"王八蛋"，王震告诉探访者他感到背叛，"我不承认他们是我的儿子。"彭博新闻社追踪了八老的直系子孙和配偶，共103人的财富，揭示中国精英如何从国家的繁荣中获利丰厚。
原文：Heirs of Mao's Comrades Rise as New Capitalist Nobility
作者：彭博新闻社
日期：12/27/2012
由"译者"志愿者翻译并校对
在三十年间，他们和他们的继任者们带领6亿多人脱离贫困，创造了一个居有屋的中产阶级，中国成为世界第二大经济体。现在中国人均肉类消费量是1976年的6倍，1亿人将自行车换成了汽车。
贺平直到2010年仍为保利集团董事长，持有该集团香港上市地产公司保利香港(119)2290万股（2008年4月29日）。八老之一，前国家主席杨尚昆的女婿王小朝持有集团在上海上市的另一家地产公司保利地产（600048）价值3200万美元的股票（6月底）。王军持有一家高尔夫投资公司20%的股 份，而他先前运营的中信集团是这家高尔夫公司的主要客户之一。
"中国共产党，差不多被这八个人领导，他们比其他人更强硬，因此得以建立合法性，成为中国统治者"，加州大学圣迭戈分校中国经济学教授巴里・诺顿（Barry Naughton)说，"现在他们正在失去这一合法性，因为他们无法控制自己的贪婪和自私。"
本文版权属于原出版公司及作者所有。©译者遵守知识共享署名-非商业性使用-相同方式共享 3.0许可协议。
【原文】
原文：Heirs of Mao's Comrades Rise as New Capitalist Nobility
作者：彭博新闻社
日期：12/27/2012
由"译者"志愿者翻译并校对
1990年，王震将军躺在北京一所军事医院里，他告诉一位探访者，他感觉到背叛。
他冒着生命危险，为了一个平等主义乌托邦而战斗，但是他作为共产主义中国的缔造者，拥有的理念被他子女的资本主义道路损伤殆尽——他的子女是金融、航空和计算机行业的商界领袖。
"王八蛋，"他对着探访者，用脏话骂他的子女们。"我不承认他们是我的儿子。"
他的两个儿子现在计划将中国西北一片谷地开发为一个16亿美元的旅游景点，当年他们的父亲曾经在这儿从饥饿中挽救了毛泽东的军队。南泥湾的度假村包括一个革命主题公园和旅游版的窑洞，当年共产党干部们在窑洞里抵御严寒。
这个项目背后的策划人之一，王军，帮助建立了中国最大的两大国企帝国：中信集团（6030）是一家国有投资巨鳄，解放以来第一家在海外出售债券的中国公司；中国保利集团，一度是军队公司，出售武器，并在非洲开采石油。
如今，71岁的王军被认为是中国的高尔夫教父。他同时是香港上市公司董事长，该公司共同控制一家典当公司和一家为中国警察、海关和银行提供后台技术服务的公司。
瑞士学校
他的女儿王京京在澳大利亚受教育，在一个商业文件中的家庭住址是一所价值700万美元的香港公寓，部分由中信所有。王京京的女儿，21岁的Clare，在社交网络上详细描述她的生活，从她所上的瑞士寄宿学校到机场商务舱的休息室。她在8月24日贴出的"一日见闻"包括一只Lady Dior的手袋，一双金钉Valentino鞋和一条Alexander McQueen项链。这些饰物价值5000美元，比一个普通北京工人的半年工资还多。
这个家庭的财富可溯源到王将军和一群坚定的革命者的赌博，他们在中国被尊称为"八老"。1976年老泽东逝世两年后，他们支持邓小平，打赌将中国开放给外部世界会提高生活水平，避免威胁共产党统治的社会动乱。
新阶层
在三十年间，他们和他们的继任者们带领6亿多人脱离贫困，创造了一个居有屋的中产阶级，中国成为世界第二大经济体。现在中国人均肉类消费量是1976年的6倍，1亿人将自行车换成了汽车。
八老们也给党的权威带来了最大的挑战。他们将国家的一些关键资产托付给他们的子女，其中很多人变得很富有。这促成了一个新的精英阶层，现在被称为太子党。公众对不公平的财富积累，机会不均等和特权剥削感到愤怒，而太子党现象无疑火上加油 —— 所有这些都与共产主义革命的初衷背道而驰。
为了揭示这一红色贵族的规模和来源，彭博新闻社追踪了八老的直系子孙和配偶，共103人的财富。其结果让我们得以详细审视中国部分精英层，及他们的成员如何从国家繁荣中获利丰厚。
国家控制
在20世纪80年代，太子党们被选择来运营新的国有企业集团。在90年代，他们进入房地产和国家急需的煤炭和钢铁行业。今天随着中国融合到国际经济中，八老的孙辈们成为私募基金的推手。
彭博新闻社编辑的数据显示，八老后代中26人运营主导经济的国有企业，或在其中担任高管。仅仅三名子女——王震将军之子王军；邓小平女婿贺平；毛泽东的经济沙皇陈云之子陈元——他们领导或运营的国有公司2011年总市值为1.6万亿美元。这相当于中国年度经济产出的1/5强。
这些家庭受惠于他们控制的国有企 业，当他们拥抱市场经济时积累了大量私人财富。根据彭博社的数据，103人中的43人运营自己的企业，或者成为私营企业高管。
这些家庭受惠于他们控制的国有企 业，当他们拥抱市场经济时积累了大量私人财富。根据彭博社的数据，103人中的43人运营自己的企业，或者成为私营企业高管。
华尔街
贺平直到2010年仍为保利集团董事长，持有该集团香港上市地产公司保利香港(119)2290万股（2008年4月29日）。八老之一，前国家主席杨尚昆的女婿王小朝持有集团在上海上市的另一家地产公司保利地产（600048）价值3200万美元的股票（6月底）。王军持有一家高尔夫投资公司20%的股 份，而他先前运营的中信集团是这家高尔夫公司的主要客户之一。
第三代太子党——八老的孙辈和配偶，很多人现年三四十岁——成功地利用他们的家族联系和海外教育背景，进入私营企业工作。彭博社新闻追踪到，第三代31名成员中至少有11名运营自己的企业，或成为企业高管，大多数在金融或者科技产业。
部分人被华尔街银行雇用，包括花旗和摩根斯坦利。最少有六人在私募基金或风险投资公司工作，这些公司有时雇佣太子党，利用他们的个人关系赢得商业机会。
不满增加
"中国共产党，差不多被这八个人领导，他们比其他人更强硬，因此得以建立合法性，成为中国统治者"，加州大学圣迭戈分校中国经济学教授巴里・诺顿（Barry Naughton)说，"现在他们正在失去这一合法性，因为他们无法控制自己的贪婪和自私。"
中国的贫富差距为世界最大之一，根据本月中国央行支持的一项调查报告，比分析家们预测出现潜在社会不稳定的水平高50%。抗议、骚乱和其他变故，常常由于地方腐败和环境恶化造成，在五年间增加了一倍，2010年每天几乎达到500起。
"中国普通老百姓对这些太子党心知肚明，当他们想到改变这个国家，他们感觉绝望，因为这些牢固的利益集团太强大了。"诺顿说。
强盗贵族
中国13亿人中，许多人的生活水平在国家控制的资本主义治下得以提高。象王军这样的太子党在建设一个巩固这一成果的制度中也扮演了中心角色。
许多中国最富有的人并不需要靠血统来致富。这包括白手起家的亿万富翁，例如生产饲料的新希望集团董事长刘永好，中国最富女性玖龙纸业控股(2689)董事长张茵。
而且，经济快速发展演变为分配不公，这在全球范围内并不少见。19世纪美国的强盗贵族和俄罗斯后共产党时期的垄断寡头是两个例子。但是，在中国，其领导人仍然拥护马列主义毛泽东思想，公众对机会不均等和精英特权感到不满。
中国的新任领导人，59岁的习近平，自己是一名太子党，是一位革命家和副总理的后代。新成立的七人政治局常委中，有三人属于太子党。
太子党集团
彭博新闻社6月29日报道，习近平大家族积累了大量财产，包括价值3.76亿美元的公司投资和5500万美元的香港地产。彭博社的网站自此之后就被中国封锁。
即使一些八老的后代也说，他们对他们称之为太子党集团的贪婪感到忧虑。
"我们这一代和下一代人对中国的革命、独立和解放没有任何贡献，"67岁的商人宋克荒说，他的父亲是八老之一宋任穷，1949年解放后掌管中国东北。"现在，一些人利用其父母的地位搜刮钱财。公众当然愤怒，他们有权愤怒。"
薄熙来的下台
此外，人民对政府官员利用其地位腐败感到愤怒。官方新华社12月13日报道，自从习近平上月上台以后，至少有10位地方政府官员因为腐败和性丑闻"落马"。
今年，薄熙来——八老薄一波之子和中央政治局成员——被开除共产党，被控收受贿赂，而他妻子被发现谋杀英国商人，此后高层腐败成为公众焦点。除非根绝腐败，"这会最终亡党亡国！"上月习近平说，共产党报纸《人民日报》报道。
