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].