Xu Rongmao Explained

Xu Rongmao
Native Name Lang:zh-cn
Birth Place:Shishi, Fujian, China
Occupation:Founder & Chairman
Organization:Shimao Property
Alma Mater:University of Adelaide

Xu Rongmao (; born 1950), or Hui Wing Mau in Cantonese, is a Chinese-Australian entrepreneur and billionaire, and the founder and the chairman of Shimao Property. Xu is estimated to be one of the largest property developers in Shanghai. According to Forbes in 2021, his net worth is estimated at $10.3bn.[1]

Career

In 1988, he claimed to invest  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 expanded 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, Australia.[2] He completed his Master of Business Administration via distance-learning from the University of Adelaide[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.[2]

In the 2000s, 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.[3] Shimao Property was listed on the Hong Kong Stock Exchange in 2006.[4]

Personal life

In 2008, Xu was reported to be interested in buying Newcastle United F.C. from then owner Mike Ashley.[5]

Net worth

Xu's net worth is compiled on the Financial Review Rich List, the Forbes China Rich List, and the Hurun Report China Rich List.

YearFinancial Review
Rich List		Forbes
China Rich List		Hurun Report
China Rich List
RankNet worth RankNet worth RankNet worth
2011[6] [7] [8] n/anot listed$2.40 billion
2012[9] [10] n/a not listed$4.00 billion
2013[11] [12] [13] $4.82 billion $6.90 billion
2014[14] [15] $6.35 billion
2015[16] [17] [18] $6.89 billion $5.40 billion$ billion
2016[19] [20] $5.39 billion $ billion
2017[21] [22] [23] $5.96 billion $7.22 billion $ billion
2018[24] [25] [26] $9.09 billion $ billion
2019[27] [28] [29] $10.39 billion $ billion
2020[30] [31] $18.06 billion n/anot listed$19.10 billion
2021[32] $11.70 billion
2022$4.80 billion
2023[33] $4.90 billion
Legend
Icon Description
Has not changed from the previous year
Has increased from the previous year
Has decreased from the previous year

External links

Notes and References

  1. Web site: Hui Wing Mau. 2021-06-11. Forbes. en.
  2. News: The self-made Australian billionaire that nobody knows. 8 July 2014. 17 July 2014. The Sydney Morning Herald.
  3. http://notice.singtao.com/ADMA/00813/epdf/813.pdf MAJOR AND CONNECTED TRANSACTION
  4. News: Billionaire Builder of China. The New York Times. 29 December 2005.
  5. Web site: Who would buy Newcastle United? . Wilson . Bill . 15 September 2008 . BBC News . British Broadcasting Corporation . 8 June 2020.
  6. News: Newsmaker: Gina Rinehart. McIntyre, David. 26 May 2011. AAP. news.com.au. 26 May 2011. 27 May 2011. https://web.archive.org/web/20110527144226/http://www.news.com.au/business/brw-rich-list-puts-gina-rinehart-australias-richest-person-the-first-woman-at-no1/story-e6frfm1i-1226063158215. dead.
  7. News: The China Rich List: #29 Hui Wing Mau . 12 June 2015. Forbes Asia. 2011 .
  8. News: Top 400 richest people in China . Junmian, Zhang. 12 June 2015. china.org.cn. 9 September 2011 .
  9. News: Jackson. Sally. The $29.17 billion woman: Gina Rinehart tops BRW's Rich List. 23 May 2012. The Australian. 23 May 2012.
  10. News: 2012 Forbes China Rich List 400 (Full List). Flannery, Russell. 12 June 2015. Forbes Asia. 10 November 2012 .
  11. News: Colquhoun. Steve . Heathcote. Andrew. Rinehart drops more than Lowy's entire worth. 22 May 2013. The Sydney Morning Herald. 22 May 2013.
  12. News: nside The 2013 Forbes China 400: A Record 168 Billionaires. Flannery, Russell. 12 June 2015. Forbes Asia. 21 October 2013 .
  13. News: Hurun Report China Rich List 2013. September 2013. 19 August 2014. 31 August 2014. https://web.archive.org/web/20140831225147/http://hurun.net/EN/HuList.aspx?nid=1. dead.
  14. BRW Rich 200 list 2014 . BRW (A Fairfax Media Publication) . Sydney . 26 June 2014 . 31 August 2014 .
  15. News: 2013 Forbes China Rich List 400 (Full List). Flannery, Russell. 12 June 2015. Forbes Asia. November 2014 .
  16. 2015 BRW Rich 200. BRW. Sydney. June 2015. 9 June 2015.
  17. News: The World's Billionaires: #277 Hui Wing Mau . 12 June 2015. Forbes Asia. March 2015 .
  18. News: 2015 Hurun Rich List . Hurun Research Institute . 2015 . 24 December 2020 .
  19. Stensholt, John . 2016 BRW Rich 200. Financial Review. Australia. 27 May 2016. 7 June 2016.
  20. News: 2016 Hurun Rich List . Hurun Research Institute . 2016 . 24 December 2020 .
  21. News: Financial Review Rich List 2017 . Stensholt, John . . 25 May 2017 . 8 June 2017 .
  22. News: Mayne's take: The top 25 Australian billionaires, as claimed by Fairfax . Mayne, Stephen . Stephen Mayne . . Private Media . 26 May 2017 . 10 October 2019 .
  23. News: 2017 Hurun Rich List 2017, in association with 36G . Hurun Research Institute . 12 October 2017 . 24 December 2020 .
  24. Web site: 2018 AFR Rich List: Who are Australia's richest people?. The Australian Financial Review. 25 May 2018. Stensholt, John. 26 May 2018.
  25. News: Australia's Richest 2017: Country's Wealthiest Continue Mining For Dollars . 28 September 2019 . Forbes Asia. 1 November 2017 .
  26. News: 2018 LEXUS Hurun China Rich List . Hurun Research Institute . 2018 . 24 December 2020 . 28 November 2020 . https://web.archive.org/web/20201128084243/http://www.hurun.net/EN/HuList/Index?num=8CO30IY79707 . dead .
  27. Web site: Australia's 200 richest people revealed. . Nine Publishing. 30 May 2019. Bailey. Michael. 31 May 2019.
  28. News: 2019 Australia's 50 Richest. 28 September 2019. Forbes Asia. January 2019 .
  29. News: 2019 LEXUS Hurun China Rich List . Hurun Research Institute . 2019 . 24 December 2020 .
  30. Web site: The full list: Australia's wealthiest 200 revealed. subscription. The Australian Financial Review. Nine Publishing. 30 October 2020. Bailey, Michael. Sprague, Julie-anne. 31 October 2020.
  31. News: Hengchang Shaofang: Hurun China Rich List 2020 . Hurun Research Institute . 20 October 2020 . 24 December 2020 . 24 December 2020 . https://web.archive.org/web/20201224152126/https://www.hurun.net/EN/Article/Details?num=1E096ECED920 . dead .
  32. News: Bailey, Michael . Sprague, Julie-anne . The 200 richest people in Australia revealed . . 27 May 2021 . 28 May 2021.
  33. News: Bailey, Michael . Sprague, Julie-anne . The 200 richest people in Australia revealed . . 26 May 2023 . 6 June 2023.

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