Xu Rongmao
Encyclopedia
Xu Rongmao, JP
(Traditional Chinese: 許榮茂; Simplified Chinese: 许荣茂) (born in Shishi
, Fujian
, China
in 1950), Hui Wing Mau in Cantonese translation, is the Chinese entrepreneur
and billionaire
, and the founder
and the chairman of Shimao Property
, one of the largest property developer in Shanghai
.
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.
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 just before housing prices rose up.
In the 2000s, he expanded his business by acquiring
listed companies and changing their names. They are 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. His third company, Shimao Property, was listed on the Hong Kong Stock Exchange in 2006.
On the 14 September 2008 it was rumoured he was interested in buying Newcastle United from under fire owner Mike Ashley.
Justice of the Peace
A justice of the peace is a puisne judicial officer elected or appointed by means of a commission to keep the peace. Depending on the jurisdiction, they might dispense summary justice or merely deal with local administrative applications in common law jurisdictions...
(Traditional Chinese: 許榮茂; Simplified Chinese: 许荣茂) (born in Shishi
Shishi City
Shishi City is a County-level city in the municipal region of Quanzhou, Fujian province, China, zip code:362700.The city has an area of 160 000 km2 with a population of 313 500 residents.It's well known for garments trading and industry....
, Fujian
Fujian
' , formerly romanised as Fukien or Huguing or Foukien, is a province on the southeast coast of mainland China. Fujian is bordered by Zhejiang to the north, Jiangxi to the west, and Guangdong to the south. Taiwan lies to the east, across the Taiwan Strait...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
in 1950), Hui Wing Mau in Cantonese translation, is the Chinese entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
and billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
, and the founder
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
and the chairman of Shimao Property
Shimao Property
Shimao Property Holdings Limited is one of the largest property developers in Shanghai, China. It was founded in 2001 by Xu Rongmao, a Chinese billionaire.It was listed on the Hong Kong Stock Exchange in 2006 with its IPO price at HK$6.25 per share....
, one of the largest property developer in Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
.
Biography
Xu grew up in Fujian Province, the oldest of the eight children. After graduating from high schoolHigh school
High school is a term used in parts of the English speaking world to describe institutions which provide all or part of secondary education. The term is often incorporated into the name of such institutions....
during the Cultural Revolution
Cultural Revolution
The Great Proletarian Cultural Revolution, commonly known as the Cultural Revolution , was a socio-political movement that took place in the People's Republic of China from 1966 through 1976...
in the 1960s, he was sent to the countryside to work as a barefoot doctor. In the 1970s, he emigrated to Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and worked as a textile
Textile
A textile or cloth is a flexible woven material consisting of a network of natural or artificial fibres often referred to as thread or yarn. Yarn is produced by spinning raw fibres of wool, flax, cotton, or other material to produce long strands...
worker.
In 1988, he claimed to invest RMB$1.2 million
Million
One million or one thousand thousand, is the natural number following 999,999 and preceding 1,000,001. The word is derived from the early Italian millione , from mille, "thousand", plus the augmentative suffix -one.In scientific notation, it is written as or just 106...
in a knitting
Knitting
Knitting is a method by which thread or yarn may be turned into cloth or other fine crafts. Knitted fabric consists of consecutive rows of loops, called stitches. As each row progresses, a new loop is pulled through an existing loop. The active stitches are held on a needle until another loop can...
factory
Factory
A factory or manufacturing plant is an industrial building where laborers manufacture goods or supervise machines processing one product into another. Most modern factories have large warehouses or warehouse-like facilities that contain heavy equipment used for assembly line production...
in his hometown, but he intended to build a hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
instead, although investments in private
Privately held company
A privately held company or close corporation is a business company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock to the general public on the stock market exchanges, but rather the...
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
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
business into Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
and Shanghai just before housing prices rose up.
In the 2000s, he expanded his business by acquiring
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
listed companies and changing their names. They are Shimao Holdings (listed on the Shanghai Stock Exchange
Shanghai Stock Exchange
The Shanghai Stock Exchange , abbreviated as 上证所/上證所 or 上交所, is a stock exchange that is based in the city of Shanghai, China. It is one of the two stock exchanges operating independently in the People's Republic of China, the other is the Shenzhen Stock Exchange...
) and Shimao International (previously listed on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
), while the latter was privatized by him in 2007. His third company, Shimao Property, was listed on the Hong Kong Stock Exchange in 2006.
On the 14 September 2008 it was rumoured he was interested in buying Newcastle United from under fire owner Mike Ashley.