Xu Rongmao Net Worth

Xu Rongmao has an estimated net worth of $1.8 billion, according to Forbes Real-Time Billionaires, Xu Rongmao profile (figures as of October 20, 2026). That is down from a peak of $10.3 billion.

Xu Rongmao, also known as Hui Wing Mau, is a Hong Kong billionaire entrepreneur in real estate. He founded Shimao Property and built it into a Hong Kong-listed developer with projects in dozens of Chinese cities. In the 1990s, he expanded beyond Fujian and moved into Beijing and Shanghai. He also took on property ventures in Australia. Forbes tracked his wealth at $1.8 billion on its real-time billionaires tracker as of October 20, 2026.

His rise began in 1988 with a small investment in a knitting factory in his hometown. He planned a hotel instead, and a policy change opened the way for private ownership. That gave him an early foothold in hospitality before he shifted into residential complexes and resorts in Fujian. In the 2000s, he widened the business through listed-company deals, and Shimao Property went public in 2006.

How Xu Rongmao built his fortune

Xu Rongmao made his money through property development. After the hotel project in 1988, he moved into housing projects and resorts in Fujian. During the 1990s, he extended his real estate business into Beijing and Shanghai, both major markets for development. He also invested in Australian property in the early 1990s, giving his business a wider base outside mainland China and adding to the reach of his portfolio.

In the 2000s, he expanded by adding listed companies to his business. He acquired Shimao Holdings, which traded in Shanghai, and Shimao International, which had been listed in Hong Kong before he took it private in 2007. Another major step came in 2006, when Shimao Property was listed in Hong Kong. Today, that company remains central to his wealth, with projects spread across dozens of Chinese cities.

How the Forbes estimate changed

Forbes valued Xu Rongmao at $10.3 billion on the World's Billionaires List in 2021. The estimate then fell to $5.4 billion in 2022 and dropped again in 2023. A partial recovery followed, with Forbes putting him at $2.1 billion in 2024 and $2.2 billion in 2025. The pattern shows how closely his fortune has been tied to the property market and the value of his holdings.

Business strain helps explain that slide. Forbes notes that shares in his flagship company were suspended into 2023 after bond defaults in 2022. Even with that setback, real estate remained the core of his wealth. Forbes said his current wealth was $1.8 billion on its real-time billionaires tracker as of October 20, 2026, still tied mainly to Shimao Property and related holdings built over decades.