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Summary

Ren Zhiqiang's memoir recounts his tumultuous journey from imprisonment to becoming a prominent business figure. After being arrested on charges of embezzlement and speculation, Ren spent time in harsh detention centers, where he faced overcrowding and abuse. Despite these challenges, he found ways to survive, reflecting on the value of legality in business and the importance of humility. After his release, Ren's company, Huayuan Real Estate, flourished, but his prison past remained a part of his story. The narrative also delves into China's reform era, where Ren navigated an evolving economic landscape and faced challenges that shaped his future.

Takeaways

• 😀 Ren Zhiqiang, a prominent figure in Chinese real estate, was arrested in 1984 on charges related to embezzlement, speculation, and misappropriation of funds.
• 😀 He spent a significant amount of time in two detention centers in Beijing, experiencing harsh conditions, including overcrowded rooms, beatings, and limited basic comforts.
• 😀 Inmates in the detention centers found ways to entertain themselves, with their biggest joy being smoking makeshift cigarettes crafted from tobacco scavenged from discarded butts.
• 😀 Ren Zhiqiang's initial charge of embezzling a large bonus was eventually cleared after an investigation, and his bonus distribution policy was found to be legitimate.
• 😀 The second charge against Ren Zhiqiang was related to business dealings with Xiaofeng Company, where his deputy misappropriated kickbacks from transactions.
• 😀 The third charge involved speculation in the construction of the Jianhuawei Building, where Ren Zhiqiang sold steel that was not suitable for the building's construction requirements.
• 😀 Despite these charges, Ren Zhiqiang was sentenced to two years in prison with three years probation, but he was eventually released after appealing the verdict.
• 😀 During his imprisonment, Ren Zhiqiang formed connections with fellow inmates, and even a prosecutor who later became his lawyer after resigning from his position.
• 😀 Ren Zhiqiang reflected on his prison experience, acknowledging that it taught him the importance of adhering to legal boundaries in business and staying humble despite his success.
• 😀 After being released from prison, Ren Zhiqiang's business, Huayuan Real Estate, was listed on the Hong Kong Stock Exchange, marking a significant turning point in his career.
• 😀 Ren Zhiqiang's story highlights the struggles of early Chinese entrepreneurs during the reform and opening-up era and the challenges they faced in navigating the emerging market economy.

Q & A

What happened to Ren Zhiqiang during the Mid-Autumn Festival and National Day holiday?

During the Mid-Autumn Festival and National Day holiday, Ren Zhiqiang received a call from the Discipline Inspection Commission of Xicheng District, Beijing. They asked him to come to discuss something, which eventually led to his arrest.

How was Ren Zhiqiang arrested?

Ren Zhiqiang was taken by Zhao Shengli, his Deputy General Manager, under the pretext of needing to go to the Discipline Inspection Commission. However, Zhao Shengli led him to a car waiting near Yuantan Stadium, where he was arrested by a staff member from the Xicheng District Procuratorate.

What were the conditions like in the detention centers Ren Zhiqiang was held in?

The detention centers had poor conditions, with violent criminals like rapists and murderers. The cells were overcrowded, and prisoners were forced to sleep standing or leaning. New inmates were beaten to maintain order, and toilet facilities were unsanitary and poorly maintained.

What did Ren Zhiqiang describe as a source of joy in the detention center?

Ren Zhiqiang described smoking as the greatest source of joy in the detention center. Inmates scavenged for cigarette butts, extracted tobacco, and made makeshift cigarettes by rubbing wood together to create fire.

Why was Ren Zhiqiang initially arrested and what charges did he face?

Ren Zhiqiang was initially arrested for embezzling and misappropriating bonuses and public funds. He had given himself a 16,000 RMB bonus in 1984, which attracted attention. However, the prosecutor's office found no evidence, and the funds were returned to his family.

What led to the second charge against Ren Zhiqiang?

The second charge stemmed from business dealings with Xiaofeng Company, where it was discovered that his deputy, Zhang Xiaodong, had misappropriated kickback payments. Although Ren Zhiqiang had no knowledge of this, the charge was related to embezzlement due to the extended period of misappropriation.

What was the third charge against Ren Zhiqiang?

The third charge involved Ren Zhiqiang's sale of steel that did not meet the specifications required for construction at the Jianhuawei Building. This was considered speculation and profiteering, and the value of the case was deemed to exceed 60,000 RMB.

How long was Ren Zhiqiang's sentence, and what happened afterward?

Ren Zhiqiang was sentenced to two years in prison with a three-year probation. However, the judgment was later nullified after an appeal, and he was eventually released. In 1996, his company, Huayuan Real Estate, was listed in Hong Kong.

How did Ren Zhiqiang view his time in prison?

Ren Zhiqiang did not regret his time in prison. He saw it as a valuable life experience that taught him the importance of legality in business and reminded him not to be proud of any accomplishments. He found that adversity made him more grounded.

What interesting twist occurred with the prosecutor who tried Ren Zhiqiang?

The prosecutor who had tried Ren Zhiqiang, after becoming convinced of his innocence, resigned and later became a lawyer. He eventually joined Huayuan Real Estate as their legal counsel, showing an ironic and interesting turn of events in Ren Zhiqiang's life.