Joy City Property : CHANGES OF NON-EXECUTIVE DIRECTORS, COMPOSITION OF AUDIT COMMITTEE AND REMUNERATION COMMITTEE

Hong Kong Exchange 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) CHANGES OF NON-EXECUTIVE DIRECTORS, COMPOSITION OF AUDIT COMMITTEE AND REMUNERATION COMMITTEE

The Board hereby announces the following changes with effect from 16 January 2017:

1. Mr. MA Jianping has resigned as a non-executive Director and has ceased to be a member of Remuneration Committee;

2. Mr. MA Wangjun has resigned as a non-executive Director and has ceased to be a member of the Audit Committee;

3. Ms. JIANG Hua has resigned as a non-executive Director;

4. Mr. JIANG Chao has been appointed as a non-executive Director;

5. Mr. ZENG Xianfeng has been appointed as a non-executive Director and a member of audit committee of the Company; and

6. Mr. JIA Peng has been appointed as a non-executive Director.

The board of directors (the "Director(s)") (the "Board") of Joy City Property Limited ("Company") announces the following changes with effect from 16 January 2017:

1. Mr. MA Jianping has resigned as a non-executive Director and has ceased to be a member of the remuneration committee of the Company (the "Remuneration Committee");

2. Mr. MA Wangjun has resigned as a non-executive Director and has ceased to be a member of the audit committee of the Company(the "Audit Committee");

3. Ms. JIANG Hua has resigned as a non-executive Director;

4. Mr. JIANG Chao has been appointed as a non-executive Director;

5. Mr. ZENG Xianfeng has been appointed as a non-executive Director and a member of the Audit

   committee; and

6. Mr. JIA Peng has been appointed as a non-executive Director.

RESIGNATION OF NON-EXECUTIVE DIRECTORS Mr. MA Jianping

Mr. MA Jianping has resigned as a non-executive Director with effect from 16 January 2017 due to other business engagements.

Mr. MA Jianping has confirmed that he has no disagreement with the Board and there are no matters with respect to his resignation that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its sincere gratitude to Mr. MA Jianping for his valuable contributions to the Company during his tenure of service.

Mr. MA Wangjun

Mr. MA Wangjun has resigned as a non-executive Director with effect from 16 January 2017 due to other business engagements.

Mr. MA Wangjun has confirmed that he has no disagreement with the Board and there are no matters with respect to his resignation that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its sincere gratitude to Mr. MA Wangjun for his valuable contributions to the Company during his tenure of service.

Ms. JIANG Hua

Ms. JIANG Hua has resigned as a non-executive Director with effect from 16 January 2017 due to other business engagements.

Ms. JIANG Hua has confirmed that he has no disagreement with the Board and there are no matters with respect to her resignation that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its sincere gratitude to Ms. JIANG Hua for her valuable contributions to the Company during her tenure of service.

APPOINTMENT OF NON-EXECUTIVE DIRECTORS Mr. JIANG Chao

The Board is pleased to announce that with effect from 16 January 2017, Mr. JIANG Chao has been appointed as a non-executive Director.

Mr. JIANG Chao, aged 58, joined COFCO Corporation (中糧集團有限公司) ("COFCO") in June 1994 and had served in various positions. He was a general manger of training division of human resources department of COFCO from August 2000 to October 2007, a deputy director of human resources department of COFCO from October 2006 to October 2007, a deputy general manager of China Agri-

Industries Limited ("China Agri-Industries") and the general manager of human resources department of China Agri-Industries Limited from October 2007 to January 2014, and a deputy general manager of COFCO Trading Limited from January 2014 to October 2016. Mr. Jiang holds an Executive Master Of Business Administration from Cheung Kong Graduate School of Business in the PRC (中國長江商學院)

in 2007.

Save as disclosed above, Mr. JIANG Chao has no other relationship with any directors, senior management, or any substantial or controlling shareholders (as defined in The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules")) of the Company, and has not held any directorships in other listed companies, whether in Hong Kong or overseas, in the last three years.

As at the date of this announcement, Mr. JIANG Chao does not have any interests in the shares, underlying shares or debentures of the Company and its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

An appointment letter was entered into between Mr. JIANG Chao and the Company pursuant to which he was appointed for a term of three years as a non-executive director of the Company. He is not entitled to any emolument for acting as a non-executive director of the Company unless otherwise determined by the Board according to the recommendation of the Remuneration Committee with reference to his job complexity, workload and responsibilities with the Company and the remuneration policy of the Company from time to time. He shall hold office only until the next annual general meeting of the Company following his appointment and shall then be eligible for re-election at that meeting in accordance with the bye-laws of the Company and the Listing Rules. He is also subject to the provisions on retirement by rotation and re-election of directors in accordance with the bye-laws of the Company and the Listing Rules.

Save as disclosed above, the Board is not aware of any other matters in relation to the appointment of Mr. JIANG Chao as a non-executive director of the Company that need to be brought to the attention of the shareholders of the Company nor is there any information to be disclosed by the Company pursuant to any of the requirements set out in Rules 13.51 (2) of the Listing Rules.

