Chen Tianqiao

Chen Tianqiao ; born 1973) is a Chinese businessman who founded Shanda Group.

Early life and education

Chen was born in Xinchang County, Zhejiang Province, China in 1973 and grew up near Shanghai with his younger brother Danian.[1] His father was an engineer and his mother was a middle school English teacher. He earned his bachelor's degree in economics from Fudan University in 1993.[2]

Career

Chen started at the state-owned property developer Shanghai Lujiazui Group in 1994, holding management positions in the public relations office before becoming secretary to the chairman. In 1998, he became the vice director of the office of the president at Kinghing Trust & Investment before resigning in 1999.[2]

In 1999, Chen started the online gaming company Shanda with members of his family.[3][2] The company went on to become the largest Internet company by market capitalization in China in 2004.[4] That same year, Chen was second on the Hurun Reports "rich list",[5] was voted China Central Television's "Rising Business Star",[6] and was featured in MIT Technology Reviews Innovators Under 35 list.[7]

Shanda Group went private in early 2012, with Chen, his wife, and his brother keeping a combined 57% stake.[2] In 2015, Chen, as the beneficial owner of Shanda Asset Management, acquired over 80,127 hectares of land in Oregon from Fidelity National Financial for US$85 million, making him one of the largest foreign owners of land in the United States.[8][9]

Tianqiao Chen and his family sold all their stakes in Shanda Games in November 2014, after which Shanda Group refocused on investing.[6]

With Chen remaining chairman and CEO, by early 2017 Shanda Group was the majority shareholder of Legg Mason, Lending Club, and Community Health Systems.[10][11][12][13] It also had property operations in China and North America and stakes in companies such as Sotheby's.[11] Shanda sold its stakes in Sotheby's in 2017 and then it sold its stake Legg Mason later that year, and then Chen resigned as vice-chairman of the Legg Mason board.[3][14] Chen has invested in the venture funds Propel(x) and Ubiquity Ventures.[15]

Ranked on various rich lists,[16][17] Chen personally had $4 billion in net value in 2017 and was ranked as the 93rd richest person in China, according to the Hurun Report.[18][19]

In 2018, Chen purchased 500,000 acres in Oregon.[20] The same year, the Committee of 100 gave Chen an award for Lifetime Achievement as Tech Entrepreneur.[21]

Politics

According to China Youth Daily, Chen joined the Chinese Communist Party at age 18 and was elected to the central committee of Communist Youth League of China in Shanghai.[22] In 2008, Chen was appointed to the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC).[23][24] In 2013, Chen was appointed to the 12th National Committee of the CPPCC.[25][26] He resigned from the CPPCC in 2018.[27]

Boards

Chen is chairman of the Shanda Group, and is also on the boards of various portfolio companies.[10][14][28]

Personal life

Chen is married to Qianqian "Chrissy" Luo.[2] They moved from Shanghai to Singapore in 2009,[1][16] then from Singapore to the Bay Area of California in late 2017.[1][16][29] They are currently residents of Menlo Park, California.[30] In 2018, Chen bought a historic mansion built for Alice Gwynne Vanderbilt in 1881 on East 69th Street on the Upper East Side of Manhattan for $39 million.[31][32]