Joy City Property Limited (HKP) Price & Analysis

Joy City Property is a mid-size property developer in China, with a focus on commercial retail assets. Rental income accounts for 40% of the operating profit. The company's portfolio consists of 14 retail malls under the flagship brand of Joy City, and some office and hotel assets. Recently, it introduced a second brand called Joy Breeze, consisting of smaller retail assets between 50,000 square meters to 120,000 square meters. The firm is a subsidiary of COFCO Group, a prominent central government SOE with a variety of businesses in food processing and manufacturing. A recent corporate restructuring placed the company under the control of COFCO property. COFCO Property, also a subsidiary of COFCO group, is a midsize residential developer, which was renamed Grand Joy after restructuring.