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HONG KONG, Jan 26, 2015 - (ACN Newswire) - Joy City Property Limited ("Joy City Property" or the "Company", stock code: 0207.HK) published its 2014 unaudited annual operational data and earning surprise on 23 January 2015.
Benefiting from its years of extensive market experience and intensive brand influence, the Company continued to show a positive growth momentum in its core investment property projects in 2014. In particular, the occupancy rates of the Joy City projects, the acquisition of which were completed by the end of last year, were almost over 90%. Meanwhile, the increases in the rent level of those properties year-on-year (YoY) were ranged between 10% and 20%.
Specifically, the average occupancy rate of Beijing Xidan Joy City was approximately 95%, with the average unit rent for newly contracted tenants increased by about 8% YoY; the average occupancy rate of Beijing Chaoyang Joy City was approximately 98%, with the average unit rent for newly contracted tenants increased by about 20% YoY; the average occupancy rate of Tianjin Joy City was approximately 99%, with the average unit rent for newly contracted tenants increased by about 20% YoY; the average occupancy rate of Shenyang Joy City was approximately 86%, with the average unit rent for newly contracted tenants increased by about 10% YoY; the average occupancy rate of Shanghai Joy City was approximately 98%, with the average unit rent for newly contracted tenants remained at same level as last year; Yantai Joy City, which was opened for business in July 2014, recorded an average occupancy rate of approximately 96%.
Investment property was a key driver for the growth of the Company and a crucial asset for appreciation. Other investment properties of the Company also achieved steady growth. Beijing COFCO Plaza witnessed an average occupancy rate of around 87%, with the average unit rent for newly contracted tenants unchanged from last year; the average occupancy rate of Hong Kong Top Glory Tower was approximately 91%, with the average unit rent for newly contracted tenants increased by around 10% YoY; the average occupancy rate of Fraser Suites Top Glory Shanghai was approximately 90%, with the average unit rent increased by around 3% YoY.
Besides, the Company recorded a stable performance in its hotel operations. MGM Grand Sanya registered an average occupancy rate of approximately 71% and an around 13% growth in RevPAR (revenue per available room) as compared with that for the same period in last year; the St. Regis Sanya Yalong Bay Resort saw an average occupancy rate of approximately 69% and an around 5% growth in RevPAR as compared with that for the same period in last year. The two new hotels (W-Beijing Chang'an and Waldorf Astoria Beijing) are both located in the prime business circle of Beijing. Despite their recent commence of business, the two hotels had seen their revenue surge, serving as additional profit sources for the hotel segment of the Company and boosting its overall profitability.
The Company recorded a decrease in its revenue from sales of properties as compared to 2013, mainly due to a decreased sales area. The aggregate contracted sales for 2014 amounted to RMB1,766.43 million with an aggregate contracted sales area of 41,907.76 sq.m.
The Company's profit declined in 2014 mainly attributable to a slower growth in fair value of its investment properties. Nevertheless, the increasing revenue from the said investment properties will provide robust drivers to the core profitability of the Company.
The management of the Company said: With the completion of the asset injection of Joy City at the end of last year, the Company has basically finished its integration of the core commercial properties of COFCO Corporation. By centering on the core business of Joy City in the future, the Company will be committed to Joy City urban complexes, continue to explore appropriate investment opportunities and develop mixed-use complexes for business, residence, hotels, office buildings and apartments, so as to build the Joy City into "a century-old company" and a leader in the industry of mixed-use complexes. The management of the company has confidence in the future development of Joy City Property.
Topic: Press release summary
Source: Joy City Property Ltd
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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