政府计划如何处理太子党的影响？他们的行为是否增加了公众的不满？北京外交部没有回应我们的传真提问。
"上梁不正下梁歪，"戴晴说，她被一名著名的将军（叶剑英——译注）收养，与北京许多太子党一块长大。"我们没有新闻自由，没有独立的监督来制止腐败。"
离岸避风港
国家控制媒体和互联网，限制对这些家庭的报道，把他们的商业行为从普通老百姓那儿掩盖起来。在公开文件中找到的信息常常含糊不清，因为他们使用普通话、广东话和英语不同的名字。
为了证实这些身份和商业利益，彭博新闻社搜寻了上千页公司文件，财产记录和官方网站，进行了几十次采访——从华南的高尔夫课程，北京邓氏家族的住所，到密歇根州安娜堡郊外的房子。
报告显示，最少有18位八老的后代拥有或运营离岸公司关联实体，包括英属维京群岛和开曼群岛，还有处于利比里亚和其他秘密管辖治下。
美国的吸引力
尽管八老贬低资本主义国家的"小资产阶级个人主义"，几乎半数后代在国外居住、学习或工作，一些在澳大利亚、英国和法国。太子党最早到海外旅行和学习，获得普通中国人不具备的优势。
美国1979年与共产党中国建立外交关系，是他们最爱的目的地：根据彭博社的数据，最少有23名八老的后代和配偶在美国学习，其中3人在哈佛，4人在斯坦福。最少有18人在美国实体工作，包括美国国际集团(AIG)和伟凯法律事务所( White & Case LLP)，这一事务所雇佣了一名邓小平的孙子。12人在美国拥有地产。
对于太子党对中国经济的掌控程度没有一个公认的说法。研究中国的学者们估计，大部分的财富和影响力被掌握在少则14个，多则几百个家族的手中。
家族控制
"蒋介石时期有四大家族；现在有四十四个，"研究中国精英政治的哈佛历史学家麦克法夸克(Roderick MacFarquhar)在谈及这位输给了毛泽东的国民党领袖时说。"改变这一体系需整个国家经历一个痛苦的过程，当人们觉得实在无法忍受了的时候。"
"八老"现都已离世，尽管其中三人活到了90岁。他们在中国的地位与乔治・华盛顿以及托马斯・杰佛逊在美国的地位类似。他们是：
- 邓小平
- 王震，养活了毛泽东的军队
- 陈云，在毛1949年掌权后负责经济
- 李先念，在结束文革时作出了贡献
- 彭真，八十年代时重建 了中国的法律体系
- 宋任穷，中央组织部部长，负责文革后被清洗干部的复职
- 杨尚昆，1989年执行了邓的指示镇压了天安门运动
- 薄一波，前副总理，八老中最后一个过世，过世于2007年，享年98岁
他们中的很多人在文革时期被内部放逐，在毛泽东1976年过世，文革结束后逐步掌权，试图在废墟上重建经济。1978年的中国国民生产总值仅为人均165美金，对比同期美国是人均22462美金。看看日本，南韩，台湾和香港的繁荣，八老们周围全是资本主义的成功范例。
内战获胜的共产党在1949年以后已经处决了地主。农场变成了人民公社。工厂归属国家。
八十年代，八老们把这一切反了过来：农民可以出租土地。私营企业被允许甚至得到鼓励，开始规模小，后来逐渐做大。为了刺激经济增长，邓小平孤注一掷。一些"苍蝇和蚊子"是可以被容忍的，现居住在麻省的退休哈佛教授傅高义说，他在2011年著作了一本邓小平的传记。
"更值得信任"
"我们需要允许一些地区，一些企业，一些工人，一些农民比别人先富起来，"1978年12月，邓小平对聚集在北京的党的高级领导人这样说。"如果一部分人的生活水平先提高了，将必然对他们周围的人产生重要的影响。"
陈云，中国计划经济的设计师，希望党的老人们及其家族依旧掌握对国家的控制。傅高义的书显示，邓小平同意了这一点。
"他确实感到因为这些人拥有更多和党的联系，因此他们更值得信任，"傅高义说。"这些人将绝对忠于党，在紧要关头可以依赖。"
不断向外伸延的帝国
数月之内，王震将军之子王军成为新成立的中国国际信托投资公司（CITIC）的负责人。这家公司由荣毅仁成立，意在吸引海外投资，当时国家的外汇储备仅为 8.4亿美元。他随后将其发展为一个不断向外扩张的帝国以推动经济发展。中国国际信托投资公司目前经营着中国最大的上市证券公司，赞助了一只北京足球队，并进行豪华房地产开发项目。中国目前的外汇储备达到了3.3万亿美金。
在位于深圳的港中旅聚豪高尔夫球会的一次采访中，王军说这个国家如今实现了其父亲那一代人的希望。
"共产党希望所有人富裕，这样人们的生活才能变好，"11月30号，王军在东风日产杯的会所边抽着雪茄边抿着茶说。"革命的时候，人们要是能吃饱，有暖和衣服穿，他们就非常满足了。"
"但现在人们的愿望也越来越大，"他说。
中国队
跑道以外，王军站在高处俯视着运动员，一个同事为他打伞挡雨。作为锦标赛中国队的队长，他在今年《高尔夫》杂志的世界影响力排行榜上名列第16位，比老虎伍兹还高。
王军说他1986年开始打高尔夫球，因为当时一家向北京第二个高尔夫场投资的日本银行给了他名誉会员的身份。
"中国打开了国门，并且希望外国投资者进来，"他说。"如果一个城市没有高尔夫球场，他们不会进来。"
中信成为了高尔夫球在中国发展的主要赞助者，甚至开始进入场地的设计和管理领域。公司文件显示，2008年，王军成为了深圳向前体育管理公司，一家由中信的子公司于五年前成立的合资企业的董事长。他从中信取得了该公司20%的股份。
革命道路
王军没有回应通过邮件发给向前集团的其他问题，包括他的父亲是否表达过对其生意往来的不满。1990年，王震因腿伤在医院疗养。据那时去其病床边探访过他的人说，将军感到非常失落，因为他的孩子偏离了革命的道路。因为害怕被报复，这位探访者拒绝透露自己的姓名。
将军的其它两个儿子，王之和王兵，没有回复发至与他们的高尔夫球队有关系的向前集团的问题。
中信公司没有接受电话采访，也没有回复关于公司与王军的业务联系的传真问题。
彭博社发现，八老中的六个有子女或配偶在中信或其子公司工作。前主席杨尚昆的女儿杨李是一家部分由中信所有的公司的名誉董事长。在公司文件中，她留下的地址是另一个中信子公司所有的位于香港的一所公寓。彭真的儿子傅亮，在中信所有的广播电视公司和房地产开发公司的董事会任职。
通过其各自相关的中信子公司来采访傅和杨的尝试都失败了。
军火生意
1983年，王军投身军工工业，将中国军方经营的军工厂转变为商业企业。他是保利集团的创办人之一，其它的创办人还有邓小平的女婿贺平。贺平当时是中国人民解放军的 一名少将。一份美国陆军战争学院战略研究所发表的报告显示，这家公司通过对伊朗、缅甸和巴基斯坦出口武器净赚了亿万美金。
公司网页显示，随后保利集团开始经营煤矿和拍卖行，与法拉利共同经营一家合资企业，为苏丹建公路，以及在北京为海外外派人员建别墅。它同时还拥有一个旅游电视频道以及一家连锁电影院。
八老的亲属中至少有三人在保利工作。杨尚昆的女婿王小朝担任总经理。
中文版视窗
我们传真到保利集团在北京的总部，试图采访贺平和王小朝，集团没有回应。我们三次致电王小朝的秘书，无人接听。北京总部一位女士接听了电话，她说贺平已经退休，找不到了。
"全国皆商——党，军队，法庭，检察院，警察"，芝加哥大学政治学教授杨大力(Yang Dali)说，他曾写了一本有关中国经济和政治的书，"内部人能够一夜暴富。"
王震将军的第三个儿子王之，从他雇主电子部那拿到30万元人民币（48,112美元），制造个人电脑。他后来与比尔・盖茨合作，开发视窗软件中文版。
偷税漏税
"不奇怪那些有关系的人在80年代拿到最好的东西，"侯伟(Fraser Howie)说，他共同著作了《红色资本主义：中国奇迹背后的脆弱基础》，"问题是，20年过去了，他们还能拿到最好的东西，因为还没有形成公平竞争的环境。"
到1988年，国有企业偷税漏税和投机倒把盛行；1989年8月，《人民日报》报道，"五大"公司被政府调查，随后被罚款。他们包括中信公司和中国康华发展总公司，康华包括数十家下属公司，由邓小平的儿子邓朴方经营的慈善组织创建，邓朴方如今68岁了。
学生和工人们对太子党的特权和不断增长的财富越来越不满。邓小平开创的经济改革给中国农村带来了活力。在城市，工作单位仍然提供一切，从住房、医疗到学校。1988年通货膨胀达到18.8%，侵蚀着人们的收入。愤怒甚至到达了在北京的美国大使馆。
秘密签证
在天安门广场抗议前夜，八老陈云的儿子陈元当时是中国央行副行长（现在是中国最大的政策银行董事长），他利用在白宫的关系，秘密帮助他儿子搞到了美国签证，送其到美国一个私立著名寄宿学校；而当时大多数中国人不让离开这个国家。
