The female richest person who "owns a street" has passed away. How will her 47 billion inheritance be divided?

This image may be AI-generated

*This image was generated by AI

Author | Shi Dalang & Cat Brother

Source | Shi Dalang & Da Mao Finance Pro

The former Chinese female richest person has passed away.

On April 7th, Fuhua International issued an obituary, stating that Ms. Chen Lihua, Honorary Chairwoman of the group and Director of the Chinese Zitan Museum, died in Beijing on April 5th at the age of 85 after ineffective medical treatment.

This legendary female real estate tycoon has always been quite stable on the rich list.

In 2001, on the Forbes Rich List, she was China’s mainland’s richest woman with a wealth of 5.5 billion dollars.

In 2014, she was named the “Global Self-Made Female Billionaire” by Hurun, and in 2016, with a net worth of 50.5 billion yuan, she officially became China’s richest woman. By 2025, her wealth still stood at 47 billion.

Chen Lihua is indeed a legendary figure.

Born in 1941 in the Summer Palace in Beijing, her family was Manchu Zhenghuang Banner, Yihhel Nala’s eighth generation. Unfortunately, she was born at a bad time, as the Qing Dynasty ended early. Her family was not wealthy, and she dropped out of high school.

However, her ancestors were wealthy, and her family still had a few pieces of purple sandalwood furniture. Although those items were considered “junk” at the time and couldn’t even buy rice, she knew they were “good stuff.”

Regarding her first pot of gold, some say she moved to Hong Kong in the 1980s and made her fortune by flipping villas.

Where did the money from flipping villas come from? It was related to purple sandalwood furniture.

When she was young, she first worked in sewing, then in furniture repair. She had good connections locally and learned about a furniture factory in Beijing that had many Ming and Qing dynasty furniture, some made of purple sandalwood, golden thread nanmu, and huanghuali.

This was a golden opportunity. She used her connections to buy these furniture pieces at low prices, which were considered “unclaimed” items.

When she went to Hong Kong, these furniture pieces sold like crazy, and her money started flowing in.

By the time Chen Lihua returned to Beijing, she was already a well-known property developer in Hong Kong.

In 1988, at age 47, Hong Kong businesswoman Chen Lihua met 36-year-old film star Chi Chongrui, a lover of Peking opera from a Peking opera family. Today, they would be considered a “cringe-worthy” couple, but back then, it was big gossip.

In 1990, Chen Lihua “bit into the Tang Monk’s meat,” and Chi Chongrui “married into a wealthy family.”

After marriage, Chen Lihua reached the peak of her career.

In the 1990s, during the peak period of Hong Kong businessmen entering Beijing, many plots along Chang’an Avenue were leased by Hong Kong entrepreneurs. Chen Lihua also acquired one—No. 10 East Chang’an Avenue, less than 1,000 meters from Tiananmen Square, in the heart of the core area.

This land was “difficult to acquire and difficult to develop,” with many eager but cautious buyers, afraid to make a move.

Even if construction could only be done at night, Chen Lihua was persistent.

What was she planning?

Beijing was her base, Hong Kong her wealth hub. At that time, Hong Kong businessmen were flooding into Beijing, and she had extensive connections in both places. She transformed a six-story building into the top-tier Beijing club, Chang’an Club.

Membership was expensive: $16k for individual, $18k for corporate, plus thousands of dollars annually.

But everyone wanted to join. The club hosted heavyweight figures from Beijing and Hong Kong, like Li Ka-shing, Ho Ying-dong, Zheng Yutong, and Guo Bingxiang, and wealthy elites were willing to pay for top-tier connections.

In just five years, Chang’an Club became “China’s best business club.”

Once she successfully developed this challenging project, acquiring land became easier. Her real estate ventures expanded rapidly, including apartments near Wangfujing and luxury residences near Dongdan, always in the heart of Beijing.

Any secrets? She once said, “It’s all about friends helping out.”

Of course, her most core asset was Jinbao Street.

In the 1990s, the old city area of Dongcheng was renovated, expanding the Wangfujing commercial district. Eight plots on Jinbao Street involved nearly a million square meters of development, a key project for Beijing.

In 1998, during the Beijing-Hong Kong trade fair, this project fell into Chen Lihua’s hands.

It wasn’t easy—initially, it was an old courtyard with elderly residents unwilling to move, and cultural relic experts opposed, as it was part of the Yuan Dadu planning relics, and demolishing it would damage old Beijing’s character.

But opposition was useless. In 28 days, 2,100 households were demolished—an incredible feat.

Most of the commercial part along this 730-meter street bears the “Chen” surname.

Fuhua Group maximized the land’s potential, developing four luxury hotels, four Grade-A office buildings, establishing the Beijing branch of the Hong Kong Jockey Club, and opening Jinbao Hui International Mall—all high-end commercial properties.

Top brands arrived: Ferrari, Rolls-Royce, Maserati, Lamborghini; luxury brands like Bvlgari, Boucheron, Gucci; hotels like Marriott and Hyatt.

When Jinbao Hui opened, Jackie Chan and Zhao Benshan were invited to cut the ribbon.

At the time, Jinbao Street was called the “11th best shopping street in the world,” comparable to Fifth Avenue in the US, Champs-Élysées in France, and Ginza in Japan.

Fuhua Group has been operating on Jinbao Street for over 20 years, still with surplus. In 2022, two new courtyard-style houses totaling over 3,000 square meters were built on Plot No. 3 of Jinbao Street, a project not everyone could undertake, with a market value of at least 16k yuan.

But now, all these are Chen Lihua’s legacy.

How to divide this estate? In 2018, rumors circulated about a will stating that her three children would share 30 billion yuan, with the remaining assets left to “Mr. Chi,” but “Mr. Chi” reportedly refused.

The rumors’ authenticity remains uncertain.

Today, Chen Lihua’s son Zhao Yong controls Fuhua Group, and Chi Chongrui is deputy director of the Zitan Museum. They manage their respective domains, likely avoiding the ugly scenes seen with other Hong Kong businessmen.

Author’s note: Personal opinion, for reference only