JD.com Leads China's 500 Largest Private Enterprises with Record Revenue

JD.com has topped the list of China's 500 largest private firms for the fourth consecutive year, with Alibaba and Hengli Group in second and third place, respectively. The list, compiled by the All-China Federation of Industry and Commerce, reflects the robust growth of China's private sector. The entry threshold for the top 500 private enterprises rose to around 27 billion yuan, with total operating revenue reaching 43.05 trillion yuan. JD.com reported annual revenue of approximately 1.16 trillion yuan, becoming the first private company in China to surpass the trillion-yuan mark.

JD.com has solidified its position as the top private enterprise in China for the fourth consecutive year, according to the All-China Federation of Industry and Commerce. The company's robust growth is reflected in its annual revenue, which reached approximately 1.16 trillion yuan, making it the first private company in China to surpass the trillion-yuan mark. This achievement underscores the resilience and expansion of the Chinese private sector, with an entry threshold for the top 500 private enterprises rising to around 27 billion yuan, and total operating revenue reaching 43.05 trillion yuan [1].

In addition to its domestic success, JD.com is expanding its global footprint. The company's property investment arm, JD Property, is planning a significant move in the Southeast Asian real estate market. JD Property, along with Swiss investment firm Partners Group and EZA Hill Property, is setting up a Singapore-based real estate investment trust (REIT) with assets potentially valued at over $1 billion. The REIT is expected to be listed on the Singapore Exchange as early as next year [2]. This move signals growing confidence in Singapore's REIT sector and highlights the increasing role of Chinese capital in the region.

The planned REIT comes after JD Property, Partners Group, and EZA Hill jointly purchased four logistics assets from CapitaLand Ascendas REIT for S$306 million ($238.56 million) this month. The asset composition of the REIT is expected to include industrial properties in Singapore that the consortium acquired from CapitaLand. JD Property, Partners Group, and EZA Hill plan to scale up the Singaporean REIT across Southeast Asia, targeting further acquisitions of industrial and logistics assets [2].

The Singapore REIT listing plan also comes as JD Property is pursuing a separate market listing for itself via a Hong Kong IPO. The timeline for this IPO is not known, but JD Property applied for the listing on March 30, 2023, and has yet to obtain regulatory approval [2].

The latest REIT plan in Singapore comes amid a tentative revival in the city's REIT market, which had seen a lull in new listings since 2021 due to rising interest rates and macroeconomic uncertainty. The recent initial public offering of NTT DC REIT and the surge in the benchmark index to record highs since late July show renewed investor appetite amid efforts by the city-state to boost its equities market [2].

References:
[1] https://www.reuters.com/business/retail-consumer/china-tech-giant-jdcom-unit-two-other-firms-plan-1-billion-singapore-reit-2025-08-27/
[2] https://economictimes.indiatimes.com/markets/digital-real-estate/realty-news/china-tech-giant-jd-com-unit-two-other-firms-plan-1-billion-singapore-reit-sources/articleshow/123542262.cms