陈元的联系人，老布什总统国家安全委员会亚洲问题专家包道格(Douglas Paal)，说他可以帮忙，并联系当时的大使李洁明（James Lilley，现在已过世)。包道格说他被李的反应吓了一跳。李洁明告诉他，这么干会激起大使馆中国雇员的愤怒。
天安门广场
天安门广场
"我才发现大使馆的职员，特别是中国人，多么痛恨太子党牟利，"包道格说，现在他是华盛顿国际和平研究会副总裁。
公众的愤怒在1989年春天爆发。学生们走上街头，涌入天安门广场。在中国之外的观察家们通过电视，主要看见游行队伍呼吁民主，而芝加哥大学教授杨大力说，高干的特权子女也是人们的目标。根据普林斯顿大学出版社出版演讲集和其他作品回忆，示威者甚至挑战邓小平的儿子邓朴方（他在文化大革命中致残），他们发放传单， 指控邓朴方的公司偷税走私。
自从八老们十年前押注经济改革以来，这是对他们的中国计划最大的威胁。
5月底，邓小平把老人们叫到他家。他们缔造的所有东西都有可能被毁灭，面临这种局面，邓小平和其他革命老兵们转向军队来恢复秩序。6月4日，坦克开入北京城区，民主运动被暴力粉粹。
六四镇压有效地熄灭了公众对抗腐败的运动，鲍彤说；他是一名党的高级干部，在镇压前几天被捕，以反革命罪被判刑，在监狱被关押了7年。
茅台、香烟
"党掩盖腐败，容忍腐败，对其不闻不问，甚至鼓励腐败，"鲍彤在12月11日北京家中接受电话采访时说。鲍彤认为，今天的腐败要比上世纪80年代严重得多。
"刚开始腐败不严重，也就一瓶茅台，两包中华烟，"80岁的鲍彤说，"现在一个价值100亿元的公司能被10亿元买走，对那个时代的人来说，这可能太骇人听闻了。"
中国领导人也处理了一部分示威者的抱怨。中信被审计，罚款。康华发展被解体。党中央发布了指令，严禁高干子女从商。
太子党的反弹
禁令并没有长时间止住八老子女的步伐。20世纪90年代，当邓小平启动新一轮经济浪潮，太子党的机会来了。当新工厂和城市扩张改变着中国大地，他们跃入快速发展的行业，包括物资业和房地产业。
邓小平的两个孩子——62岁的邓榕和她的弟弟邓质方——是进入房地产业的先行者，甚至在1998年大陆房屋市场商品化的新政策之前。在邓榕陪伴其父亲进行那次著名的1992年南巡，展示新兴出口中心深圳的成功之后两年，她到香港去推动之前在深圳领导的新地产开发项目。
据《南华早报》头版新闻报道，这栋32层大楼的一些公寓价格达到每座24万美元。公司记录显示，到20世纪90年代末，公司的一半资产由两个人所有，这两人与邓榕的弟媳刘小元和王震的孙女王京京同名。
邓榕和邓质方对我们传真到他们在北京的办公室的问题没有回应。通过刘小元的一家关联公司，我们无法与她取得联系。王京京不回应送到她北京办公室的问题，一位访问两处地点的记者被告知，她不在那。
官办企业
"邓小平南巡后，许多国有企业、政府办公室、警察和军队开始开办服务业，象旅馆、旅行社和房地产，"香港科技大学教授丁学良说，他研究20世纪90年代某省公安厅如何使用上亿国家资产成立一家房地产公司。他说，官员警告他可能会被杀掉，他被迫停止研究。"当你到达最高领导层的子女或者亲属那个级别，你基本上已经到达核心部位。你无法调查下去。"
当政府机构开办的企业到大陆新成立的股票市场上市，市场的增长将越来越多的官僚转变为自由市场资本家。还有一波上市潮驱动企业到香港上市。
稀土
邓小平的女婿吴建常曾经是国有金属企业的高管，1993年成为一家下属公司董事长，公司在香港上市。
他成为冶金部副部长，中国钢铁协会会长，同时成为在奥斯陆上市的金辉船务有限公司的荣誉董事长，担任在香港上市的江西铜业(358)和其他一些上市公司的董事。
吴建常的公司和邓小平的另一位女婿张宏拥有的公司，合伙从GM手中购买了稀土磁矿材料主要制造商麦格昆磁。收购麦格昆磁并关闭其美国制造工厂帮助中国实现了邓小平掌控稀土矿市场的目标，现在这种材料应用在美国灵巧炸弹、风涡轮机和混动汽车中。
"证据确凿无疑：八老的直系家庭和后代在上世纪90年代到本世纪间，从国企市场化改革中攫取了巨大的财富、权力和特权，"Glenn Maguire说，他曾在香港担任法国兴业银行首席亚洲经济学家。
沿着父亲的脚步
第三代太子党中只有两人进入国企，其他大多数直接进入私营企业。中国2001年进入世贸组织带来了10年平均10.6%的增长，太子党们大有可为。
邓小平38岁的外孙卓�，步他父亲吴建常的后尘进入了金属行业。他领导的公司购买了一家澳大利亚铁矿的股份。
名片显示，卓�是易简投资的董事长，中国和香港的公司记录也将他关联到这家公司。作为2008年一项交易的一部分，易简投资拥有160万股，或0.83%金西资源(GWR)的股票，这家澳大利亚公司2012年年报显示。
太子党们也利用他们的海外教育和国内联系达成金融和商业交易。据彭博社数据，在31名孙辈和配偶中，至少有12名在金融业工作，包括6位在私募基金或风险投资行业。
名牌学校
当陈元的子女成年，他监管着他自1998年就运营的中国开放银行的扩张，其资产达到1万多亿。
他的儿子陈小欣，又叫Charles，在麻省康科德中学(Concord Academy)毕业后，进入康奈尔大学，随后进入斯坦福大学获得MBA学位。他在香港花旗工作，然后进入盘实资本，一家私募股权公司。
他的妹妹陈晓丹，又叫Sabrina，进入麻省泰伯高中(Tabor Academy)念书，其寄宿学生的学费如今是大约5万美元。她然后进入北卡杜克大学，在哈佛拿到MBA学位，今年早些时候毕业。
陈晓丹
她曾在纽约摩根斯坦利工作。今年，一家欧洲私募基金公司帕米拉咨询公司(Permira Advisers LLP)在香港雇佣了她。帕米拉去年和她父亲运营的中国开发银行签署了伙伴协议。两家公司同意寻求在中国的投资机会，支持希望在欧洲扩张的中国公司。
总部在伦敦的帕米拉女发言人在电子邮件中说，陈晓丹的受雇并不构成利益冲突，如果出现冲突，公司将按照股东的最佳利益进行管理。陈晓丹不回应打到她公司的电话。
中国开发银行还没有与帕米拉公司进行什么业务，因为陈晓丹"刚就职一个月，她不可能涉及什么构成利益冲突的业务活动，"银行在12月14日的传真回复中说。
最少一位投资者发现，不知道八老家庭成员的身份会是个麻烦。
"我不知道的东西"
Yemi Oshodi，当时是纽约 Wallachbeth资本的总经理，他劝告其客户做空一份2011年收购哈尔滨电机的建议书。该收购由中国发展银行4亿美元贷款提供财务支持。
Oshodi说，他相信银行最终不会提供这笔资金，因为对这家美国上市的中国电机马达公司的收购价太高。哈尔滨电机股价在2011年6月份曾在一天内下跌50%以上，当时它受到短线操盘手阻击，后者质疑其财务声明的准确性。
"我只是不相信银行能够提供不安全贷款，"Oshodi说。"我自己想啊想，明显有什么东西我不知道。没理由银行会提供这笔贷款。"
这笔交易成交了。
Oshodi不知道的是家庭关系。这笔交易部分由盘实投资提供金融支持，陈小欣在这家私募基金公司任总监，几个部门都参与了这笔交易。
否认利益冲突
如果他知道盘实和银行的家庭关系，他可能会赌另一个方向，Oshodi说。这种关联"绝对应该披露"，他说。
盘实合伙人杨向东(Donald Yang)拒绝置评。中国开发银行在传真回复中说，陈小欣已经离开盘实，从未参与任何可能构成利益冲突的业务。哈尔滨电机不回复我们的电子邮件问题。
39岁的陈小欣未回复我们给他北京公寓里的留言，他的公寓位于中国开发银行总部向北两个街区。华盛顿的美国证监会未给出评论。
了解家庭关系的威力至关重要，作家侯伟说，他曾担任总部在新加坡的里昂证券亚太市场总经理。"改革并未使得市场匿名，"他说，"他们使得知道你和谁打交道变得更加重要。"
离岸投资
中国新贵族的财富和联系通常隐藏在强调隐私的离岸地。
叶静子，一位传奇解放军元帅（叶剑英——译注）的孙女和王震将军的孙媳妇，将世界小姐选美大赛带到中国，在上海举办了城市街道赛车。
鲜为人知的是，37岁的叶静子还是辽宁星际动力总成有限公司的董事长，该公司计划使用马来西亚国有石油巨头国油石化(PCHEM)提供的技术，在中国东北制造汽车发动机。根据公司文件，星际动力的唯一投资人在英属维京群岛注册。我们尝试联系叶静子，但是不成功。马石油未回复我们的电子邮件问题。
太子党第三代成员部分成员的生活方式跟上了国际富有阶级的潮流——他们在瑞士、英国和美国的寄宿制学校的同学们。
2006年，陈晓丹出现在巴黎名媛成年舞会现场，根据舞会网站，她与比利时王子和意大利女伯爵共舞；这成为新闻头条。
'资本主义环境'
