@joseph.yan You're hitting a couple of different isues there.
First, since you assigned the right-hand value as "null" (with quotes), that did indeed set your company property to the string value of "null". And normally, one might suggest that you should have instead set that right-hand value as just null (no quotes). And that would work about anywhere else in CFML.
But here you'd hit a second problem: you'd get the errror, "Expression in cfproperty value must have a constant value." The issue is that the default keyword for the property of a CFC (or the property attribute of cfproperty) is designed to accept only a constant (like a string, number, etc). It can't be a variable or function.
And we could argue that you SHOULD be able to set it to null (as that is indeed a constant), but apparently it's not. (You may want to open a bug report/feature request at tracker.adobe.com, which would only take a minute.)
But all is not lost. First, you could work around this by setting the default to "", and then in whatever method you would use it (or an init function) you could test if the value is indeed "" (nothing overrode that default) and if so, set it to null, as in
if (company is "") company=null;
And you can confirm that that property is indeed null with the CFML function isnull().
Let us know if that works for you. And if you file the bug report/feature request, please do report the number here.