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2026 Follow-up Rating Report for Relevant Bonds of Joy City Property Ltd. (22 Joy City 01, 23 Joy City 01, 22 Joy City 02)
CSCI Pengyuan Tracking No. [2026] [228] 01
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CSCI Pengyuan Credit Rating Co., Ltd.
Rating Results
| Current Rating | Previous Rating | |
|---|---|---|
| Issuer Credit Rating | AAA | AAA |
| Rating Outlook | Stable | Stable |
| 22 Joy City 01 | AAA | AAA |
| 23 Joy City 01 | AAA | AAA |
| 22 Joy City 02 | AAA | AAA |
Rating Viewpoint
The rating is based on the following considerations: Joy City Property Ltd. (hereinafter referred to as "Joy City" or "the Company", stock code: 00031.SZ) continues to focus on the youth consumption track, maintains a leading brand value in commercial real estate, has relatively sufficient land reserves for real estate development, and its projects for sale are located in favorable areas with strong product competitiveness. The company has smooth financing channels and stable anti-risk capabilities. At the same time, CSCI Pengyuan also notes that the company's sales and settlement are expected to remain under pressure in the short term. It is necessary to continue to pay attention to the market entry rhythm and destocking situation of the company's key projects. The company's profitability remains weak, leverage indicators have weakened, and it still faces certain capital pressure.