Hong Kong Exchanges 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)

UNAUDITED OPERATING FIGURES

FOR SIX MONTHS ENDED 30 JUNE 2020

The board of directors (the "Board") of Joy City Property Limited (the "Company") announces that the unaudited operating figures of the Company and its subsidiaries (the "Group") for the six months ended

30 June 2020 are as follows:

Property Investment

Average unit rental

compared with that for the

Average occupancy rate

same period in 2019

Xidan Joy City

~97%

- ~25%

Chaoyang Joy City

~97%

- ~33%

Tianjin Nankai Joy City

~96%

- ~19%

Shenyang Joy City

~96%

- ~16%

Shanghai Jingan Joy City

~88%

- ~32%

Yantai Joy City

~91%

- ~22%

Chengdu Joy City

~93%

- ~9%

Hangzhou Joy City

~90%

- ~15%

Beijing COFCO Plaza

~92%

- ~3%

Hong Kong COFCO Tower

~87%

+ ~6%

Fraser Suites Top Glory Shanghai

~88%

- ~1%

COFCOLandmark Tower (Note 1)

~87%

+ ~18%

Note 1: COFCO․Landmark Tower officially opened in August 2018, the occupancy rate of the whole

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building reached 69% in the second quarter of 2019, and the shop leasing accounted for a relatively high proportion. In the second quarter of 2020, the occupancy rate of the whole building reached 87%, and the average unit rental of offices was higher than that of shops, of which raised the overall average unit rental.

Property Development

The aggregate contracted sales of the Company, together with its subsidiaries, joint ventures and associates amounted to approximately RMB 6,841 million with an aggregate contracted sales area of approximately 202,362 square meters.

Hotel Operation

Average occupancy rate

Average revenue per

available room

MGM Grand Sanya

~37%

~RMB421

St. Regis Sanya Yalong Bay Resort

~31%

~RMB563

Waldorf Astoria Hotel

~22%

~RMB548

This announcement is a voluntary disclosure by the Company. The Board wishes to remind shareholders and/or potential investors of the Company that the above operating figures for the six months ended 30 June 2020 are based on the Group's internal records and unaudited management accounts which have not been reviewed or audited by auditors. Differences may arise between such figures and the information disclosed in subsequent audited or unaudited financial statements. As such, such figures shall not be taken as an indication of the Group's current or future operating or financial performance. Shareholders and/or potential investors of the Company are cautioned not to unduly rely on such figures and are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board

JOY CITY PROPERTY LIMITED

ZHOU Zheng

Chairman

The PRC, 29 July 2020

As at the date of this announcement, the Board comprises Mr. ZHOU Zheng (Chairman) and Mr. CAO Ronggen as executive Directors; Mr. ZHU Laibin and Mr. JIANG Yong 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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Joy City Property Limited published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 09:35:15 UTC