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].

截至2025年7月31日收盘，大悦城股价报3.02元，较前一交易日下跌3.82%。当日开盘价为3.12元，最高 触及3.14元，最低下探至2.99元，成交量为29.58万手，成交额0.90亿元。 大悦城主营业务为房地产开发及商业运营，旗下拥有"大悦城"品牌城市综合体，业务覆盖投资物业、物 业开发、酒店运营及管理输出等领域。公司已布局京津冀、长三角、粤港澳大湾区等核心城市群，运营 32个商业项目及多个高端酒店。 7月31日晚间，大悦城公告称，其控股子公司大悦城地产拟以协议安排方式回购股份并申请从香港联交 所退市。根据方案，大悦城地产将以每股0.62港元的价格回购其他股东所持股份，总金额约29.32亿港 元。交易完成后，大悦城对大悦城地产的持股比例将从64.18%提升至96.13%。公司表示，此举旨在优 化治理结构，提升资源整合能力。 风险提示：投资有风险，决策需谨慎。 7月31日，大悦城主力资金净流入31.77万元。 ...