SOHO China

SOHO China

Company type	Public company
Industry	Real estate development
Founded	1995
Founder	Pan Shiyi, Zhang Xin
Headquarters	Beijing , China
Area served	Beijing, Shanghai
Key people	Pan Shiyi (Chairman), Zhang Xin (CEO)
Products	Office and commercial properties, residential and mixed-use projects

SOHO China is a prominent Chinese real estate enterprise that primarily develops office and commercial properties, alongside select residential and mixed-use projects. Established in 1995 by Chairman Pan Shiyi (潘石屹) and CEO Zhang Xin (张欣), the company's name is an acronym for "Smart Office, Home Office," embodying its approach of integrating office environments with residential spaces to boost efficiency.

The firm targets prime sites within the central business districts of Beijing and Shanghai. Its portfolio is distinguished by contemporary architectural designs crafted by esteemed architects like Zaha Hadid and Kengo Kuma. To date, SOHO China has completed over five million square meters of commercial real estate, many receiving accolades for design excellence.

Recognized by Fortune as "one of the country's most high-profile real estate firms" and described by The New York Times as China's sole developer focused exclusively on premium office properties, SOHO China shifted its business model in 2012 from "build to sell" toward "build to hold." This transition led to the management of approximately 1.4 million square meters of office space in Beijing and Shanghai for long-term investment purposes.

Although the company divested some non-core assets during the late 2010s, Pan Shiyi reiterated SOHO China's dedication to maintaining and operating its key properties in these major urban markets. Despite operational challenges during this strategic pivot, the company experienced a 44% growth in rental revenue and a 69% increase in annual net profit by 2017.

In a landmark deal announced in June 2021, Pan Shiyi and Zhang Xin agreed to transfer a controlling interest in SOHO China to Blackstone for $3 billion, marking one of the most significant transactions within China's real estate industry.

History

Founded in 1995 by Zhang Xin and Pan Shiyi, SOHO China ascended rapidly to become the largest property developer in China within ten years. The company carved out its market position around 2000 during the Internet boom, addressing the surging demand for office spaces from emerging startups nationwide.

On October 8, 2007, SOHO China debuted on the Hong Kong Stock Exchange (Stock Code: 410), raising US$1.9 billion through its initial public offering—the largest IPO ever by a private Chinese company at that time. This capital injection fueled an aggressive expansion into prime real estate sectors in both Beijing and Shanghai. As of 2019, this remains Asia's largest commercial real estate IPO.

By mid-2013, SOHO China was overseeing 18 landmark projects in Beijing alongside 11 notable developments in Shanghai. Since 2006, it has been honored six times as one of China's "Most Admired Companies" by Fortune (China edition).

Corporate affairs

SOHO China’s main office is situated in Chaowai SOHO (朝外SOHO), located within the Chaoyang District, Beijing.

Beijing

SOHO's initial developments took place in Beijing, where Zhang Xin has earned the nickname "the woman who built Beijing." Collaborating with architect Zaha Hadid, who crafted several of SOHO's signature structures, they have been recognized as pivotal figures reshaping Beijing’s skyline and influencing corporate architectural trends throughout major Chinese urban centers. SOHO continues to advance numerous construction projects across Beijing.

Commune by the Great Wall

Among SOHO’s earliest significant undertakings is the Commune by the Great Wall (长城脚下的公社), a private ensemble of contemporary architecture and a boutique hotel positioned near the Badaling segment of the Great Wall, a highly frequented tourist destination. This project was showcased at La Biennale di Venezia in 2002, where it received a special award acknowledging Zhang Xin’s initiative to promote twelve Asian architects designing modern private residences. A model from this project is now part of the permanent collection at the Centre Pompidou in Paris.

The Commune comprises villas designed by a dozen leading Asian architects with the intention of inspiring future architects, developers, and consumers. Situated in the peaceful Shuiguan area adjacent to a Unesco World Heritage Site, the development covers eight square kilometers and includes a clubhouse along with 11 villas equipped with upscale amenities such as saunas, rooftop terraces, and barbecue areas. It functions as a venue for corporate gatherings, weddings, film productions, and fashion events. The interior decor features contributions from renowned designers including Philippe Starck, Marc Newson, and Karim Rashid.

