Interim Report 2016
(incorporated in Bermuda with limited liability)
(於百慕達註冊成立之有限公司
Stock Code 股份代號
p 上海大悅城 About Candy Crush遊戲大賽
About Candy Crush Game Competition@Shanghai Joy Cityp 亞龍灣愛立方濱海樂園夜景
Night View of Yalong Bay Love Cube Coastal Paradisep 杭州大悅城全貌
Panoramic View of Hangzhou Joy Cityp 上海大悅城 About Candy Crush遊戲大賽
About Candy Crush Game Competition@Shanghai Joy Cityp 亞龍灣愛立方濱海樂園夜景
Night View of Yalong Bay Love Cube Coastal Paradisep 杭州大悅城全貌
Panoramic View of Hangzhou Joy City
p 龍溪悅墅別墅實景
Villas of Brilliant Villap 龍溪悅墅別墅實景
Villas of Brilliant Villa
Our missions 我們的使命
Contribute quality green living
space and services, lead the trend
of a fashionable lifestyle, in order
to become a leader among real
estate brands in the PRC with the
most sustainable development
capabilities
奉獻高品質的綠色生活空間和服務，
引領時尚潮流的生活方式，成為中國
最具持續發展能力的品牌地產引領者
Our visions 我們的願景
Maximize the benefits of
customers, shareholders and staff
members whole-heartedly
全心全意使客戶、股東、員工價值最
Professional
Innovation
Company Profile
Major Business Structure
主要業務架構
Major Events
Joy-Full Occasions
Financial Highlights
Chairman’s Statement
Management Discussion and Analysis
管理層討論及分析
Corporate Governance Highlights and
Other Information
企業管治摘要及其他資料
Report on Review of Condensed
Consolidated Financial Statements
簡明綜合財務報表審閱報告
Condensed Consolidated Statement of
Profit or Loss and Other Comprehensive
簡明綜合損益及其他全面收益表
Condensed Consolidated Statement of
Financial Position
簡明綜合財務狀況表
Condensed Consolidated Statement of
Changes in Equity
簡明綜合權益變動表
Condensed Consolidated Statement of
Cash Flows
簡明綜合現金流量表
Notes to the Condensed Consolidated
Financial Statements
簡明綜合財務報表附註
Corporate Information
Contents 目錄
致力於成為中國
最具持續發展能力的
品牌地產引領者
Leader among the PRC
real estate brands with
Sustainable
Development
Capabilities
Joy City Property Limited is a leading commercial
property developer and operator, focusing on the
development, operation, sales, leasing and management
of complexes and commercial properties in the PRC and
also the only platform for commercial property business of
the Fortune Top 500 COFCO Corporation. COFCO
Corporation is one of the major state-owned enterprises
under the administration of the Central Government of
China, and has been selected as one of the Fortune Top
500 for 23 consecutive years. According to the Fortune
Top 500 list for 2016, COFCO Corporation’s ranking was
121st, becoming the fastest ranking mover among PRC
enterprises.
大悅城地產有限公司是一家專注於在中國開發、經營、銷
售、出租及管理綜合體和商用物業的大型商業地產開發
商及運營商，也是世界五百強企業之一中糧集團旗下的唯
一商業地產業務平台。中糧集團是中國中央政府管理的
國有重要骨幹企業之一，連續
23年入圍財富世界
二零一六年名列榜單第
121位，成為排名上升最快的中國
COFCO Corporation operates various businesses through its
subsidiaries, which are leading enterprises in their respective
industries and in which eight of the subsidiaries are listed in
mainland China or Hong Kong. COFCO Corporation is also one
of the 21 state-owned enterprises with the approval of SASAC
to engage primarily in the development, investment and
management of real estate projects and real estate business is
one of its three major business areas.
The Group mainly engages in the development, operation and
management of mixed-use complexes under the brand of “Joy
City”. It also engages in the development, sales, investment
and management of other property projects. The Group has
four business segments, namely investment properties,
property development, hotel operation and property
management and related services. At present, the Group owns
8 Joy City urban 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
for sale, namely Shanghai Joy City . Joy Mansion One, and
Brilliant Villa in Hainan. The Group operates a number of
international high-end luxury hotels, including W BeijingChang’an,
The St. Regis Sanya Yalong Bay Resort and MGM
Grand Sanya. The Group’s property projects are strategically
located in central districts of first or second-tier cities with
good investment and appreciation potentials.
Looking forward, leveraging on its unique competitive
advantage, the Group will adhere to the urban complex
commercial pattern under its brand “Joy City” and maintain
the two-wheel-drive business strategy of holding and selling
properties while focusing on core cities with an aim to bring
Joy City Property into the new era of innovation development
with quality growth. Meanwhile, the Group will persevere with
the spirit of “young, fashionable, trendy and quality” of the
Joy City brand to lead the new trend of urban lifestyle of
China and the new direction for the development of the
commercial real estate industry. It is a mission of the Group to
help the development of cities in China and become a leading
complex and commercial property developer in the PRC.
中糧集團透過其附屬公司經營多種業務，旗
下擁有多家行業領先企業，其中
8家為內地及
香港上市公司。中糧集團也是獲得國資委批
准的以房地產開發、投資及管理為主業的
家中央國有企業之一，房地產業務是其三大
主業之一。
本集團堅持以開發、經營及管理「大悅城」為
品牌的城市綜合體為主要業務方向，同時開
發銷售、投資管理其他物業項目，擁有投資
物業、物業開發、酒店運營、物業管理及相
關服務四大業務板塊。目前，本集團擁有位
於北京、上海、天津、瀋陽、煙台、成都、杭
州共7個城市的
8個大悅城城市綜合體，北京
中糧廣場、香港中糧大廈等位於一線城市黃
金地段的優質投資物業，上海大悅城.天悅壹
號、海南龍溪悅墅等高品質銷售物業，以及
北京長安街
W酒店、三亞亞龍灣瑞吉度假酒
店、三亞美高梅度假酒店等多家國際頂級品
牌奢華酒店。本集團物業項目均位於一線城
市或二線城市的核心地段，位置卓越、品質
出眾，具有良好的投資價值與增值空間。
未來，本集團將充分發揮自身獨特的競爭優
勢，堅持發展以大悅城為品牌的城市綜合體
商業模式，持有與銷售相結合，雙輪驅動，
聚焦核心城市，實現有質成長，引領大悅城
地產步入創新發展的新階段。同時，本集團
也將繼續堅持「年輕、時尚、潮流、品位」的
大悅城品牌精神，引領中國城市的新型生活
方式，引領商業地產行業發展的新方向，助
推中國城市的發展，成為中國綜合體及商用
物業行業的領導者。
Joy City Property Limited Interim Report 20166
Major Business Structure
主要業務架構
JOY CITY PROPERTY LIMITED
大悅城地產有限公司
西單大悅城
ShenyangJoy City
瀋陽大悅城
ChaoyangJoy City
朝陽大悅城
ShanghaiJoy City
上海大悅城
TianjinJoy City
天津大悅城
煙台大悅城
ChengduJoy City
成都大悅城
HangzhouJoy City
杭州大悅城
BeijingCOFCO Plaza
北京中糧廣場
Fraser Suites
Top Glory Shanghai
上海鵬利輝盛閣公寓
Hong KongCOFCO Tower
香港中糧大廈
11th Floor of
Hong KongWorld-Wide House
香港環球大廈11層
Yalong Bay
Coastal Paradise
愛立方濱海樂園
. Landmark Tower
中糧.置地廣場
Brilliant Villa
The Signature
Hainan COFCO
.Hong TangJoy Sea
海南中糧.紅塘悅海
Shanghai Joy City.Joy Mansion One
上海大悅城.天悅壹號
Hangzhou Joy City.Joy Mansion
杭州大悅城.天悅
Chengdu Joy City.Joy Street
成都大悅城.悅街
COFCO.Qiantan
中糧.前灘海景壹號
The St. Regis SanyaYalong Bay Resort
三亞亞龍灣
瑞吉度假酒店
MGM Grand Sanya
三亞美高梅
— Chang'an
北京長安街
Gloria Grand
Hotel Nanchang
南昌凱萊大飯店
Gloria Plaza
Hotel Suzhou
蘇州凱萊酒店
Cactus Resort Sanyaby Gloria
三亞凱萊仙人掌
Beijing GloriaManagement
Sichuan Gloria
Management
Guangzhou GloriaManagement
Shenyang GloriaManagement
PropertyInvestment
PropertyDevelopment
PropertyManagementand related services
物業管理及相關服務
Joy City Property Limited Interim Report 20166
Major Business Structure
主要業務架構
JOY CITY PROPERTY LIMITED
大悅城地產有限公司
西單大悅城
ShenyangJoy City
瀋陽大悅城
ChaoyangJoy City
朝陽大悅城
ShanghaiJoy City
上海大悅城
TianjinJoy City
天津大悅城
煙台大悅城
ChengduJoy City
成都大悅城
HangzhouJoy City
杭州大悅城
BeijingCOFCO Plaza
北京中糧廣場
Fraser Suites
Top Glory Shanghai
上海鵬利輝盛閣公寓
Hong KongCOFCO Tower
香港中糧大廈
11th Floor of
Hong KongWorld-Wide House
香港環球大廈11層
Yalong Bay
Coastal Paradise
愛立方濱海樂園
. Landmark Tower
中糧.置地廣場
Brilliant Villa
The Signature
Hainan COFCO
.Hong TangJoy Sea
海南中糧.紅塘悅海
Shanghai Joy City.Joy Mansion One
上海大悅城.天悅壹號
Hangzhou Joy City.Joy Mansion
杭州大悅城.天悅
Chengdu Joy City.Joy Street
成都大悅城.悅街
COFCO.Qiantan
中糧.前灘海景壹號
The St. Regis SanyaYalong Bay Resort
三亞亞龍灣
瑞吉度假酒店
MGM Grand Sanya
三亞美高梅
— Chang'an
北京長安街
Gloria Grand
Hotel Nanchang
南昌凱萊大飯店
Gloria Plaza
Hotel Suzhou
蘇州凱萊酒店
Cactus Resort Sanyaby Gloria
三亞凱萊仙人掌
Beijing GloriaManagement
Sichuan Gloria
Management
Guangzhou GloriaManagement
Shenyang GloriaManagement
PropertyInvestment
PropertyDevelopment
PropertyManagementand related services
物業管理及相關服務
二零一六年中期報告 大悅城地產有限公司7
Major Events
“City Festival Fanfare”, the leading
consumption pattern from Joy City
7 Joy City malls created a new commercial miracle
For the first time, Joy City procured the collaboration of its 7
shopping malls, creating an unprecedented “Joy City Shopping
Festival” through a synergic use of internal and external
resources, cross-sector cooperation and Internet marketing. On
23 April, the date of the event, the single-day passenger flow
hit a new record of 860,000 headcounts and total sales
exceeded RMB175,000,000, which rank top among the
shopping malls throughout China.
