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 THE THREE MONTHS ENDED 31 MARCH 2021

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 three months ended

31 March 2021 are as follows:

Property Investment

Average unit rental

compared with that for

Average occupancy rate

the same period in 2020

Xidan Joy City

~98%

+ ~23%

Chaoyang Joy City

~99%

+ ~50%

Tianjin Nankai Joy City

~98%

+ ~54%

Shenyang Joy City

~95%

+ ~60%

Shanghai Jingan Joy City

~83%

+~62%

Yantai Joy City

~87%

+ ~55%

Chengdu Joy City

~96%

+ ~74%

Hangzhou Joy City

~94%

- ~3%

Beijing COFCO Plaza

~90%

+ ~5%

Hong Kong COFCO Tower

~76%

- ~13%

Fraser Suites Top Glory Shanghai

~90%

+ ~1%

Beijing COFCOLandmark Tower

~91%

-

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GBS, JP,

Property Development

The aggregate contracted sales of the Company, together with its subsidiaries, joint ventures and associates amounted to approximately RMB 8,358 million with an aggregate contracted sales area of approximately 157,952 square meters.

Hotel Operation

Average occupancy rate

Average revenue per

available room

MGM Grand Sanya

~91%

~RMB 1,209

The St. Regis Sanya Yalong Bay Resort

~62%

~RMB 1,449

Waldorf Astoria Beijing

~33%

~RMB 664

Cactus Resort Sanya by Gloria

~43%

~ RMB 146

Le Joy Hotel Beijing

~53%

~ RMB 333

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 three months ended 31 March 2021 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

YOU Wei

Chairman

The PRC, 23 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, 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 23 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2021 09:05:04 UTC.