The board of directors of Zhong Fa Zhan Holdings Limited announced that with effect from 20 October 2017, Mr. Heung Chee Hang, Eric has tendered his resignation as an independent non-executive Director due to his other business engagements. The board announced that Mr. Jin Qingjun (Mr. Jin) has been appointed as an independent non-executive Director with effect from 20 October 2017. Mr. Jin currently serves as an independent non-executive director of Times Property Holdings Limited and Sino-Ocean Group Holding Ltd., an independent director of CSG Holding Co. Ltd., Guotai Junan Securities Co. Ltd. nd Bank of Tianjin Co. Ltd., a director of Konka Group Co. Ltd., and external supervisor of China Merchants Bank Co. Ltd. The board announced the following changes in the composition of the board committees, all with effect from 20 October 2017: Subsequent to his resignation, Mr. Heung ceased to be members of each of the audit committee of the Company and the remuneration committee of the Company; and Mr. Jin has been appointed as members of each of the Audit Committee and Remuneration Committee.