China Railway Construction

RANK39

China Railway Construction moved up three spots to No. 39 on this year’s Global 500 list. The state-owned construction enterprise, whose businesses include infrastructure engineering, design, and consulting, posted 19.9% revenue growth and 14.7% profit growth in 2021 as China pushed forward with railway expansions. The company successfully listed its subsidiary China Railway Construction Heavy Industry Corporation on the Shanghai stock exchange for $577 million in June 2021. But the company has faced problems on other fronts. In June 2022, China Railway Construction announced that it would sell its 49% stake in Evergrande Real Estate, a subsidiary of debt-plagued developer China Evergrande Group, just two years after purchasing it. China Railway Construction was also one of 59 Chinese companies sanctioned by U.S. President Biden in June 2021 for ties to the Chinese government’s military, and it lost a major light rail contract with Israel in February 2022 owing in part to pressure from the Biden administration.