This girl caused the $400 billion real estate empire in China to collapse

In the glamorous world of China's elite, where power, money, and art intertwine in a dangerous game, there are stories you won't find in newspapers. Stories heard only at lavish parties, hidden behind elaborate curtains, and sometimes whispered in the dark. One of the most remarkable stories is that of Bai Shanshan, a woman once a symbol of beauty, talent, and charm. Bai Shanshan embodied success and luxury. As the champion of the star model contest, she swiftly entered the entertainment industry, becoming a shining star in the Evergrande song and dance troupe. On social media, her photos were always associated with wealth, featuring supercars worth millions of yuan, luxury yachts, and apartments at one of Asia's most expensive residential areas. But Bai Shanshan's life wasn't solely defined by beauty and talent. It was deeply entwined with Xu Jiayin, once Asia's richest billionaire, whose fortune peaked at US$35 billion. When the Evergrande empire fell into crisis under the weight of more than US$300 billion in debt, the largest default in global real estate history, Bai Shanshan became ensnared in a whirlwind of rumors and suspicions. To understand her story, we must return to the origin of it all, the Evergrande dance team, Xu Jiayin's brainchild. This was not merely an art group, but a strategic tool in Evergrande Group's power chessboard. The Evergrande dance team was established in 1999, operating quietly and secretly. For the first decade, it performed exclusively at the group's lavish internal events. In 2011, the dance team made its official debut at the ceremony celebrating Evergrande's Chinese Super League victory. The performances amazed the public with artistic virtuosity and the members' flawless physical beauty. Among them, none stood out more than Bai Shanshan, who became the symbol of the dance team and the Evergrande Group. However, this dance team was more than just an art group. Why did all members need to have exceptional appearances and remain single? Why was the dance team maintained even as Evergrande faced overwhelming debt? Could it be that the team served as Xu Jiayin's tool to forge relationships with the elite and political leaders? To answer these questions, we need to delve deeper into Bai Shanshan's relationship with Xu Jiayin and the role of the Evergrande dance team in the group's ambitious power strategy. Bai Shanshan, born in 1989, won the 20th Guangdong Regional Model Star Contest. Her striking beauty and artistic talent quickly caught Evergrande Group's attention, leading to her invitation to join the ethnic song and dance troupe. She excelled not only as a dancer but also as the earning an annual salary of up to 7 million yuan, about 1 million U.S. dollars. In 2020, a special recruitment notice for the Evergrande dance team garnered significant public and artistic attention. With strict selection criteria, the team sought not only talented dancers but also individuals with exceptional appearances who led unattached lives. Candidates had to be to 20, with a standard height of 1.70 to 1.75 meters for women and 1.78 to 1.85 meters for men, resembling professional models. Even more rigorously, any candidate passing the stringent selection process had to be personally reviewed by Xu Jiayin, ensuring that new recruits met beauty standards. Under the guise of an artistic dance team, the Evergrande dance team served a critical strategic role in Xu Jiayin's power network. Questions about the dancer's physical attributes and their required single status hint at an underlying purpose—leveraging art to sustain relationships and advance business strategies. Bai Shanshan, one of the dance team's most prominent members, became Xu Jiayin's trusted ally. Alongside Qian Xiangxiang, she helped Evergrande navigate challenges and foster connections with influential figures in business and politics. It was through women like Bai Shanshan that Evergrande maintained and strengthened strategic relationships. The connection between Xu Jiayin and business magnates like Jack Ma exemplifies how Evergrande used art to forge vital business alliances. In 2014, when Jack Ma decided to invest 1.2 billion yuan in Xu Jiayin's football project, he clearly stated, I don't understand football and I don't care about football, a decision that went against his usual business principles. So why did Jack Ma participate in this project? The truth can be partly revealed through a video that went viral online. At an Evergrande celebration, Jack Ma and Xu Jiayin sat together to enjoy the dance team's performance. At this time, Bai Shanshan appeared on stage in a tight-fitting outfit, posing seductively, making Jack Ma unable to sit still. Xu Jiayin noticed his excited expression and smiled with satisfaction. After the ceremony, Bai Shanshan posted a photo with Jack Ma on Weibo with the caption, Gratitude is the basic premise of success. However, the relationship between Bai Shanshan and Xu Jiayin was not limited to work. There were rumors that they had a special relationship, and a photo of them singing karaoke together sparked much speculation. Although Bai Shanshan has never responded to these rumors, their closeness is undeniable. In 2021, the group faced a serious financial crisis with a total debt of 2.4 trillion yuan. By the end of 2022, the group recorded a loss of more than 800 billion yuan, equivalent to the total GDP of Hainan province in 2022. This crisis not only affected its business operations, but also had a strong impact on its affiliated units, including the Evergrande Ethnic Song and Dance Troupe. In October 2023, Bai Shanshan suddenly deleted all her posts on Weibo, causing a stir in public opinion. This action was believed to be a response to Xu Jiayin's house arrest and the possibility of the troupe's dissolution. This event marked a sad chapter in Bai Shanshan's life. From a symbol of beauty and talent, she became a victim of the upheavals in China's upper class. Imagine a lavish party where China's politicians, billionaires, and powerful businessmen gathered in a 200 million yuan penthouse. Under sparkling crystal lights, the most powerful people raise their glasses to toast. Among them, Bai Shanshan appears not as a performer, but as someone who holds the key to Evergrande's power center. She not only dances, but also chats, connects, and builds relationships that Xu Jiayin needs to maintain his burgeoning empire. A 2024 article from the South China Morning Post revealed that many real estate contracts worth billions of yuan were signed after such parties, where the Evergrande dance team, especially