证券代码：000031.SZ 证券简称：大悦城 债券代码：148174.SZ 债券简称：23 大悦 01 大悦城控股集团股份有限公司关于"23 大悦 01" 票面利率调整及投资者回售实施办法第一次提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要提示： 1．利率调整：根据《大悦城控股集团股份有限公司 2023 年面向专业投资者 公开发行公司债券（第一期）募集说明书》（以下简称"《募集说明书》"）的约定， 公司作为"23 大悦 01"（债券代码：148174.SZ）的发行人，有权决定在存续期 的第 3 年末调整本期债券存续期后 2 年的票面利率。根据当前的市场行情，公司 决定调整本期债券的票面利率，即"23 大悦 01"债券存续期后 2 年的票面利率 为 2.21%。 2．投资者回售选择权：根据《募集说明书》中设定的投资者回售选择权， 投资者有权选择在投资者回售登记期内进行登记，将持有的本期债券按面值全部 或部分回售给发行人，或选择继续持有本期债券。 3．投资者选择将持有的本期债券全部或部分回售给发行人的，须于回售登 记期内登记；若投资者未作登记，则 ...

Core Viewpoint - The privatization plan of Joy City Property is a strategic response to cyclical changes in the industry, aimed at optimizing governance and enhancing decision-making efficiency [2] Company Summary - Joy City Property's privatization transaction is valued at approximately HKD 29.32 billion, effective from November 25, with all conditions met [1] - The company, listed on the Hong Kong Stock Exchange since 2013, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel management [1] - Following the privatization, Joy City will only have its A-share listed entity remaining, with a market value of approximately CNY 13.42 billion [1] Financial Performance - For the first half of 2025, Joy City Property reported revenue of approximately CNY 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to reduced area for property development [2] - The overall gross profit margin improved by 2.9 percentage points to 34.43% [2] - Specific revenue breakdown includes CNY 5.48 billion from property development (down 8.3% year-on-year) and CNY 2.04 billion from investment properties (down 2.5% year-on-year) [2] Project Performance - New projects have shown strong performance, with Nanchang Joy City achieving 240,000 visitors and sales of CNY 16.3 million on its opening day [3] - The hotel business maintained revenue of CNY 466 million, with an occupancy rate rising to 84% [3] - Management output revenue increased by 47% year-on-year to CNY 107 million, benefiting from new income from COFCO Joy City Commercial REIT [3] Industry Perspective - The privatization is seen as a way for the company to maintain strategic focus during industry adjustments, enhancing its competitive advantage in the mid-to-high-end commercial real estate sector [3] - Since 2022, over 30 A-share and H-share listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [3]

Core Viewpoint - The privatization of Joy City Property is a strategic response to cyclical changes in the real estate industry, aimed at optimizing governance and enhancing management efficiency [2]. Company Summary - Joy City Property's privatization plan was effective from November 25, with a total transaction value of approximately HKD 29.32 billion, leaving only the A-share listed Joy City [1]. - The company, part of COFCO Group, focuses on the development and operation of urban complexes under the Joy City brand, including investment properties and hotel operations [1]. - Joy City Property's last interim performance report indicated a revenue of approximately CNY 8.12 billion for the first half of 2025, a year-on-year decrease of about 5.78%, primarily due to reduced property development area [2]. Industry Summary - The privatization is seen as a way to maintain strategic focus during industry adjustments, allowing for more flexible asset disposal and broader financial planning [4]. - Since 2022, over 30 listed real estate companies have delisted, with five opting for voluntary delisting, including Joy City Property [4].