In addition to constantly making breakthroughs for its
performance, Joy City, the commercial leader, has
star ted a new bat tle of brand influence
ma x imization and c ros s -sec tor re sourc es
integration.
「全民造節」大悅城領航消費升級
7城聯動，書寫商業新奇跡
大悅城首次七城聯動，通過內外部資源打通、
跨界合作以及互聯網營銷發酵，打造出一場
盛況空前的「大悅瘋搶節」。四月二十三日活
動當日，客流破86萬人次，銷售人民幣175.0
百萬元，名列全國購物中心前茅。
商業領航者大悅城在不斷刷新業績新高的同
時，打響了一場關於品牌影響力最大化和資
源跨界整合的戰役。
大悅瘋搶節
Major Events
“City Festival Fanfare”, the leading
consumption pattern from Joy City
7 Joy City malls created a new commercial miracle
For the first time, Joy City procured the collaboration of its 7
shopping malls, creating an unprecedented “Joy City Shopping
Festival” through a synergic use of internal and external
resources, cross-sector cooperation and Internet marketing. On
23 April, the date of the event, the single-day passenger flow
hit a new record of 860,000 headcounts and total sales
exceeded RMB175,000,000, which rank top among the
shopping malls throughout China.
In addition to constantly making breakthroughs for its
performance, Joy City, the commercial leader, has
star ted a new bat tle of brand influence
ma x imization and c ros s -sec tor re sourc es
integration.
「全民造節」大悅城領航消費升級
7城聯動，書寫商業新奇跡
大悅城首次七城聯動，通過內外部資源打通、
跨界合作以及互聯網營銷發酵，打造出一場
盛況空前的「大悅瘋搶節」。四月二十三日活
動當日，客流破86萬人次，銷售人民幣175.0
百萬元，名列全國購物中心前茅。
商業領航者大悅城在不斷刷新業績新高的同
時，打響了一場關於品牌影響力最大化和資
源跨界整合的戰役。
大悅瘋搶節
“Brand Marketing”, not merely offering promotional
Against the backdrop of homogenous competition in
commercial real estates and the challenges from e-commerce,
Joy City considers that without the increase in brand value, any
sales increase is simply meaningless. Therefore, the inception of
“Joy City Shopping Festival” is not merely aiming for the sales
increase, but for a trade up through “Civil Festival Fanfare” and
the approach of brand marketing, which could ultimately
achieve the objectives of enhancing customer loyalty and
premium pricing capabilities of Joy City brand.
Great Battle and Hit the Wall @ Tianjin Joy City
天津大悅城「大戰鬥啪牆」遊戲現場
Online marketing: boosting customers effectively through
To promote “Joy City Shopping Festival”, each Joy City mall
effectively used online propagation tools to promote the event
and used their own new media matrix to integrate the demands
from the target customer groups. On the basis of information
release and social media interaction, Joy City branches focused
on guiding visitor flow, which enabled the online H5 platform to
achieve a better localization precision and acquired 1.76 million
views. Relevant promotional events were launched via the
WeChat public accounts of each Joy City branch, enabling the
H5 webpage to acquire 119,528 retweets and the coupon
redemption rate to reach as high as 96.5%, which has effectively
attracted visitors to our shopping malls. Further, the event,
focusing on “crowd-funding of Shopping Festival”, integrated
various online platforms and was widely propagated, which
realized the effective online guidance of visitor flow.
「品牌營銷」，不做簡單的打折促銷
在商業地產同質化競爭、電商衝擊的大背景
下，大悅城認為，如果沒有品牌價值的提升，
單純的銷售增加毫無意義。因此，「大悅瘋搶
節」的誕生，絕不僅是為了簡單地促進銷售提
升，而是運用品牌營銷的思維，通過「全民造
節」，推動消費升級，最終達到提升消費者粘
度和大悅城品牌溢價能力的目的。
線上營銷：新媒體精準引導客流
為配合此次「瘋搶節」活動，各大悅城有效利
用線上傳播工具進行活動擴散，也利用自有
新媒體矩陣，整合目標客群的訴求，在信息
發佈和社交互動的基礎上，聚焦引導客流，
H5平台獲得屬地化精準發酵，點擊
1.76百萬次。各大悅城微信公眾號也進
行了相關推送，使得活動
H5頁面的分享轉發
達到119,528次，禮券回店率高達
96.5%，有效
拉動客流到店。此外，統一線上平台，以「瘋
搶節眾籌」為核心進行病毒傳播，實現線上有
Boosting sales by multi-dimensional promotion
The campaign comprised of four activities, namely surplus
bonus, limited-time sales promotion, opening gifts and lucky
draw, among which surplus bonus was participated by more
than 68.4% of the tenants. In particular, 134 participating
tenants have reached a new high in their respective sales
performance.
Highly popular interactive games
Crazy Shopping House organized in Yantai Joy City and “Great
Battle and Hit the Wall” in Tianjin Joy City offered a strong
sense of participation, experience, interaction and enjoyment.
Consumers were closely getting involved, rendering a strong
festive atmosphere.
Fun game of Crazy Shopping House @
Yantai Joy City
煙台大悅城瘋搶屋趣味遊戲
Joint contribution of membership privilege
On the date of the event, our members contributed to an
average of 44.8% of the total consumption which amounted to
RMB37,800,000, representing a year-on-year increase of more
than twofold. The newly-added members of Shenyang Joy City
recorded a year-on-year increase of 18 Taste Good of
Tianjin Joy City consumed 1.48 m
membership reward points for Shanghai Joy City was first used
for cash coupons via POS terminals and a total of 5.42 million
reward points were consumed.
多維促銷引爆銷售
滿額贈、限時秒殺、開門禮、抽獎四項活動，
其中滿額贈活動商戶參與度
68.4%以上，參與
134家商戶銷售業績創新高。
互動遊戲受追捧
煙台大悅城瘋搶屋和天津大悅城大戰鬥啪牆
遊戲具有極強的參與感、體驗感、互動性和
觀賞性，消費者代入感強，充分營造出節日
Shanghai Joy City’s Shopping
上海大悅城瘋搶節帶動(Festival drives customer flow) 客流增長
Lucky draw promotional
event during Shopping
Festival attracts queuing
craze for shopping
瘋搶節抽獎促請活動，引發
顧客排隊搶購熱潮
聚力會員福利
活動當日，會員消費佔比均值達
44.8%，會員
消費金額達人民幣
37.8百萬元，同比增幅
倍。其中，瀋陽新增會員同比增幅
18倍；天津
大悅城會員中心良食局當天消耗積分
上海大悅城會員積分首次實現由
現，共消耗
542萬積分。
Joy City Property Limited Interim Report 2016
Major Events
1 January 1月1日
Love Cube Coastal Paradise in Hainan soft opened grandly.
