liability. Much of it was confiscated by officials or voluntarily handed over by owners who feared persecution otherwise. Villas and large homes were seized and transformed in the interests of the state: housing for municipal workers, medical schools, government offices and the like. [Full Text]
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