Joy City Property (HKG:0207) said scheme shareholders approved its proposed share buy-back via a scheme of arrangement at a court meeting, according to a Monday Hong Kong bourse filing.

Shares of the property firm were up over 3% in Tuesday afternoon trade.

The scheme was backed by 99.3% of votes cast, satisfying all approval thresholds under Bermuda law and the Hong Kong rules. A total of 4.73 billion scheme shares were eligible to vote, out of the company's 14.2 billion issued shares.

Subject to remaining conditions and a court sanction hearing on Nov. 21, the scheme is expected to take effect on Nov. 25, with the company's Hong Kong listing to be withdrawn on Nov. 27.