The park held a variety of themed activities, which gathered
thousands of tourists and Sanya citizens to enjoy another
party at Yalong Bay Resort District. 海南愛立方濱海樂園盛大
開園試營業，園區舉辦了「沙灘文化節」等豐富多彩的主題活動，
數千遊客與三亞市民歡聚一堂，共享亞龍灣度假區又一盛宴。
12 January 1月12日
A domestic subsidiary of the Company successfully issued corporate
bonds of RMB1,500 million with coupon rate 3.2% for the first
time, at record low cost of corporate debts issue by the domestic
real estate related companies. 本公司境內子公司首期公司債成功發
行，發行規模為人民幣1,500百萬元，本期債券票面利率3.2%，創下國
內房地產相關企業公司債發行成本新低。
14 February 2月14日
First show of Shanghai Joy City’s SKYRING on Valentines’ Day
attracted crowds to the city.
上海大悅城SKYRING情人節首秀引爆全城。
21 March 3月21日
The Company held the 2015 result
announcement presentation in Hong Kong.
本公司在港召開二零一五業績發佈會。
2 June 6月2日
The Company held the special general meeting, during which the
transaction in relation to the acquisition of the remaining 35%
equity interest in Beijing Andingmen commercial property project
(proposed to be named as “COFCO . Landmark Tower”) was
overwhelmingly approved. The completion of the transaction
marked the Company’s achievement to wholly own the project,
which is conducive to consolidate the asset ownership of the
project and maximize the expected return and delivered stable
and sustainable return for the Group.
本公司在香港舉行股東特別大會，高票通過本公司收購北京安定門
商業地產項目（後定名為中糧.置地廣場）餘下35%股權的交易。交易
的完成標誌著本公司實現全資控股該項目，有助於實現該項目的資
產所有權及預期回報最大化，並為集團帶來穩定及持續回報。
Major Events
1 January 1月1日
Love Cube Coastal Paradise in Hainan soft opened grandly.
The park held a variety of themed activities, which gathered
thousands of tourists and Sanya citizens to enjoy another
party at Yalong Bay Resort District. 海南愛立方濱海樂園盛大
開園試營業，園區舉辦了「沙灘文化節」等豐富多彩的主題活動，
數千遊客與三亞市民歡聚一堂，共享亞龍灣度假區又一盛宴。
12 January 1月12日
A domestic subsidiary of the Company successfully issued corporate
bonds of RMB1,500 million with coupon rate 3.2% for the first
time, at record low cost of corporate debts issue by the domestic
real estate related companies. 本公司境內子公司首期公司債成功發
行，發行規模為人民幣1,500百萬元，本期債券票面利率3.2%，創下國
內房地產相關企業公司債發行成本新低。
14 February 2月14日
First show of Shanghai Joy City’s SKYRING on Valentines’ Day
attracted crowds to the city.
上海大悅城SKYRING情人節首秀引爆全城。
21 March 3月21日
The Company held the 2015 result
announcement presentation in Hong Kong.
本公司在港召開二零一五業績發佈會。
2 June 6月2日
The Company held the special general meeting, during which the
transaction in relation to the acquisition of the remaining 35%
equity interest in Beijing Andingmen commercial property project
(proposed to be named as “COFCO . Landmark Tower”) was
overwhelmingly approved. The completion of the transaction
marked the Company’s achievement to wholly own the project,
which is conducive to consolidate the asset ownership of the
project and maximize the expected return and delivered stable
and sustainable return for the Group.
本公司在香港舉行股東特別大會，高票通過本公司收購北京安定門
商業地產項目（後定名為中糧.置地廣場）餘下35%股權的交易。交易
的完成標誌著本公司實現全資控股該項目，有助於實現該項目的資
產所有權及預期回報最大化，並為集團帶來穩定及持續回報。
二零一六年中期報告 大悅城地產有限公司11
16–18 March 3月16–18日
The Company won numerous awards of
China Commercial Real Estate Industry
Development Forum.
本公司榮獲中國商業地產行業發展論壇多項大
14 April 4月14日
The Company won 4 awards in the ICSC China
Shopping Center Awards.
本公司榮獲ICSC中國購物中心四項大獎。
14 June 6月14日
The Company won the China Daily Asia Pacific
Retail Leadership Award for 2016.
本公司榮獲2016年中國日報亞太零售領袖大獎。
14 January 1月14日
Shanghai Joy City was accredited as the Top
10 Benchmarking Commercial Real Estate
Projects in China for 2015.
上海大悅城榮獲2015中國商業地產十大標桿項
18 February 2月18日
Hangzhou Joy City was honored with various
awards by the media industry.
杭州大悅城榮獲傳媒行業多項大獎。
16–18 March 3月16–18日
The Company won numerous awards of
China Commercial Real Estate Industry
Development Forum.
本公司榮獲中國商業地產行業發展論壇多項大
14 April 4月14日
The Company won 4 awards in the ICSC China
Shopping Center Awards.
本公司榮獲ICSC中國購物中心四項大獎。
14 June 6月14日
The Company won the China Daily Asia Pacific
Retail Leadership Award for 2016.
本公司榮獲2016年中國日報亞太零售領袖大獎。
14 January 1月14日
Shanghai Joy City was accredited as the Top
10 Benchmarking Commercial Real Estate
Projects in China for 2015.
上海大悅城榮獲2015中國商業地產十大標桿項
18 February 2月18日
Hangzhou Joy City was honored with various
awards by the media industry.
杭州大悅城榮獲傳媒行業多項大獎。
Joy City Property Limited Interim Report 2016
4 March 3月4日
Xidan Joy City was named as the Top 10 Commercial Brand in
Beijing for the fourth consecutive years.
西單大悅城連續四年榮獲北京十大商業品牌榮譽。
10 March 3月10日
Shanghai Joy City was honored as the Best Experiential
Shopping Operator Award for 2015.
上海大悅城榮獲2015年度最佳體驗式購物運營商獎。
16–18 March 3月16–18日
Chengdu Joy City won the Award of “China’s Commercial
Property Innovative Project”.
成都大悅城榮獲中國商業地產創新項目獎。
18 April 4月18日
Xidan Joy City won the Gold Award of the 9th Commercial
Real Estate for 2016.
西單大悅城榮獲2016年第九届商業地產金項獎。
13 May 5月13日
Shanghai Joy City was awarded the “Integration and
Innovation Award of Commercial Tourism and Culture” by
Shanghai Council of Shopping Centers.
上海大悅城榮獲上海購物中心協會商旅文融合創新獎。
12 June 6月12日
W Beijing-Chang’an won the 16th Golden Horse Award of
China Hotel.
北京長安街W酒店榮獲第16届中國飯店金馬獎。
8 June 6月8日
The St. Regis Sanya Yalong Bay Resort was named as the
Hurun Hot Hotel Awards 2016.
三亞亞龍灣瑞吉度假酒店榮獲2016年度胡潤百富最熱門酒店獎。
4 March 3月4日
Xidan Joy City was named as the Top 10 Commercial Brand in
Beijing for the fourth consecutive years.
西單大悅城連續四年榮獲北京十大商業品牌榮譽。
10 March 3月10日
Shanghai Joy City was honored as the Best Experiential
Shopping Operator Award for 2015.
上海大悅城榮獲2015年度最佳體驗式購物運營商獎。
16–18 March 3月16–18日
Chengdu Joy City won the Award of “China’s Commercial
Property Innovative Project”.
成都大悅城榮獲中國商業地產創新項目獎。
18 April 4月18日
Xidan Joy City won the Gold Award of the 9th Commercial
Real Estate for 2016.
西單大悅城榮獲2016年第九届商業地產金項獎。
13 May 5月13日
Shanghai Joy City was awarded the “Integration and
Innovation Award of Commercial Tourism and Culture” by
Shanghai Council of Shopping Centers.
上海大悅城榮獲上海購物中心協會商旅文融合創新獎。
12 June 6月12日
W Beijing-Chang’an won the 16th Golden Horse Award of
China Hotel.
北京長安街W酒店榮獲第16届中國飯店金馬獎。
8 June 6月8日
The St. Regis Sanya Yalong Bay Resort was named as the
Hurun Hot Hotel Awards 2016.
三亞亞龍灣瑞吉度假酒店榮獲2016年度胡潤百富最熱門酒店獎。
二零一六年中期報告 大悅城地產有限公司13
Joy-Full Occasions悅精彩
Cross-sector cooperation: Resourcesintegration to foster a win-win situation
Functionally, shopping malls are undergoing transformation
from shopping and experience center to composite platform.
This transformation can satisfy the increasingly diverse demand
of consumers and drive the change in the profit models of
physical business entities. Recognising this development trend
of the industry, Joy City previously proposed the development
strategy of composite service platform and believed that
offline physical businesses can attract resources for other
businesses and online platforms and further drive the values of
customer flow.
In this regard, Joy City began to develop the platform of
“sharing resources through cross-sector cooperation”. Through
cross-sector cooperation and linking both online and offline,
the sales potential and media value arising from
platformisation of traditional businesses are well unleashed.