"现在这些子女们基本在资本主义环境中长大，他们更加远离消灭阶级社会和任一乌托邦梦想，"毛泽东的前翻译，如今91岁的李敦白（Sidney Rittenberg）说。当八老还是反叛者，争夺国家控制权的时候，李曾与他们住在一起。
第三代中另一位成员，邓榕33岁的女儿卓�，现在关注慈善。
上个月，她帮助组织了北京一个慈善宴会。高官显贵们坐着白色的宝马轿车参加，车门上印着"宝马贵宾服务"。宴会厅外大堂出售着标价1万6千美元的瑞士宇舶腕表。巴菲特的儿子彼得和前英国总理布莱尔参加了宴会。
破土动工
在 从北京向西南700公里的南泥湾，根据政府网站，王震将军的儿子计划在这开发度假村，乡亲们错过了中国经济成长的机会。一些人还住在只有一间房的水泥屋， 也没有取暖设备。相比之下，向北40分钟山路到延安城，现代化楼房拔地而起；70年前，八老就是在这儿帮助毛泽东建立叛军，推翻中国国民党统治。
两年前，乡亲们围住了王氏兄弟，他们面积265平方公里的项目破土动工，项目旁边是一个纪念王震将军359旅的博物馆。根据一名延安老兵1982年的回忆，王震的部队靠"野菜和草根"才活下来。
"我们永远记得南泥湾人民的深厚情谊，"根据政府网站报道，王军在动工仪式上说，"我们有责任为老区的经济发展做贡献。"
这一保证给了乡亲们希望。现在，他们在想项目是否能够执行下去，创造新的就业和现代化的房屋。
"南泥湾很有名，但是它没有给当地人带来什么，"惠延军（音）说，他每个月大概拿到400美元的抚恤金。"过去，所有的工人都是一样的。无论你是基层战士还是领导，大家吃住在一起。现在不一样了。"
成龙
惠延军等待着他生活中的变化；而将军的曾孙女，Clare王在社交媒体上广播她生活中的变化：晚上赶着做她在悉尼大学建筑课上的设计项目；在日本的温泉酒店度假；21岁生日的新围巾；她把头发染成了宝蓝色。
二月份，她上传了一张和影星成龙的照片，她说这是在她的绘画展上。当我们电话联系Clare时，她不愿意接受采访。她在电子邮件上说，她尊重她的曾祖父，而没有回答其他问题。
12月6日，她发了条微博，秀她新修的指甲。同一天，公司文件披露，深圳宝德尊投资投资有限公司迎来了新任董事长，这家公司部分持有她母亲王京京的在线支付公司的股票。
新老板？一位名叫王吉湘的人。Clare的中文名字。
链接：中国红色贵族家庭地图（互动图片）
链接：中国红色贵族家庭地图（互动图片）
【邓小平：中排左三，杨尚昆：中排左二，王震：中排右三，1984年1月26日，在未知地点与南海舰队海军军官合影。图片：法通社/盖蒂图片社。】
【中国前领导人邓小平（中），1985年访问江苏省南京市。图片：EyePress】
【 陈云（左）中国前经济计划者，与薄一波（中——译者），中国前副总理，姚依林（右——译者）国务院副总理，1984年在未知地点。图片：EyePress】
【中国共产党高级领导人，左起：周恩来，陈云，刘少奇，毛泽东，邓小平和彭真，在1962年北京召开的中央委员会一次会议上交谈。图片：法通社/盖蒂图片社。】
【李先念（右二）当时中国副总理，看着当时的总理周恩来（右三），在中国江苏省泗阳县对工人讲话，1965年5月1日。图片：法通社/盖蒂图片社。】
【未注明时间的照片，拍摄中国陕西南泥湾的一座雕塑。摄影：田英（音）/ImagineChina】
【卓琳（中），邓小平的遗孀，和儿子邓朴方（左），邓质方（左三），女儿邓楠（左四），邓榕（右三）和政治局常委委员胡锦涛（右）在中国东海岸参加邓小平最后的追悼仪式，1997年3月2日。图片：新华社/法通社/盖蒂图片社】
【邓小平之女邓榕（左）在莫斯科会见俄罗斯总统普金，2005年10月20日。图片：美联社照片/塔斯社，Alexei Panov，总统新闻服务处】
【邓小平女婿贺平（右），中国保利集团董事长，在未知地点与佐川急便株式会社会长真锅邦夫在一起，2003年7月30日。图片：ImagineChina】
【薄熙来（后左）当时的中国商务部长，在薄一波追悼会上与邓小平子女在一起，前排邓朴方，右邓楠，2007年1月17日。摄影：Alexander F. Yuan/美联社图片】
【陈云之子陈元，中国发展银行董事长，在北京接受记者采访，2012年6月6日。摄影：Nelson Ching/彭博社】
【王震之子王军（右二戴眼镜），中信集团前董事长，在深圳的中旅聚豪高尔夫球会举办的东风日产杯赛上，2012年12月1日。图片：OneAsia】
【陈云之孙陈小欣，盘实资本前董事会成员，在这张未注明时间的照片上。摄影：Ji Guoqiang/Imagine China】
【陈云之孙女陈晓丹，参加巴黎名媛成年舞会，2006年11月。摄影：Julian Andrews】
【王震曾孙女王吉湘（也叫Clare)的微博截图，包括鞋子、手袋和首饰的照片。来源：新浪】
【薄一波的孙子薄瓜瓜（左）和陈云孙女在未注明时间地点的照片。来源：EyePress】
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【原文】
Heirs of Mao’s Comrades Rise as New Capitalist Nobility
By Bloomberg News - Dec 26, 2012 11:00 AM GMT-1000
Lying in a Beijing military hospital in 1990, General Wang Zhen told a visitor he felt betrayed. Decades after he risked his life fighting for an egalitarian utopia, the ideals he held as one of Communist China’s founding fathers were being undermined by the capitalist ways of his children -- business leaders in finance, aviation and computers.
“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
Two of the sons now are planning to turn a valley in northwestern China where their father once saved Mao Zedong’s army from starvation into a $1.6 billion tourist attraction. The resort in Nanniwan would have a revolution-era theme and tourist-friendly versions of the cave homes in which cadres once sheltered from the cold.
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 Kongapartment 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
To reveal the scale and origins of this red aristocracy,Bloomberg News traced the fortunes of 103 people, the Immortals’ direct descendants and their spouses. The result is a detailed look at one part of China’s elite and how its members reaped benefits from the country’s boom.
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.
Robber Barons
The lives of many of China’s 1.3 billion people have improved under state-controlled capitalism. Princelings such as Wang Jun have also played a central role in building the institutions that have underpinned these gains.
