On Monday (November 17), state-owned enterprise COFCO Group’s subsidiary, Joy City Real Estate, announced that the company is expected to officially delist from the Hong Kong Stock Exchange on November 27. As the crisis in China’s real estate market continues to worsen, nearly 23 real estate companies have been forced to delist from A-shares and Hong Kong stocks, while 7 other real estate firms have chosen to privatize and delist. Analysts believe that the trend of real estate companies delisting may continue over the next two to three years, accelerating the reshuffling and consolidation in the real estate industry.
Joy City Real Estate announced on November 17 that a court meeting was held on the same day, where the planned shareholders who attended in person or appointed representatives to vote at the court meeting have approved the privatization resolution. Once the plan takes effect, Joy City Real Estate’s listing status on the Stock Exchange of Hong Kong is expected to be officially withdrawn on November 27.
Joy City Real Estate is a commercial real estate platform under COFCO Group. Currently, COFCO Group’s real estate platforms include Joy City Holdings, listed on the A-share market, with Joy City Real Estate being a subsidiary of Joy City Holdings.
Over the past three years, Joy City Holdings has been continuously losing money, with losses of 28.82 billion yuan in 2022, 14.65 billion yuan in 2023, and approximately 29.77 billion yuan in net losses in 2024, totaling over 70 billion yuan in losses. However, by the first half of 2025, Joy City Holdings achieved a turnaround from losses to profits.
With the ongoing deterioration of the real estate crisis in China, the number of real estate companies delisting due to underperformance is increasing. According to data released by CRIC on November 7, since Xinli Holdings became the first delisted stock in 2023, in just three years, nearly 23 listed real estate companies on A-shares and H-shares have delisted.
Under the regulations of the Hong Kong Stock Exchange, if a listed company remains suspended for 18 consecutive months, it faces the risk of being delisted. In April 2023, Xinli Holdings became the first case of mainland Chinese real estate companies delisting in this wave of H-share delistings. As of October 27, 2025, 11 mainland Chinese real estate companies listed on H-shares have been forced to delist.
Unlike H-share delistings, A-share real estate companies are mostly delisted because their stock prices continuously fall below the par value of 1 yuan for 20 consecutive trading days, directly triggering the “par value delisting” threshold. As of October 27, 2025, a total of 12 real estate companies have been delisted from the A-share market, with 8 of them delisting in 2023.
Moreover, since 2021, seven real estate companies have chosen to “privatize and delist.” In September 2021, following the lead of Sunac China Holdings, China Jinmao’s Hongtai Development, Huafa Property of Huafa Group, and Sunac Real Estate of Sunac Group also announced privatization and delisting plans. Recently, Joy City Real Estate and Minmetals Land have followed suit.
Currently, real estate companies such as Evergrande, Sunac China, New City Service, Tianyu Property, and Hengsheng Real Estate listed on the Hong Kong Stock Exchange are still under suspension. Most of their suspensions are expected to end by September 2026.
CRIC believes that many real estate companies are facing serious liquidity issues with their stocks, rendering the financing function of the listing platforms almost non-existent. Prolonged low stock prices and continuously undervalued assets make it difficult for these companies to raise funds through equity financing. With industry restructuring deepening, a major trend is expected in the next two to three years where real estate company delistings may persist, leading to a more thorough reshuffling and consolidation in the real estate sector.