With the introduction of external partners such as Baidu
Nuomi (百度糯米), Ant Check Later (螞蟻花唄) and BOC, the
product categories within Joy City are mutually complimented
and they, in turn, can directly share the offline customer flow,
omni-channel marketing resources and tremendous media
exposure of Joy City. Through cross-sector cooperation in
terms of business, membership and database marketing, Joy
City benefits from the resource and platform integration, which
fosters a win-win situation.
跨界合作：資源整合，共享雙贏
購物中心的功能正逐漸從購物、體驗中心向
綜合平台轉變，一方面可以滿足消費者日益
多元的需求，另一方面也驅動著實體商業盈
利模式的改變。正是洞悉到這一行業發展趨
勢，大悅城早前提出了綜合服務平台發展戰
略，認為綫下的實體商業空間能夠為其他業
態乃至綫上平台導流，進一步盤活客流價值。
因此，大悅城開啓了「打通資源，跨界聯合」
的平台化發展之旅，通過異業合作，聯通綫
上綫下，將實體商業平台化的銷售價值、媒
體價值發揮得淋漓盡致。百度糯米、螞蟻花
唄、中國銀行等作為外部夥伴的接入，在與
大悅城內部品類互補的同時，直接共享了大
悅城綫下客流、全渠道營銷推廣資源和媒體
曝光度。大悅城通過業態、會員、數據營銷
幾個維度的跨界將資源對接、平台對接，實
現了合作共贏。
CROSS-SECTORCOOPERATION
CROSS-SECTORCOOPERATION
CROSS-SECTORCOOPERATION
Joy-Full Occasions悅精彩
Cross-sector cooperation: Resourcesintegration to foster a win-win situation
Functionally, shopping malls are undergoing transformation
from shopping and experience center to composite platform.
This transformation can satisfy the increasingly diverse demand
of consumers and drive the change in the profit models of
physical business entities. Recognising this development trend
of the industry, Joy City previously proposed the development
strategy of composite service platform and believed that
offline physical businesses can attract resources for other
businesses and online platforms and further drive the values of
customer flow.
In this regard, Joy City began to develop the platform of
“sharing resources through cross-sector cooperation”. Through
cross-sector cooperation and linking both online and offline,
the sales potential and media value arising from
platformisation of traditional businesses are well unleashed.
With the introduction of external partners such as Baidu
Nuomi (百度糯米), Ant Check Later (螞蟻花唄) and BOC, the
product categories within Joy City are mutually complimented
and they, in turn, can directly share the offline customer flow,
omni-channel marketing resources and tremendous media
exposure of Joy City. Through cross-sector cooperation in
terms of business, membership and database marketing, Joy
City benefits from the resource and platform integration, which
fosters a win-win situation.
跨界合作：資源整合，共享雙贏
購物中心的功能正逐漸從購物、體驗中心向
綜合平台轉變，一方面可以滿足消費者日益
多元的需求，另一方面也驅動著實體商業盈
利模式的改變。正是洞悉到這一行業發展趨
勢，大悅城早前提出了綜合服務平台發展戰
略，認為綫下的實體商業空間能夠為其他業
態乃至綫上平台導流，進一步盤活客流價值。
因此，大悅城開啓了「打通資源，跨界聯合」
的平台化發展之旅，通過異業合作，聯通綫
上綫下，將實體商業平台化的銷售價值、媒
體價值發揮得淋漓盡致。百度糯米、螞蟻花
唄、中國銀行等作為外部夥伴的接入，在與
大悅城內部品類互補的同時，直接共享了大
悅城綫下客流、全渠道營銷推廣資源和媒體
曝光度。大悅城通過業態、會員、數據營銷
幾個維度的跨界將資源對接、平台對接，實
現了合作共贏。
CROSS-SECTORCOOPERATION
CROSS-SECTORCOOPERATION
CROSS-SECTORCOOPERATION
Joy City Property Limited Interim Report 2016
Joy-Full Occasions悅精彩
XIDAN JOY CITY X ANT
CHECK LATER
On 22 June 2016, Xidan Joy City and Ant Check Later duly
executed a strategic cooperation agreement. Ant Check Later
is a consuming credit product owned by Alibaba. Users of Ant
Check Later shopping in Xidan Joy City can use the credit line
of their Ant Check Later accounts, enjoying a shopping
experience of “shop now, pay later” and “buy this month,
repay next month” plus a long interest-free period.
JOY CITY X BANK & FINANCE
大悅城銀行金融
This cooperation between Xidan Joy City
and Ant Check Later represents the first
presence of Ant Check Later in a shopping
center in China and also commences a new
mode of collaboration between traditional
commerce and e-commerce. During the
recent Joy Shopping Season (悅購季), there
was an aggregate of 12,552 payments in Ant
Check Later (averaging 600 payments per
day) made by over 10,000 users, amounting
to RMB5,650,000. And an aggregate of
250,000 payments through Ant Check Later
is expected to be made by 170,000 users
within one year, amounting to RMB100
Joy-Full Occasions悅精彩
XIDAN JOY CITY X ANT
CHECK LATER
On 22 June 2016, Xidan Joy City and Ant Check Later duly
executed a strategic cooperation agreement. Ant Check Later
is a consuming credit product owned by Alibaba. Users of Ant
Check Later shopping in Xidan Joy City can use the credit line
of their Ant Check Later accounts, enjoying a shopping
experience of “shop now, pay later” and “buy this month,
repay next month” plus a long interest-free period.
JOY CITY X BANK & FINANCE
大悅城銀行金融
This cooperation between Xidan Joy City
and Ant Check Later represents the first
presence of Ant Check Later in a shopping
center in China and also commences a new
mode of collaboration between traditional
commerce and e-commerce. During the
recent Joy Shopping Season (悅購季), there
was an aggregate of 12,552 payments in Ant
Check Later (averaging 600 payments per
day) made by over 10,000 users, amounting
to RMB5,650,000. And an aggregate of
250,000 payments through Ant Check Later
is expected to be made by 170,000 users
within one year, amounting to RMB100
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
西單大悅城X螞蟻花唄
二零一六年六月二十二日，西單大悅城＆螞蟻花唄正式簽署戰
略合作儀式。螞蟻花唄是阿里巴巴旗下的一款消費信貸產品，
用戶在西單大悅城消費時，可以預支螞蟻花唄的額度，享受「先
消費，後付款，這月買，下月還，超長免息」的購物體驗。
西單大悅城和螞蟻花唄的合作，是螞蟻花唄在全國首家購物中
心的落地，開啟了實體商業和電商新的合作模式。在近期的悅購季中，螞蟻花唄支付共計12,552筆（日均600筆）；
螞蟻花唄支付累計使用1萬餘人次；螞蟻花唄支付
共計人民幣565萬元；預計一年內螞蟻花唄支付總
額可達人民幣1億元、實現銷售總量25萬筆、使用
總人數可達17萬人。
Joy-Full Occasions悅精彩
西單大悅城X螞蟻花唄
二零一六年六月二十二日，西單大悅城＆螞蟻花唄正式簽署戰
略合作儀式。螞蟻花唄是阿里巴巴旗下的一款消費信貸產品，
用戶在西單大悅城消費時，可以預支螞蟻花唄的額度，享受「先
消費，後付款，這月買，下月還，超長免息」的購物體驗。
西單大悅城和螞蟻花唄的合作，是螞蟻花唄在全國首家購物中
心的落地，開啟了實體商業和電商新的合作模式。在近期的悅購季中，螞蟻花唄支付共計12,552筆（日均600筆）；
螞蟻花唄支付累計使用1萬餘人次；螞蟻花唄支付
共計人民幣565萬元；預計一年內螞蟻花唄支付總
額可達人民幣1億元、實現銷售總量25萬筆、使用
總人數可達17萬人。
YANTAI JOY CITY X
BANK OF BEIJING
FINANCE COMPANY
Online consumer finance is a crossover
exploration in microfinance service by Yantai
Joy City. It is also the first attempt among
domestic shopping malls. In response to the
young customers’ demand, Yantai Joy City
and Bank of Beijing Consumer Finance
Company, which was promoted by Bank of
Beijing, have collaborated to boost
consumption by allowing customers
shopping offline and making installment
payment online.
Members of Yantai Joy City are entitled to a
credit facility granted by Bank of Beijing
Consumer Finance Company in a form of
electronic “credit card”. They can use such
cards, which accept all repayment through
major banks, to make installment payment
and repayment with an interest & handling
charge-free period up to 180 days, turning a
new page of convenient finance. Take i-Zone
as an example, it commenced trial operation
of online consumer finance on its first
anniversary, recording a single-day sale of
RMB550,000, 40% of which were generated
from installment purchase, contributing up to
approximately 66.0% of its results.
