Core Viewpoint - The announcement discusses the proposed delisting of a significant subsidiary of Joy City Holdings, which is expected to impact its financial structure and liquidity, while the company's credit rating remains stable at AAA [2][6]. Group 1: Company Overview - Joy City Holdings (stock code: 000031.SZ) is undergoing a strategic move involving its subsidiary, Joy City Real Estate (stock code: 0207.HK), which plans to repurchase shares and apply for delisting from the Hong Kong Stock Exchange [4]. - The proposed transaction involves the cancellation of 4,729,765,214 shares, with the repurchase price set at 1 billion [4]. Group 2: Financial Data - As of the end of 2024, Joy City Real Estate reported total assets of 1,067.71 billion, total liabilities of 735.78 billion, and a net profit attributable to shareholders of -29.77 billion [5][6]. - The financial data indicates that Joy City Real Estate accounts for 59.79% of the company's consolidated total assets and 53.70% of total liabilities [5]. Group 3: Credit Rating and Outlook - The credit rating agency maintains the company's credit rating at AAA, with a stable outlook, despite the liquidity pressures faced by Joy City Real Estate due to industry cyclicality [6]. - The agency will closely monitor the progress of the proposed transaction and its implications for the company's credit rating and outlook [6].

Core Viewpoint - Daxiyucheng Real Estate (0207.HK) plans to privatize and delist by repurchasing shares at a total cost of approximately HKD 29.32 billion, offering HKD 0.62 per share to shareholders excluding the company and DeMao Limited [2][5]. Group 1: Privatization and Share Repurchase - Daxiyucheng Real Estate intends to repurchase shares through an agreement, with a total repurchase amount of about HKD 29.32 billion [2][5]. - The share price offered for the repurchase is HKD 0.62 per share, which is higher than the last closing price of HKD 0.37 before suspension [5][11]. - Following the completion of the transaction, Daxiyucheng's ownership in Daxiyucheng Real Estate will increase from 64.18% to 96.13% [5][6]. Group 2: Business Operations and Market Position - Daxiyucheng Real Estate focuses on developing, operating, and managing urban complexes under the Daxiyucheng brand, with a presence in 24 cities including major ones like Beijing, Shanghai, and Guangzhou [9]. - The company has diversified its operations into four main business segments: investment properties, property development, hotel operations, and management services [9]. - Daxiyucheng Real Estate's projects are strategically located in prime areas of first- and second-tier cities, enhancing their market competitiveness [9]. Group 3: Financial Performance and Strategic Goals - For the first half of 2025, Daxiyucheng expects a net profit attributable to shareholders of between HKD 80 million and HKD 120 million, indicating a turnaround from previous losses [11]. - The company has faced significant financial challenges, with a notable decline in net profit since 2020, leading to a strategic focus on optimizing governance and organizational structure [11][10]. - The privatization move is seen as a strategic response to market conditions, aimed at improving management efficiency and resource allocation across different business segments [10][8].

投资力度回升，拿地销售比回升至0.23；归母净利连续三年亏损。 ◎ 作者 / 沈晓玲、陈家凤 核 心 观 点 【 杭州、西安销售额贡献超4成，京沪降幅靠前】 2024年大悦城控股实现销售额369亿，同比下滑20%； 销售权益比例44.5%，较去年同期减少5.5pct ， 需警惕合作方风险。据年报披露的销售明细显示， 全年86%销售额由一二线贡献 ，杭州、西安销售额贡献超4成，北京、上海和天津等地合计销售贡献约 14亿元，单城销售降幅均超70%，表现相对疲软。 【 投资力度回升，拿地销售比升至0.23】 2024年大悦城控股投资力度回升，新增5宗地块，拿地建面56万平，基于2023年低基数的影响， 同比大幅增加 232%， 土地总价款84亿， 同比增幅约33% ，按金额计 拿地销售比从去年的0.14回升至0.23 。年内投资的杭州萧山区世纪城钱塘湾总部住宅地块，全年 单盘贡献约91亿，成为大悦城全国销冠，然而该项目楼面价占到售价的65%，盈利空间被压缩。未来需做好地块流量和盈利之间的平衡，才能修复长期盈 利水平。2024年末大悦城剩余可开发计容建面 1 822万方，较年初下滑16%，足够支撑未来3-4年左右的开 ...