How the Sassoons of Bombay became one of China’s wealthiest families

In Shanghai’s busy downtown area, along the shimmering Huangpu River, one Art Deco building on the historic Bund stands out with its green pyramid roof: the Sassoon House. Now the Fairmont Peace Hotel, it was one of the first skyscrapers built in Asia and served as “a glamorous playground for the elite, where every night was an extravagant gala event and veritable Parisian fashion show,” according to the hotel’s website.

While both local and foreign tourists photograph the beautiful illuminated building at night, it is a stark reminder of what China calls the “Century of Humiliation”, a period that began after the First Opium War of 1839 and ended after the Second World War in 1945.

The 13-floor building was completed in 1929, a time when large parts of Shanghai were occupied by colonial forces and the Sassoons, after whom the Sassoon House was named, were among the richest and most powerful families in China.

Setting up shop

The Jewish Sassoon family, led by patriarch David, first began to scout for opportunities in China in the 1840s, a decade after it moved to Bombay from Baghdad and set up several thriving businesses. The key of its lasting success was its flexibility and readiness to branch out, says Madhavi...

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