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
煙台大悅城X
北銀消費金融公司
線上消費金融是煙台大悅城在小額金融服務
領域的一次跨界探索，也是國內購物中心的
首次嘗試。煙台大悅城針對年輕客群的消費
需求，與由北京銀行發起的北銀消費金融公
司跨界合作—線下消費，線上給予分期付款
的合作模式來促進消費。
由北銀消費金融授予煙台大悅城會員信用額
度，以電子「信用卡」的形式進行分期付款與
還款，並享有180天免息免手續費，支持所有
主流銀行還款，致力於打造輕便的金融新場
景。以i-Zone為例，在店慶一周年進行試水，
單日創下人民幣55萬元銷售額，其中40%為消
費分期帶來，拉升業績高達約66.0%。
Joy-Full Occasions悅精彩
煙台大悅城X
北銀消費金融公司
線上消費金融是煙台大悅城在小額金融服務
領域的一次跨界探索，也是國內購物中心的
首次嘗試。煙台大悅城針對年輕客群的消費
需求，與由北京銀行發起的北銀消費金融公
司跨界合作—線下消費，線上給予分期付款
的合作模式來促進消費。
由北銀消費金融授予煙台大悅城會員信用額
度，以電子「信用卡」的形式進行分期付款與
還款，並享有180天免息免手續費，支持所有
主流銀行還款，致力於打造輕便的金融新場
景。以i-Zone為例，在店慶一周年進行試水，
單日創下人民幣55萬元銷售額，其中40%為消
費分期帶來，拉升業績高達約66.0%。
TIANJIN JOY CITY X
During the film “Warcraft” themed exhibition
organized by Tianjin Joy City in June 2016, Taste
Good (良食局
) of Tianjin Joy City collaborated with
SPD Bank to attract, serve and repay members. Such
win-win cooperation gave full play of the promotion
channel of SPD Bank in introducing newlyregistered
members to Tianjin Joy City, while
Tianjin Joy City gave special offers and enrollment
gifts to its members via SPD Bank.
This innovation made together with bank & finance
sector further expanded its customer base, attracting
over 3,530 newly registered members and recorded a
membership marketing revenue of approximately
RMB56,000, representing an increase of 20.1% and 105.0%
respectively in the proportion of consumption by members
and membership growth relative to last period, accelerating
the progress of platform promotion of its membership system.
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
天津大悅城X
二零一六年六月，在天津大悅城舉辦的電影
《魔獸》主題展中，天津大悅城會員體驗中心
—良食局與浦發銀行跨界合作，最大限度發
揮了浦發銀行的宣傳渠道對天津大悅城新註
冊會員的導入作用，天津大悅城也通過浦發
銀行給予會員特惠售賣和開卡專享禮品。雙
方強強聯手通過魔獸主題展活動吸納、服務
和回饋會員。
本次創新橫跨銀行金融界進一步完善客群，
實現新註冊會員3,530餘人次，實現會員渠道
營銷收入約人民幣56.0千元，會員消費佔比
和會員新增量環比分別提升20.1%和105.0%，
Joy-Full Occasions悅精彩
天津大悅城X
二零一六年六月，在天津大悅城舉辦的電影
《魔獸》主題展中，天津大悅城會員體驗中心
—良食局與浦發銀行跨界合作，最大限度發
揮了浦發銀行的宣傳渠道對天津大悅城新註
冊會員的導入作用，天津大悅城也通過浦發
銀行給予會員特惠售賣和開卡專享禮品。雙
方強強聯手通過魔獸主題展活動吸納、服務
和回饋會員。
本次創新橫跨銀行金融界進一步完善客群，
實現新註冊會員3,530餘人次，實現會員渠道
營銷收入約人民幣56.0千元，會員消費佔比
和會員新增量環比分別提升20.1%和105.0%，
Joy City Property Limited Interim Report 2016
Joy-Full Occasions悅精彩
CHENGDU JOY CITY X
In June 2016, Chengdu Joy City joined hands with
Alipay’s Koubei.com in organizing a special event,
where food buyers can enjoy a price reduction. A
total of 120 food and beverage brands in Chengdu
Joy City participated in the event and more than
half of customers paid online, which greatly
improved customer flow and food & beverage
sales, representing a successful attempt for the
opening of online mall. Besides, benefiting from
data sharing by Alipay, it enables a Big Data
analysis on consumers’ behaviors during the event.
Joy-Full Occasions悅精彩
CHENGDU JOY CITY X
In June 2016, Chengdu Joy City joined hands with
Alipay’s Koubei.com in organizing a special event,
where food buyers can enjoy a price reduction. A
total of 120 food and beverage brands in Chengdu
Joy City participated in the event and more than
half of customers paid online, which greatly
improved customer flow and food & beverage
sales, representing a successful attempt for the
opening of online mall. Besides, benefiting from
data sharing by Alipay, it enables a Big Data
analysis on consumers’ behaviors during the event.
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
成都大悅城X支付寶
二零一六年六月成都大悅城攜手支付寶口碑
網開展了美食消費立減現金的活動。活動期
間共120家場內餐飲品牌參加，參與線上支付
的顧客比例超過50.0%，大力提升了客流和餐
飲銷售，為開通線上商場的合作試水，同時
通過支付寶的數據分享，對顧客在本次活動
中的消費行為進行大數據分析。
Joy-Full Occasions悅精彩
成都大悅城X支付寶
二零一六年六月成都大悅城攜手支付寶口碑
網開展了美食消費立減現金的活動。活動期
間共120家場內餐飲品牌參加，參與線上支付
的顧客比例超過50.0%，大力提升了客流和餐
飲銷售，為開通線上商場的合作試水，同時
通過支付寶的數據分享，對顧客在本次活動
中的消費行為進行大數據分析。
Joy City Property Limited Interim Report 2016
Joy-Full Occasions悅精彩
In 2016, Chaoyang Joy Cit y fur ther
intensified its cooperation with Baidu, Inc.
During the Spring Festival and the Joy
Shopping Season (悅購季) in June, Baidu
Nuomi (百度糯米), the group buying website
under Baidu, and Chaoyang Joy City jointly
launched the large-scale group purchase of
catering vouchers. Over 50 restaurants from
the mall participated in this campaign. The
total sales of these two activities exceeded
approximately RMB5 million, driving the
overall sales of Joy City.
Meanwhile, Chaoyang Joy City further
cooperated with Baidu Waimai (百度外賣) to
organize the of f-line Joy Cit y’s APP
downloading and membership registration
activity. Through the cooperation, the time
limit for delivery and food quality were
standardized and take-out package design
with the logo of Joy City was kept
c o n s i s t en t . T h i s u p g r a d ed s er v i ce
experience has strongly driven the growth of
registered members and the sales results of
Chaoyang Joy City.
CHAOYANG JOY CITY X BAIDU
JOY CITY X INTERNET+
大悅城互聯網+
Joy-Full Occasions悅精彩
In 2016, Chaoyang Joy Cit y fur ther
intensified its cooperation with Baidu, Inc.
During the Spring Festival and the Joy
Shopping Season (悅購季) in June, Baidu
Nuomi (百度糯米), the group buying website
under Baidu, and Chaoyang Joy City jointly
launched the large-scale group purchase of
catering vouchers. Over 50 restaurants from
the mall participated in this campaign. The
total sales of these two activities exceeded
approximately RMB5 million, driving the
overall sales of Joy City.
Meanwhile, Chaoyang Joy City further
cooperated with Baidu Waimai (百度外賣) to
organize the of f-line Joy Cit y’s APP
downloading and membership registration
activity. Through the cooperation, the time
limit for delivery and food quality were
standardized and take-out package design
with the logo of Joy City was kept
c o n s i s t en t . T h i s u p g r a d ed s er v i ce
experience has strongly driven the growth of
registered members and the sales results of
Chaoyang Joy City.
CHAOYANG JOY CITY X BAIDU
JOY CITY X INTERNET+
大悅城互聯網+
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
朝陽大悅城X百度
二零一六年朝陽大悅城與百度公司進一步深
入合作。作為百度旗下團購網站—百度糯米
與朝陽大悅城在春節及六月悅購季期間共同
開展美食通券團購活動，場內參與商戶50餘
家，兩次活動的總銷售額超過人民幣約5.0百
萬元，帶動了大悅城整場銷售。
同時，朝陽大悅城也與百度外賣進一步合作，
在線下舉辦了下載大悅城APP註冊會員的活
動。合作還規範了外賣配送的時效及菜品質
量，統一了帶有大悅城標識的外賣食品袋等
合作內容，為消費者升級了服務體驗，也為
朝陽大悅城增加了註冊會員，提升銷售業績。
Joy-Full Occasions悅精彩
朝陽大悅城X百度
二零一六年朝陽大悅城與百度公司進一步深
入合作。作為百度旗下團購網站—百度糯米
與朝陽大悅城在春節及六月悅購季期間共同
開展美食通券團購活動，場內參與商戶50餘
家，兩次活動的總銷售額超過人民幣約5.0百
萬元，帶動了大悅城整場銷售。
同時，朝陽大悅城也與百度外賣進一步合作，
在線下舉辦了下載大悅城APP註冊會員的活
動。合作還規範了外賣配送的時效及菜品質
量，統一了帶有大悅城標識的外賣食品袋等
合作內容，為消費者升級了服務體驗，也為
朝陽大悅城增加了註冊會員，提升銷售業績。
Joy City Property Limited Interim Report 2016
Joy-Full Occasions悅精彩
CHENGDU JOY CITY
X DiDi APP
Chengdu Joy City worked together with DiDi
in organizing a series of events including
“Food Carnival” (美食總動員). Consumers
could exchange for membership cards of Joy
City with their consuming record of DiDi
APP, while they can also get a 40% off
discount for their round trip tickets to Joy
City. Not only did it provide consumers with
comfortable travel experiences, but also
brought new visitors and newly-registered
members to Chengdu Joy City.