The Company takes this opportunities to express its warm welcome to Mr. JIANG Chao to the Board.

Mr. ZENG Xianfeng

The Board is pleased to announce that with effect from 16 January 2017, Mr. ZENG Xianfeng has been appointed as a non-executive Director.

Mr. ZENG Xianfeng, aged 49, joined COFCO Group in September 1996 and had served in various positions, including a manager of finance department and a deputy general manager of COFCO Futures Co., Ltd. (中糧期貨有限公司) from September 1996 to January 2006, a deputy general manager and executive deputy general manager of the oilseeds division of China Agri-Industries Holding Limited ("China Agri-Industries") and a deputy general manager of finance department of China Agri-Industries from January 2006 to July 2012, the general manager of the oilseeds division of China Agri-Industries from July 2012 to August 2014, and a deputy general manager of China Agri-Industries from March 2014 to November 2016 Mr. Zeng has professional qualification certificate in finances, accounting and futures and holds a Bachelor's degree in Economics and a Master's degree in Economics from Beijing Technology and Business University.

Save as disclosed above, Mr. ZENG Xianfeng has no other relationship with any directors, senior management, or any substantial or controlling shareholders (as defined in Listing Rules) of the Company, and has not held any directorships in other listed companies, whether in Hong Kong or overseas, in the last three years.

As at the date of this announcement, Mr. ZENG Xianfeng has an interest in 54,000 shares of China Agri- Industries, an associated corporation. Save as disclosed above, he does not have any other interests in the shares, underlying shares or debentures of the Company and its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

An appointment letter was entered into between Mr. ZENG Xianfeng and the Company pursuant to which he was appointed for a term of three years as a non-executive director of the Company. He is not entitled to any emolument for acting as a non-executive director of the Company unless otherwise determined by the Board according to the recommendation of the Remuneration Committee with reference to his job complexity, workload and responsibilities with the Company and the remuneration policy of the Company from time to time. He shall hold office only until the next annual general meeting of the Company following his appointment and shall then be eligible for re-election at that meeting in accordance with the bye-laws of the Company and the Listing Rules. He is also subject to the provisions on retirement by rotation and re-election of directors in accordance with the bye-laws of the Company and the Listing Rules.

Save as disclosed above, the Board is not aware of any other matters in relation to the appointment of Mr. ZENG Xianfeng as a non-executive director of the Company that need to be brought to the attention of the shareholders of the Company nor is there any information to be disclosed by the Company pursuant to any of the requirements set out in Rules 13.51 (2) of the Listing Rules.

The Company takes this opportunities to express its warm welcome to Mr. ZENG Xianfeng to the Board.

Mr. JIA Peng

The Board is pleased to announce that with effect from 16 January 2017, Mr. JIA Peng has been appointed as a non-executive Director.

Mr. JIA Peng, aged 56, joined China National Native Produce and Animal By-Products Import & Export Corporation (中國土產畜產進出口總公司), a member of COFCO Group, in 1993 and had served in various positions, including the general manager of China TuXi Africa SanLi Co., Ltd (中國土畜非洲三利有限 公司), a deputy general manager of China Feed Import and Export Corporation (中國飼料進出口公司), the general manager of China 's native products of Yunnan Tea Import and Export Company (中國土產畜 產雲南茶葉進出口公司), the general manager and chairman of Yunnan Chinese Tea Industry Limited (雲 南中茶茶業有限公司), the deputy general manager and the general manager of China Tea Limited (中國 茶葉有限公司). Mr. Jia had been the general manager assistant of China National Native Produce and

Animal By-Products Import & Export Corporation since March 2012. Mr. Jia is currently a director of Xiamen Tea Import & Export Co., Ltd. (廈門茶葉進出口有限公司), Fujian Tea Import & Export Limited (福建茶 葉進出口有限責任公司), Fujian Quanzhou Ruilong Tea Industry Co., Ltd (福建泉州瑞龍茶業有限公 司), Hunan Chinese Tea Industry Limited (湖南中茶茶業有限公司), Yunnan Chinese Tea Industry Limited (雲南中茶茶業有限公司), Guangxi Chinese Tea Industry Limited (廣西中茶茶業有限公司), and Hunan Monkey King Tea Industry Limited (湖南猴王茶葉有限公司). Mr. Jia received a bachelor's degree in arts from Anhui University (安徽大學) in July 1983.

Save as disclosed above, Mr. JIA Peng has no other relationship with any directors, senior management, or any substantial or controlling shareholders (as defined in Listing Rules) of the Company, and has not held any directorships in other listed companies, whether in Hong Kong or overseas, in the last three years.

As at the date of this announcement, Mr. JIA Peng does not have any interests in the shares, underlying shares or debentures of the Company and its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

An appointment letter was entered into between Mr. JIA Peng and the Company pursuant to which he was appointed for a term of three years as a non-executive director of the Company. He is not entitled to any