Joy City Property : DISCLOSURE PURSUANT TO RULE 13.18 OF THE LISTING RULES

Hong Kong Exchange and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

JOY CITY PROPERTY LIMITED

大悅城地產有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 207)

DISCLOSURE PURSUANT TO RULE 13.18 OF THE LISTING RULES

This announcement is made pursuant to Rule 13.18 of the Listing Rules in respect of the Facility Letter entered into by the Company as borrower and a bank as lender on 29 April 2021. The Facility Letter imposes, among other things, specific performance obligation on COFCO Corporation, the controlling shareholder of the Company.

This announcement is made by Joy City Property Limited (the "Company") pursuant to Rule

13.18 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

Reference is made to the announcement of the Company dated 29 January 2019 regarding the Company as borrower entered into a facility letter (the "Original Facility Letter") with a bank (the "Bank") as lender. On 29 April 2021, the Company as borrower entered into a facility letter ("Facility Letter") with the Bank as lender whereby the banking facility of an uncommitted revolving loan up to HKD500,000,000 or its equivalent amount in USD and RMB (the "Facility") would be made available by the bank to the Company subject to the terms and conditions of the Facility Letter. The Facility Letter will replace and supersede the Original Facility Letter. The expiry of the Facility shall be 12 months after the effective date and shall be extended to such date as determined by the bank in its sole discretion, subject to annual review.

Pursuant to the Facility Letter, COFCO Corporation ("COFCO Corporation") shall remain as the single largest shareholder of the Company, otherwise, the Facility Letter will be terminated upon which all outstanding indebtedness in connection with the Facility shall be repaid and settled in full.

As at the date of this announcement, COFCO Corporation was the ultimate controlling shareholder of the Company.

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The Company will comply with the continuing disclosure requirements pursuant to Rule 13.21 of the Listing Rules for so long as circumstances giving rise to the above obligations continue to exist.

By order of the Board

Joy City Property Limited

YOU Wei

Chairman

The PRC, 29 April 2021

As at the date of this announcement, the Board comprises Mr. YOU Wei (Chairman) and Mr. CAO Ronggen as Executive Directors; Mr. MA Dewei, Mr. LIU Yun and Mr. ZHU Laibin as Non-executive Directors; and Mr. LAU Hon Chuen, Ambrose, GBS, JP, Mr. LAM Kin Ming, Lawrence and Mr. CHAN Fan Shing as Independent Non-executive Directors.

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