And some of China’s richest people didn’t need a famous bloodline to become wealthy. That includes self-made billionaires such as Liu Yonghao, chairman of animal-feed company New Hope Group Co., and Cheung Yan, one of China’s richest women as chairwoman of Nine Dragons Paper Holdings Ltd. (2689)
Also, it isn’t unusual for rapid economic change to be shared unequally. The robber barons of the 19th-century U.S. and the rise of Russia’s post-communist oligarchs are two other cases. In China, however, where leaders still espouse the ideals of Marx and Mao, there is resentment over unequal opportunity and the privilege of the elite.
China’s new leader, Xi Jinping, 59, is himself a princeling, as a descendant of a revolutionary fighter and vice premier. So are three other members of the newly installed seven-member ruling Politburo Standing Committee.
Princeling Peers
Xi’s extended family amassed a fortune, including investments in companies with total assets of $376 million and Hong Kong real estate worth $55.6 million, Bloomberg News reported June 29. Bloomberg’s website has been blocked in China since the publication of the story.
Even some of the Immortals’ descendants say they are concerned about what they call the greed of their princeling peers.
“My generation and the next generation made no contribution to China’s revolution, independence and liberation,” said Song Kehuang, 67, a businessman whose Immortal father, Song Renqiong, oversaw China’s northeastern provinces after the revolution in 1949. “Now, some people use their parents’ positions to scoop up hundreds of millions of yuan. Of course the public is angry. Their anger is justified.”
Bo’s Downfall
In addition, people are angry about corruption among public officials, who are seen as taking advantage of their positions. At least 10 local government officials “have fallen” in corruption and sex scandals since Xi took office last month, the official Xinhua News Agency reported Dec. 13.
High-level corruption snapped into focus this year when Bo Xilai -- son of Immortal Bo Yibo and a member of China’s ruling Politburo -- was ousted from the Communist Party and accused of taking bribes, after his wife was found guilty of murdering a British businessman. Unless corruption is stamped out, “it will ultimately and inevitably lead the party and the nation to perish!” Xi said last month, according to the People’s Daily, a Communist Party newspaper.
The foreign ministry in Beijing didn’t respond to questions sent by fax asking how the government plans to deal with the influence of the princelings and whether their actions are fueling public resentment.
“When the top is corrupt, this is how it will be all the way down,” said Dai Qing, an environmentalist who grew up with many of the princelings in Beijing after being adopted by a famous general. “We don’t have a free press. There’s no independent supervision to prevent it.”
Offshore Havens
State controls over the media and Internet limit what is written about the families, cloaking their business dealings from the view of ordinary Chinese. What can be found in public documents often remains obscured by the use of multiple names in Mandarin, Cantonese and English.
To document these identities and business interests, Bloomberg News scoured thousands of pages of corporate documents, property records and official websites, and conducted dozens of interviews -- from a golf course in southern China to the Deng family compound in Beijing to a suburban home in Ann Arbor, Michigan.
