In the glittering skyscrapers of China’s megacities, where fortunes are made overnight and empires rise from humble beginnings, a shadowy undercurrent tells a different story. Wang Linpeng, the visionary founder and chairman of Easyhome New Retail Group—one of China’s largest home furnishings chains—plunged to his death from his home in late July 2025, just days after his release from detention amid a graft probe. Backed by tech giant Alibaba and overseeing a company valued at $2.7 billion, Wang wasn’t a fringe player; he was a symbol of the private sector’s once-unstoppable drive. Yet, his suicide echoes a growing pattern among China’s elite entrepreneurs, where success doesn’t guarantee security but often invites scrutiny, debt, and despair. As the real estate sector—long the backbone of China’s growth—continues its painful collapse, these deaths expose the harsh realities of doing business in an authoritarian system: innovation rewarded until it threatens control, prosperity built on sand, and lives shattered when the bubble bursts.
The Illusion of the Chinese Dream: From Rags to Riches to Ruin
For decades, China’s narrative has been one of boundless opportunity. Deng Xiaoping’s famous dictum—”To get rich is glorious”—ignited a entrepreneurial frenzy that lifted millions out of poverty and created a new class of billionaires. Wang Linpeng embodied this era. Starting from scratch, he built Easyhome into a national powerhouse with over 400 stores, franchised outlets, and a robust online presence. His company catered to the burgeoning middle class, supplying everything from cabinets to lighting fixtures amid the country’s unprecedented urbanization boom.
But under President Xi Jinping, the dream has soured. Xi’s administration has prioritized state control over unbridled private growth, cracking down on sectors deemed “disorderly” or risky. In February 2025, Xi met with top entrepreneurs, pledging “healthy, high-quality development” for the private sector and equal protection for private and state enterprises. Yet, actions speak louder: regulatory blitzes on tech, education, and real estate have vanished tycoons like Jack Ma, who reemerged in early 2025 after years of low profile following his criticism of financial regulators.
Wang’s case fits this mold. Detained in April 2025 by Wuhan authorities, his shares were frozen, and investigations loomed over alleged financial irregularities. Released but under immense pressure, he took his life on July 27, 2025, at age 57. This isn’t isolated; in the past year, at least three other entrepreneurs in similar sectors have died by suicide, amid a broader wave of disappearances and detentions.
Experts argue this reflects a systemic shift. “Xi doesn’t want entrepreneurs; he wants obedient functionaries,” says a Beijing-based economist who requested anonymity for safety. The Chinese Communist Party (CCP) views private businesses as tools for GDP growth—until they become liabilities. As one Caixin Global report notes, the private sector, once hailed as an engine of innovation, now faces “slow-motion decapitation.”
Historical context deepens the irony. Post-1978 reforms unleashed market forces, but Xi’s era emphasizes “common prosperity,” redistributing wealth from the rich to curb inequality—and perceived threats. A 2024 Hurun Report showed China’s billionaire count dropping to 427, down 193 from the prior year, with wealth falling 20% to $1.4 trillion. Many are fleeing: Henley & Partners estimates 15,200 millionaires emigrated in 2024 alone.
Case Studies: From Empire Builders to Collateral Damage
Wang Linpeng’s story is emblematic, but not unique. Consider Hui Ka Yan, founder of Evergrande Group, once China’s largest property developer. Rumors of his suicide swirled in 2022 amid the company’s $300 billion debt crisis, but he survived—barely. Detained in 2023 and held in a special Shenzhen facility as of 2024, Hui represents the fall of real estate titans. Evergrande’s collapse triggered a domino effect, freezing projects and shattering confidence.
Other suicides highlight the despair. In 2023-2024, reports emerged of entrepreneurs in tech and manufacturing taking their lives amid economic slowdowns. One notable: Park Mo, a fintech executive, died by suicide in December 2022 amid financial misconduct allegations. Zong Qinghou, founder of Wahaha Group and once China’s richest man, died in 2024—not by suicide, but his passing underscored the pressures on aging tycoons.
Broader patterns: A 2011 report claimed 72 millionaires died young in China over eight years—15 murdered, 17 suicides, 14 executed. While outdated, it signals enduring risks. Foxconn’s 2010 suicide spate—18 attempts, 14 deaths—exposed brutal conditions in electronics manufacturing. Workers jumped from dorms, protesting 12-hour shifts and exploitation.
Mental health experts link these to economic stress. China’s suicide rate has declined—from 23.2 per 100,000 in 1990-1995 to 9.7 in 2016—but remains high among entrepreneurs. A 2022 Lancet study attributes drops to urbanization but notes persistent rural-urban gaps and economic disparities.
The Real Estate Abyss: A 30% GDP Juggernaut in Freefall
China’s property market, accounting for up to 30% of GDP including linked industries, is ground zero for this crisis. Once a wealth engine, it’s now a black hole. Home prices fell faster in June 2025, down 20% over four years, with Goldman Sachs predicting another 10% drop by 2027.
Triggers: Overbuilding, debt-fueled speculation, and demographic shifts. China’s population is shrinking, exacerbating oversupply. Evergrande’s delisting in 2025 symbolizes the endgame: unfinished “concrete zombies” dot landscapes, buyers vanish, developers bankrupt.
For firms like Easyhome, tied to home improvements, the fallout is catastrophic. No new homes mean no demand for furnishings. Wang’s company faced ballooning debt and frozen assets, with no bailout in sight.
Government response? Stimulus calls mount, but Xi’s focus on deleveraging prioritizes stability over rescue. ANZ analysts forecast a 30% construction decline by 2035. Project Syndicate warns China’s bubble dwarfs Japan’s 1990s crisis, worsened by demographics.
Authoritarian Grip: When Success Becomes Sedition
At the core: No true private ownership in China. Businesses operate on “lease” from the CCP. Xi’s policies embed party oversight in firms, turning entrepreneurs into “functionaries.”
Crackdowns: Tech giants like Alibaba faced antitrust fines; education firms were dismantled; real estate moguls arrested. Jack Ma’s 2020 IPO halt for Ant Group exemplified this—criticize regulators, vanish.
Without independent courts or free press, tycoons have no recourse. Detentions are opaque; outcomes arbitrary. A 2025 Brookings analysis questions if new private economy laws will restore confidence.
X posts reflect global sentiment: Users decry “suicide nets” at factories, billionaire risks, and CCP executions. One tweet: “Billionaire in China is Risky Business: 14 Executed, 15 Murdered, 17 Committed Suicide.”
Balanced view: Some sources, like Xinhua, highlight Xi’s support for private firms. Yet, Reuters notes ongoing CCP infiltration.
Broader Implications: Stagnation, Brain Drain, and Global Ripples
These suicides signal deeper malaise. Stagnation looms: Capital flight accelerates, with millionaires eyeing exits. Brain drain: Innovators flee to Singapore or the US.
Globally, China’s woes ripple. Supply chains disrupt; investors wary. A 2025 Fortune report links Gen Z mental health crises to academic pressure, mirroring entrepreneurial stress.
Suicide rates overall declined, but economic pressures persist. Lancet studies tie drops to urbanization but warn of demographic drags.
A Warning Unheeded: Can China Rebuild Trust?
Wang Linpeng’s death isn’t failure—it’s systemic betrayal. To thrive, China must loosen grips, foster genuine innovation. Yet, Xi’s trajectory suggests otherwise.
As one anonymous entrepreneur told Al Jazeera: “Wealth doesn’t buy safety.” The builders are breaking; without them, the empire crumbles.
Rest in peace, Wang. Your story demands change.
