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Joy City Property confirmed mid-week that Chengdu Chenyue has acquired land use rights valued at RMB2.65 billion. The company disclosed the transaction as part of its regulatory updates, aligning with its recent pattern of reporting land-related movements in key mainland cities. Joy City Property, known for its mixed-use developments under the COFCO group, has been gradually expanding its portfolio across major urban markets. The latest purchase indicates continued interest in strategic land assets in Chengdu, a city that has seen steady activity in commercial and residential land deals over the past year.
Joy City Property Ltd stated mid-week that Chengdu Chenyue has purchased land use rights amounting to RMB2.65 billion. The information was shared through the company's formal disclosure and follows its regular reporting of land-related developments across its operating regions. Advertisement
The announcement fits within the company's ongoing pattern of highlighting major land transactions involving subsidiaries or associated entities in mainland China. Joy City Property, which operates under the COFCO group, has remained active in several urban centres where land auctions and development opportunities have continued at a steady pace. Chengdu, in particular, has seen consistent interest from developers, supported by recent transactions in both commercial and residential parcels in various districts.
While Joy City Property did not provide additional details about the specific parcel or planned use, the disclosure reinforces the group's engagement in land asset activities in core markets. Market observers have noted that the company has been moving in line with broader sector trends where developers target established urban areas with sustained expansion potential.
Further company updates related to its Hong Kong-listed securities (0207.HK) remain available through its regular regulatory filings.
Source Reuters
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