Joy City Holdings announced that in response to the commercial real estate REITs pilot policy call, the company plans to transfer 100% of the shares in Joy City held by its holding subsidiary COFCO Land, use the Tianjin Joy City Shopping Center project as the underlying asset, and carry out the filing and issuance of commercial real estate REITs. The transaction has been reviewed by competent decision-making bodies, and the relevant agreement has not yet been signed. The matter is still subject to regulatory approval, is uncertain, and may face market, valuation, and policy risks.

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