Joy City has issued a profit warning (00207), expecting a net loss attributable to shareholders of approximately 240-340 million yuan for the year, compared to a profit in the same period last year.

JOY CITY PPT (00207) announces that the group expects to incur a loss of approximately RMB 240 million to RMB 340 million for the year ending December 31, 2024, compared to a profit of RMB 340 million for the year ending December 31, 2023. In the 2024 fiscal year, the real estate market is still at the bottom stage, attributed to various factors that lead to the expected loss for the company's owners. These factors include the decrease in profit from joint ventures and associated companies due to settlement and development cycles of multiple cooperative property development projects by the group, as well as a decrease in income from the sale of subsidiary companies compared to the previous fiscal year.