The board of directors of China New City Commercial Development Limited announced that Mr. Zhou Minghai has tendered his resignation as Executive Director and Co-chairman of the board with effect from June 16, 2015 due to his wish to pursue other career opportunities; and Mr. Shi Guoliang has tendered his resignation as Executive Director and President of the Group with effect from June 16, 2015 due to his wish to pursue other career opportunities. The board also announced that Mr. Dong Shuixiao has been appointed as Executive Director and Chief Executive Officer of the company with effect from June 16, 2015. Mr. Dong Shuixiao, was the Vice President and Director of certain subsidiaries of Zhong An Real Estate Limited since 2012 and was responsible for assisting the Chief Executive Officer of Zhong An on the administration and general project management of the Zhong An Group. He joined the Zhong An Group since 1997 and had served as Deputy General Manager and General manager for various subsidiaries of Zhong An during the period from 1997 to 2014. He has professional and senior managerial experiences in real estate industry, particularly in the field of project administration and management, on-site technology supervision, construction cost control and financial operation. He has over 18 years of
experience in property operation and management. Mr. Dong has resigned from all his managerial positions in the Zhong An Group before joining the Group.