China’s economy continues to decline, causing significant impact on various industries, especially the real estate sector, which has seemingly entered a harsh winter. On the morning of July 27th, Wang Linpeng, the chairman of China’s leading home industry enterprise “Juran Smart Home,” committed suicide by jumping off a building. This marked the fourth prominent private business owner to commit suicide by jumping within a hundred days, shaking the business community.
Financial media outlet “Wu Xiaobo Channel” expressed lament in an article on July 29th, highlighting the uncommon tragedies involving four well-known entrepreneurs who ended their lives in a dramatic and abnormal way between April 16th and July 27th. These entrepreneurs, aged in their fifties, had founded and operated successful enterprises for over 20 years, with some even becoming the wealthiest individuals in their respective provinces.
According to the sequence of suicides, the four renowned entrepreneurs were Bi Guangjun, founder of Shaoxing Jindianzi Textile Company (April 16th); Liu Wenchao, chairman of Hangzhou Xizi Elevator (June 2nd); Zeng Yuzhou, founder of Guangdong Liang Home Furnishing (July 17th); and Wang Linpeng who jumped off on July 27th.
On the evening of July 28th, Juran Smart Home issued a statement announcing the unfortunate passing of the company’s actual controller, chairman, and CEO, Wang Linpeng, at the age of 57 at his home.
Prior to his fall, there were reports stating that Wang Linpeng had jumped off on the morning of July 27th. The “China Real Estate News” verified this information from internal sources at the company, stating that he left early in the morning on July 27th, and the matter is still under investigation.
On April 18th, Juran Smart Home announced that Wang Linpeng was placed under detention and investigation by the Supervisory Committee of Jianghan District, Wuhan. The following day, the company’s stock price plummeted. The announcement revealed that Wang Linpeng’s 372 million shares were judicially frozen, including 2.79 billion shares of executive restricted shares, with freezing starting on April 17, 2025.
On July 23rd, Juran Smart Home released another announcement stating that the detention measure against Wang Linpeng had been lifted, replaced by a waiting-for-investigation measure, and he had resumed his normal duties. However, shortly after the detention was lifted, Wang Linpeng took his own life by jumping off a building, merely four days later.
The “Southern Metropolis Daily” pointed out that Wang Linpeng’s tragic incident symbolizes the deep crisis in the home industry.
From 2020 to 2023, Juran Smart Home’s net profit attributable to shareholders decreased annually. By 2024, the company’s operating income dropped by 4.04% year-on-year to 12.966 billion yuan, and net profit attributable to shareholders plummeted by 40.83% to 769 million yuan. (In December 2024, Juran Smart Home announced a brand upgrade to “Juran Smart Home”.)
Additionally, on the day following Wang Linpeng’s release from detention, Foshan Meike, a leading home retail company in the southwestern region, announced that its chairman Liu Bing had been placed under detention by the Procuratorate of Pidu District, Chengdu. In May of this year, Che Jianxing, founder of another large home retail company, Red Star Macalline, was detained by the Yunnan Provincial Procuratorate.
As a result, the founders of the three major home retail companies in the country have all been placed under detention.
An report by Observer on July 28th indicated that industry insiders admitted that this serves as a “tsunami warning” for the industry, with the chilling atmosphere within the home industry deeply affecting some companies and professionals to the brink of collapse.
“The ripple effects of the real estate downturn are beginning to manifest profoundly. Over a year ago, the home industry already felt a deep chill, and now it has further intensified,” shared an insider from a listed home enterprise internally. Despite previous exchanges and preparations within the home industry, the current severe situation has surpassed expectations, making prior assessments appear overly optimistic.
According to data from the National Bureau of Statistics of China, from January to May of this year, the furniture industry’s revenue decreased by 3.9% year-on-year, with profits plummeting by 27.9%. From the financial data of 26 listed home enterprises which have disclosed their performance for the first half of this year, 15 have reported losses, with 6 of them experiencing losses for the first time in a half-year report.
On July 17th, Zeng Yuzhou, the boss of well-known decorating enterprise “Liang Home Furnishing,” tragically died by suicide by jumping off a building at the age of 53.
