The Board of South West Eco Development Limited announced that Dr. Lee Kai Hung and Ms. Chan Koon Woon (also known as Mrs. Lee Chan Koon Woon) resigned as executive Directors with effect from the close of the Offer. Consequent to his resignation, Dr. Lee also resigned as chairman of the Board and chief executive officer of the company with effect from the close of the Offer. The resignation of Dr. Lee and Mrs. Lee was due to change in control of the company.

Dr. Elaine Eick will retire from her role as vice-chairman of the Board but will remain as executive Director. The Board also announced that Mr. Zhuang Yuekai, Mr. Shi Zhen, Ms. Wang Xianrong and Ms. Zhao Chengmin have been appointed as executive Directors with effect from 10 February 2015. With effect from 10 February 2015, Mr. Zhuang Yuekai has also been appointed as chairman of the Board and Mr. Shi Zhen as chief executive officer of the Company with effect from 10 February 2015.

Mr. Zhuang, aged 49, is a senior engineer, a registered enterprise legal adviser in the PRC and a certified real estate appraiser in the PRC and is entitled to special government allowances of the State Council. Mr. Zhuang has extensive experience in, among others, real estate development, investment in merger and acquisition, capital utilisation and commercial operation. Mr. Zhuang has worked in Xiamen C&D Corporation Limited and C&D Real Estate Corporation Limited for many years and currently serves as, among others, the vice general manager and a member of the standing committee of the party committee of Xiamen C&D Corporation Limited and the chairman of C&D Real Estate Corporation Xiamen C&D Corporation Limited is the holding company of Xiamen C&D Inc. Mr. Shi, aged 49, is a senior engineer and a certified real estate appraiser in the PRC and has years of experience in, among others, real estate development, investment management and enterprise operation management.

Ms. Wang, aged 63, is a senior accountant. Ms. Wang has worked in Xiamen C&D Corporation Limited and C&D Real Estate Corporation Limited for many years and currently serves as a director of Xiamen C&D Corporation Limited and C&D Real Estate Corporation Limited. Ms. Wang is also a director of Xiamen C&D Inc. Ms. Wang was a director of Xiamen Overseas Chinese Electronic Co.

Ltd. and the chairperson of Xiamen C&D Corporation Limited. Ms. Zhao, aged 45, has many years' experience in finance management and investment operation management and has held senior management positions in PRC-listed companies or key holding subsidiaries of PRC-listed companies for many years. Ms. Zhao has worked in Xiamen C&D Corporation Limited and C&D Real Estate Corporation Limited for many years and currently serves as, among others, a supervisor of Xiamen C&D Corporation Limited and a director and vice general manager of C&D Real Estate Corporation Limited.

Ms. Zhao worked as finance controller and vice general manager in Xiamen Overseas Chinese Electronic Co. Ltd.