SHENZHEN, China, May 29, 2017 /PRNewswire/ -- Country Garden Holdings, a China-based property development company, ranked 273rd in Forbes' 2017 global 2,000 list of the world's biggest public companies, indicating its strength and competitive advantages.
The top 2,000 listed companies for this year are from 58 countries in the world and have a total market value that increased 10 percent to US$48.8 trillion year-on-year.
Because of its strong financial growth, Country Garden rose 171 spots to take the 273rd place in 2017. It is now placed just after China Vanke, Brookfield Property Partners and Sun Hung Kai Properties in the top listed property development companies sector. The sales of the company amounted to US$23 billion and its market value of US$20.3 billion enabled the company to break into the top 300 list.
Yeung Kwok Keung, chairman of Country Garden, said the company will continue to focus on the development of a new type of urbanization in China and expand its business size to realize a rapid return of funds from a higher turnover.
The company's chief executive officer, Mo Bin, said overseas business is another new growth driver and the company will continually promote active urbanization projects in overseas markets and bring in advanced city design concepts to turn Country Garden into a more international and strategic brand.
The company has established offices in more than 400 cities and towns in China and has already entered Malaysia, Australia and Indonesia, with more than 700 active projects. The company plans to expand its business to more countries, including India, Thailand and Vietnam, as well as the United Kingdom and Russia.
Country Garden Holdings has also set its sights on the China government-promoted Belt and Road Initiative and invested in the Iskandar development region of Malaysia on the project called Forest City. So far the company has already invested a total amount of more than US$1 billion on the first island. This is the largest project among China's single outbound investments. Forest City will bring the latest technology to Malaysia and inject vitality to the region. By May this year, approximately 70 percent of permanent jobs in Forest City were offered to Malaysian locals.
Up to May 25, the market value of Country Garden had exceeded HK$180 billion and its share price reached HK$8.25, increasing 174 percent year-on-year. This was 15.8 times more than the percentage gain of the Hang Seng Index. Financial institutions including J.P. Morgan, Citibank, Deutsche Bank and Nomura all gave "Buy" ratings on Country Garden.
About Country Garden Holdings
Country Garden Holdings is listed on Hong Kong Stock Exchange's Main Board (Stock Code: 2007). The company ranks among the top three real estate enterprises globally. It is not just a developer and operator of residential communities, it also constructs and operates green, ecological and smart cities. In 2016, Country Garden's residential property sales exceeded US$43 billion and covered approximately 403 million square feet.
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SOURCE Country Garden Holdings