Jianwai SOHO and SOHO Shangdu

By 2004, SOHO had expanded its portfolio with Jianwai SOHO and SOHO Shangdu, both highly regarded projects. Jianwai SOHO is an 18-tower mixed-use residential and commercial development within Soho City, intended to accommodate around 50,000 residents. Japanese architect Riken Yamamoto was commissioned by Pan Shiyi, who emphasized Beijing’s role as a platform for architectural excellence rather than merely experimenting with foreign designs.

At the same time, SOHO Shangdu was designed by Australian firm Lab Architecture Studio. This shopping and residential complex in Beijing’s central business district is distinguished by its innovative "irregular and upside-down triangles" design. Despite the increased costs associated with these unique architectural elements, Pan highlighted their favorable reception in the marketplace. Zhang Xin characterized this surge in construction activity as releasing a long-suppressed energy within China’s development industry.

Sanlitun SOHO

Completed in 2010 within Beijing’s Chaoyang District, Sanlitun SOHO was designed by Japanese architect Kengo Kuma. Covering 465,680 square meters, it consists of five shopping centers alongside nine mixed-use buildings combining offices and apartments arranged around an outdoor courtyard featuring water elements. The project received a merit award from Architectural Record in 2012 for Best Commercial Project, with commendations for its design that fosters a compact community atmosphere while maintaining a distinctive architectural character.

Galaxy SOHO

Galaxy SOHO is composed of four interconnected dome-shaped towers, each rising fourteen stories, situated close to the Forbidden City. Spanning 330,000 square meters, the development integrates retail areas with office environments. Conceived by Zaha Hadid and inaugurated in 2012, it earned a Royal Institute of British Architects accolade in 2013. Its avant-garde architecture has notably transformed Beijing's cityscape, with its public and semi-public zones praised for their seamless flow and welcoming ambiance.

Wangjing SOHO

Wangjing SOHO (望京SOHO) comprises three asymmetrical, curvilinear skyscrapers located in Beijing’s Wangjing district, designed by Zaha Hadid and opened in 2014. Developed by SOHO China, the towers accommodate both commercial offices and retail outlets. Originally intended as a two-tower project, it was revised to three shorter structures due to height limitations. The design draws inspiration from "fluid mountains" and "dancing Chinese fans," featuring the third tallest building worldwide designed by a woman.

In 2014, Wangjing SOHO received the Emporis Skyscraper Award, marking the first time a Chinese skyscraper was honored with this distinction. Later in 2016, it was one of four projects recognized at the inaugural China Tall Building Awards by the China International Exchange Committee for Tall Buildings (CITAB) and the Council on Tall Buildings and Urban Habitat (CTBUH).

Leeza SOHO

Located within Beijing’s Lize Financial Business District, Leeza SOHO (Li Ze Tower) is a high-rise tower developed after SOHO secured land use rights in 2013 for ¥1.922 billion RMB (approximately US$288 million). Designed collaboratively by Zaha Hadid and Patrik Schumacher, construction commenced in 2015 with an anticipated completion date in 2019. The building is distinguished by a twisting atrium soaring 190 meters—the tallest of its kind globally—surpassing Dubai’s Burj Al Arab. This atrium rotates 45° along the vertical axis, enabling natural light penetration throughout every floor. Structural rings, four sky bridges, and a double-glazed façade link the tower’s two segments. The tower is strategically positioned at the junction of Lines 14 and 16 on the Beijing Subway network.

Shanghai

Shanghai represents another principal market for SOHO China, beginning with The Exchange-SOHO on Nanjing West Road launched in 2008 and subsequent land acquisitions within the Bund district in 2010. In August 2018, SOHO announced the sale of three Shanghai assets: Hongkou SOHO, SOHO Tianshan Plaza, and Lingkong SOHO.

