The board of directors of China Overseas Property Holdings Limited announced that Mr. Yan Jianguo decided to resign as the Chairman of the Board, Non-executive Director, authorized representative, chairman of the Nomination Committee and a member of the Remuneration Committee of the Company with effect from 11 February 2020 due to realignment of work duties. The Board also announced that, with effect from 11 February 2020, Mr. Zhang Guiqing has been appointed as the Chairman of the Board, Executive Director, Authorized Representative, chairman of the Nomination Committee and a member of the Remuneration Committee of the Company. Mr. Zhang joined a subsidiary of China Overseas Holdings Limited as engineer in 1995 and since then, he worked in various business units within COHL and China Overseas Land and Investment Ltd. Mr. Zhang has been appointed as the executive director and chief executive officer, authorized representative and a member of remuneration committee of China Overseas Grand Oceans Group Limited, for the period from December 2014 to February 2020. After the appointment of Mr. Zhang as the Authorised Representative, Mr. Pang Jinying will continue to be the alternate Authorized Representative to Mr. Zhang. Currently, Mr. Pang is the alternate Authorized Representative to Mr. Yan.