JOY CITY X TAXI APP
大悅城打車APP
Joy-Full Occasions悅精彩
CHENGDU JOY CITY
X DiDi APP
Chengdu Joy City worked together with DiDi
in organizing a series of events including
“Food Carnival” (美食總動員). Consumers
could exchange for membership cards of Joy
City with their consuming record of DiDi
APP, while they can also get a 40% off
discount for their round trip tickets to Joy
City. Not only did it provide consumers with
comfortable travel experiences, but also
brought new visitors and newly-registered
members to Chengdu Joy City.
JOY CITY X TAXI APP
大悅城打車APP
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
成都大悅城X
成都大悅城與滴滴快車達成跨界合作，
開展了「美食總動員」等活動，消費者憑
借滴滴快車的消費記錄可換取大悅城會
員卡，活動期間凡是往返於大悅城的消
費者均享有6折車費優惠，在為消費者
提供舒適出行方式的同時，成都大悅城
客流和新註冊會員也得到提升。
Joy-Full Occasions悅精彩
成都大悅城X
成都大悅城與滴滴快車達成跨界合作，
開展了「美食總動員」等活動，消費者憑
借滴滴快車的消費記錄可換取大悅城會
員卡，活動期間凡是往返於大悅城的消
費者均享有6折車費優惠，在為消費者
提供舒適出行方式的同時，成都大悅城
客流和新註冊會員也得到提升。
SHENYANG JOY CITY X
During 2016, Shenyang Joy City has been actively
promoting cross-sector cooperation and innovation,
including working together with Uber to create a new
urban travel means. During the event, any customer who
went to Joy City by Uber could enjoy a 99.9% off ride
and, upon presenting an Uber-ride record, obtain a cash
coupon worth RMB30 available for use in Joy City, which
greatly boosted the customer flow and sales that day by
revealing a write-off ratio of more than 70% of such
On the other hand, benefiting from data sharing by Uber,
Shenyang Joy City was able to obtain further travel data
of consumers such as travel distance, time and range. This
cross-sector cooperation provided convenience to the
transportation of consumers, and accordingly, they would
more prefer to spend money in traditional commercial
entities. Shenyang Joy City has gradually developed into a
lifestyle shopping complex capable of providing all-round
convenient services.
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
瀋陽大悅城X優步
瀋陽大悅城二零一六年全力推動跨界異業合作與創新，攜手
優步打造城市出行新方式。活動期間凡乘坐優步前往大悅城
的顧客可享車費0.1折優惠，同時可憑行程單獲得30元現金券
在大悅城使用，現金券核銷率大於70％，借此合作拉升了當
日客流及銷售。
同時，瀋陽大悅城通過優步的數據分享，進一步獲得行駛距
離、路程時長、活動範圍等消費者出行數據。此次跨界合作
方便了消費者的交通出行，使消費者更願意選擇實體商業的
消費。瀋陽大悅城已逐漸成長為可提供全方位便捷服務的綜
合性生活式購物中心。
Joy-Full Occasions悅精彩
瀋陽大悅城X優步
瀋陽大悅城二零一六年全力推動跨界異業合作與創新，攜手
優步打造城市出行新方式。活動期間凡乘坐優步前往大悅城
的顧客可享車費0.1折優惠，同時可憑行程單獲得30元現金券
在大悅城使用，現金券核銷率大於70％，借此合作拉升了當
日客流及銷售。
同時，瀋陽大悅城通過優步的數據分享，進一步獲得行駛距
離、路程時長、活動範圍等消費者出行數據。此次跨界合作
方便了消費者的交通出行，使消費者更願意選擇實體商業的
消費。瀋陽大悅城已逐漸成長為可提供全方位便捷服務的綜
合性生活式購物中心。
Joy City Property Limited Interim Report 2016
Joy-Full Occasions悅精彩
JOY CITY X SKYRING
Shanghai Joy City has cooperated with McDonald’s
in launching a “SKY RING.Joy City bubble set
meal” (大悅城摩天輪泡泡分享餐). Any customer
who orders the specified set meal will obtain a
voucher of SKY RING. By now, more than 60,000
set meals have been sold in 159 McDonald’s stores
in Shanghai since the on-sale date, and 300,000
vouchers of SKY RING are expected to be offered,
which could likely introduce 100,000 visitors. During
the period, giant Hello Kitty toy figures will appear
in the fans party organized on the top floor,
successfully presenting a perfect sense of affection
to consumers.
By means of SKY RING, Shanghai Joy City
integrates itself with brand marketing
activities in a deeper way by incorporating a
new concept of emotional marketing into
innovation in forms, presenting the brand
image and the physical SKY RING which
together, have greatly contributed to the
positioning of Shanghai Joy City as a
commercial landmark in Shanghai.
JOY CITY X FAMOUS BRANDS
大悅城知名品牌
Joy-Full Occasions悅精彩
JOY CITY X SKYRING
Shanghai Joy City has cooperated with McDonald’s
in launching a “SKY RING.Joy City bubble set
meal” (大悅城摩天輪泡泡分享餐). Any customer
who orders the specified set meal will obtain a
voucher of SKY RING. By now, more than 60,000
set meals have been sold in 159 McDonald’s stores
in Shanghai since the on-sale date, and 300,000
vouchers of SKY RING are expected to be offered,
which could likely introduce 100,000 visitors. During
the period, giant Hello Kitty toy figures will appear
in the fans party organized on the top floor,
successfully presenting a perfect sense of affection
to consumers.
By means of SKY RING, Shanghai Joy City
integrates itself with brand marketing
activities in a deeper way by incorporating a
new concept of emotional marketing into
innovation in forms, presenting the brand
image and the physical SKY RING which
together, have greatly contributed to the
positioning of Shanghai Joy City as a
commercial landmark in Shanghai.
