Xu Rongmao
Xu Rongmao , 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.
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. He completed his Master of Business Administration via distance-learning from the University of Adelaide and invested in real estate in the early 1990s. In 2003-04, Xu was the largest individual donor to the Australian [Labor Party |NSW branch] of the Australian Labor Party.
In the 2000s, he expanded his business by acquiring listed companies including Shimao Holdings and Shimao International, while the latter was privatized by him in 2007. Shimao Property was listed on the Hong Kong Stock Exchange in 2006.