Bai Shanshan, played a role in creating the atmosphere. To maintain the Evergrande dance troupe, Xu Jiayin spends more than 30 million yuan annually. This includes salaries, benefits, and performance expenses. Bai Shanshan, as the troupe leader, receives a salary of up to 7 million yuan annually, many times higher than other top artists in China. But what is more remarkable is that all these expenses do not generate direct revenue. The dance troupe does not sell tickets or profit from performances. Instead, they serve a single purpose, to build and strengthen strategic relationships for the group. A 2024 Financial Times article revealed that Evergrande's dance troupe's performances often took place at closed-door events, where massive real estate deals worth between 10 billion and 50 billion yuan were signed in just a few hours. The dance team not only creates a luxurious atmosphere, but also serves as a tool to impress high-ranking officials and strategic investors. At these parties, Bai Shanshan is often described as the highlight. It is no coincidence that she was chosen as the leader. Her beauty not only attracts admiration, but also makes it easier to close major deals. A former Evergrande employee once said, as long as Bai Shanshan appears, there is no contract that cannot be signed. Analysts point out that through the dance team, Xu Jiayin built a deep network of relationships within political circles. From 2015 to 2020, Evergrande received many preferential land and credit deals from local government agencies. Deals that not all businesses could easily obtain. Part of this, according to rumors, stemmed from intimate meetings with the Evergrande dance team at the center. But then, things started to fall apart. In 2021, when Evergrande was no longer able to pay its debts, powerful tools like the Evergrande dance team and Bai Shanshan herself could no longer hold a central position in Xu Jiayin's strategy. As the Evergrande empire began to crumble, rumors surrounding the role of the Evergrande dance team, and Bai Shanshan in particular, gradually gained prominence. The public began to ask, what did the dance team really do? What role did Bai Shanshan play in Xu Jiayin's plans? At this point, Evergrande was saddled with more than $300 billion in debt, equivalent to 2% of China's GDP in 2021, making it the largest debt bomb in the history of the global real estate industry. Abandoned projects, angry homebuyers, and mass layoffs pushed the group into the center of an unprecedented crisis. The Evergrande dance team, once an artistic icon, is now seen by the public as part of the problem. Bai Shanshan's life has been turned upside down. Performances have been canceled, friends have turned their backs on her, and her lavish apartments are now seen as evidence of shady financial dealings. In an interview, Bai Shanshan admitted to feeling devastated. I'm just a dancer. I don't know anything about finance or politics. I just want to live my passion for art. Evergrande's legal crisis and aftermath continue to unfold, not only shaking Xu Jiayin's empire, but also leaving unanswered questions about the luxury and power behind the Evergrande dance team. Through the story of Bai Shanshan and the Evergrande song and dance troupe, we see not only the murky combination of art and business, but also the stark difference between true art and art products manipulated within a calculating commercial system. Although the Evergrande dance troupe was once a symbol of a magnificent financial empire, it is undeniable that their contributions have been eroded by controversy and the absence of core values in traditional art. In the case of Evergrande, art has been used as a soft tool, a piece of luxurious jewelry, to build and strengthen business relationships. It is no longer simply a form of spiritual expression, but has become part of a calculated power strategy. Looking back at China's long-standing culture, one thing becomes clear. Art is not merely a form of entertainment or a means of making money. It is an indispensable part of the national identity, deeply reflecting the moral, cultural, and spiritual values of each historical period. Traditional dance in ancient China has evolved over 5,000 years, always grounded in morality and life philosophy. Each dynasty in Chinese history possesses distinct cultural features, yet they share one common thread. All honor harmony, elegance, and dignity in art. In the modern context, where art is often commercialized, one classical Chinese dance troupe has restored the true spirit of traditional culture, the New York-based Shen Yun Dance Company. This annual art event showcases talented artists bringing 5,000 years of ancient Chinese civilization to life. Shen Yun is more than a performance. It is a journey back to the roots of Chinese culture. Every dance, every costume, and every story embodies the essence of this great civilization, reflecting profound moral values such as filial piety, respect for nature, and the harmonious coexistence of humanity and the universe. Shen Yun dancers and musicians are Falun Gong practitioners who follow the principles of truth-compassion-forbearance. They were persecuted by the CCP for their beliefs and were forced to leave China to avoid persecution. Overseas, they have introduced 5,000 years of traditional Chinese culture to the world. Since then, international audiences have witnessed the beauty and civilization of ancient Chinese culture through Shen Yun's artistic performances, which stand in complete contrast to the culture of struggle and lies that the Chinese Communist Party has instilled and used to brainwash the Chinese people for decades. Shen Yun's dance art is not only technically beautiful, but also imbued with profound meaning. Shen Yun's art is not only technically stunning, but also deeply meaningful. Its performances have received widespread acclaim from celebrities, art experts, and influential figures in American society. They praise not only the dancer's professionalism and technical prowess, but also the profound message Shen Yun conveys, a message of morality, sincerity, and faith in eternal values. Shen Yun is a powerful testament that when art is created with sincerity and noble purpose, it can transcend challenges and touch the hearts of its audience. Traditional Chinese arts not only have the potential to survive in the modern world, but can also thrive when properly protected and promoted. When art is practiced within a framework of moral values and national spirit, it becomes more than a tool for entertainment or commerce. It becomes a means for humanity to connect with the sacred and eternal.