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Evergrande Ranks 230th on the Fortune Global 500, a Significant Increase of 108

 Date:2018.07.19   Publisher:Xinhuanet

On July 19, the 2018 Fortune Global 500 was officially released. Evergrande Group (HK.03333), by right of the operating revenue registering USD 46.019 billion, ranks 230th on the list with a significant increase of 108 from last year. Evergrande Group also ranks the 22th on the list of Top 500 Chinese Companies released by Fortune China magazine.

The Fortune Global 500 is an authoritative ranking of the top 500 corporations worldwide as mainly measured by annual operating revenue. The 2018 Fortune Global 500 shows that Chinese companies remain their enormous momentum in 2018, demonstrating that China’s economic influence in the world continues to rise.

In addition to China National Petroleum Corporation, Sinopec Group, ICBC and SGCC among other large state-owned enterprises at home, private enterprises also enjoy steady improvement in the number and ranking in the list. Notably, Evergrande was included into the list for the first time in 2016. Since then, Evergrande has jumped from 496th to 230th in short three years, becoming one of the fastest-growing enterprises among the world’s top 500.

According to the industry insiders, Evergrande is expected to boost its ranking on the list in the next two years. The presale system peculiar to real estate industry makes majority of sales revenue incorporate in the operating revenue next year. For instance, Evergrande’s sales revenue as high as RMB 501 billion in 2017 will be carried over to the next year, which shows that its operating revenue will exceed RMB 500 billion in 2018. According to relevant data on the list this year, Evergrande is expected to rank the 100th on Fortune Global 500 in 2019. This means that Evergrande may achieve its objective in advance - Evergrande will be among world’s top 100 enterprises by 2020 according to Chairman Xu Jiayin earlier this year.

Notably, Evergrande launched the strategic transformation last year. It is on the way toward an operating model of model characterized hby “low debt ratio, low leverage, low cost and high turnover” from the development model of “scale + profitability”. By augmenting adding value and lowering cost of products, Evergrande has made remarkable effect in terms of moderate expansion of scale and steady improvement in benefits. Among Fortune Global 500 enterprises this year, Evergrande yields net income reaching up to USD 3.606 billion, making it occupy the position of 153th in this regard. Whilst expanding the cultural tourism and healthcare industries, Evergrande is also proactive in making a forward-looking layout of high-tech industry. With the all-round development of multiple industries, Evergrande will emerge as a benchmarking enterprise among Fortune Global 500.

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