A Chinese Billionaire Bought a Ticket Home. Then His Friend Was Arrested. I China Insights

Chinese real estate tycoon Pan Shiyi says he had already bought a ticket home when a close friend suddenly ran into serious trouble in China. He never went back.

That friend was Ren Zhiqiang, another powerful property executive who was later sentenced to 18 years in prison. Their friendship stretched across nearly three decades of China’s real estate boom—and a recently surfaced video has brought new attention to the moment their lives took dramatically different paths.

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