By fully leveraging the advantages of integrating two listed companies, Grandjoy Holdings has strategically positioned itself as a "city operator and service provider of a better life", enjoying sound momentum of overall development and advancing in an orderly manner in the direction of high-quality development. Combining the brand advantages of "COFCO" and "Joy City", the Company sticks to deep cultivation of Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta urban clusters, and core cities in Beijing-Tianjin-Hebei region, and focuses on core cities in urban clusters of Chengdu, Chongqing, the middle reaches of the Yangtze River, the west of the Taiwan Straits, and Central Plain. It has initiated strategic cooperation with Xi'an, Qingdao, Wuhan, Changsha, Zhengzhou, Chengdu and other cities or regions to actively promote the implementation of related projects. In 2019, Grandjoy Holdings acquired 22 projects at low cost, expanded its presence to seven cities for the first time, and increased its land reserve by nearly 5 million square meters, driving its total land reserve to a new high.
In addition, Grandjoy Holdings also successfully closed a private placement of shares in full to raise proceeds of 2.426 billion yuan, becoming the only successful full issuance case of equity financing by a real estate company listed in A-share market since 2018. Its bond and corporate credit ratings have been upgraded from AA+ to AAA. Its introduction of Taiping Life Insurance as a strategic insurance capital investor with a shareholding ratio of more than 5% has further optimized its capital and governance structure.
In the future, Grandjoy Holdings will pursue its goals of securing a leading position in commercial real estate, sustaining steady growth in residential real estate, and further cultivating industrial real estate so as to achieve a steady rise of position in the industry as well as stable and positive operating returns. The Company will strive to become a creator of beautiful life with greater sustainability to create sustainable value for the city.
The list of Fortune China top 500 companies is compiled by Fortune (Chinese version) in cooperation with the Wealth Management Department of CICC based on the performance and achievements of the world's largest Chinese listed companies in the previous year. The total operating revenue of 500 Chinese listed companies on the Fortune list this year reached 50.5 trillion yuan, an increase of 11% over last year. The annual revenue threshold for a company to make to the list is close to 17.8 billion yuan, an increase of nearly 10% compared to that of last year.