The China Non-Governmental Enterprise Directors Association, the National Statistical Society of China and the research center for the enterprises of the China Academy of Management Science jointly released the country’s 2010 top 500 private enterprises list, in which Jiangsu Shagang Group, Suning Appliance, and Legend Holdings Ltd. occupy the top three places.

Shagang Group, with a revenue totalizing 146.31 billion yuan ($21.93 billion), has been on the top of the list for consecutive two years. Suning and Legend Holdings follow with 117 billion yuan ($17.53 billion), and 106.37 billion yuan ($15.94 billion) respectively.

Having gone through a tough period last year, the country’s economy could maintain relatively stable and recovered swiftly, a big part of it owed to the great achievements and contribution private enterprises have made, which created many jobs and also that benefited from favorable policies launched by the central government.

The country’s top 500 accumulated a total of 4.74 trillion yuan ($639.94 billion) in revenue, 9.47 billion yuan each on average up 15.38 percent year-on-year. In addition, their total assets are estimated at over 3.9 trillion yuan ($584.6 billion).

Of all, 49 enterprises boasted of revenue that exceeds 20 billion yuan; 123 exceed 10 billion yuan.

Although regional economies in central and west China experienced rapid growth, eastern areas dominated the proportion making up 74.6 percent of the total with 373 enterprises. The central areas accounted for 13.6 percent with 68 enterprises; western areas made up 7.6 percent with 38 enterprises and northeastern areas accounted for 4.2 percent of the total with 21 enterprises.

Enterprises in the fields of architecture, smelting, calendaring and processing of black mental and nonferrous metal; wholesale and retail, manufacturing of electronics machine, cable and instruments; manufacturing of textile and chemical fibers had the most companies listed. Also, the number of property development enterprises increased to 31 from last year’s 20.

The report also stressed that after the financial crisis, more and more private firms have become aware of the significance of technology innovation, structure adjustment, managerial improvement and brand-building for the long run.

It also pointed out apparent problems among private firms like dull capital, insufficient investment for creating talents and innovation as well as the high taxes they are imposed.

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The nation’s refined oil inventory dropped in September, the second consecutive month from August, Dow Jones said Tuesday.

Refined oil stocks dropped around 10 percent in September compared to a month earlier due to robust domestic demand, the newswire said. Refined oils include gasoline, kerosene and diesel.

In August, the refined oil inventory decreased 5.4 percent compared with July figures.

“The decrease was caused by both increasing car sales last month and higher prices expectations for gas,” said Wang Yan, an industry analyst with the Beijing Anbound Information Technology Co.

Auto sales last month raced 17.73 percent to 1.56 million units compared with one month earlier.

In crude oil futures trade, prices of West Texas Intermediate for October delivery closed up $0.99 at $82.66 last Friday, from over $70 a barrel in September.

The International Energy Agency expected total Chinese oil demand to rise by just 4.8 percent next year to 9.56 million barrels a day, and the US is to burn 18.86 million barrels a day on average in 2011.

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Major real estate firms led by China Vanke reported strong sales in the third quarter, but industry watchers predict that fourth quarter the sales volume may decline, especially for small-sized developers.

China Vanke, the nation’s largest listed developer, reported its sales volume reached 71.42 billion yuan ($10.69 million) last month, up 54.7 percent from a year ago, according to a report from the company. Other large real estate companies also showed improved sales last month.

Sales volume at Poly Real Estate Group Co totaled 41.39 billion yuan ($6.20 billion) in the first nine months of this year, up 28.02 percent year-on-year, according to a company report released Monday.

Shenzhen-based Gemdale Group’s sales volume in the first nine months of this year amounted to 15.37 billion yuan ($2.30 billion), up 2.73 percent over the same period of last year.

Several other property developers including Yuexiu Property Company Limited have already locked in their revenue for 2010 as of September, according to filings by the companies to the Shanghai and Shenzhen stock exchanges.

“Leading developers are experienced in dealing with the market slowdown caused by government (price) suppressing policies. They have also charted out projects not only in tier-one cities, but also in tier-two or three cities, where the property market has not been hit strongly since policies (to cool the overheated real estate market) were released in April,” Liu Yuan, a senior research manager at the Centaline China Property Research Center, told the Global Times Tuesday.

“But small-sized developers and unlisted development companies ran into serious challenges over the past few months, because home buyers have flocked to major developers due to price cuts and promotions offering free interior decorating,” Liu added.

But sales in the last quarter of this year may decline as stricter measures begin to bite, according to Liu.

In reaction to the rebound in August and September, both central and local governments recently beefed up enforcement of real estate policies already on the books since April, increasing down payment requirements for firs-time homebuyers to 30 percent and limiting home purchases to one per household.

Liu said small-sized developers might suffer more challenges in the last quarter.

Chen Guoqiang, deputy director of the China Real Estate Society, told the Global Times Tuesday that most of the newly released policies seek to force developers to cut prices.

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