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Annual Report 2020 2020 ANNUAL REPORT JOY CITY PROPERTY LIMITED ANNUAL REPORT 2020 CConttribbutee quualitty greeen liviing sppaca e annd sservicees, leadd thhe treennd of a faashhionaabble liffessttylee, iin orddeer to beecoomee a leaadder aammong reeall esttate brands in thhe PPRC wiwith thhee greeata eest ssustainnabble ddevvelooppmment pootenntiaal. MMaximizee thee benefits off custtomerss, sharehooldeers and staff memberrs wwhoolehearrtedly. CONTENTS Company Profile 2 Corporate Governance Report 73 Major Business Structure 4 Directors’ Report 85 Major Events and Awards 6 Five Years Financial Summary 108 Financial Highlights 12 Independent Auditor’s Report 109 Chairman’s Statement 14 Financial Statements and Notes 113 Joy-Full Occasions 17 Definitions 248 Management Discussion and Analysis 25 Corporate Information 252 Profile of Directors and Senior Management 65 2 Joy City Property Limited Annual Report 2020 Company Profile Joy City Property Limited is a large-scale Kong-Macao Greater Bay Area, Chengdu-Chongqing and commercial property developer and operator, middle Yangtze River. Meanwhile, the Group successfully focusing on the development, operation, established its presence in 20 cities including Beijing, sales, leasing and management of complexes Shanghai, Tianjin, Shenyang, Yantai, Jinan, Hangzhou, and commercial properties in the PRC. Chengdu, Xi’an, Chongqing, Qingdao, Wuhan, Kunming, Sanya, Changsha, Suzhou, Xiamen, Nanchang, Wuxi and COFCO Corporation, the ultimate controlling shareholder Anshan in mainland China and Hong Kong. It possesses or of Joy City Property Limited, is one of the 49 major state- manages 23 Joy City urban complexes, 3 Joy Breeze projects owned enterprises under the administration of the Central and premium investment properties at prime locations in Government of China, and has been selected as one of the first-tier cities, including Beijing COFCO Plaza, Hong Kong Fortune Global 500 for more than 26 consecutive years COFCO Tower and Beijing COFCO • Landmark Tower, since 1995. COFCO Corporation is one of the 16 enterprises as well as high quality properties held for sale, namely under the direct management of the Central Government Shanghai Joy Mansion, Shanghai Qiantan Ocean One, Jinan with the approval of SASAC to engage in the development, • COFCO Shine City, Qingdao COFCO • Gold Sand Shine investment and management of real estate projects. Joy City and Wuhan Optics Valley Shine City, and a number of City is the flagship brand of COFCO Corporation in the international top-class luxury hotels in operation, including commercial property sector. The St. Regis Sanya Yalong Bay Resort, MGM Grand Sanya and Waldorf Astoria Beijing. The Group’s property projects The Group mainly engages in the development, operation are strategically located in central districts of first- or second- and management of urban complexes under the brand tier cities with superior quality as well as good investment of Joy City. It also engages in the development, sales, value and appreciation potentials. investment and management of other property projects. The Group has four business segments, namely investment The Group has always served urban development and the properties, property development, hotel operations and creation of a better life for the people as a city operator and output management and other services. As of the end of a service provider, shouldered its social responsibilities as an 2020, the Group had expanded into the core cities and their enterprise directly under the central government, and made surrounding areas in five major city groups including Beijing- active contributions to give back to the state and society. Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Joy City Property Limited Annual Report 2020 3 4 Joy City Property Limited Annual Report 2020 Major Business Structure ic C onom ircle Ec ei eb -H n ji Shenyang n a i 16 2 T - Anshan g n i Beijing 9 j i e 1 3 18 19 4 B 5 1 6 7 10 Yantai omic Circ Tianjin con le s E 5 2 6 ie Qingdao it C r 123 e Jinan v 4522 17 i R 18 13 gtze Riv e an e Y r z Wuxi D t e Xi'an lt g a n 11 E a 5 c Y o n i e Suzhou C rcl o ic e l om m on d 21 16 Shanghai c d i i E 9 10 11 12 c g M in C Chengdu Hangzhou 4 21 4 i q Wuhan r g c l n 19 7 8 17 20 11 15 9 e o h C Nanchang - Chongqing Changsha u 24 25 15 d 13 10 g 8 n e h C Kunming ong-Ma Xiamen K ca 14 3 ng o o G 23 14 H r - e g a n t e o Hong Kong r d B g a n 20 y a u A G r e a Sanya 678 12 1 2 3 Joy City Property Limited Annual Report 2020 5 Property Investment Development Properties 1 Xidan Joy City 1 Qingdao Gold Sand • COFCO Shine City 2 Shenyang Joy City 2 Qingdao Chuangzhi • COFCO Splendid City 3 Chaoyang Joy City 3 Qindao Jimo Joy Breeze • Joy Street 4 Shanghai Jing’an Joy City 4 Qindao Jimo Joy Breeze • Platinum Joy 5 Tianjin Nankai Joy City 5 Qingdao JOY PARK 6 Yantai Joy City 6 COFCO • Sanya Joy Center 7 Chengdu Joy City 7 COFCO • Sanya Joy Plaza 8 Chengdu Tianfu Joy City 8 COFCO • Sanya Platinum Joy Mansion 9 Hangzhou Joy City 9 Shanghai Joy Center 10 Chongqing Joy City 10 Shanghai Qiantan Ocean One Office Building 11 Wuhan Joy City 11 Shanghai Parkview 12 Sanya Joy City 12 COFCO Ruihong Ocean One 13 Jinan Joy City 13 Chongqing COFCO • Central Park Shine City 14 Xiamen Jimei Joy City 14 Kunming Longshengfu 15 Nanchang Joy City 15 Hangzhou Joy City • Apartment 16 Suzhou Joy Breeze 16 Shenyang Joy City E Cube 17 Qingdao Jimo Joy Breeze 17 Wuhan Joy City • Apartment 18 Beijing COFCO Plaza 18 Jinan COFCO • Shine City 19 Beijing COFCO • Landmark Tower 19 Chengdu COFCO Tianfu Shine City 20 Hong Kong COFCO Tower 20 Wuhan COFCO Optics Valley Shine City 21 Fraser Suites Top Glory Shanghai 21 Suzhou Joy 22 Qingdao Joy Bay 23 Xiamen Yunxi One 24 Nanchang Joy City • Office Building Output Management and 25 Nanchang Shine Joy City Related Services 1 Joy City Commercial Management 2 Tianjin Heping Joy City 3 Kunming Joy City Hotel Operations 4 Shanghai Parkside Joy City 1 The St. Regis Sanya Yalong Bay Resort 5 Xi’an Joy City 2 MGM Grand Sanya 6 Beijing Jingxi Joy City 3 Cactus Resort Sanya by Gloria 7 Beijing Daxing Joy Breeze 4 Waldorf Astoria Beijing 8 Changsha North Star Delta Joy City 5 Le Joy Hotel Beijing 9 Anshan Joy City 10 Beijing Huijing Twin Towers (originally Beijing LG Twin Towers) 11 Wuxi Jiangnan Joy City 6 Joy City Property Limited Annual Report 2020 Major Events and Awards Joy City Property Limited Annual Report 2020 7 8 Joy City Property Limited Annual Report 2020 Major Events and Awards GrandGrand OpeningOpening On 19 December, Anshan Joy City, the 13th Joy City, was open officially with an opening rate of 90.2%. SalesSales HighlightsHighlights 25 December saw the grand opening of Beijing Daxing Joy Breeze, first of our new commercial product line. During the second “Hi, It’s New Shopping Festival” held in the 1 May holiday, the Group recorded total sales of over RMB433 million nationwide, up 184% quarter on quarter, attracting 2.93 million visits, up 77% quarter on quarter. The Group launched its online shopping malls in February to support economic recovery, notching online sales of RMB15.179 million and live broadcast sales of RMB4.68 million during the “Star Carnival Week”. Joy City Property Limited Annual Report 2020 9 The eighth Joy City Shopping Festival recorded total sales of RMB331 million, up 93% quarter on quarter, attracting 1.75 million visits, up 22.6% quarter on quarter, with 978 merchants becoming national sales champions. DevelopmentDevelopment StrategyStrategy In November, the Commercial Brand Marketing Meeting 2020 was held, unveiling the in-depth operation strategy. SocialSocial ResponsibilityResponsibility In December, the Group acquired the core land parcels in Xiamen, Fujian and Nanchang, Jiangxi, and plans to build commercial complex projects in the two parcels. The Group launched the “Joy Public Welfare – Support Ganzi with Brands”, teaming up with INDITEX, Bell International, Bosideng, Erdos, SiSYPHE, Sinocap Showtime to raise a total of 12,000 items of supplies worth RMB2.95 million in total. 10 Joy City Property Limited Annual Report 2020 Major Events and Awards Joy City Property Limited Annual Report 2020 11 In 2020, the Group won more than 120 industry awards, and its leadership in industry innovations was reaffirmed. Xidan Joy City Xi’an Joy City in Mall China Shopping Mall Industry was named by CCFA as Best Practice Five-star won the 2020 Marketing Innovation Award Case of Golden Lily Mall Marketing Chaoyang Joy City Kunming Joy City in RICS Awards China 2020 in 2020 Yunnan Commercial Real Estate Summit was awarded 2020 Outstanding Forum of Winshang.com Commercial Property won 2019-2020 Yunnan Commercial Real Estate Golden Peacock Award - Shenyang Joy City Innovative Commercial Project in 2020 China Commercial Real Estate Innovation Conference of Winshang.com Beijing Daxing Joy Breeze won the Spotlighted Urban Commercial was named by China Real Estate Daily Landmark of 2020 as New Urban Landmark in China 2020 Shanghai Jing’an Joy City Wuhan Joy City in GOGO Shanghai in Mall China Golden Mall Awards 2020 was named Commercial Recreational and won the Urban Development Driver Award Entertainment Landmark of the Year in Fashion Ceremony 2020 Changsha North Star Delta Joy City Tianjin Nankai Joy City was named by Tencent in the 15th Commercial Property Festival hosted as Potential Commercial Project of by Winshang.com the Year in Hunan won the Outstanding Commercial Property Operation Award Chongqing Joy City in the 15th Commercial Property Festival hosted Chengdu Joy City by Winshang.com
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