A 1988 investment of US$0.19 million in a knitting factory provided the foundation for a shift into the hotel industry, allowing Xu Rongmao to secure ownership of the first private three-star hotel in China. This move leveraged a policy change that permitted private hospitality ventures, setting a trajectory for his development of residential complexes and resorts.
Real Estate Expansion
During the 1990s, the scope of his real estate operations widened to encompass Beijing and Shanghai. Parallel to these mainland activities, he initiated various property ventures in Australia. By the 2000s, his strategy involved the acquisition of listed companies such as Shimao Holdings, which traded on the Shanghai Stock Exchange, and Shimao International, which was eventually privatized in 2007. Shimao Property subsequently gained a listing on the Hong Kong Stock Exchange in 2006.
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Born in 1950 in Shishi, Xu holds citizenship in both the People's Republic of China and Australia. His academic credentials include a Master of Business Administration, earned via distance-learning from the University of Adelaide. Reports in 2005 indicated that he had moved his family to Darwin, Australia. In his public service capacity, he has served as a member of the National Committee of the Chinese People's Political Consultative Conference.
Financial Assessment
His business performance is tracked by multiple international publications, including the Financial Review Rich List, the Forbes China Rich List, and the Hurun Report China Rich List. Forbes estimated his net worth at $10.3 billion in 2021. As of May 2025, his valuation on the Financial Review 2025 Rich List was recorded at A$3.89 billion. His contributions to professional enterprise were recognized with the Gold Bauhinia Star.
Fast facts
- Born: 1950, Shishi
- Citizenship: People's Republic of China, Australia
- Primary Enterprise: Shimao Property
- Academic Qualification: MBA, University of Adelaide
- Notable Award: Gold Bauhinia Star
- Net Worth (2025): A$3.89 billion
Questions readers ask
What was the catalyst for his entry into the hotel business?
He originally invested in a knitting factory in 1988 but intended to build a hotel; a subsequent change in government policy allowed him to operate the facility as the first private three-star hotel in China.
Which stock exchanges have featured his companies?
His business interests have appeared on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
Achievements
- Affiliated with Shimao Property
