Beijing’s Wangjing SOHO not a good place for making fortunes? Don’t be superstitious

Source:Global Times Published: 2019/3/10 21:33:14

Chinese business people often treasure feng shui to give them a leg up in weathering headwinds and prevailing in the market.  

The Wangjing SOHO, a landmark business office tower in northeast Beijing, now draws rising curses online for possibly ominous feng shui, because a growing number of upstart companies went under. 

Lately, the online video venture Panda TV, partially invested by Wang Sicong - son of real estate mogul Wang Jianlin, went bankrupt. 

Before Panda TV, Wangjing SOHO homed other well-known start-ups including bike-sharing platform bluegogo, video-sharing venture AcFun, and pancake delivery platform Huangtaiji and social media business Mimeng. They had all run into insolvency and had to shun down. 

The list of business failures have triggered heated online discussion and debate about feng shui of the office building. In ancient Chinese culture, feng shui is the Daoist system of a place that may contribute to prospective good fortune, or lead to personal success or longevity. 

However, industry insiders have downplayed the online hearsay as "feudal superstition" as the risks of sustaining a new business are usually high and many uncertainties from the external environment weigh on the companies' day-to-day running and performance. 

And, businesses shall not blame feng shui or look for excuses for their failures, and they had better reflect on their own business models and other operational factors to solve problems.  

"I won't blame bad feng shui of Wangjing SOHO for those business closures, and I don't agree with those people who call the tower 'Wangjing Waterloo'," said a post over the weekend by a Weibo user named Dalaofangjianbagua who has 660,000 followers. The user's post had been forwarded 376 times and received 183 comments as of press time. 

Some Chinese netizens joked that Microsoft Corporation was lucky and prescient because the tech company moved out of the building promptly.

Most netizens and industry insiders are rather reasonable. "If you're not doing well, then please don't look for excuses [from the outside world]. Rather find your own problem," a Beijing-based resident who worked for Momo, which also based in the building, told the Global Times over the weekend, noting that such claims are feudal superstitions. 

"Those companies moved into high-end offices at a time when China's internet industry started booming. They raised a lot of capital, then burned money in marketing but never thought of business sustainability. So when the bubble burst, they just collapsed…" the insider said.


Posted in: ECONOMY,COMPANIES

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