13-07-2025
Rags to Riches from Rome to the China Seas
The hot Roman summer sun can ignite daydreams and, a few weeks ago, while visiting a friend at an art gallery on the Via Giulia, I walked by the nearly half-a-millennium old Palazzo Sacchetti and pondered the fate of the families who owned it, lost it, sold off parts of it and passed into history. My colleague Adrian Wooldridge has written columns about contemporary European and Italian dynasties and their effective stewardship of family businesses. But my thoughts were all about the romance of declines and falls — and what lessons there might be for today. The musings took me from Rome across 6,000 miles to the south China coast and a little beyond.
I've never been to Zhangli village in Fujian province, just outside the city of Quanzhou, which the Venetian merchant Marco Polo described as one of the world's greatest ports in the 13th century. I'm not taking you that far back in time, just to the middle of the 19th and the construction of a set of 23 red brick mansions, arranged along five rows and spread across 16,300 square meters (around 175,000 square feet. That's about the same area of the Biltmore Estate, the private home erected by the Vanderbilts in Asheville, North Carolina, at roughly the same period. The Chinese property, with its curved roofs, internal courtyards and halls for ancestor worship, belonged to a family with the Spanish surname Velasco. I know about it because Mariano Velasco was my great-great grandfather.