At least 18 of the Immortals’ descendants own or run entities linked to companies registered offshore, including the British Virgin Islands and the Cayman Islands, as well as Liberia and other jurisdictions that offer secrecy, the reporting showed.
U.S. Attraction
While the Immortals vilified the “bourgeois individualism” of capitalist nations, almost half of their heirs lived, studied or worked abroad, some in Australia, England and France. The princelings were among the first to travel and study overseas, giving them an advantage not available to ordinary Chinese.
The U.S., which established diplomatic ties with Communist China in 1979, was the top destination: At least 23 of the Immortals’ descendants and their spouses studied there, including three at Harvard University and four at Stanford University, according to the Bloomberg data. At least 18 worked for U.S. entities, including American International Group Inc. (AIG) and the law firm White & Case LLP, which hired one of Deng’s grandsons. Twelve owned property in the U.S.
There is no accepted measure for the degree of control the princelings exert on the economy. Academics who study China estimate that wealth and influence is concentrated in the hands of as few as 14 and as many as several hundred families.
Family Control
“There were four families under Chiang Kai-shek; now we have 44,” said Roderick MacFarquhar, a Harvard historian who studies elite Chinese politics, referring to the Nationalist leader who lost to Mao. “To change the system will demand some traumatic national experience, when people say, ‘enough is enough.’”
The people generally known as the Eight Immortals are now all dead, though all but three lived into their 90s. Their stature in China is on a par with that of George Washington and Thomas Jefferson in the U.S. They are:
-- Deng;
-- General Wang, who fed Mao’s troops;
-- Chen Yun, who took charge of the economy when Mao assumed power in 1949;
-- Li Xiannian, who was instrumental in the plot that ended the Cultural Revolution;
-- Peng Zhen, who helped rebuild China’s legal system in the 1980s;
-- Song Renqiong, the Party personnel chief who oversaw the rehabilitation of purged cadres after the Cultural Revolution;
-- President Yang, who backed Deng’s order to carry out the 1989 Tiananmen Square crackdown;
-- Bo Yibo, a former vice premier and the last of the Immortals to die, at 98, in 2007.
They emerged from the Cultural Revolution after Mao’s death in 1976, during which many of them had been in internal exile, to find an economy in ruins. Gross domestic product in 1978 was $165 a person, compared with $22,462 in the U.S. With Japan, South Korea, Taiwan and Hong Kong booming, the Immortals were surrounded by capitalist success stories.
The victorious Communists had executed landlords after 1949. Farms had become People’s Communes. Factories belonged to the state.
The Immortals turned that on its head in the 1980s: Farmers could lease land. Private enterprise -- at first on a small scale, later bigger -- was tolerated, then encouraged. Deng took the gamble that in order to stoke growth, some “flies and mosquitoes” could be tolerated, said Ezra Vogel, an emeritus professor at Harvard, in Cambridge, Massachusetts, who wrote a 2011 biography of Deng.
‘More Trustworthy’
“We should allow some regions and enterprises and some workers and peasants to earn more and enjoy more benefits sooner than others,” Deng told a gathering of the party’s top leaders in Beijing in December 1978, according to a collection of his speeches. “If the standard of living of some people is raised first, this will inevitably be an impressive example to their ‘neighbors.’”
Chen Yun, the architect of China’s planned economy, wanted to keep control of the state in the hands of Party veterans and their families, and Deng agreed, according to Vogel.
“He really did feel that because these people had more party connections, they were likely to be more trustworthy,” Vogel said. “These people would be absolutely committed to the Party and they should be relied on in a pinch.”
Sprawling Empire
Within months, Wang Jun, the general’s son, was made head of business operations at the newly formed Citic, known then as China International Trust & Investment Corp. The group, founded by Rong Yiren, was set up to attract overseas investment at a time when the country’sforeign exchange reserves were $840 million. He turned it into a sprawling empire to drive China’s growth. Citic now runs China’s biggest listed securities firm, backs a Beijing soccer team and develops luxury real estate projects. China’s reserves today stand at $3.3 trillion.
In an interview at the CTS Tycoon golf club in southern China’s Shenzhen, Wang Jun said the country today fulfills the hopes of his father’s generation.
“The Communist Party wanted all the people to be rich so their lives could be better,” Wang Jun said Nov. 30, as he smoked a cigarette and sipped tea in the clubhouse at the Dongfeng Nissan Cup. “During the revolution, if they were full after eating and they had enough clothes to stay warm, they were very satisfied.
‘‘But now people’s desires just keep getting greater and greater,’’ he said.
Team China
Out on the course, Wang Jun surveyed the players from a vantage point above one of the greens, a colleague holding an umbrella over his head to shield him from the rain. The captain of Team China at the tournament, he was ranked by Golf Inc. magazine this year as the 16th most influential in the sport globally -- higher than Tiger Woods.
Wang said he started playing golf in 1986 because a Japanese bank that had invested in Beijing’s second golf course gave him an honorary membership.
‘‘China was opening up and wanted foreign investors to come,’’ he said. ‘‘If a city didn’t have a golf course, they wouldn’t come.”
Citic became a leading sponsor of golf in China and even went into the design and management of courses. In 2008, Wang Jun became chairman of Shenzhen Forward Sports Management Ltd., a joint venture set up by a subsidiary of Citic five years earlier, according to a corporate filing. He acquired a 20 percent stake in the venture from Citic.
Revolutionary Fold
Wang Jun didn’t respond to an e-mail addressed to him and sent to Forward Group with further questions, including whether his father had ever expressed disapproval over his business dealings. The 1990 visitor to Wang Zhen’s hospital bedside when he was recovering from a broken leg said the general explained he was upset because his children had strayed from the revolutionary fold. The well-wisher asked not to be named for fear of retribution.
The general’s other two sons, Wang Zhi and Wang Bing, didn’t respond to questions sent to Forward Group, which is linked to their golf team.
Citic didn’t respond to telephone calls and to questions sent by fax asking about its business relationship with Wang Jun.
The descendants or spouses of six of the Eight Immortals have worked at Citic or its units, Bloomberg found. The late President Yang’s daughter, Yang Li, was honorary chairman of a company partly owned by Citic. She gave her address in corporate filings as a Hong Kong apartment owned by another Citic unit. Peng Zhen’s son, Fu Liang, is on the board of a Citic-owned television broadcaster and property developer.
Attempts to reach Yang and Fu through their respective Citic units were unsuccessful.
Arms Industry
In 1983, Wang Jun plunged into the arms industry, turning China’s army-run weapons factories into commercial enterprises. He was among the founders of Poly along with Deng’s son-in-law He Ping, a major general in the People’s Liberation Army. The company earned hundreds of millions of dollars selling weapons to Iran, Burma and Pakistan, according to a report published by the Strategic Studies Institute of the U.S. Army War College.
It expanded to run coal mines, an auction house and a joint venture with Ferrari SpA, and to build roads in Sudan and villas for expatriates in Beijing, according to the company’s website. It also has a travel television channel and a chain of movie theaters.
At least three relatives of the Immortals worked at Poly. Former President Yang’s son-in-law, Wang Xiaochao, is a top executive.
Chinese Windows
Poly Group didn’t respond to a fax sent to their Beijing headquarters seeking an interview with He Ping and Wang Xiaochao. Three calls to Wang Xiaochao’s secretary went unanswered. A woman who answered the phone at the Beijing headquarters said He Ping had retired and could not be reached.
“The entire country was in business -- the Party, the military, the courts, the prosecutor’s office, the police,” said Yang Dali, a professor of politics at the University of Chicago who has written books on China’s economy and politics. “Insiders could get rich very quickly.”
