Future Land Development Holdings Limited announced that the company has received a notice on July 3, 2019 from the Putuo Branch of the Shanghai Public Security Bureau informing the company that Mr. Wang Zhenhua, the company's chairman and executive director, is currently being held in criminal custody for personal reasons. The board of directors of the company is of the view that the criminal custody of Mr. Wang is not related to the operations of the Group, which remain normal. In view of the circumstances, the Board is of the view that Mr. Wang is currently unable to perform his duties as the chairman of the Company and has resolved that Mr. Wang shall be removed from the position as the chairman of the Board with immediate effect. The Board has resolved to appoint Mr. Wang Xiaosong a non-executive director of the Company, as the chairman of the Board with immediate effect.