With a record revenue of US$33.6 billion last year, real estate developer Country Garden Holdings Co Ltd (“Country Garden” or “the Group”) (stock code: 2007.HK) moves up 114 notches to 353rd spot in The Fortune Global 500 list 2018, marking two consecutive years that the Group was on the list.
In 2017, the Group saw its revenue jumped 46% year-on-year to achieve a record high of US$33.6 billion. Country Garden joined seven other Chinese companies that saw the biggest jumps this year such as China Energy Investment (up 175 spot), Alibaba (up 162 spot), and Tencent (up 147 spot).
Commenting on the Group’s ranking, Country Garden Chairman and Founder Yang Guoqiang said, “At Country Garden, I have always emphasised that quality and sound management are our lifelines. Our achievements today are the results that every one of the 180,000 employees in China and abroad had put into every single detail in the company’s operations with the spirit of craftsmanship.”
The Fortune Global 500 is an annual ranking of companies’ revenues. This year, China has 120 companies in the list, just behind US with 126 companies, and ahead of Japan with 52 companies.
Since its founding in 1992, Country Garden has evolved from a little-known property company that started with a residential project in Shunde District in Foshan located in the Guangdong province into an international real estate developer with over 1,900 residential projects across the globe. Some of these notable projects include Forest City in Iskandar Malaysia and Ryde Park in Sydney. In China, the Group has property developments spanning over 700 cities and towns across China.
Over the years, the Group has shifted its focus from the development of residential properties in the suburbs of the first- and second-tier Chinese cities to the development of premium residences at the heart of third- and fourth-tier Chinese cities.
The Group has started to implement its forward-looking strategy by entering into city-industry integration and long-term apartment rentals.
The strategy complements the Group’s intention to offer end-to-end solutions to meet the various needs of homeowners and business owners through the access to financial, property management, commercial, entertainment, healthcare and education, which is envisioned to spur economic transformation of a neighbourhood and city adjacent to the project site.
Merely into its second year, the strategy has yielded positive results with the rollout of more than 10 science-tech towns which are homes to 1,700 companies including 52 of the world’s leading 500 companies such as Cisco and Midea.