上市12年后，11月27日下午4时，大悦城地产（00207.HK，股价0.62港元，市值88.23亿港元）正式挥别港交所。 每经记者｜陈荣浩 每经编辑｜何小桃 陈梦妤 新增项目表现亮眼，其中，南昌大悦城（5月开业，投资超30亿元、体量13万平方米）首日客流24万、销售额1630万元，出租率约94%；厦门、三亚大悦 城出租率维持100%。此外，酒店业务收入4.66亿元，与去年同期持平，入住率升至84%；管理输出收入1.07亿元，同比大增47%，受益于中粮大悦城商业 REIT带来的新增收入。 在产业观察家洪仕斌看来，在地产调整背景下，私有化有助于公司在行业调整期保持战略定力，通过持有优质商业资产强化差异化竞争优势。 "在应对行业周期波动方面，地产企业私有化将获得三方面优势：更灵活的资产处置节奏、更广阔的资金规划视野、更从容的存量改造周期。这些优势将 巩固其在中高端商业地产领域的领先地位，并为行业复苏储备优质资产。"洪仕斌称。 | 今开 | - | 最高 | - | 成交量 | i | | --- | --- | --- | --- | --- | --- | | 昨收 | 0.620 | 最低 | - | 成交额 ...

Core Viewpoint - Dalian Wanda Commercial Properties officially delisted from the Hong Kong Stock Exchange on November 27, 2023, after 12 years of listing, due to its privatization plan which became effective on November 25, 2023 [1][2]. Company Summary - The total consideration for the privatization transaction is approximately HKD 29.32 billion, leaving only the A-share listed Dalian Wanda (000031.SZ) under COFCO Group's real estate platform [2]. - Dalian Wanda Commercial Properties was listed in 2013 and focused on the development and operation of urban complexes under the Dalian Wanda brand, including investment properties, property development, and hotel operations [2][3]. - The company underwent a significant asset restructuring in 2019, acquiring 64.18% of the Hong Kong-listed Dalian Wanda Commercial Properties, forming a dual-platform structure [3]. Industry Perspective - The privatization is viewed as a strategic response to cyclical changes in the industry, with Dalian Wanda stating that market performance has shown periodic fluctuations and liquidity pressures [3]. - The privatization is expected to optimize the company's governance framework, integrate organizational and equity structures, and enhance management decision-making efficiency [3]. - Following the transaction, Dalian Wanda's equity in Dalian Wanda Commercial Properties will be further strengthened, benefiting net profit attributable to the parent company and enhancing asset allocation capabilities [3]. Financial Performance - For the first half of 2025, Dalian Wanda Commercial Properties reported revenue of approximately HKD 8.12 billion, a year-on-year decrease of about 5.78%, primarily due to a reduction in the area of property development recognized [4]. - The overall gross profit margin improved by 2.9 percentage points to 34.43% [3]. - Specific revenue breakdown includes: - Property development revenue of HKD 5.48 billion (down 8.3% year-on-year) with a 32% decrease in settlement area but a 33% increase in average price, leading to a gross margin of 18% [4]. - Investment property rental and related income of HKD 2.04 billion (down 2.5% year-on-year) with a gross margin of 78% [4]. - Hotel business revenue remained stable at HKD 466 million with an occupancy rate of 84% [4]. Market Trends - The privatization trend is noted among real estate companies, with over 30 A-share and H-share listed real estate firms delisting since 2022, including five actively choosing to delist [5].

Core Viewpoint - The article emphasizes the shift in the real estate industry from a focus on quantity to quality, marking the beginning of a "quality era" where companies with solid fundamentals will be selected through the "Good House" standards [2][4]. Group 1: Industry Transformation - The "Good House" standard signifies a transformation in the supply side of the real estate market, moving towards a quality-first approach [2]. - Major real estate companies have begun to establish their own "Good House" standards and systems, reflecting their operational capabilities and technical characteristics [2][4]. Group 2: Company Standards and Frameworks - Various companies have introduced their own "Good House" systems, such as: - Greentown China with its "Good House Product Standard 2025," which includes 231 clauses that exceed national and industry standards [4]. - China Power Construction's "Good House Product Standard," which focuses on six dimensions including safety and health [15][16]. - China State Construction's "Good House" construction system, emphasizing safety, comfort, and sustainability [26][28]. - The "Good House" frameworks from companies like China Merchants Shekou and CITIC Pacific focus on creating quality living environments through comprehensive standards and innovative technologies [21][22]. Group 3: Implementation and Innovation - Companies are actively implementing their "Good House" standards in projects, showcasing innovation and a commitment to quality [36][38]. - For instance, China Resources Land's product system emphasizes community, product, and service quality, integrating various innovative living scenarios [36]. - The establishment of "Good House" laboratories and experimental projects by companies like China National Cereals, Oils and Foodstuffs Corporation demonstrates a hands-on approach to applying these standards [40]. Group 4: Future Directions and Evaluations - The 2025 product evaluation work for Chinese real estate companies has commenced, focusing on overall corporate performance and specific project assessments [43][46]. - The evaluation will include awards for comprehensive and individual project categories, with results expected to be announced in early 2026 [46][48].

