In 1988, he claimed to invest 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 expanded his
real estate business into
Beijing and Shanghai. He undertook several property ventures in Australia in the 1990s. In 2005,
The New York Times reported he had moved his family to , Australia. He completed his
Master of Business Administration via distance-learning from the
University of Adelaide Shimao Property was listed on the Hong Kong Stock Exchange in 2006. ==Personal life==