Xu Rongmao

In 1988, he claimed to invest US$0.19 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 Darwin, 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 NSW branch of the Australian Labor Party.

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. Shimao Property was listed on the Hong Kong Stock Exchange in 2006.

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

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. According to Forbes, in 2021 his net worth was estimated at $10.3 billion. As of May 2025, Xu's net worth was assessed at A$3.89 billion on the Financial Review 2025 Rich List.