Joy City Property : DISCLOSURE PURSUANT TO RULE 13.18 OF THE LISTING RULES

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)

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 29 October 2019. The Facility Letter 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").

On 29 October 2019, the Company as borrower entered into a facility letter (the "Facility Letter") with a bank as lender whereby the banking facility of an uncommitted revolving loan up to USD50,000,000 or its equivalent amount in HKD (the "Facility") would be made available by the bank to the Company subject to the terms and conditions of the Facility Letter. The final maturity of the Facility shall be subject to the bank's review on or before the date of the earlier of the date falling one year from the date of accepting the facility letter and 8 January 2021.

Pursuant to the Facility Letter, COFCO Corporation ("COFCO Corporation") shall directly and indirectly have the single largest shareholding interest in the Company; otherwise, it would constitute an event of default upon which the Facility shall be repaid to the bank on demand. 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, 29 October 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.