SHENZHEN is home to the world’s two largest property developers — Evergrande Group, which relocated its headquarters from Guangzhou to Shenzhen in October last year, and the Shenzhen-based property giant, China Vanke, according to sznews.com.

    Evergrande Group announced Dec. 5 that its aggregate sales between January and November last year reached 348 billion yuan (US$50.43 billion), pushing the company past Vanke as the biggest property developer in China, and the world.

    According to the company’s website, its total assets are in the trillions of yuan, and its annual sales revenue is above 400 billion yuan. With over 80,000 employees, the company has become a Fortune Global 500 company and the world’s biggest real estate developer.

    The company’s chairman, Xu Jiayin, said that its new aim is to have total assets of 3 trillion yuan and sales value of 600 billion yuan by 2020.

    Vanke had been the world’s biggest property developer for many years before it was outpaced by Evergrande. Its sales value was above 341 billion yuan between January and November last year.

    The company also became a Fortune Global 500 company for the first time last year, ranking 356th on the list with 184.3 billion yuan in revenue in 2015.

    Founded in 1988 in Shenzhen, Vanke has been a leading real estate company in China. It is one of the companies in the first batch to list on the Shenzhen Stock Exchange in 1991. By the end of 2015, Vanke’s business had covered 71 cities worldwide and it provided property services in 843 residential estates.

    (Zhang Yang)