大悦城地产2023中期报告

Contribute quality green living space andservices, lead the trend of a fashionablelifestyle, in order to become a leaderamong real estate brands in the PRC withthe greatest sustainable developmentpotential. Maximize the benefits of customers,s h a r e h o l d e r sa n d s t a f f m e m b e r swholeheartedly. Company Profile2 Major Business Structure4 Management Discussionand Analysis22 Financial Highlights6 Corporate GovernanceHighlights andOther Information37 Major Events and Awards8 Chairman’s Statement12 48 Joy-Full Occasions16 Condensed ConsolidatedFinancial Statements and Notes50 Glossary92 Corporate Information95 COMPANY PROFILE 公 司 概 要 Joy City Property Limited is a large-scale commercial property developer and operator,focusing on the development, operation, sales, leasing and management of complexes andcommercial properties in the PRC. COFCO Corporation, the ultimate controlling shareholder of Joy City Property Limited, is alarge state-owned enterprise directly under the administration of the Central Governmentof China, and has been selected as one of the Fortune Global 500 for 29 consecutive years.COFCO Corporation is one of the first batch of 16 enterprises under the direct managementof the Central Government with the approval of the SASAC to engage in the development,investment and management of real estate projects. Joy City is the flagship brand of COFCOCorporation in the commercial property sector. 2950016 Company Profile 公 司 概 要 20236 302432 The Group mainly engages in the development, operation andmanagement of urban complexes under the brand of Joy City. It alsoengages in the development, sales, investment and management ofother property projects. The Group has four business segments,namely investment properties, property development, hotel operationsand output management and other services. As of 30 June 2023, theGroup had expanded into the core cities of the five major city clustersof Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-HongKong-Macao Greater Bay Area, Chengdu-Chongqing and the MiddleReaches of the Yangtze River, as well as their surrounding areas.Meanwhile, the Group successfully established its presence in 24 citiesin the Mainland of China, namely Beijing, Shanghai, Guangzhou,Tianjin, Shenyang, Yantai, Jinan, Hangzhou, Nanjing, Chengdu, Xi’an,Chongqing, Qingdao, Wuhan, Kunming, Sanya, Changsha, Suzhou,Xiamen, Nanchang, Wuxi, Anshan, Shaoxing and Changzhou, as wellas in Hong Kong. It holds or manages 32 Joy City and Joy Life mallsand other commercial projects, and holds premium investmentproperties at prime locations in first-tier cities such as Beijing COFCOPlaza and Hong Kong COFCO Tower, as well as high quality propertiesheld for sale such as Beijing Chenyue Intl, Xiamen Yunxi One Majestyand Suzhou Joy Shishan One Majesty. In addition, it has a number ofinternational top-class luxury hotels in operation, including The St.Regis Sanya Yalong Bay Resort, MGM Grand Sanya and WaldorfAstoria Beijing. The Group’s property projects are strategically locatedin central districts of first– or second-tier cities with superior quality aswell as good investment value and appreciation potentials. The Group has always served urban development and the creation of abetter life for the people as a city operator and a service provider,shouldered its social responsibilities as an enterprise directly under thecentral government, and made active contributions to give back to thestate and society. MAJOR BUSINESS STRUCTURE 主 要 業 務 架 構 Major Business Structure 主 要 業 務 架 構 InvestmentProperties PropertyDevelopment 1Beijing Chenyue Intl2Beijing Huayuan Center3Shanghai Qiantan Ocean One4Shanghai Ruihong5Shanghai Jing’an Joy City (portion for sale)6Shenyang Joy City (portion for sale)7Jinan COFCO Shine City8Hangzhou Joy City (portion for sale)9Hangzhou OPUS Mansion•10Chengdu Tianfu Joy City (portion for sale)11Chengdu Xiangyun Yuefu12Chengdu COFCO Joy Mansion One•13Chengdu Wine Town South Project14Xi’An OPUS Yangjing15Chongqing Joy City (portion for sale)16Chongqing One Majesty17Qingdao Joy Bay18Qingdao Jimo Chuangzhi Splendid City19Qingdao Joy ParkJOY PARK20Wuhan Joy City (portion for sale)21Kunming Longshengfu22Sanya Joy Center23Sanya Joy Center Phase I24Suzhou COFCO Joy Mansion25Suzhou Joy Shishan One Majesty26Xiamen Yunxi One Majesty27Nanchang Joy City (portion for sale)28Nanjing In Joy29Nanjing Joy Court30Nanjing OPUS Jiuzhang•31Changzhou Flower Jiangnan 1Beijing Xidan Joy City2Beijing Chaoyang Joy City3Beijing COFCO Plaza4Beijing COFCO • Landmark Tower•5Shanghai Jing’an Joy City6Fraser Suites Top Glory Shanghai7Tianjin Joy City8Shenyang Joy City9Yantai Joy City10Jinan Joy City11Hangzhou Joy City12Chengdu Joy City13Chengdu Tianfu Joy City14Chongqing Joy City15Qingdao Jimo Joy Breeze16Wuhan Joy City17Sanya Joy City18Suzhou Joy City19Xiamen Joy City20Nanchang Joy City21Nanjing Joy City22Hong Kong COFCO Tower 1Waldorf Astoria Beijing2Le Joy Hotel Beijing3The St.