Joy City Property Launched the First Asset-light Project

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Tuesday, 27 December 2016, 17:08 HKT/SGT

Tianjin He Ping Joy City officially opened on 24 December

HONG KONG, Dec 27, 2016 - (ACN Newswire) - Joy City Property Limited ("Joy City Property" or the "Company", Stock Code: 00207) is pleased to announce that Tianjin He Ping Joy City officially opened on 24th December. As the first light asset output project of Joy City Property, He Ping Joy City attracted over 100,000 passenger traffic on the first day with a brand-new concept and generated nearly 10 million RMB in sales from online and offline.

A brand new city shopping center in superior location
Located in the CBD commercial district of Tianjin Binjiang Road and Nanjing Road, He Ping Joy City is the second "Joy City" shopping center of Joy City Property in Tianjin, a favored shopping and leisure spot of fashionable group. Positioning itself as "Delicate" and "Subversion", He Ping Joy City aims to become a new "Delicate & Quality Life" city shopping center. Different from Tianjin Joy City which is located in old town business district, He Ping Joy City targets at the white collars aged between 25-40 and has made special arrangement on tenants' selection and floor design, in order to meet the need of fashionable and out-going people with high efficiency shopping habit.

Subversion of conventional formats, Provide one-stop shopping experience
He Ping Joy City no longer follows the traditional format of "clothing brands on first floor" and sets up a leisure dining area on first floor instead. Moreover, He Ping Joy City applies strict filtering criteria for the brands and it is the first time for one fifth of the total 200 tenants to station in Tianjin. The entire shopping center is a one-stop shop with shopping, dining, entertainment and provides consumers with excellent shopping experience.

On the opening ceremony, the Vice President of COFCO Group, the Chairman and General Manager of Joy City Property Limited, Mr. Zhou Zheng talked about the reconstruction plan of He Ping Joy City and said, "The core idea of Joy City's success is innovation and behind that is the company attaches importance to its customers. He Ping Joy City is the first light asset output project putting into operation after the Company announced its asset management strategy. With He Ping Joy City as the pioneer, Joy City Property is also exploring the successful experience in light assets operation in the future and hoping to develop He Ping Joy City into a leading model of the new business strategy."

About Joy City Property Limited
Joy City Property Limited (HK00207) is the leading commercial property developer and operator of COFCO Group, focusing on the development, operation, sales, leasing and management of complexes and commercial properties in the PRC.

The group mainly engages in the development, operation and management of mixed-use complexes under the brand of Joy City, and owns projects include 8 Joy City complexes in 7 cities, namely Beijing, Shanghai, Tianjin, Shenyang, Yantai, Chengdu and Hangzhou. The group also has prime investment properties strategically located in first-tier cities, including Beijing COFCO Plaza and Hong Kong COFCO Tower, as well as high quality properties held by the Group, namely Shanghai Joy City Joy Mansion One. The Group operates a number of national high-end luxury hotels, including W Beijing-Chang'an, The St. Regis Sanya Yalong Bay Resort and MGM Grand Sanya. These high quality property projects are strategically located in central districts of first or key second tier cities with good investment and appreciation potentials.

Looking forward, the Group will maintain the two-wheel-drive business strategy of "holding and selling properties", as well as, the development strategy of "light and heavy asset", enhancing product quality and cost-effectiveness, so as to create value for its customers, shareholders and partners. The group will inherit the ideals of "Sustain Operating for Centuries", and preserve with the "young, fashionable, trendy and quality" brand spirit of Joy City to lead the trend of new city lifestyle of China. It is a mission of the Group to assist in coordination among and development of cities in China and become a leading complex and commercial property developer in the PRC.

Topic: Press release summary Sectors: Daily Finance, Real Estate & REIT, Daily News
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