Joy City Property : INSIDE INFORMATION APPROVAL OF REGISTRATION OF MEDIUM TERM NOTES IN THE PRC

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JOY CITY PROPERTY LIMITED

大悅城地產有限公司

(incorporated in Bermuda with limited liability)

(Stock code: 207)

INSIDE INFORMATION

APPROVAL OF REGISTRATION OF MEDIUM TERM NOTES IN THE PRC

This announcement is made by Joy City Property Limited (the "Company") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors of the Company (the "Board") is pleased to announce that the National Association of Financial Market Institutional Investors (中國銀行間市場交易商協會) (the "Association") has, on 21 November 2019, approved the application of COFCO Commercial Property Investment Co., Ltd* (中糧置 業投資有限公司) (the "Issuer"), an indirect non-wholly owned subsidiary of the Company incorporated in the People's Republic of China, for registration of (i) the medium-term notes in an aggregate amount of not more than RMB 3 billion (in which, type 1 with a term of 3+N years and type 2 with a term of 5+N years) (the "2019 Medium Term Notes - First Tranche") and (ii) the medium-term notes in an aggregate amount of not more than RMB 1 billion (in which, type 1 with a term of 3 years and type 2 with a term of 5 years) (the "2019 Medium Term Notes - Second Tranche"). The Company has received the application approval notice (ref. no. Zhong Shi Xie Zhu [2019] MTN 737 and Zhong Shi Xie Zhu [2019] MTN736) issued by the Association and has been informed that the 2019 Medium Term Notes - First Tranche and the 2019 Medium Term Notes - Second Tranche are duly registered at the Association. The prospectus in respect of the 2019 Medium Term Notes - First Tranche and the 2019 Medium Term Notes

• Second Tranche and other disclosure documents will be published on the website of China Money (www.chinamoney.com.cn) and the website of Shanghai Clearing House (www.shclearing.com) upon issue. The Company will make further announcement in relation to the detailed arrangement of the 2019 Medium Term Notes - First Tranche and the 2019 Medium Term Notes - Second Tranche in a timely manner.

The Issuer has received "AAA" rating from credit rating agency China Chengxin Securities Rating Company Limited* (中誠信證券評估有限公司) towards the Issuer, the 2019 Medium Term Notes - First Tranche and the 2019 Medium Term Notes - Second Tranche.

The Company would like to emphasize that even though the Company has obtained the approval for the Medium Term Notes, shareholders and potential investors of the Company are reminded that the Medium Term Notes may or may not proceed and the above information disclosed on the website

may be subject to changes. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the securities of the Company.

• English translations of the names are provided for ease of reference only and they are not official English names of the companies and authority concerned.

By order of the Board

Joy City Property Limited

Zhou Zheng

Chairman

The PRC, 29 November 2019

As at the date of this announcement, the Board comprises Mr. ZHOU Zheng (Chairman) 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.