JOY CITY X FAMOUS BRANDS
大悅城知名品牌
二零一六年中期報告 大悅城地產有限公司
Joy-Full Occasions悅精彩
上海大悅城X摩天輪
上海大悅城構築的商業體驗場景，攜手麥當勞
推出「大悅城摩天輪泡泡分享餐」，隨套餐附帶摩
天輪抵用券，在上海159家麥當勞門店同步發售。
現已超過6萬份，預計將發出30萬張摩天輪抵用
券，並帶來10萬的客流。期間更有超大Hello
Kitty玩偶降臨頂樓粉絲派對現場，上海大悅城
成功為消費者構築了完美的情感消費場景。
上海大悅城以摩天輪作為媒介，與品牌營銷活
動深度融合，進行形式創新的同時又注入了情感
營銷的新理念，意象化的品牌與具象化的摩天
輪深化了上海大悅城成為魔都商業地標的屬性。
LANCOME “Miracle Confession Day”
@ Shanghai Joy City
上海大悅城「LANCOME奇跡表白日」活動
Joy-Full Occasions悅精彩
上海大悅城X摩天輪
上海大悅城構築的商業體驗場景，攜手麥當勞
推出「大悅城摩天輪泡泡分享餐」，隨套餐附帶摩
天輪抵用券，在上海159家麥當勞門店同步發售。
現已超過6萬份，預計將發出30萬張摩天輪抵用
券，並帶來10萬的客流。期間更有超大Hello
Kitty玩偶降臨頂樓粉絲派對現場，上海大悅城
成功為消費者構築了完美的情感消費場景。
上海大悅城以摩天輪作為媒介，與品牌營銷活
動深度融合，進行形式創新的同時又注入了情感
營銷的新理念，意象化的品牌與具象化的摩天
輪深化了上海大悅城成為魔都商業地標的屬性。
LANCOME “Miracle Confession Day”
@ Shanghai Joy City
上海大悅城「LANCOME奇跡表白日」活動
Six months ended 30 June
截至六月三十日止六個月
(unaudited)
二零一六年
(unaudited)
二零一五年
Change (%)
（未經審核）（未經審核）變動（%）
RMB’000 RMB’000
Item項目人民幣千元人民幣千元
Gross rental income from investment
propertiesProperty developmentHotel operationsService income for primary land
development
Property management and related
servicesOther property related service incomeGross profitProfit attributable to owners of the
Core net profit attributable to owners of
the Company (Note 1)
Basic earnings per share (RMB cent)
投資物業租金收入總額
土地一級開發
物業管理及相關服務
其他物業相關服務
本公司所有者應佔溢利
本公司所有者應佔核心
淨利潤（附註
每股基本盈利（人民幣分）
30.06..2015
二零一六年二零一五年
六月三十日十二月三十一日
RMB’000 RMB’000 Change (%)
人民幣千元人民幣千元變動（%）
(unaudited)
（未經審核）
（經審核）
Total assets資產總額73,841,123 72,954,074 1.2
Equity attributable to owners of
the Company
本公司所有者應佔權益
25,238,788 25,040,106 0.8
Net debt to total equity (%) (Note 2)淨負債與總權益比率（%）
59.6 63.3 –3.7
Core net profit attributable to owners of the Company = profit
attributable to owners of the Company – foreign exchange loss/gain –
fair value gains after tax of investment property attributable to owners
of the Company
Net debt to total equity = (bank borrowings + loans from fellow
subsidiaries and loans from ultimate controlling shareholder and noncontrolling
interests + Guaranteed Notes + corporate bonds – cash and
bank balances – restricted bank deposits – pledged deposits)/total
Change in percentage
1、本公司所有者應佔核心淨利潤
=本公司所有者應佔
溢利–匯兌損益
–本公司所有者應佔投資物業之公
允價值稅後收益
2、淨負債佔總權益比率
=（銀行借款
+自同系附屬公
司借款及最終控股股東及非控股權益給予的貸款
+有擔保票據
–現金及銀行結存
–已抵押存款）╱總權益
百分比之變動
二零一六年中期報告 大悅城地產有限公司31
Financial Highlights
Revenue (RMB Million)
收入（人民幣百萬元）
Total assets (RMB Million)
資產總額（人民幣百萬元）
Recurring revenue (RMB Million) (Note 4)
持續性收入（人民幣百萬元）（附註4）
Core net profit attributable to
owners of the Company(RMB Million)
本公司所有者應佔核心淨利潤
（人民幣百萬元）
Note 4: Recurring revenue = Gross rental income from investment properties + Income from hotel operations + Income from property
management and related services + Other property service income
附註4：持續性收入=投資物業租金收入總額+酒店經營收入+物業管理及相關服務收入+其他物業服務收入
Financial Highlights
Revenue (RMB Million)
收入（人民幣百萬元）
Total assets (RMB Million)
資產總額（人民幣百萬元）
Recurring revenue (RMB Million) (Note 4)
持續性收入（人民幣百萬元）（附註4）
Core net profit attributable to
owners of the Company(RMB Million)
本公司所有者應佔核心淨利潤
（人民幣百萬元）
Note 4: Recurring revenue = Gross rental income from investment properties + Income from hotel operations + Income from property
management and related services + Other property service income
附註4：持續性收入=投資物業租金收入總額+酒店經營收入+物業管理及相關服務收入+其他物業服務收入
Joy City Property Limited Interim Report 201632
Chairman’s Statement
本集團堅持發展以大悅城為
品牌的城市綜合體戰略，以
持有與銷售相結合的雙輪
驅動為發展模式，引領時尚
潮流的生活方式，不斷奉獻
高品質的綠色生活空間和服
務，致力於成為中國最具持
續發展能力的品牌地產引領
The Group is Determined To Adhere to the Urban
Complex Strategy Under its Brand “Joy City”, and
at the Same Time, Development stick to the Two-
Wheel-Drive Strategy of “Holding and Selling”,
Lead a Trend of Fashionable Lifestyle by Providing
High Quality, Green Living Spaces and Services, and
Become a Leader Among the PRC Real Estate
Brands with Sustainable Development Capabilities!
Chairman’s Statement
本集團堅持發展以大悅城為
品牌的城市綜合體戰略，以
持有與銷售相結合的雙輪
驅動為發展模式，引領時尚
潮流的生活方式，不斷奉獻
高品質的綠色生活空間和服
務，致力於成為中國最具持
續發展能力的品牌地產引領
The Group is Determined To Adhere to the Urban
Complex Strategy Under its Brand “Joy City”, and
at the Same Time, Development stick to the Two-
Wheel-Drive Strategy of “Holding and Selling”,
Lead a Trend of Fashionable Lifestyle by Providing
High Quality, Green Living Spaces and Services, and
Become a Leader Among the PRC Real Estate
Brands with Sustainable Development Capabilities!
Chengdu JoyCity
JOY CITY PROPERTY LIMITED 大悅城地產有限公司
Chaoyang JoyCity
DEAR SHAREHOLDERS,
I, on behalf of the Board of the Group, hereby present you with the
interim results of the Group for the six months ended 30 June 2016
(the “Period under Review”), and would like to express my
appreciation for your great support in the past.
During the period under review, profits attributable to shareholders
of the Group amounted to RMB400.8 million and earnings per share
amounted to RMB0.026.
In the first half of 2016, the Chinese economy sustained a steady
growth amid the continued downward pressure. Despite the decline
in growth rates of both import & export and investment, there was
a steady growth in consumption, which lifted up the contribution to
the economy. Meanwhile, the consumption structure is shifting from
material consumption to service consumption. The overall rapid
growth of service consumption is the greatest highlight and
advantage of China’s economic transformation and upgrade, and in
the meantime serves as an important driver for the same. The
transformation and development of consumption pattern brought
new opportunities for the development of commercial real estate.
Commercial property developers and operators were facing more
stringent requirements in terms of innovation and operating
capacity as to how to satisfy differentiated demand of consumers,
improve consumer experience and develop commercial products
with unique competitiveness. In face of the fast-changing external
environment and development pressure, the Group continued to
uphold the two-wheel-drive business strategy of “holding and
selling properties” and adhere to the idea of innovation-driven
development to drive new impetus for its businesses. The Group,
moreover, endeavored to refine management to continuously
improve consumer experience while promoting enhancement of
quality and effectiveness to achieve continual improvement on
profitability, through which Joy City Property sustained steady
growth amidst keen competition.
尊敬的各位股東：
本人代表本集團董事會，正式提呈本集
團截至二零一六年六月三十日止六個月
（「回顧期」）之半年業績，感謝各位在過往
對本集團的鼎力支持。
回顧期內，本集團股東應佔溢利為人民
幣400.8百萬元，每股基本盈利為人民幣
二零一六年上半年，中國經濟在持續下
行壓力下，繼續保持平穩發展。在進出
口、投資增速均有所下滑的情況下，消
費增速保持平穩，對於經濟的貢獻加大，
同時，消費結構開始由物質型消費為主
向服務型消費為主轉型。服務型消費的
全面快速增長，既是中國經濟轉型升級
的最大亮點和突出優勢，也是經濟轉型
升級的重要推動力，消費模式的轉型與
發展為商業地產的發展帶來新的機遇。
而如何滿足消費者的差異化需求，增強
消費者的體驗感，打造獨具競爭力的商
業產品，對商業地產開發商和運營商的
創新能力和運營能力提出更高的要求。
面對快速變化的外部環境和發展壓力，
本集團繼續秉持「持有與銷售」相結合的
雙輪驅動戰略，堅持創新驅動，不斷釋
放業務新活力；堅持精細化管理，不斷
提升客戶消費體驗；堅持提質增效，不斷
提升盈利能力，使得大悅城地產在激烈
的競爭中繼續穩健前行。
Joy City Property Limited Interim Report 201634
Chairman’s Statement
投資物業方面，大悅城運營團隊以「工匠精
神」，打造了一條「強運營、重服務、勇創新」
的注重品質和精細運營之路，為大悅城的股
東和投資者交上了一份靚麗的答卷。良好的
業務運營加上卓越的地理位置，使得本集團
投資物業的投資價值和增值空間良好。回顧
期內，投資物業租金收入人民幣1,298.2百萬
元，其中，大悅城購物中心租金同比增長約
達23.6%，客流同比增幅約達18.8%。
物業開發方面，本集團緊抓上半年住宅銷售
窗口期，以打造高品質、高溢價產品為核心，
獲得客戶青睞，回顧期內，龍溪悅墅洋房順
利清盤，紅塘悅海樣板間開放，反響熱烈。
酒店經營方面，回顧期內，儘管酒店行業整
體在經濟和國家政策雙重壓力下增長乏力，
但本集團旗下酒店憑藉享譽國際的品牌優勢，
獨特的自然環境、地理位置優勢，和專業化，
精細化的管理，整體經營繼續保持穩定。
Investment Properties — Pursuing the spirit of craftsman, the
operation team of Joy City has developed the strategy of
qualit y-oriented and refined operation focusing on
“strengthening operation, improving service and encouraging
innovation”, fostering the brilliant performance for the
shareholders and investors of Joy City. Benefited from the
sound operation and excellent geographical location, the
investment properties of the Group gained good investment
value and appreciation potentials. During the period under
review, the Group recorded rental income from investment
properties of RMB1,298.2 million. Among which, Joy City
registered a year-on-year growth of approximately 23.6% and
18.8% in rent and customer flow, respectively.
