Three companies headquartered in the city of Guangzhou – GAC Group, China Southern Power Grid and Cedar Holdings are among the 2018 Fortune Global 500.

The Fortune Global 500 list, one of the most authoritative ranking tabulating the business performance of companies worldwide, was released on July 19. Cedar Holdings, a real estate developer and financial and tourism service provider based in Guangzhou, is on the list for the first time with revenue of $32.7 billion, ranking 361st. 

The number of Chinese companies on the list has grown for the 15th consecutive year. It ranks second at 120, with the United States ranking first at 126 and Japan coming third with 52.

Among Chinese Fortune Global 500 companies this year, 12 are headquartered in Guangdong; seven in Shenzhen, three in Guangzhou and two in Foshan.

Cedar Holdings, founded in 1997, achieved  revenue of 157 billion yuan ($23 billion) in 2016, ranking 16th among the top 500 Chinese private enterprises and first among all private enterprises in Guangzhou.

In an interview with Guangzhou Daily, Zhang Jin, chairman of the board of Cedar Holdings, said the company has grown and developed in Guangzhou and has always been grateful to the city. In the future, it will develop globally while remembering its roots in the city and actively participating in the construction of the Belt and Road Initiative to make greater contributions to the country.

This year, China Southern Power Grid, ranked 110th on the list, is marking its 14th consecutive year among the Fortune Global 500 companies since its first appearance in 2005. GAC Group, which sold over 1 million cars, was listed at No 202.  

GAC Group's EV concept car Enverge is displayed at a recent auto show in Guangzhou, the capital of Guangdong province. [Photo provided to chinadaily.com.cn]