Wang Zhi, General Wang’s third son, used 300,000 yuan ($48,112) from his employer, the Ministry of Electronics, to build personal computers. He later partnered with Bill Gates to develop a Chinese version of Windows software.
Tax Evasion
“It’s no surprise those with connections got the best stuff in the ’80s,” said Fraser Howie, co-author of “Red Capitalism: The Fragile Financial Foundation of China’s Extraordinary Rise.” “The problem is that 20 years on, they’re still getting the best access because the playing field has not been leveled.”
Tax evasion and profiteering were so endemic at state-owned companies by 1988 that five of the biggest were investigated by the government and later fined for those offenses, the People’s Daily reported in August the following year. They included Citic and China Kanghua Development Corp., a business that had dozens of subsidiaries and was founded by the charity run by Deng Xiaoping’s son, Pufang, now 68.
Unrest was growing among students and workers angry at the privilege and rising wealth of the princelings. The economic changes pioneered by Deng had revitalized China’s countryside. In the cities, people’s work units still provided everything from housing to medical care and schooling. Inflation was running at 18.8 percent in 1988, eroding incomes. The resentment even reached into the U.S. Embassy in Beijing.
Coveted Visa
On the eve of the Tiananmen Square protests, Immortal Chen Yun’s son, Chen Yuan, then a deputy governor at China’s central bank and now the chairman of China’s biggest policy bank, used White House connections to help win his son a coveted visa and a place at a prestigious private boarding school in the U.S. at a time when most Chinese people weren’t allowed to leave the country.
Chen’s contact, Douglas Paal, the Asia specialist on President George H.W. Bush’s National Security Council, said he would help and contacted then Ambassador James Lilley, now deceased. Paal said he was surprised at the reaction. Doing this favor would spark anger among the embassy’s Chinese employees, Lilley told him.
Tiananmen Square
“I discovered just how much the staff within the embassy, especially the Chinese, hated seeing princelings getting benefits,” said Paal, now vice president for studies at the Carnegie Endowment for International Peace in Washington.
Public anger exploded in the spring of 1989. Students took to the streets and burst onto Tiananmen Square. While observers watching on TV outside China mainly saw the marches as a call for democracy, the privileged children of top cadres were also a target, according to Yang, the University of Chicago professor. The protesters even dared challenge Deng’s son, Pufang, who had been crippled during the Cultural Revolution, by distributing leaflets alleging tax dodges and smuggling by his companies, according to accounts including a collection of speeches and other writings published by Princeton University Press.
It was the biggest threat to the Immortals’ plans for China since they had bet on an economic overhaul a decade earlier.
Deng summoned some of his fellow Immortals to his home in late May. Facing the possible ruin of everything they’d built, Deng and the other revolutionary veterans turned to the army to restore order. Tanks rolled into central Beijing and the pro- democracy movement was violently crushed on June 4.
The suppression effectively extinguished public campaigns against corruption, said Bao Tong, a senior party official who was arrested days before the crackdown on charges of being a counter-revolutionary and spent seven years in prison.
Moutai, Cigarettes
“It covered up, tolerated, turned a blind eye to corruption and encouraged it,” Bao said in a Dec. 11 telephone interview from his home in Beijing.
Corruption today is far worse than it was in the 1980s, said Bao.
“A bottle of Moutai, two cartons of Chunghwa cigarettes -- corruption was no more than that at the beginning,” said Bao, 80. “Now an enterprise worth 10 billion yuan can be purchased with 1 billion. This would have been appalling to people back then.”
China’s leaders did address some of the protesters’ grievances. Citic was audited and fined. Kanghua Development was dismantled. The party issued a directive barring the children of high-level cadres from doing business.
Princelings Rebound
The ban didn’t hold the Immortals’ children back for long. Opportunities for the princelings surged in the 1990s after Deng kick-started another wave of economic changes. They jumped into booming industries including commodities and real estate as new factories and expanding cities transformed China’s landscape.
Two of Deng’s children -- Deng Rong, 62, and her brother, Deng Zhifang -- were among the first to enter real estate, even before new rules in 1998 commercialized the mainland’s mass housing market. Two years after Deng Rong accompanied her father on his famous 1992 tour of southern China to showcase the success of emerging export center Shenzhen, she was in Hong Kong to promote a new development she headed in Shenzhen.
Some apartments in the 32-story complex were priced at about $240,000 each, according to a front-page story in the South China Morning Post. Corporate records show that by the late 1990s half of the company was owned by two people with the same names as Deng Rong’s sister-in-law, Liu Xiaoyuan, and the granddaughter of Wang Zhen, Wang Jingjing.
Deng Rong and Deng Zhifang didn’t respond to questions sent by fax to their respective offices in Beijing. Liu couldn’t be reached for comment through one of the companies with which she’s associated. Wang Jingjing didn’t respond to questions couriered to her office in the Chinese capital and a reporter who visited on two occasions was told she wasn’t there.
Government Entrepreneurs
“After Deng’s southern inspection tour, many state-owned enterprises, government offices, police and military began to develop service industries like hotels, tourism, and housing,” said Ding Xueliang, a professor at the Hong Kong University of Science and Technology who studied how a provincial police department set up a real-estate firm with billions of yuan in state assets in the 1990s. He said he stopped his research after officials warned him he might be killed. “When you come to the level of leaders’ children or relatives of the most senior leaders you are basically at the core. You cannot investigate.”
The growth of markets turned more bureaucrats into free- market capitalists as government agencies launched companies to list on the mainland’s newly created stock markets. There was also a wave of listings over the border in Hong Kong.
Rare Earths
Deng’s son-in-law Wu Jianchang, who was a senior executive in a state-owned metals company, in 1993 became chairman of a subsidiary that was listed in Hong Kong.
He went on to become a vice minister of metallurgy and headed the China Iron and Steel Association, while also becoming honorary chairman of Oslo-listed Jinhui Shipping & Transportation and a director of Jiangxi Copper (358) in Hong Kong, among other public companies.
Companies run by Wu and a firm run by another of Deng’s sons-in-law, Zhang Hong, teamed up to buy up one of the key producers of material for rare-earth magnets from General Motors Co. (GM) The purchase of Magnequench and the subsequent closing of its U.S. manufacturing helped China fulfill Deng’s aim of dominating the market for the minerals, now used in U.S. smart bombs, wind turbines and hybrid cars.
“The evidence is unambiguously clear: The descendants and the immediate families of those Eight Immortals have derived enormous wealth, enormous power and enormous privilege from the market reforms of the state-owned enterprises in the 1990s and into the 2000s,” said Glenn Maguire, former chief Asia economist at Societe Generale SA in Hong Kong.
Father’s Footsteps
Only two of the grandchildren’s generation took state jobs as most went straight into private business. China’s entry into the World Trade Organization in 2001 sparked a decade of growth averaging 10.6 percent a year that the princelings could tap into.
Deng’s 38-year-old grandson, Zhuo Su, followed his father, Wu Jianchang, into the metals business. He headed a company that bought a stake in an Australian iron-ore business.
Zhuo Su is chairman of Yijian Investment, according to his business card and corporate records in China and Hong Kong linking him to the company. Yijian held 1.6 million shares, or 0.83 percent of Golden West Resources (GWR), as part of a deal struck in 2008, the Australian company’s 2012 annual report shows.
The princelings also used their overseas educations and connections back home to get intofinance and deal making. At least 12 of the 31 grandchildren and their spouses worked in finance, including six in private equity or venture capital, according to the Bloomberg data.