Property Development — By seizing the “window period” of
the sales of residential properties during the first half of 2016,
the Group focused on the delivery of quality products with
higher gross profit margin, which were well received by
customers. During the period under review, the Group
successfully sold out all town houses of Brilliant Villa. Show
flats of Hong Tang Joy Sea were launched and received keen
market demand for subscription.
Hotel Operations — During the period under review, despite the
overall hotel industry suffered a sluggish growth under the
pressure from the economy and national policies, the operation
of the Group’s hotels remained stable in general by relying on
the internationally renowned brand advantage, unique natural
surrounding and geographical advantage, as well as professional
and refined management.
Rose Garden @ Xidan Joy City
西單大悅城玫瑰園
SKYRING @ Shanghai Joy City
上海大悅城摩天輪
Chairman’s Statement
投資物業方面，大悅城運營團隊以「工匠精
神」，打造了一條「強運營、重服務、勇創新」
的注重品質和精細運營之路，為大悅城的股
東和投資者交上了一份靚麗的答卷。良好的
業務運營加上卓越的地理位置，使得本集團
投資物業的投資價值和增值空間良好。回顧
期內，投資物業租金收入人民幣1,298.2百萬
元，其中，大悅城購物中心租金同比增長約
達23.6%，客流同比增幅約達18.8%。
物業開發方面，本集團緊抓上半年住宅銷售
窗口期，以打造高品質、高溢價產品為核心，
獲得客戶青睞，回顧期內，龍溪悅墅洋房順
利清盤，紅塘悅海樣板間開放，反響熱烈。
酒店經營方面，回顧期內，儘管酒店行業整
體在經濟和國家政策雙重壓力下增長乏力，
但本集團旗下酒店憑藉享譽國際的品牌優勢，
獨特的自然環境、地理位置優勢，和專業化，
精細化的管理，整體經營繼續保持穩定。
Investment Properties — Pursuing the spirit of craftsman, the
operation team of Joy City has developed the strategy of
qualit y-oriented and refined operation focusing on
“strengthening operation, improving service and encouraging
innovation”, fostering the brilliant performance for the
shareholders and investors of Joy City. Benefited from the
sound operation and excellent geographical location, the
investment properties of the Group gained good investment
value and appreciation potentials. During the period under
review, the Group recorded rental income from investment
properties of RMB1,298.2 million. Among which, Joy City
registered a year-on-year growth of approximately 23.6% and
18.8% in rent and customer flow, respectively.
Property Development — By seizing the “window period” of
the sales of residential properties during the first half of 2016,
the Group focused on the delivery of quality products with
higher gross profit margin, which were well received by
customers. During the period under review, the Group
successfully sold out all town houses of Brilliant Villa. Show
flats of Hong Tang Joy Sea were launched and received keen
market demand for subscription.
Hotel Operations — During the period under review, despite the
overall hotel industry suffered a sluggish growth under the
pressure from the economy and national policies, the operation
of the Group’s hotels remained stable in general by relying on
the internationally renowned brand advantage, unique natural
surrounding and geographical advantage, as well as professional
and refined management.
Rose Garden @ Xidan Joy City
西單大悅城玫瑰園
SKYRING @ Shanghai Joy City
上海大悅城摩天輪
Property Management and Related Services — the Group
continued to strengthen the refined management and further
promote energy saving and emission reduction to realize the
practice of human caring, technological and green innovation,
which further improved customer satisfaction and in turn enhanced
gross profit margin of its products. During the period under
review, the Group actively explored technological innovation to
develop the EISS smart management and monitoring systems, and
first set up pilot point in Shenyang Joy City.
Land Bank — Positioned at the high-end of market, the Group
continued to develop Joy City complexes by both conventional
and unconventional ways to secure land reserves in a positive and
moderate manner. Currently, a number of intended projects are
under negotiation.
Financial Capital — The Group consistently implemented prudent
financial policies. In January 2016, the Group issued corporate
bonds through its PRC subsidiary, COFCO Commercial Property
Investment Co., Ltd, instead of part of the domestic bank loans,
which effectively reduced the average finance costs of the
Company. As of 30 June 2016, the net interest-bearing debt to
equity ratio was 59.6%, representing a greater decline as
compared to 63.3% in the beginning of the year. The EBITDA to
interest coverage ratio increased to 3.42 times.
Looking into the second half of the year and in the future, along
with the transformation and upgrade of the macroeconomy as
well as the transitional development of resident consumption
model, the consumption market in China will embrace a positive
trend of continued growth in consumption quantity and general
upgrade in consumption quality. The development of new
concepts and technologies will engender boundless potential for
cross-industry cooperation and business integration, thereby
presenting new development opportunities for the commercial
property operators. Looking forward, the Group will continue to
maintain the two-wheel-drive business strategy of “holding and
selling properties” to unveil the connection of physical commerce
and capital market. The Group will also penetrate into key cities
under a balanced approach, so as to promote Joy City’s spirit of
craftsman “strengthening operation, improving service and
encouraging innovation” and recognize quality growth for Joy
City Property.
物業管理及相關服務方面，本集團繼續強化
精細化管理，進一步推進節能減排，走人文
關懷、科技創新，綠色創新之路，進一步提
升客戶滿意度，進而提升產品溢價能力，回
顧期內，本集團積極探索技術創新，研發
智能化管理監控體系，並在瀋陽大悅城首度
搭建試點。
土地儲備方面，本集團持續以拓展大悅城城
市綜合體為切入點，高舉高打，常規與非常
規發展相結合，積極穩健獲取土地儲備，目
前多個意向項目均在洽談中。
財務資金方面，本集團一貫保持穩健的財務
政策。二零一六年一月，本集團透過境內附
屬公司中糧置業投資有限公司發行公司債，
替換部分境內銀行貸款，有效降低了公司的
平均融資成本。截至二零一六年六月三十日，
本集團淨有息負債股東權益比率為
年初63.3%相比有較大下降。
EBITDA利息覆
蓋率提升至
預期下半年及未來更長一段時間，伴隨着宏
觀經濟的轉型升級以及居民消費模式的轉型
發展，中國消費市場將呈現出消費數量持續
增長，消費品質全面升級的向好趨勢。新理
念、新技術的發展也為跨行業合作與場景連
接等創造無限可能。商業地產將迎來新的發
展機遇。未來，本集團將繼續堅持持有與銷
售相結合的雙輪驅動戰略，展開實體商業與
資本市場的稼接，輕重並舉，深耕戰略城市，
繼續發揚「強運營、重服務、勇創新」的大悅城「匠心精神」，實現大悅城地產的有質成長！
ZHOU ZHENG . 周政
Chairman . 主席
Hong Kong, 23 August 2016
香港，二零一六年八月二十三日
I. MARKET REVIEW
In the first half of 2016, the economic growth slowed
down and the industrial structure optimization continued.
Domestic individual consumption increased steadily with
a more apparent trend of transformation and upgrade of
consumption pattern.
In terms of land market, against the backdrop of supplyside
adjustment, government supply has slowed down
and general supply and demand remained low with
apparent city differentiation and intensifying competition
among highlighted cities.
In terms of commercial real estate, on one hand, in light
of the increasing industry supply and severe
homogenisation, integration and merger within the
industry has become the mainstream of development. On
the other hand, the transformation and upgrade of
individual consumption pattern gave rise to the emerging
consumption drivers which generated new opportunities
for the development of commercial real estate. The
integration of commercial real estate with the elements
COFCO . Landmark Tower
一、市場回顧
二零一六年上半年，經濟增速有所放
緩，產業結構繼續優化，全國居民消費
平穩增長，消費模式轉型升級趨勢明
土地市場，在供給側調整的大環境下，
政府供地節奏放慢，整體供需處於低
位，城市間分化明顯，熱點城市競爭激
商業地產方面，一方面行業供給持續增
加，同質化嚴重，行業內部整合併購成
為發展的主流趨勢。另一方面，隨着居
民消費模式的轉型升級，新的消費增長
點不斷湧現，為商業地產的發展提供新
的機會。商業地產與金融、互聯網、文
化娛樂相結合，積極進行產品創新，滿
足消費者的差異化需求，成為商業地產
of finance, Internet, culture and entertainment, proactive
product innovation to satisfy the differentiated demand
of consumers have become important approaches for
commercial property developers and operators to win the
market competition.
In terms of residential real estate, based on the Chinese
government’s keynote to ensure steady growth and
destocking, the overall market has gradually recovered
but city differentiation became increasingly notable. The
popularity of highlighted first and second-tier cities and
their nearby areas soared while third and fourth-tier cities
are still subject to inventory pressure and increasing
industry concentration and fierce competition.
In terms of hotel market, with the rapid development of
tourism industry, commercial and leisure demand was
altogether gradually replacing business demand as the
principal consumer group, with imbalance of market
supply and demand easing off and performance of
certain cities, such as Beijing and Sanya, showing signs of
improvement.
Chaoyang Joy City held the “Whale Island Paradise”
朝陽大悅城舉辦「鯨魚島樂園」活動
開發商和運營商贏得市場競爭的重