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 4 December 2019. The Facility Letters 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 18 January 2018 regarding the Company as borrower entered into a facility letter with a bank (the "Bank") as lender. On 4 December 2019, the Company as borrower entered into a facility letter (the "Facility Letter A") with the Bank as lender whereby the banking facility for extension of existing treasury credit limit from HK$60,000,000 to HK$100,000,000 (the "Treasury Credit Limit") would be made available by the Bank to the Company subject to the terms and conditions of the Facility Letter A. Maximum tenor of each transaction under the Treasury Credit Limit shall not exceed five years.

On 4 December 2019, the Company as borrower entered into a facility letter (the "Facility Letter B") with the Bank as lender whereby the banking facility of a revolving loan up to HKD400,000,000 or its equivalent amount in USD (the "Revolving Loan") would be made available by the Bank to the Company subject to the terms and conditions of the Facility Letter

1. The Revolving Loan shall be repaid or re-borrowed at the end of each interest period or shall be repaid in full on demand.

Pursuant to the Facility Letter A and Facility Letter B, if COFCO Corporation ("COFCO Corporation")

1. fails to remain as a company under the State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China; and/or (b) fails to maintain as single largest shareholder and/or the management controlling position of the Company, it would constitute an event of default upon which all amounts due or owing by the Company to the Bank in respect of the Treasury Credit Limit and/or the Revolving Loan shall become immediately due and payable.

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

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

Zhou Zheng

Chairman

The PRC, 4 December 2019

As at the date of this announcement, the Board comprises Mr. ZHOU Zheng and Mr. CAO Ronggen as Executive Directors; Mr. JIANG Yong as Non-executive Director; and Mr. LAU Hon Chuen, Ambrose, GBS, JP, Mr. LAM Kin Ming, Lawrence and Mr. WU Kwok Cheung, MH as Independent Non-executive Directors.

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