Prestigious Schools
As Chen Yuan’s children were growing into adults, he oversaw the expansion of the state-owned bank he has run since 1998, China Development Bank Corp. It has assets of more than $1 trillion.
After attending Concord Academy in Massachusetts, his son, Chen Xiaoxin, also known as Charles, went on to Cornell University, and later to Stanford for a master’s degree in business administration. He has worked at Citigroup in Hong Kong and at Abax Global Capital Ltd., a private equity company.
His sister, Chen Xiaodan, also known as Sabrina, attended Tabor Academy in Massachusetts, where annual tuition today for boarding students is about $50,000. She then went to Duke University in North Carolina, and finally Harvard for her MBA, graduating earlier this year, according to school records.
Sabrina Chen
She has worked at Morgan Stanley in New York. This year Permira Advisers LLP, a European private equity firm, hired her in Hong Kong. Permira last year signed a partnership with China Development Bank, run by her father. The companies agreed to pursue investment opportunities in China and support Chinese firms as they look to expand in Europe.
Sabrina Chen’s employment doesn’t present a conflict of interest, and if a conflict were to emerge, the company would manage it in the best interests of its investors, a London-based Permira spokeswoman said in an e-mail. Sabrina didn’t return calls to her office.
China Development Bank hasn’t yet conducted any business with Permira, and because Sabrina Chen has “been there for just a month, she couldn’t have been engaged in any activities that are a conflict of interest,” the bank said in a Dec. 14 fax.
At least one investor found that not knowing the identities of Immortals’ family members could be trouble.
‘Missing Something’
Yemi Oshodi, then a managing director at Wallachbeth Capital LLC in New York, urged his clients to bet against a proposed 2011 buyout of Harbin Electric Inc. The buyout was set to be mostly financed by a $400 million loan from China Development Bank.
Oshodi said he believed that the bank wouldn’t ultimately come through with the funds because the price being offered for the U.S.-listed Chinese electric-motor manufacturer was too high. Harbin Electric’s share price had plunged more than 50 percent in one day in June 2011, under attack from short sellers who questioned the accuracy of its financial statements.
“I just couldn’t believe that a bank was going to give an unsecured loan,” Oshodi said. “I just thought to myself, I’m obviously missing something. There’s no way this bank is going to go through with this loan.”
Then the deal went through.
What Oshodi didn’t know was that there was a family connection. The deal was in part financed by Abax, the private equity company where Chen Xiaoxin was a director of several entities involved in the transaction.
Conflict Denied
If he had known about the family connection between Abax and the bank, he would have bet the other way, Oshodi said. The link “absolutely should have been” disclosed, he said.
Donald Yang, a managing partner at Abax, declined to comment. China Development Bank said in a faxed reply to questions that Chen Xiaoxin has left Abax and was never involved in any business that constituted a conflict of interest. Harbin Electric didn’t respond to questions sent by e-mail.
Xiaoxin, 39, didn’t respond to a message left at his Beijing apartment, two blocks north of China Development Bank’s headquarters. The U.S. Securities and Exchange Commission in Washington had no comment.
It’s important to appreciate the power of family connections, said author Howie, formerly Singapore-based managing director of CLSA Asia-Pacific Markets.
“The reforms have not made the market anonymous,” he said. “They’ve made it more important to know who you are dealing with.”
Offshore Investments
The wealth and connections of China’s new aristocracy are often hidden in offshore locations with strict privacy rules.
Ye Jingzi, the granddaughter of a legendary PLA marshal and wife of General Wang Zhen’s grandson, brought the Miss World beauty pageant to China and organized car races in the streets of Shanghai.
Less known is that Ye, 37, is chairman of Liaoning Starpower Engine Co., a company that plans to build car engines in northeast China with technology provided by Malaysian state- owned oil giant Petroliam Nasional Bhd. (PCHEM) Starpower’s only investor is registered in the British Virgin Islands, according to company filings. Attempts to reach Ye Jingzi were unsuccessful. Petronas didn’t answer e-mailed questions.
The lifestyle of some members of the third generation tracks that of the global affluent class -- people who were their schoolmates in Swiss, British and U.S. boarding schools.
Sabrina Chen made headlines when she appeared at a debutante ball in Paris in 2006, dancing alongside a Belgian princess and an Italian countess, according to the event’s website.
‘Capitalist Environment’
“Now with the children growing up in an essentially capitalist environment, they’re even further from a classless society and any sort of utopian dreams,” said Sidney Rittenberg, 91, Mao’s former translator. He lived with the Immortals when they were still rebels fighting for control of the country.
Another member of the third generation, Zhuo Yue, the 33- year-old daughter of Deng Rong, is focusing on charity.
Last month she helped organize a conference on philanthropy in Beijing. Dignitaries were shuttled in white BMW sedans with the words “BMW VIP Service” stenciled on the door. Swiss-made Hublot watches priced at $16,000 were on sale in the lobby outside the conference hall.Warren Buffett’s son, Peter, and former British Prime Minister Tony Blair were among the guests.
Ground Breaking
Seven hundred kilometers to the southwest of Beijing in Nanniwan, where according to government websites General Wang’s sons plan the resort, villagers have missed out on China’s economic boom. Some still live in unheated one-room cement homes. By contrast, modern high-rises sprout from the hilly terrain 40 minutes to the north, in the city of Yan’an, where seven decades ago the Immortals helped Mao build the rebel force that overthrew China’s Nationalist rulers.
Two years ago, villagers crowded around the Wang brothers when they broke ground on the 265-square-kilometer project, next to a museum commemorating General Wang’s 359th brigade. His troops survived on “wild herbs and grass roots,” according to a 1982 account by a Yan’an veteran.
“We have always remembered the deep friendship of the people of Nanniwan,” Wang Jun said at the ceremony, according to a government website. “We have the responsibility to make a contribution to its economic development.”
That pledge had given villagers hope. Now, they wonder if the project will go ahead and create new jobs and modern homes.
“Nanniwan is famous, but it hasn’t brought much to the locals,” said Hui Yanjun, who earns the equivalent of $400 a month administering pensions. “In the past, all workers were the same. Whether you were a foot soldier or a leader, you all ate and lived together. Now it’s different.”
Jackie Chan
While Hui waits for changes in his life, the general’s great-granddaughter, Clare Wang, broadcasts on social media websites the changes in hers: cramming late at night on a design project for her architecture course at a Sydney university; vacationing at a hot springs resort in Japan; a new scarf for her 21st birthday; her royal-blue hair dye.
She posted a picture in February of herself with movie star Jackie Chan at what she described as an exhibition of her paintings. Clare declined to be interviewed when reached by telephone. She said in an e-mail that she respects her great- grandfather, without answering further questions.
On Dec. 6 she wrote a post about her manicured fingernails. The same day, Shenzhen Blossom Investment, a company that held part of her mother Jingjing’s online payment firm, listed a new chairman, according to corporate filings.
The new boss? A person with the name Wang Jixiang. Clare’s name in Chinese.
To contact Bloomberg News staff for this story: Shai Oster in Hong Kong atsoster@bloomberg.net; Michael Forsythe in Beijing at mforsythe@bloomberg.net; Natasha Khan in Hong Kong at nkhan51@bloomberg.net; Dune Lawrence in New York atdlawrence6@bloomberg.net; Henry Sanderson in Beijing at hsanderson@bloomberg.net
To contact the editors responsible for this story: Neil Western at nwestern@bloomberg.net; Peter Hirschberg at phirschberg@bloomberg.net; Ben Richardson atbrichardson8@bloomberg.net; Melissa Pozsgay at ormpozsgay@bloomberg.net; Amanda Bennett at orabennett6@bloomberg.net
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