Chen was born in Xinchang County, Zhejiang Province, China in 1973 and grew up near Shanghai with his younger brother Danian.

[3][4] Chen started at the state-owned property developer Shanghai Lujiazui Group in 1994, holding management positions in the public relations office before becoming secretary to the chairman.

[8] Shanda Group went private in early 2012, with Chen, his wife, and his brother keeping a combined 57% stake.

[2] With Chen remaining chairman and CEO, by early 2017 Shanda Group was the majority shareholder of Legg Mason, Lending Club, and Community Health Systems.

[22] In 2008, Chen was appointed to the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC).