Property

Country Garden ranks 143rd on Forbes newly released Global 2000

FOSHAN, China, June 8, 2018 /PRNewswire/ -- Country Garden Holdings has moved up to the 143rd position on Forbes' recently released 2018 edition of the Forbes Global 2000 list, jumping 130 places from a year earlier. The list is prominently posted on the Forbes website. Together with the Fortune 500, the two lists are the proven authorities in terms of global company rankings. The world's largest and most powerful listed companies are recognized based on four key indicators: revenue, profit, assets and market value. With US$33.8 billion in revenue, US$3.9 billion in profits, US$161.2 billion in assets and US$45.2 billion in market value, Country Garden successfully gravitated into the all-important top 200 companies within the list.

Country Garden Holdings's headquarters
Country Garden Holdings's headquarters

Last year, Country Garden (2007.HK) achieved contracted sales of 550.8 billion yuan (approx. US$86 billion), ranking the firm first in the industry. The company has gained wide recognition for high quality growth and increased brand value, having already risen to 273rd place on the Forbes list in 2017. In addition, the real estate firm has consecutively ranked among the Fortune 500, as well as been included in the Hong Kong Hang Seng Index Component stock (blue-chip), and was recently upgraded to investment grade by Fitch Ratings, one of the world's three leading credit rating agencies.

In the first four months of 2018, Country Garden achieved 257.52 billion yuan (approx. US$40.3 billion) in contracted sales, continuing its lead in the industry. The firm's superior performance was reflected in the capital market, with highest closing price within the most recent month reaching HK$17.34, providing a peak market valuation of nearly HK$377 billion, up 302% year-on-year and outperforming the market average growth of 42%.

BOC International points out that China's third- and fourth-tier cities will remain the areas that generate the most trading volume due to looser regulatory environment and low average selling prices. In addition, the firm's high level of operating efficiency has made it easier to obtain credit support for its real estate purchases. As a result, BOC International maintained the "buy" rating with a target price of HK$25.12. JPMorgan also continued the "overweight" rating signaling a target share price of HK$24.2, adding that the pioneering leading property developers can be expected to continue their growth in size through 2019 and growth in profit through 2021.

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