What is Mao Zhongwu's Net Worth?
Mao Zhongwu is a Chinese businessman who has a net worth of $700 million. One of the four executives of equipment manufacturer Sany Group, Mao Zhongwu entered the billionaire circles in 2013. But since, he has witnessed a slight decline in his wealth following a dip in the stock prices of flagship Sany Heavy Industry and coal equipment maker Sany Heavy Equipment International. In October, Mao left his position as the company's chairman, but remained a member of the board.
In an attempt to speed its overseas expansion, Sany moved its headquarters to Beijing in December while still keeping most of the operations in its original home in Changsha. Still, in September, the group suffered a setback after the U.S. rejected a Sany-backed application to build a wind farm next to a U.S. military base in Oregon. The above contrasts with Sany's successful union with China's CITIC Private Equity Advisors to purchase Putzmeister of Germany, one of the largest concrete pump manufacturers worldwide, in a contract worth $475 million earlier last year.
