China Qinfa Group Limited announced that Dr. QIAN Pingfan has resigned as an independent non-executive Director, member of the audit committee, member of the remuneration committee and member of the nomination committee of the Board with effect from January 22, 2013 pursuant to the requirements of Dr. QIAN's working unit. The Board also announced that Mr. XING Zhiying has been appointed as an independent non-executive Director, member of the audit committee, member of the remuneration committee and member of the nomination committee of the Board with effect from January 22, 2013. Mr. XING is currently a senior economist, the chief of Supervisory Committee of the Finance Arbitration Center in Guangzhou, the vice president of Finance Expert Association in Guangdong province, and a member of the China Society for Finance and Banking.

Mr. XING has been appointed the independent director of China Mercantile Bank in Shenzhen, the PRC since 2011.