On November 19, 2025, Chengdu Chenyue (an indirect wholly-owned subsidiary of JOY CITY PPT (00207)) successfully bid RMB2.65 billion for a land parcel offered by the Planning and Natural Resources Bureau through an online public listing. The transaction confirmation was obtained the same day, with the land use rights transfer agreement expected to be signed by December 3, 2025.

Chengdu Chenyue has already paid a bid deposit of RMB532 million for the online auction. Upon completion of the acquisition, the subsidiary will hold the land rights for future development.

Located in Chengdu’s Qingyang District, the site benefits from strong economic vitality and significant market potential in western China. The district’s solid industrial foundation, growing consumer demand, and limited commercial supply present substantial investment opportunities.

Situated in the Guanghua area outside Qingyang’s administrative center, the project will leverage the thriving aviation industry cluster and a dynamic "residential + commercial" environment. Given its strategic location and planned usage, the development is expected to generate positive investment returns, providing stable cash flow and satisfactory earnings for the group.

The board believes the acquisition aligns with the company’s business development strategy.