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Greenland Holdings
From Wikipedia - Reading time: 5 min
| Greenland Group | |||||||||
| Company type | public | ||||||||
| Industry | real estate, property development, construction, property investment, real estate financing | ||||||||
| Founded | 1992 | ||||||||
| Headquarters | Shanghai , China | ||||||||
Area served | Mainland China | ||||||||
Key people | Zhang Yuliang (Chairman & President) | ||||||||
| Products | apartments, infrastructure, real estate property, financial loans | ||||||||
| Revenue |  CN¥247.400 billion (2016) | ||||||||
| CN¥15.329 billion (2016) | |||||||||
| CN¥7.207 billion (2016) | |||||||||
| Total assets | CN¥733.138 billion (2016) | ||||||||
| Total equity | CN¥56.271 billion (2016) | ||||||||
| Owner |
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| Footnotes / references in consolidated financial statement[1] | |||||||||
| Greenland Holdings Corp., Ltd. | |||
|---|---|---|---|
| Simplified Chinese | 绿地控股集团股份有限公司 | ||
| Literal meaning | Greenland Holdings Group, Company Limited by Shares | ||
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| Greenland Group | |||
| Simplified Chinese | 绿地集团 | ||
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| Greenland Holdings | |||
| Simplified Chinese | 绿地控股 | ||
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Greenland Holdings Corp., Ltd. known as Greenland Group is a Chinese real estate developer. It was founded as a state-owned enterprise. As of 31 December 2016[update], the top 10 shareholders of the listed company owned a combined 88% shares, with some state-owned enterprises having invested in Greenland via private equity funds.
As of 2014[update], it owned about US$58 billion in assets.[2] By the company's own estimate, in 2014 it was the largest real estate developer in the world by floor space under construction and sales revenue.[3]
History
[edit]Greenland Holdings was created in 1992 to develop green belts around Shanghai.[4] Starting around 2013, it began to make major investments in developments outside of China.[3] As of 2014[update], these include Metropolis Los Angeles in Los Angeles,[4] Spire London, a 235-metre residential skyscraper in the London Docklands,[5] Greenland Centre Sydney in Sydney, Atlantic Yards in New York,[6] and an 872 unit condo plus 122 room hotel complex in Toronto.[7]
In 2014 the company took over Shanghai Jinfeng Investment (Chinese: 上海金丰投资) as part of a backdoor listing.[8][9] Since June 2017, it has been part of Shanghai Stock Exchange's blue chip index: SSE 50 Index.[10]
In July 2023, the company defaulted on a $432 million dollar bond.[11]
Non-real estate interests
[edit]Greenland Group are the current majority shareholder of the Chinese Super League club Shanghai Shenhua F.C., having officially taken over the operation of the club after purchasing the 28.5% share owned by previous majority shareholder Zhu Jun in January 2014.[12]
Shareholders and board of directors
[edit]Despite 46.37% of the company being owned by the Shanghai Government, some members of the board, current, and former employees also own 28.99% of shares as the second largest shareholder. Both Greenland Holdings and the employee-owned private equity fund are represented by Zhang Yuliang (Chinese: 张玉良) as the legal representative.
The 15-person board of directors consists of 5 independent directors, as well as Zhang Yuliang, Tan Jiancheng, vice-chairman of Greenland Holdings and vice-president of Shanghai Municipal Investment Group), Cai Shunming, vice-chairman of Greenland Holdings and vice-president of Shanghai Land Group), Xu Jing, executive vice-president), Zhang Yun, executive vice-president), Tian Bo, ex-vice president of Greenland Holdings), Ji Guanglin, Greenland Holdings director and chairman of associate company Shanghai SMI Holding, a subsidiary of Shanghai Municipal Investment Group), He Qiju (Chinese: 何启菊, Greenland Holdings director and a manager of Shanghai Land Group), Zhou Qing (Chinese: 周青, Greenland Holdings director and deputy general manager of associate company Shanghai Star Group, a subsidiary of Shanghai Land Group) and Song Chengli, Greenland Holdings director and vice-chairman of Ping An Trust). To sum up, out of 10 non-independent directors, the Shanghai Government has 5 seats, while Ping An Trust has one seat.
- As of 31 December 2016
- Shanghai Municipal People's Government's State-owned Assets Supervision and Administration Commission
- Shanghai Land Group (25.82%)
- Shanghai Municipal Investment Group (20.55%)
- Management board and employee of Greenland Holdings via a private equity fund (Chinese: 上海格林兰投资企业(有限合伙), 28.99%)
- Shenzhen Ping'an Innovation Capital Investment (Chinese: 深圳市平安创新资本投资有限公司), a subsidiary of Ping An Trust of Ping An Group (6.61%)
- Shanghai Tianchen (2.29%)
- Chinese: 上海鼎晖嘉熙股权投资合伙企业(有限合伙), a private equity fund that CDH Investments acted as GP (1.80%)
- Chinese: 上海国投协力发展股权投资基金合伙企业(有限合伙), a private equity fund that SDIC acted as GP (0.91%)
- Chinese: 中国工商银行股份有限公司－中证上海国企交易型开放式指数证券投资基金), an index tracking fund that ICBC acted as GP (0.34%)
- Chinese: 珠海普罗股权投资基金(有限合伙), a private equity fund from Zhuhai (0.33%)
References
[edit]- ^ "2016 Annual Report" (PDF) (in Chinese). Greenland Holdings. 25 April 2017. Retrieved 30 August 2017.
- ^ "Chinese outward real estate investment: after the initial waves, what's next?" (PDF). Knight Frank. 2014.
- ^ a b Fung, Esther (2014-12-16). "Chinese Builder Greenland to Expand in Existing Markets". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-08-13.
- ^ a b Vincent, Roger (2014-02-14). "Chinese developer unveils plans for Metropolis project in L.A." Los Angeles Times. ISSN 0458-3035. Retrieved 2015-11-06.
- ^ "China's Greenland Group plans residential tower for London Docklands". Global Construction Review. 8 October 2014. Retrieved 2015-11-06.
- ^ Hughes, C. J. (2014-05-16). "Chinese Real Estate Developers Take the Lead on New York Projects". The New York Times. ISSN 0362-4331. Retrieved 2015-11-06.
- ^ Landau, Jack. "Westinghouse Building Disassembly Underway at King Blue Site". Urban Toronto. Retrieved 15 May 2016.
- ^ "Greenland Holding plans to list on Shanghai market". Chinadaily.com.cn. Retrieved 2022-06-21.
- ^ "China's biggest developer Greenland Group to make back-door listing". South China Morning Post. 24 April 2015. Retrieved 2015-11-06.
- ^ 沪深300、上证50和中证500等指数2017年第一次定期调整样本股 (Press release) (in Chinese (China)). Shanghai Stock Exchange. 31 May 2017. Retrieved 30 October 2017.
- ^ "China state-backed developer Greenland defaults on $432 mln dollar bond - media". Reuters. 19 July 2023. Retrieved 2024-03-18.
- ^ "绿地宣布接手申花 朱骏时代宣告终结". sports.163.com. 1 February 2014. Retrieved 2 February 2014.
External links
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