The Company’s Cantilever Ferris Wheel Atop Urban Complex Is First of Its Kind in China and Poised to Revolutionize Layout of Offline Commercial Properties

HONG KONG, Feb. 22, 2016 /PRNewswire/ — Joy City Property Limited ("Joy City Property" or the "Company", HKEx Code: 0207) is pleased to announce the official opening of its cantilever Ferris wheel atop an urban complex, Shanghai Joy City, to the public. The cantilever Ferris wheel on top of a building is the first of its kind in China and is poised to lead the property sector with the "Ferris wheel economy" and revolutionize the layout of the offline commercial properties.

Shanghai Joy City’s Ferris Wheel, SKY RING
Shanghai Joy City’s Ferris Wheel, SKY RING

On Valentine’s Day, Shanghai Joy City’s cantilever Ferris wheel SKY RING and "Mofang166", a budding district for art and culture, jointly launched a romance-themed shopping centre named "Shanghai’s Landmark for Romance" that provides an intimate social space. Through co-operation with renowned brands, SKY RING brought an appealing shopping experience to consumers on Valentine’s Day. The cantilever Ferris wheel and Mofang166, which are both located on the top of Shanghai Joy City, attract to them the customer flow, which then goes downward, boosting the foot traffic at all the levels below in the urban complex.

Shanghai Joy City is situated in Shanghai’s CBD area in Suhe Creek, and its second phase has been open to business on 19 December 2015, bringing the total gross floor area of the urban complex to 163,000 square meters. SKY RING, which is 56 meters in diameter and carrying 30 stylish white capsules which allow a panoramic view, is erected on the top of Shanghai Joy City, or 98 meters above ground. SKY RING has been carrying over 4,000 passengers daily since its official opening to the public on 6 February 2016, thus increasing customer flow and sales at shops significantly in Shanghai Joy City during the spring holidays.

Mr. Zhou Zheng, Vice President of COFCO and Chairman of Joy City Property Limited, said, "Shanghai Joy City has led the industry in the collaboration between commerce, art and entertainment. It stimulates growth in customer flow with its romance-themed facilities such as SKY RING, the first cantilever Ferris wheel atop a building in China, and the shopping centre, "Shanghai’s Landmark for Romance" as well as their related souvenirs and Valentines’ Day Special Light Show. Such products and services have formed what can be termed a "Ferris wheel economy" and have driven up overall revenue at the urban complex. With SKY RING and an intimate social space at the romance-themed shopping centre, Shanghai Joy City Phase II has undergone a comprehensive upgrade in terms of planning, composition of tenants with well-known brands, and leisure activities, thus laying the solid foundations for the Group’s development."

About Joy City Property Ltd

Joy City Property is a commercial property listing company under COFCO Corporation, business of which covering commercial property, residential property, hotel, tourism property and regional comprehensive development. With the enterprise commission of "providing premium landscaping living environment and high quality service, leading a modern and fashion life style, and gradually became a brand property leader with sustainable development capability in China", the Company successfully built an urban complex under the brand of Joy City with the principle concept of " juvenility, fashion, modern and taste", and developed various products, including the top-level scenery series integrated with excellent natural resources and buildings, international living community series gathering international life styles and Chinese spirit, urban boutique resident series facing to city elites, top-level high-end hotels with international influence, such as MGM Grand Sanya, Regis Sanya, Waldorf Astoria Beijing, Beijing W Hotel, and the National Tourist Holiday Resort in Yalong gulf, Sanya with the reputation of "Oriental Hawaii", which formed a gorgeous property territory with rich formats, perfected product categories and balanced capital structure.

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