The board of directors of China New City Commercial Development announced that with effect from 3 April 2020: Mr. Dong Shuixiao (‘Mr. Dong') has resigned as an executive Director, chief executive officer and president of the Company due to his wish to devote more time to his other business commitments; Ms. Jin Ni (‘Ms. Jin') has resigned as an executive director of the Company, vice chairperson of the Board and the vice president of the Company due to her wish to devote more time to her other business commitments. Mr. Dong and Ms. Jin have confirmed that there is no disagreement between them and the Board and there are no matters in relation to their resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. The Board announced that with effect from 3 April 2020: Mr. Shi Nanlu (‘Mr. Shi') has been appointed as an executive Director and chief executive officer of the Company; Mr. Liu Bo (‘Mr. Liu') has been appointed as an executive Director and vice president of the Company; and Mr. Tang Min (‘Mr. Tang') has been appointed as a non-executive Director of the Company and vice chairperson of the Board.

Mr. Shi is responsible for the daily operation and management, strategic investments and new business exploration of the Group. He has been a vice president of the Group since June 2015. Mr. Liu responsible for overall daily operations and management of the Group as well as ensuring the Board functions properly with good corporate governance practice.

He joined the Group in July 2016. He has served as the vice president of the Group. Prior to joining the Group, he worked in the investment department of He Jun Capital from December 2012 to July 2013, and in the business development department of Wan Xiang Trust from August 2013 to June 2016.

Mr. Tang responsible for the formulation of development strategies. He is a senior economist. The Board further announces that the change of Directors as announced above, with effect from 3 April 2020, Ms. Jin has ceased to be the chairman of the Corporate Governance Committee and a member of the Nomination Committee, and Mr. Shi has been appointed as the chairman of the Corporate Governance Committee and a member of the Nomination Committee.

The Board further announces that following the change of Directors with effect from 3 April 2020, Ms. Jin has ceased to act as an authorized representative of the Company for the purpose of Rule 3.05 of the Listing Rules (the ‘Authorized Representative'), and Mr. Liu has been appointed as the Authorized Representative.