Fortune Global 500 List 2018 Released, with Chinese Property Developer Country Garden Ranking 353rd
Jul 19, 2018, 09:42 ET
FOSHAN, China, July 19, 2018 /PRNewswire/ -- The Fortune Global 500 list, one of the most authoritative rankings tabulating the business performance of companies worldwide, was officially released today, with Chinese property developer Country Garden (stock code: 2007.HK), which entered the list for the first time in 2017, ranked 353rd, moving up 114 places from 467th last year.
The Fortune Global 500 is an annual ranking based on revenue. In 2017, Country Garden achieved gross revenue of 226.9 billion yuan (approx. US$33.6 billion), a jump of 46 per cent year on year.
Since its founding in 1992, Country Garden Holdings has evolved from a small Chinese residential property business with only one property in Shunde District, Foshan, a mid-sized city in Guangdong province, into a large international real estate developer with over 1,900 residential properties across the globe and property developments spanning over 700 cities and towns across China. Meanwhile, the developer has shifted its focus from the development of big residential properties in the suburbs of first- and second-tier Chinese cities to the development of premium residences at the heart of third- and fourth-tier Chinese cities, and, more recently, to the integration of cities and industries by developing tech-driven towns.
Over the past ten years, Country Garden Holdings has experienced substantial growth in terms of both sales and overall rankings in the Chinese property market, and has become the largest residential property developer in the country, with sales surging from 17.5 billion yuan (approx. US$2.6 billion) in 2008 to 550.8 billion yuan (approx. US$82.0 billion) in 2017. During the first half of 2018, the developer significantly outperformed the market with contracted sales reaching 412.5 billion yuan (approx. US$61.4 billion).
Following on the success of the real estate's formula of not just building residences but of providing a comprehensive lifestyle solution for the homeowner, Country Garden's brand value has moved beyond the real estate sector. The real estate developer has been listed among the top 100 companies in two authoritative global company rankings - Fortune Global 500 and Forbes Global 2000, demonstrating that its value and competitive strength are recognized by the market.
SOURCE Country Garden Holdings
