The Joy City Holdings Group Co., Ltd. 12th Board of Directors Announcement
Stock Code: 000031 Stock Abbreviation: Joy City Announcement No.: 2026-030
Joy City Holdings Group Co., Ltd.
Announcement on the Application and Issuance of Public REITs for Commercial Real Estate and Related Authorization Matters
The Company and all members of the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
I. Project Basic Situation
On December 31, 2025, the China Securities Regulatory Commission (CSRC) issued the "Announcement on Launching the Pilot Program for Commercial Real Estate Investment Trusts (REITs)" (CSRC Announcement [2025] No. 21) and the "Notice on Promoting the High-Quality Development of the Real Estate Investment Trusts (REITs) Market" (CSRC Announcement [2025] No. 63), officially launching the pilot program for commercial real estate REITs. The program requires the standardized and efficient implementation of the commercial real estate REITs pilot program, focusing on supporting the issuance of REITs for high-quality commercial real estate located in core areas with mature operations and stable cash flow, such as shopping malls, office buildings, hotels, and commercial complexes. This aims to revitalize existing commercial assets, facilitate investment and financing cycles, and promote high-quality development of domestic demand and the real economy.
In response to the policy call for the commercial real estate REITs pilot program, Joy City Holdings Group Co., Ltd. (hereinafter referred to as the "Company") aims to further unlock the investment value of its mature properties and improve its full lifecycle development model and investment and financing mechanisms for commercial real estate, thereby enhancing its core competitiveness and sustainable development capabilities. On July 10, 2026, the 12th Board of Directors held its third meeting and deliberated and approved the "Proposal on Carrying Out the Application and Issuance of Commercial Real Estate REITs and Related Authorization Matters." The Board of Directors agreed to use the assets held by its wholly-owned subsidiary, COFCO Property Investment Co., Ltd. (hereinafter referred to as "COFCO Property"), through its wholly-owned subsidiary, Joy City (Tianjin) Co., Ltd. (hereinafter referred to as "Joy City (Tianjin)"), as the underlying assets for the application and issuance of commercial real estate REITs.
The issuance of commercial real estate REITs in this instance does not constitute a major asset restructuring matter as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies," nor does it constitute a related-party transaction. According to the Stock Listing Rules of the Shenzhen Stock Exchange, this proposal requires approval from the Company's shareholders' meeting.
II. Project Plan Overview
(I) Commercial Real Estate Project