Overview
Joy City Property is owned and managed by its parent company, COFCO Corporation. As the overseas listed platform of COFCO Corporation, it is primarily engaged in the development, operation, sales, lease and management of mixed-use complexes portfolio under the flagship brand “Joy City (大悅城)”. As at 4 December 2014, Joy City Property owns a total of 18 commercial property projects, including eight mixed-use complex projects, four commercial property projects, four hotel projects, one integrated tourist project and one project with minority interest.
Joy City Property and its property projects have received numerous awards and recognitions. The Company has received “The Best Brand Value of Listed Company” (“最具品牌价值上市公司奖”)in the China Securities Golden Bauhinia Award in 2014; Fraser Suites Top Glory Shanghai was honored with “The Best Serviced Apartment in China” ("中国最佳酒店式公寓") in the Golden Pillow Award of China Hotels ("中国酒店金枕头奖") in 2013; and The St. Regis Sanya Yalong Bay Resort has gained various awards, including “Hot Leisure Resort in Asia” ("亚洲最受欢迎度假酒店") by Smart Travel in 2012.
Among the property portfolio of Joy City Property, eight are mixed-use complexes, namely Beijing Xidan Joy City, Shenyang Joy City, Beijing Chaoyang Joy City, Shanghai Joy City, Tianjin Joy City, Yantai Joy City, Chengdu Joy City，which are developed and marketed under the “Joy City” brand and Beijing COFCO Plaza, which is currently operated and marketed under the “COFCO (中粮)” brand. Joy City Property will focus on the development and management of the mixed-use complexes under the flagship brand of “Joy City”. In relation to Beijing COFCO Plaza, it is Joy City Property's intention to continue to attract sizable banks and corporations to lease premises in the office portion of the project and to turn its shopping mall into a centre for luxury furniture.
Apart from the eight mixed-use complex projects, certain hotels which form part of the integrated tourist project and other hotel projects of Joy City Property are developed and promoted either in collaboration with renowned luxury hotel brands such as Waldorf Astoria, W Hotel and MGM or under the “Gloria (凯莱)” brand. Going forward, Joy City Property will continue to focus on the development of large scale mixed-use complex projects. Besides, Joy City Property will leverage on the established brands of “COFCO (中粮)” and “Joy City (pg电子)”, as well as Joy City Property's knowledge and experience as a developer and operator of commercial properties with a view to developing new projects in commercial centers within the surrounding regions of the centres of first-tier cities in the PRC where Joy City Property already has an existing property portfolio, such as Beijing and Shanghai, and also selectively expanding into prime locationss in second-tier cities in the PRC.
Joy City Property generates continuous and stable returns from its quality commercial property projects. The company will maintain a balanced portfolio of properties for sale, investment and operation. The balanced property portfolio would enable Joy City Property to generate revenues from sales of properties whilst maintaining recurring rental income and hotel revenues and capturing the long-term capital appreciation potential of its properties for investment and operation.
