HONG KONG, April 27, 2016 /PRNewswire/ — Joy City Property Limited ("Joy City Property" or the "Company", HKEx Code: 0207) is pleased to announce that, on 26 April 2016, Xidan Joy City Co., Ltd. ("Xidan Joy City"), an indirect wholly-owned subsidiary of the Company, entered into an equity transfer agreement with China National Native Produce and Animal By-Products Import & Export Corporation, a wholly-owned subsidiary of COFCO Corporation, to acquire the remaining 35% equity interest in Beijing Kunting Assets Management Co., Ltd. for a consideration of RMB533.13 million (equivalent to approximately HK$637.340 million). The acquired company is engaged in the management and development of a commercial property project in Andingmen, Beijing.
The commercial property project is located in the prime area adjacent to the Second Ring Road in Dongcheng District of Beijing, and is close to the entrance of Andingmen station on line No. 2 of the Beijing Subway. The project is at the preliminary stage of construction.
Mr. Zhou Zheng, Vice President of COFCO and Chairman and General Manager of Joy City Property Limited, said: "The acquisition of the equity stake will allow the Group to have full control of the construction and development of the commercial property project at Andingmen. The project enjoys a strategic location and has enormous potential for development. The purchase of the remaining equity interest in the project will also allow the Company to maximize the expected return from the commercial property project, which will enhance the Company’s financial performance in the future by generating stable and sustainable returns."
About Joy City Property Limited
Joy City Property is a commercial property listing company under COFCO Corporation, business of which covering commercial property, residential property, hotel, tourism property and regional comprehensive development. With the enterprise commission of "providing premium landscaping living environment and high quality service, leading a modern and fashion life style, and gradually became a brand property leader with sustainable development capability in China", the Company successfully built an urban complex under the brand of Joy City with the principle concept of "juvenility, fashion, modern and taste", and developed various products, including the top-level scenery series integrated with excellent natural resources and buildings, international living community series gathering international life styles and Chinese spirit, urban boutique resident series facing to city elites, top-level high-end hotels with international influence, such as MGM Grand Sanya, Regis Sanya, Waldorf Astoria Beijing, Beijing W Hotel, and the National Tourist Holiday Resort in Yalong gulf, Sanya with the reputation of "Oriental Hawaii", which formed a gorgeous property territory with rich formats, perfected product categories and balanced capital structure.
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