The day before his suicide, Zeng Yuzhou posted a message on his social media, saying, “There is no turning back, persistence is victory.” However, on the evening of the 16th, he left a message in the company’s WeChat group stating, “I’m sorry, everyone.” In the early hours of the 17th, he leaped from the office building.
On July 21st, “Liang Home Furnishing” issued a closure notice on its official WeChat account, urging creditors to register their claims at designated locations.
According to publicly available information, Zeng Yuzhou founded “Liang Home Furnishing” in 2001, and with the early promotion of the “full-package decoration” model, the enterprise became a mainstream player in the industry. He was also praised as the “principal of decoration” and “founding father of renovation.”
At its peak, Liang Home Furnishing had 160 stores and served over 550,000 households.
The day following Zeng Yuzhou’s passing, the home decorating chain he had built faced severe crisis.
On July 18th, the company suddenly announced its closure, citing prolonged losses due to the stagnant real estate industry, confessing inability to sustain operations and outlining plans to enter bankruptcy liquidation proceedings.
According to reports from mainland China, many of their stores were closed, with visible renovation materials left inside through the doors, but no sign of employees. Middle management personnel confirmed the closure news, stating that even profitable stores were forcibly shut down.
Established in 2001, Liang Home Furnishing, headquartered in Guangzhou, had once operated a hundred stores located in large shopping centers across southern China.
On June 2nd, Liu Wenchao, the chairman and general manager of China’s renowned elevator enterprise Xizi Elevator Technology Co., Ltd., tragically committed suicide by jumping off a building in Hangzhou at the age of 54. This event sent shockwaves throughout the industry, shedding light on his complex corporate relationships and immense operational pressures.
Just three days before the incident on May 30th, Liu Wenchao had attended the launch ceremony of the ninth “Safety Production Month” of Xizi Elevator and delivered remarks, showing no apparent signs of distress at that time.
Liu Wenchao had been consistently overworked. The Science and Technology Department of Zhejiang Province once revealed that Liu Wenchao spent around 100 days traveling for work throughout the year and another 100 days living at the company, having limited time to be with his family. His youngest son had just started primary school this year, and communication between father and son was mainly facilitated through video calls.
Xizi Elevator had been embroiled in various legal disputes in recent years. According to a financial report by Ifeng, the company was involved in up to 192 legal cases, with Xizi Elevator acting as the plaintiff in nearly eighty percent of the cases. The majority of these disputes revolved around contractual issues.
Liu Wenchao also held positions such as director of the Smart Elevator Professional Committee of the Zhejiang Invention Association and outstanding entrepreneur in Zhejiang Province, making his sudden passing a significant upheaval in the elevator industry.
Bi Guangjun, chairman of Zhejiang Jindianzi Textile Technology Co., Ltd., suffered from depression after the company’s failed transformation and tragically died by suicide by jumping off a building on April 16th at the age of 56.
A report by NetEase’s Weibo channel “Sharp Entertainment” revealed that surveillance footage showed Bi Guangjun lingering alone on the rooftop for 127 minutes before jumping. There were 23 cigarette butts scattered at his feet.
Sources disclosed that Bi Guangjun jumped from the 28th floor around 6 a.m. Several netizens revealed that three years ago, Bi Guangjun had wagered half of his wealth on new energy initiatives, falling victim to international scams and losing it all, leading to financial struggles, to the point of depression and self-blame, ultimately resulting in his suicide.
“Sharp Entertainment” also mentioned that Bi Guangjun left behind debts and disputes totaling 3.7 billion yuan. In his chairman’s office cluttered with samples, investigators discovered a note in red on the 2024 year-end report stating, “Transformation failed, unable to face the people of Jiangdong.”
Bi Guangjun was a business magnate in the textile industry, with his creation, “Jindianzi Textile,” once shining as a star enterprise in the Keqiao Textile Circle of Shaoxing. He held interests in or managed up to 21 enterprises, with annual revenue reaching tens of billions. His key customers included international brands like ZARA, MAX MARA, ARMANI EXCHANGE, as well as domestic labels such as Betty, Gofun, Taipingniao, Aileyi, among others.