大悦城地产2024中期报告

Our MissionsOur MissionsOur Missions我 們 的 使 命我 們 的 使 命我 們 的 使 命 Contribute quality green living space and services, leadthe trend of a fashionable lifestyle, in order to become aleader among real estate brands in the PRC with thegreatest sustainable development potential. Our VisionsOur VisionsOur Visions我 們 的 願 景我 們 的 願 景我 們 的 願 景 Maximize the benefits of customers,shareholders and staff memberswholeheartedly. ContentsContentsCuitsits 目 錄目 錄目 錄 Company Profile2Major Business Structure4Financial Highlights6Major Events and Awards8Chairman’s Statement12Joy-Full Occasions16 Management Discussionand Analysis22 Corporate GovernanceHighlights andOther Information41 Report on Review ofCondensed ConsolidatedFinancial Statements49 Condensed ConsolidatedFinancial Statements and Notes51 Definitions96 Corporate Information99 公 司 概 要COMPANY PROFILE Joy City Property Limited is a large-scale commercial property developerand operator, focusing on the development, operation, sales, leasing andmanagement of complexes and commercial properties in the PRC. COFCO Corporation, the ultimate controlling shareholder of Joy CityProperty Limited, is a large state-owned enterprise directly under theadministration of the Central Government of China, and has been selectedas one of the Fortune Global 500 for 30 consecutive years. COFCOCorporation is one of the first batch of 16 enterprises under the directmanagement of the Central Government with the approval of the SASACto engage in the development, investment and management of realestate projects. Joy City is the flagship brand of COFCO Corporation in thecommercial property sector. 3050016 Company Profile公 司 概 要 20246 302433• 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 2024, 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, including Beijing, Shanghai, Guangzhou,Tianjin, Shenyang, Hangzhou, Nanjing, Chengdu, Xi’an, Chongqing,Qingdao, Wuhan, Kunming, Sanya, Changsha, Suzhou, Xiamen andNanchang, as well as in Hong Kong. It holds or manages 33 Joy Cityand Joy Life malls and other commercial projects, and holds premiuminvestment properties at prime locations in first-tier cities such asBeijing COFCO Plaza and Hong Kong COFCO Tower, as well aspopular properties held for sale such as Xi’An OPUS Yangjing, SanyaJoy Center and Xiamen Yunxi One. 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 service provider of urban operation andbetter life, shouldered its social responsibilities as an enterprise directlyunder the central government, and made active contributions to giveback to the state and society. Major Business StructureMajor Business StructureMajor Business Structure主 要 業 務 架 構主 要 業 務 架 構主 要 業 務 架 構 Major Business Structure 主 要 業 務 架 構 PropertyDevelopment InvestmentProperties 1Beijing Chenyue Intl2Shanghai Qiantan Ocean One3Shanghai Ruihong4Shanghai Jing’an Joy City (portion for sale)5Shanghai North Bund Project6Shenyang Joy City (portion for sale)7Jinan COFCO Shine City8Hangzhou Joy City (portion for sale)9Hangzhou OPUS Mansion•10Hangzhou Luyue Langyun Mansion11Chengdu Tianfu Joy City (portion for sale)12Chengdu Xiangyun Yuefu13Chengdu COFCO Joy Mansion One•14Chengdu Wine Town South Project15Xi’An OPUS Yangjing•16Xi’An OPUS Yangchen•17Chongqing Joy City (portion for sale)18Chongqing One Majesty19Qingdao Joy Bay20Qingdao Jimo Chuangzhi Splendid City21Qingdao Joy ParkJOY PARK22Wuhan Optics Valley Joy City (portion for sale)23Kunming Longshengfu24Sanya Joy Center25Suzhou COFCO Joy Mansion26Suzhou Joy Shishan One Majesty27Xiamen Yunxi One28Nanchang Joy City (portion for sale)29Nanjing In Joy30Nanjing Joy Court31Nanjing OPUS Jiuzhang•32Changzhou Flower Jiangnan 1Beijing Xidan Joy City2Beijing Chaoyang Joy City3Beijing COFCO Plaza4Shanghai Jing’an Joy City5Tianjin Joy City6Shenyang Joy City7Yantai Joy City8Jinan Joy City9Hangzhou Joy City10Chengdu Joy City11Chengdu Tianfu Joy City12Chongqing Joy City13Qingdao Jimo Joy Breeze14Wuhan