Xu Rongmao

Xu Rongmao, JP (simplified Chinese: 许荣茂; traditional Chinese: 許榮茂; born 1950), or Hui Wing Mau in Cantonese, is a Chinese-Australian[1] entrepreneur and billionaire, and the founder and the chairman of Shimao Property. Xu is the 8th richest man in mainland China, according to the Hurun Report China Rich List, with a net worth of 7 billion.[6] Xu is estimated to be one of the largest property developers in Shanghai.

Xu Rongmao
许荣茂
Born1950 (1950) (age 70)
Shishi, Fujian, China
Citizenship
  • Chinese
  • Australian[1]
Alma materAdelaide University[1][2]
OccupationFounder & Chairman
OrganizationShimao Property
Net worth
  • US$5.40 bn (2015 Forbes)[3]
  • US$6.9 bn (2014 Hurun)
  • A$5.39 bn (2016 BRW)[4][5]
This is a Chinese name; the family name is Xu (Hui).

Biography

Xu was born in Shishi, Fujian Province, the oldest of the eight children. After graduating from high school during the Cultural Revolution in the 1960s, he was sent to the countryside to work as a barefoot doctor. In the 1970s, he emigrated to Hong Kong and worked as a textile worker.

Property development

In 1988, he claimed to invest RMB$1.2 million in a knitting factory in his hometown, but he intended to build a hotel instead, although investments in private hotels were forbidden at that time. However, as soon as the construction was completed, the government policy was changed to allow private owners to have their hotels. Then Xu became the owner of the first private three-star hotel in China. He then started to invest into developing residential complexes and resorts in Fujian.

In the 1990s, he pushed his real estate business into Beijing and Shanghai. He undertook several property ventures in Australia in the 1990s. In 2005, The New York Times reported he had moved his family to Darwin, Australia.[2] He completed his Master of Business Administration via distance-learning from an Adelaide university[1][2] and invested in real estate in the early 1990s. During the 2003-04-year, Xu was the largest individual donor to the NSW branch of the Australian Labor Party.[1][2]

In the 2000s (decade), he expanded his business by acquiring listed companies including Shimao Holdings (listed on the Shanghai Stock Exchange) and Shimao International (previously listed on the Hong Kong Stock Exchange), while the latter was privatized by him in 2007.[7] Shimao Property was listed on the Hong Kong Stock Exchange in 2006.[8]

Other investments

In 2008, Xu was reported to be among those interested in buying Newcastle United F.C. from then owner Mike Ashley.[9]

Wealth rankings
Year BRW Rich 200 Forbes China Rich List Hurun Report China Rich List
Rank Net worth (A$) Rank Net worth (US$) Rank Net worth (US$)
2011[10][11][12] n/a not listed 29 $2.40 billion
2012[13][14] n/a not listed 10 $4.00 billion
2013[15][16] 7 $4.82 billion 12
2014[17][18] 6 $6.35 billion 8 $6.90 billion
2015[5][3] 5 $6.89 billion 16 $5.40 billion
2016[4] 6 $5.39 billion
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References
  1. Chancellor, Jonathan (22 May 2013). "Billionaire property developer Hui Wing Mau the highest debutant on BRW Rich List". SmartCompany. Retrieved 17 July 2014.
  2. "The self-made Australian billionaire that nobody knows". The Sydney Morning Herald. 8 July 2014. Retrieved 17 July 2014.
  3. "The World's Billionaires: #277 Hui Wing Mau". Forbes Asia. March 2015. Retrieved 12 June 2015.
  4. Stensholt, John, ed. (27 May 2016). "2016 BRW Rich 200". Financial Review. Australia. Retrieved 7 June 2016.
  5. "2015 BRW Rich 200". BRW. Sydney. June 2015. Retrieved 9 June 2015.
  6. "Hurun Report China Rich List 2013". September 2013. Retrieved 19 August 2014.
  7. MAJOR AND CONNECTED TRANSACTION Archived 20 May 2011 at the Wayback Machine
  8. "Billionaire Builder of China". The New York Times. 29 December 2005.
  9. Wilson, Bill (15 September 2008). "Who would buy Newcastle United?". BBC News. British Broadcasting Corporation. Retrieved 8 June 2020.
  10. McIntyre, David (26 May 2011). "Newsmaker: Gina Rinehart". news.com.au. AAP. Retrieved 26 May 2011.
  11. "The China Rich List: #29 Hui Wing Mau". Forbes Asia. 2011. Retrieved 12 June 2015.
  12. Junmian, Zhang (9 September 2011). "Top 400 richest people in China". china.org.cn. Retrieved 12 June 2015.
  13. Jackson, Sally (23 May 2012). "The $29.17 billion woman: Gina Rinehart tops BRW's Rich List". The Australian. Retrieved 23 May 2012.
  14. Flannery, Russell (10 November 2012). "2012 Forbes China Rich List 400 (Full List)". Forbes Asia. Retrieved 12 June 2015.
  15. Colquhoun, Steve; Heathcote, Andrew (22 May 2013). "Rinehart drops more than Lowy's entire worth". The Sydney Morning Herald. Retrieved 22 May 2013.
  16. Flannery, Russell (21 October 2013). "nside The 2013 Forbes China 400: A Record 168 Billionaires". Forbes Asia. Retrieved 12 June 2015.
  17. "BRW Rich 200 list 2014". BRW (a Fairfax Media Publication). Sydney. 26 June 2014. Retrieved 31 August 2014.
  18. Flannery, Russell (November 2014). "2013 Forbes China Rich List 400 (Full List)". Forbes Asia. Retrieved 12 June 2015.
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