Joy City PPT (00207) affiliated company acquires Chengdu City's land use rights for 2.65 billion RMB.

JOY CITY PPT (00207) announced that on November 19, 2025, Chengdu Chenyue (an indirect wholly-owned subsidiary of the company) successfully bid for the land use rights of a plot of land through an online public auction by the Planning and Natural Resources Bureau for RMB 2.65 billion. The relevant transaction confirmation documents were obtained on the same day, and the land use rights transfer agreement is expected to be signed on or before December 3, 2025. Chengdu Chenyue has already paid a bid deposit of RMB 532 million for the online public auction. Chengdu Chenyue will hold the rights to the land after the acquisition is completed for future development of the plot. The plot is located in Chengdu, China. The project is located in Chengdu, which is known as an important hub in western China with strong economic vitality and huge market potential. The Qingyang District where the project is located has a stable industrial base, growing consumer demand, and inadequate commercial supply, providing significant opportunities for commercial investment. The project is located in the Guanghua District outside the administrative center of the Qingyang District, and will benefit from the thriving aviation industry cluster and dynamic "residential + commercial" environment. Given the location and planned use of the plot of land, it is expected to generate positive investment value after development is completed, providing cash flow and stable and satisfactory returns and profits for the group. The directors believe that the acquisition is in line with the group's business development strategy and planning.