The board of directors of China New City Commercial Development Limited announced that with effect from 29 January 2015: Mr. Zhou Minghai has been appointed as the executive Director and co-chairman of the Board; Mr. Shi Guoliang has been appointed as the executive Director and the president of the Group; Ms. Jin Ni has ceased to act as the president of the Group but will remain as an executive Director and vice chairlady of the Board; and Mr. Hang Chu Kwong has been appointed as the financial controller and company secretary of the Company. Mr. Zhou had been the president of Intime Department Store (Group) Company Limited. Mr. Shi had been the general manager of Jiaxing City Zhajiasu Highway Co.

Ltd. from October 2007 to December 2014. Upon the appointment of Mr. Shi as the president of the Group, Ms. Jin has ceased to act as the president of the Group. She will remain as an executive Director and vice chairlady of the Board and will be in charge of the day-to-day operations of the Board.

Mr. Hang had been the deputy financial controller of Agile Property Holdings Limited from March 2011 to September 2014.