DreamEast Group Limited announced that Mr. Cao Rucang ("Mr. Cao") tendered his resignation as an executive Director with effect from 5 March 2021, as he needs to devote more time to his other engagements. Following his resignation, Mr. Cao will also cease to be the Chairman of the Board and the chairman of the Nomination Committee of the Company with effect from 5 March 2021. With effect from 5 March 2021, Mr. Yang Lei resigned as the authorised representative of the Company but shall remain as an executive Director of the Company. The Company further announced that Ms. Zhou Jin, ("Ms. Zhou") has been appointed as an executive Director, the Chairman of the Board and the authorised representative of the Company with effect from 5 March 2021. Ms. Zhou, aged 48, is currently the president and legal representative of SkyOcean Group Holdings Co. Ltd. She served as an executive Director of the Company from 2 January 2020 to 12 October 2020 and from 6 January 2014 to 9 January 2015. She has over 25 years of working experience in the property development and commercial retail industries in the People's Republic of China. Save as disclosed above, Ms. Zhou did not hold any other directorship in listed public companies in Hong Kong or overseas for the past three years. As at the date of this announcement, Ms. Zhou has entered into a letter of appointment with the Company for an initial term of three years commencing from 5 March 2021. Ms. Zhou shall hold office until the next general meeting of the Company after her appointment and shall then be eligible for re-election at that meeting. She is subject to the retirement by rotation and re-election at the annual general meetings of the Company in accordance with the memorandum of association and bye-laws of the Company. Ms. Zhou is entitled to an annual director fee of HKD120,000 which is determined with reference to her duties and level of responsibilities and the remuneration policy of the Company and the prevailing market conditions. There is no additional remuneration payable to Ms. Zhou for acting as the Chairman of the Board, and the authorised representative of the Company. Save as disclosed in this announcement, as at the date hereof, Ms. Zhou does not hold any other position with the Company or its subsidiaries; have any relationship with any other directors of the Company, senior management or substantial or controlling shareholders of the Company. Ms. Zhou has a 20% effective interest in SkyOcean Investment Holdings Limited, the immediate holding company of the Company holding 205,182,287 shares of the Company as at the date of this announcement. Following Mr. Cao's resignation, Ms. Zhou will replace Mr. Cao as the chairman of the Nomination Committee of the Company with effect from 5 March 2021.