Key projects in Shanghai include:

• SOHO Century Plaza—a 24-story skyscraper located in Pudong—was sold in July 2016 for 3.22 billion yuan, achieving a price premium of 21% over its book value.
• SOHO Fuxing Plaza—a mixed-use development combining retail and office spaces—opened in 2014 and was designed by gmp Architects alongside Aim Architecture.
• Bund SOHO—characterized by classical European architectural styles crafted by Aim Architecture—received recognition from CITAB and CTBUH in 2016; it maintained an occupancy rate of approximately 96% in 2017.
• Hongkou SOHO—offering 95,000 square meters of space with a distinctive pleated aluminum mesh exterior—also reported a similar occupancy level of around 96% in 2017.
• Hongqiao SOHO (Sky Soho)—completed in 2014 and designed by Zaha Hadid—draws inspiration from nearby high-speed rail infrastructure.
• Gubei SOHO—SOHO China’s seventh project in Shanghai—is a LEED Gold-certified tower standing 38 stories tall, designed by James von Klemperer of Kohn Pedersen Fox. Acquired for RMB 3.19 billion in 2013 with construction costs totaling RMB 1.7 billion, it was completed in March 2019. The building provides over 52,700 square meters of office area alongside more than 60,000 square meters dedicated to retail use. It is located near Tianshan Plaza and offers metro connectivity via Yili Road Station.

SOHO 3Q

In 2015, SOHO China introduced its shared workspace brand, SOHO 3Q, designed to provide flexible office environments and foster business communities for entrepreneurs in cities such as Beijing, Shanghai, Hangzhou, Nanjing, Shenzhen, Guangzhou, and Chongqing. Based at Chaowai SOHO in Beijing, by mid-2016 the coworking initiative had expanded to 12 sites throughout China—comprising five locations in Beijing and seven in Shanghai.

The idea originated in August 2014 amid the rise of the sharing economy alongside platforms like Airbnb and Uber. After analyzing 30 internet enterprises, chairman Pan Shiyi unveiled the 3Q initiative in January 2015. Marketed as "Act 3" for SOHO China, the concept caters to small and medium-sized companies seeking flexible lease terms ranging from one week up to six months, contrasting with conventional long-term rental agreements. The initial two venues—Wangjing 3Q in Beijing and Fuxing 3Q in Shanghai—commenced operations on February 1, 2016. At its debut, SOHO 3Q became the largest coworking provider within China, offering approximately 1,500 workstations and spurring growth in the nation's coworking sector.

In April 2016, Guanghualu II 3Q launched in Beijing’s central business district featuring over 3,000 seats, establishing itself as the brand’s premier location.

Table of tall buildings

Buildings developed by SOHO China listed in the Skyscraper Center database of the Council on Tall Buildings and Urban Habitat:

Building	Year	Max height (m/ft)	Floors	City	Function
The Exchange–SOHO	2005	217 metres (711.9 ft)	52	Shanghai	Office
Guanghualu SOHO	2008	60 metres (196.9 ft)	16	Beijing	Office/retail
SOHO Century Plaza	2012	-	24	Shanghai	Office
Galaxy SOHO	2012	67 metres (219.8 ft)	15	Beijing	Office/retail
Wangjing SOHO T1	2014	118 metres (387.1 ft)	25	Beijing	Office
Wangjing SOHO T2	2014	127 metres (416.7 ft)	26	Beijing	Office
Wangjing SOHO T3	2014	200 metres (656.2 ft)	45	Beijing	Office
Bund SOHO	2015	135.6 metres (444.9 ft)	31	Shanghai	Office
Hongkou SOHO	2015	133.5 metres (438.0 ft)	29	Shanghai	Office
SOHO Fuxing Plaza	2015	105 metres (344.5 ft)	27	Shanghai	Office
SOHO Leeza Tower	2019	207 metres (679.1 ft)	46	Beijing	Office
Gubei SOHO Tower	2019	-	38	Shanghai	Office

Philanthropy

Established in 2005, the SOHO China Foundation oversees the company’s charitable activities with an emphasis on enhancing educational opportunities for underprivileged students across China. Its signature initiative, the SOHO China Scholarships program, represents a US$100 million endowment that offers financial support to Chinese students attending prestigious universities abroad such as Harvard and Yale. The Foundation additionally promotes rural education through partnerships like "Teach for China," demonstrating a dedication to social responsibility alongside corporate development.

See also

• Real estate in China

External links

• Official website of SOHO China