Top 10 richest Chinese families in 2012
- By Lin Liyao
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E-mail China.org.cn, August 6, 2012
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Xu Rongmao & family (許榮茂家族)
Wealth value: 26.84 billion yuan (US$4.21 bln)
Company: Shimao Group (世茂集團(tuán))
Share Holdings: 63.78%
Headquarters: Shanghai & Hong Kong
Focus: Real estate
Shimao Group is one of the largest property developers in China. Its founder Xu Rongmao, also known as Hui Wing Mau, was born in Fujian and moved to Hong Kong in the late 1970s. In 1989, Xu Rongmao started to invest in the real estate business in his hometown. And later in 1994, when Beijing suffered from a low tide in real estate development, he carried out several large-scale construction projects there. In 2000, under the leadership of Xu, Shimao Group bought the famous Chinese real estate company Wan Xiang Group, making it a major player in the industry.
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