On 2 June 2023, Joy City Property Limited as borrower entered into a facility letter (the "Facility Letter") with a bank as lender (the "Lender") whereby an uncommitted revolving loan facility of up to USD 54,000,000 or its equivalent amount in HKD (the "Facility") would be made available by the Lender to the Company with multiple drawings and subject to the terms and conditions of the Facility Letter for the purpose of refinancing the existing indebtedness of the Company in full or in part and/or financing the general working capital of the Group. The maturity of the Facility will be the date falling 12 months from the date of the Facility Letter.