While real estate tycoons continue to see their wealth shrink, Xinhu Group Chairman Huang Wei has encountered a turnaround. On August 18, Quzhou Development (600208, SH) closed at 5.34 yuan, bringing the company's market capitalization to a peak of 45.44 billion yuan. Through his personal holdings and those of Xinhu Group and affiliated enterprises, Huang Wei controls 28.02% of the company's shares, representing a market value of 12.7 billion yuan. This means that through related corporate holdings, Huang Wei's personal wealth has returned to over 10 billion yuan.

In 2025, as real estate magnates face severe wealth destruction and the real estate sector continues to struggle, what did Huang Wei do right in the face of this wealth surge? Or perhaps, what fortune did he encounter?

**Soaring Stock Prices**

Huang Wei's rapid wealth growth stems from Quzhou Development's impressive stock performance. Over the past two months, Quzhou Development's stock price has surged over 100%.

Quzhou Development (600208, SH), formerly known as Xinhu Zhongbao, was originally controlled by Huang Wei's Xinhu Group before being transferred to Quzhou state-owned assets in early 2024 and subsequently renamed Quzhou Development.

On August 13, Quzhou Development announced plans to acquire 95.4559% of Xiandao Electric Technology through share issuance and raise up to 3 billion yuan in supporting funds. According to the announcement, the 100% equity valuation of target company Xiandao Electric Technology does not exceed 12 billion yuan.

The target company Xiandao Electric Technology is a unicorn enterprise in the new materials sector, boasting an impressive shareholder lineup including BYD, Gree Group, CICC Xiandao, Wukuang Yuanding, and China National Building Material New Materials.

The acquisition announcement immediately triggered three consecutive daily limit increases, driving Huang Wei's wealth to new heights. Thus, while real estate tycoons struggle, Wenzhou tycoon Huang Wei has encountered a rare opportunity, though his expectations clearly extend beyond this.

On August 14, Quzhou Development announced that major shareholder Zhejiang Xinhu Group Co., Ltd. had suspended its share reduction plan. Clearly, faced with soaring stock prices and substantial positive developments, the Xinhu group has paused its share monetization efforts.

**State-Owned Restructuring Creates Billionaire Wealth**

The wealth effect of billionaire status and market capitalization of approximately 45.5 billion yuan represents remarkable achievement in today's real estate sector. In comparison, once-dominant real estate developers like Country Garden have a market cap of 13.3 billion Hong Kong dollars (equivalent to 12.2 billion yuan); Sunac China stands at 17.7 billion Hong Kong dollars (equivalent to 16.3 billion yuan); Shimao Group at 3.2 billion Hong Kong dollars (equivalent to 2.9 billion yuan), while China Evergrande has already been delisted.

More importantly, Quzhou Development's daily trading volume has reached billions of yuan, allowing Xinhu's shareholdings to be liquidated in the secondary market at any time. In contrast, major shareholders of the aforementioned real estate companies face extremely difficult large-scale reductions due to thin market trading.

Additionally, numerous former star real estate companies on the A-share market, including Sunshine City, Tahoe, and Zhongnan Development, have long been delisted due to stock prices falling below 1 yuan, completely disappearing from investors' view.

But how did Quzhou Development's predecessor, Xinhu Zhongbao, avoid the real estate delisting wave and achieve a stock price comeback through mergers and acquisitions in 2025? This largely benefited from the credit support of Quzhou state-owned assets as the major shareholder.

On January 8, 2024, Xinhu Group and its concerted parties transferred 18.43% of shares to Quzhou Zhibao. Combined with Xin'an Caijong's earlier 10.11% stake, Xinhu Zhongbao's major shareholder changed hands, with Quzhou state-owned enterprises officially becoming the company's largest shareholder.

Subsequently, Quzhou state-owned assets provided genuine support to the company through continuous secondary market purchases, helping it survive the difficult delisting wave. This phenomenon was presciently analyzed in July 2024, noting that maintaining listed company status during problematic real estate companies' mass delisting preserved eligibility to return to an upward trajectory during recovery periods.

Behind the major shareholder's stock price protection, Xinhu Zhongbao's performance provided a rare observation sample for real estate sector recovery. One year later, Xinhu Zhongbao has been renamed Quzhou Development, achieving a four-fold stock price comeback. Wenzhou tycoon Huang Wei, who frequently faced funding pressures a year ago, has simultaneously achieved wealth enhancement. With billionaire-level assets readily available for monetization, his industrial ventures now have maneuvering space.

**Strategic Moves**

Looking back to late 2023 and early 2024, amid the real estate delisting wave, why was Xinhu Zhongbao favored by Quzhou state-owned assets? At that time, Xinhu Zhongbao's primary business was over 90% real estate. Its main assets included two core projects in Shanghai's main urban areas: the Tiandong 198 project in Hongkou District's North Bund and the Shanghai Yalong project in Huangpu District. The latter introduced CITIC and Sunac as co-developers in 2024, ultimately launching as "Jinyuan" with impressive sales performance.

However, what truly attracted Quzhou state-owned assets were business segments with smaller revenue contributions but greater imagination potential. Beyond real estate development, Xinhu Zhongbao had extensive layouts in high-tech fields including blockchain, big data, artificial intelligence, intelligent manufacturing, and new materials. These investments were mostly strategic moves by capital market-savvy Huang Wei outside his real estate core business.

In equity transfer news, these "strategic moves" became the primary reason for Quzhou state-owned assets' entry into the company. At that time, Quzhou was vigorously developing strategic emerging industries and promoting local industrial transformation and upgrading. Xinhu Zhongbao's investments in emerging industries enabled Quzhou to better aggregate resources and expand broader layouts through the listed company platform.

Similarly, in late 2023, Hubei state-owned assets entered Sanxiang Impression, reportedly attracted by the Impression series cultural IP and green technology residential concepts. Using real estate for cash flow while emerging industries with future potential provide development prospects may represent the best story a real estate company can tell when seeking acquirers during industry decline. When such stories succeed, they can turn the tide.

In June 2024, Xinhu Group experienced a total of 4.68 billion yuan in trust defaults involving a Xinjiang mineral dispute. According to reports, Huang Wei faced rights protection personnel with clasped hands, pleading with trust holders to weather difficulties together: "Only by recovering the mine can everyone's money be secured. If we can't recover it, I might go bankrupt."

One year later, with personal wealth returning above 10 billion yuan, Wenzhou tycoon Huang Wei, who built his fortune in real estate, probably never imagined that those casually placed strategic moves would later enjoy their moment of glory.

Compared to such fortunate cases, more failed real estate transformation examples have been buried in the industry's historical development. During industrial decline waves, when the entire sector faces universal decline, real estate developers' transformation stories lack inevitable success, featuring only occasional survivor bias.