[ET Net News Agency, 30 September 2019] Joy City Property Limited (00207) said Jinan
Joy City Property Development Company Limited (the project company, an indirect non
wholly-owned subsidiary of the company) has been notified by the Jinan Bureau of Land and
Resources that it has successfully bid for the land use rights of the land offered for
sale by the Jinan Bureau of Land and Resources at the auction for RMB3.14 billion. The
equity interest of the project company is owned as to 60% and 40% by Jetway Developments
Limited (a direct wholly-owned subsidiary of the company) and Jinan Licheng Holdings,
respectively.
The land is in Jinan, the PRC. It has a total site area of approximately 211,748 square
metres. The term is 40 years for commercial use and 70 years for residential use. (RC)