After the closing on August 7th, Joy City Property (207.HK), a large commercial real estate developer and operator listed in Hong Kong, released its interim operational data for the first half of the year. In addition to disclosing investment properties (urban complexes under the D Joy City brand), the company also revealed the latest operational status of its five hotels.
- MGM Grand Sanya: Average occupancy rate of 90%, average rentable room revenue of 1562 yuan
- The St. Regis Sanya Yalong Bay Resort: Average occupancy rate of 70%, average rentable room revenue of 1661 yuan
- Waldorf Astoria Beijing: Average occupancy rate of 71%, average rentable room revenue of 1655 yuan
- Cactus Resort Sanya by Gloria: Average occupancy rate of 47%, average rentable room revenue of 125 yuan
- Le Joy Hotel Beijing: Average occupancy rate of 94%, average rentable room revenue of 626 yuan
Compared to last year, the recovery of the five hotels, especially the three high-end hotels, is evident, reflecting a strong rebound in domestic tourism demand in mainland China.
- The occupancy rate of MGM Grand Sanya has increased from 58% to 90% compared to last year, and the average room revenue has doubled from 757 yuan to 1562 yuan.
- The occupancy rate of The St. Regis Sanya Yalong Bay Resort has increased from 40% to 70% compared to last year, and the average room revenue has doubled from 802 yuan to 1661 yuan.
- The occupancy rate of Waldorf Astoria Beijing has increased from 31% to 71% compared to last year, and the average room revenue has doubled from 717 yuan to 1655 yuan.
* Average room revenue: The average revenue of rentable rooms, calculated by dividing the total room revenue for a specified period by the total number of rentable room nights.
As of the close on August 8th, the stock price of D Joy City Real Estate fell by 5.36% to 0.265 Hong Kong dollars per share, with a market value of about 3.8 billion Hong Kong dollars.
About Joy City Property
The ultimate controlling shareholder of Joy City Property is China National Cereals, Oils and Foodstuffs Corporation (COFCO Group), a centrally-owned large state-owned enterprise. “Joy City” is the flagship brand in COFCO Group’s commercial real estate sector.
The group adheres to the main business direction of developing, operating, and managing urban complexes under the Joy City brand. It also develops, sells, invests in and manages other property projects. The group’s business covers four major sectors: investment properties, property development, hotel operations, management services, and other services.
As of the end of 2022, the group has established a presence in the core cities and surrounding areas of five major urban clusters, including Beijing-Tianjin-Hebei, Yangtze River Delta, Greater Bay Area, Chengdu-Chongqing, and the middle reaches of the Yangtze River. It has successfully entered mainland China and Hong Kong, owning or managing 27 D Joy City complexes and other commercial projects in 24 cities.
| Source: Official Financial Report
| Image Credit: Joy City Real Estate Official Website
| Editor: LeZhi
