Long Run Financial

The wealth originates from Chen Zexiang's founding role in Changfeng Group, a diversified Chinese conglomerate with a primary footprint in large-scale real estate development across eastern China. Changfeng's portfolio includes residential, commercial, and mixed-use projects concentrated in Shanghai and surrounding provinces. The family office was established as a separate allocation vehicle to diversify holdings generated by the operating business.

The office structures direct investments through a combination of wholly owned holding entities and special-purpose vehicles for consortium deals. For real estate, the family often acquires assets outright or takes controlling stakes in joint ventures with established local developers. In corporate private credit, the office originates loans directly to mid-cap enterprises, a model that leverages the family's regional banking relationships and transaction history.

Long Run Financial primarily executes direct and co-investment transactions rather than committing as a limited partner to blind-pool funds. The preference for direct control aligns with the permanent-capital structure and desire for full transparency on asset-level economics. The venture exposure is built through targeted direct investments in early-stage companies relevant to property technology and financial infrastructure.

The office maintains distance from extractive industries, hydrocarbon energy production, and consumer companies with significant brand-reputation risk. Entertainment and media investments are also absent from the disclosed portfolio. This omission is consistent across both domestic Chinese allocations and cross-border transactions.

The office operates as a distinct legal entity with its own investment committee and administrative staff. Assets held by the family office are not commingled with Changfeng Group's corporate balance sheet, and the two entities maintain separate audit trails. This structure is designed to protect family wealth from creditor claims or operational liabilities that may arise within the property-development business.