In an interview @ CBS – 60 Minutes with Lesley Stahl – billionaire developer Zhang Xin commented on buying real estate at public auction, and how the auction process is more tranparent and lessens uncertainty.
Zhang Xin: For instance, if we buy a piece of land, we buy it in auction, then that’s very transparent.
Lesley Stahl: Openness.
Zhang Xin: Openness, yeah. The more openness it is, the better it is. We don’t need to know anybody, we don’t need to be the daughters and sons of anybody, we can just buy with money on an open market.
She believes open market tools like public auctions and transparent accounting will lessen the corruption and the cronyism. The woman who once slept on a dictionary, and now has about $3 billion in her bank account, may tout China as the new land of opportunity, but she knows it’s still not the land of the free.