In its 2016 financial results, Joy City Property Ltd.'s board recommended a final dividend of 4 Hong Kong cents per share, up from 1 cent in the year-ago period.

Holders of nonredeemable convertible preference shares are entitled to receive any dividend pari passu with the holders of the company's ordinary shares and therefore entitled to receive the 2016 final dividend of approximately HK$44 million.

The payout is expected to take place July 14 to shareholders on record as of June 19.