深圳商报首席记者 刘琼 11月20日，财政部、商务部两部委公示消费新业态新模式新场景试点名单，深圳等50个城市拟入选。记 者梳理名单发现，4个直辖市、5个计划单列市全部入选，其余41个城市覆盖全国主要省份。 根据两部委此前印发的《关于开展消费新业态新模式新场景试点工作的通知》，此次试点资金补助按城 市体量分层实施：超大特大城市获合计4亿元补助，大城市3亿元，其他城市2亿元。政策明确支持三大 方向：一是支持健全首发经济服务体系；二是支持创新多元化服务消费场景；三是支持优质消费资源与 知名IP跨界联名。 服务消费成"升级主力" 服务消费，一头连着经济，一头连着民生。深圳"大手笔"全力推动服务消费扩容升级。在餐饮、住宿、 家政、养老托育等民生消费领域频频发力，丰富消费场景，推动基础型服务消费提质增效。 深圳一直将促消费扩内需作为"重中之重"，并在供给侧方面持续创新。今年以来，首发经济热火朝天、 新型消费场景丰富、服务消费扩容提质，深圳消费新业态、新模式、新场景不断涌现，"消费新三样"呈 蓬勃之势。 首发经济成"流量密码" 在深圳，首发经济正成为提升商业竞争力、激活城市消费的重要力量。 据相关商业机构统计数据，202 ...

Core Viewpoint - The company has approved a plan for its subsidiary, Joy City Property Limited, to repurchase shares and apply for the delisting of its shares from the Hong Kong Stock Exchange [1] Group 1 - The board meeting was held on July 31, 2025, where the proposal was reviewed and approved [1] - The repurchase will exclude shares held by the company and De Mao Limited [1] - The plan is set to take effect on November 25, 2025, and all conditions for the proposal have been met [1] Group 2 - The delisting of Joy City Property's shares from the Hong Kong Stock Exchange is expected to occur on November 27, 2025, at 4 PM Bermuda time [1]

Group 1 - The company announced that its subsidiary, Joy City Property Limited, will repurchase shares through an agreement and apply for the withdrawal of its listing status on the Hong Kong Stock Exchange [1] - The proposal's conditions have been met, and the listing status of Joy City Property shares is expected to be withdrawn on November 27, 2025, at 4 PM [1]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 大悦城控股集团股份有限公司（以下简称"公司"）于2025年7月31日召开 了第十一届董事会第二十次会议审议通过《关于控股子公司大悦城地产有限公司 以协议安排的方式回购股份并于香港联交所申请撤销上市地位的议案》，同意由 公司控股子公司大悦城地产有限公司（一家于香港联合交易所主板上市公司，股 票代码：00207.HK，以下简称"大悦城地产"）作为发起人，通过协议安排的方 式回购、注销除公司和得茂有限公司以外其他股东所持大悦城地产股份（以下简 称"该计划"），并向香港联交所申请撤销上市地位（以下简称"该建议"）。 具体内容详见公司于2025年8月1日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于控股子公司大悦城地产有限公司以协议安排的方式回购股份并于香港联交所 申请撤销上市地位的公告》（公告编号：2025-043）。 关于控股子公司大悦城地产有限公司以协议安排的方式 回购股份并于香港联交所申请撤销上市地位完成的公告 | 债券代码：148102 | 债券简称：22 | 大悦 | 01 | | --- ...