$JOY CITY PPT (00207.HK)$ Announcement, on November 18, 2024, Sanya Yuelu (an indirectly owned non-wholly-owned subsidiary of the Company) successfully bid for the land use rights of the land parcel offered by the Natural Resources and Planning Bureau through online public tender at a price of RMB 0.725 billion. The confirmation of the relevant transaction has been obtained on the same day, and it is expected that the land use rights transfer contract related to the acquisition will be signed on or before December 2, 2024. Sanya Yuelu has already paid a bid security deposit of RMB 0.4345 billion. Sanya Yuelu will hold the equity of the land parcel after the completion of the acquisition to carry out future development on the site. The land parcel is located in Sanya City, Hainan Province, China.
This parcel of land is located in the core business district of Sanya, with a superior geographical location, adjacent to shopping centers (including Sanya Joy City), a top-tier hospital, schools, sports facilities, and parks. The supply of land in the surrounding area is scarce, and the group expects there will not be similar scale and type land supply within a two-kilometer radius in the short to mid-term. The land is planned for high-rise apartment units and dining purposes. Given the location and planned use of the land, it is expected to achieve investment appreciation after the development is completed, thereby bringing cash flow and stable significant revenue and profits to the group. The directors believe that the acquisition aligns with the group's global strategy and planning.
