What would you do with a Billion USD in China? I suppose it is not much different from what one does with a Billion dollar in the US – making the next 10 Billions I suppose…
There are many things fascinating about China today, one of which is the incredible speed in which individuals accumulate wealth. To date, there are 100+ known billionaires in China, just behind the US; almost all of whom got instanteously rich through IPOs of their family businesses. When you combine the economic opportunities of an emerging country with a 21st century financial system, you have one explosive wealth creation machine.
Here is the list of the richest known billionaires in China. The stories behind this new wealth is equally fascinating. Here’s one example of one of these transformational stories.
#3 Xu Rongmao (许荣茂)
“Xu grew up in Fujian Province, the oldest of the eight children. After graduating from high school 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. [2]His third company, Shimao Property, was listed on the Hong Kong Stock Exchange in 2006.”
