Joy City Property Limited announced Mr. CAO Ronggen ("Mr. CAO") has resigned from his role as the executive Director and the general manager of the Company, and also ceased to be a member of each of the audit committee of the Company (the "Audit Committee"), the remuneration committee of the Company (the "Remuneration Committee") and the executive committee of the Company (the "Executive Committee") with effect from 11 December 2023, due to the reason of age. Mr. CAO has confirmed that he has no disagreement with the Board and that he is not aware of any matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Since Mr. CAO became a Director and general manager of the Company, he has always been diligent and dedicated to his duties and has made strenuous efforts for the stable operation, reform and development of the Company.

The Board would like to express its sincere appreciation to Mr. CAO for his invaluable contribution to the reform and development of the Company during his tenure of office. Following Mr. CAO's resignation, Mr. YAO Changlin has been appointed as the executive Director, the general manager of the Company, and a member of each of Remuneration Committee and the Executive Committee, with effect from 11 December 2023. Mr. YAO Changlin ("Mr. YAO"), aged 55, was a deputy general manager of the Company from December 2013 to December 2023.

He is also a director of several subsidiaries of the Company. He has been appointed the general manager of Grandjoy Holdings Group Co. Ltd.* (stock code: 031) (the "Grandjoy Holdings Group"), a company listed on the Shenzhen Stock Exchange and a controlling shareholder of the Company with effect from 11 December 2023.

He has been a director of Grandjoy Holdings Group since August 2021 and the general legal counsel and chief compliance officer since August 2023. Mr. YAO was a deputy general manager of Grandjoy Holdings Group from April 2019 to December 2023. Mr. YAO joined COFCO Corporation and its subsidiaries (the "COFCO Group") since March 1993, he had successively served as a finance officer of finance department of China Feed Group, a finance officer, assistant manager, manager of finance department and manager of capital development department of China Grain Trading Company, head of finance department, assistant to general manager of Zhonggu Group and the general manager of Zhonggu Sanya Trading Company, the deputy general manager of COFCO (Hainan) Investment Development Co.

Ltd., the deputy general manager, the executive deputy general manager of Sanya Yalong Bay Investment Co. Ltd., and the general manager of the hotel business department of COFCO Corporation. All of the aforementioned companies are subsidiaries of the COFCO Corporation.

Mr. YAO has been with the COFCO Group for over 30 years and has extensive experience in property investment, business management, accounting, legal and compliance matters. Mr. YAO holds a Bachelor degree in Economics from Anhui University of Finance and Economics in the People's Republic of China (the "PRC") and an Executive Master of Business Administration degree from Cheung Kong Graduate School of Business in the PRC.