Joy City Property Limited announced that Mr. ZHOU Peng has resigned as the general manager of the Company with effect from 28 October 2020 due to his work re-designation within COFCO Corporation and its subsidiaries. Mr. Zhou 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 company announced that Mr. CAO Ronggen has been appointed as the general manager of the Company with effect from 28 October 2020. Mr. Cao was appointed as an executive Director, a member of Executive Committee and a member of Remuneration Committee with effect from 7 December 2016 and a member of Audit Committee with effect from 30 May 2019. He is a director and general manager of Grandjoy Holdings from May 2017.