She’s richer than Oprah, richer than Bill Gates, richer than Warren Buffet. Chances are you’ve never heard of her and she likes it that way. Meet Wu Yajun the chief executive of Longfor Properties, a real estate developer in China, whose net worth is $3.9 billion (USD). She keeps good company. According to Forbes, half of the world’s 14, self-made female billionaires made their money in China.
Yajun was born in 1964 in Chongqing, a river port in Sichuan Province. Her first job out of university in 1984 was reporting and editing at a newspaper backed by the construction bureau of the municipal government. She quickly made many strong contacts. In 1995, she set up her real estate company with the motto: "Be kind to yourself throughout your life". Within 15 years she was a big player, developing ordinary homes, high-end apartments, and villas.
Shaun Rein, founder of the Shanghai-based China Market Research Group, said Yajun, “Has flown under the radar, which is critical in China.” She’s stayed away from publicity and corrupt politicians by “steering clear of factional fighting within local governments, which can get dangerous.” She’s focused on her work.
Rein, a Forbes columnist who is, incidentally a McGill grand (and has a Masters from Harvard), attributes Yajun's to three key factors:
1. TARGET MARKET
Yajun launched her company strategically. Rather than starting Longfor in Beijing, Shanghai, or Guangzhou, places with more cachet, she targeted a second-tier city – Chongqing (where she grew up). Faced with less competition she quickly built up a large market share. Her markets aren’t unimportant, or small, though, Rein stressed: “It’s where incomes are rising fastest and where optimism is highest.” In Chongqing, 4.1 million people live in the central city, but including surrounding areas, it’s home to more than 31 million, making it China’s largest population centre.
2. JUST DO IT
How does shying away from publicity translate into a “leadership practice” for North American business operators who feel as if they are shouting in a crowded room? First, forget about chasing notoriety. Second, do the work. Come in early and stay late. Send out press releases when you have something outstanding to say. Third, work because you passionately love it. Fourth, be confident in what you do and the decisions you make. And as Yajun said: “Be kind to yourself throughout your life.”
3. A GREAT PRODUCT
Longfor is widely respected for the quality of its products and customers consider it an “invisible champion.” Its low-key founder doesn’t want it any other way.
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