The board of directors of Gemdale Properties and Investment Corporation Limited announced that Mr. Hu Chunyuan will cease to act as an independent non-executive Director with effect from the conclusion of the AGM by reason of retirement by rotation under the Memorandum of Association and Bye-laws of the company. Accordingly, Mr. Hu will also cease to be the chairman and a member of the audit committee as well as a member of the remuneration committee of the company with effect from the conclusion of the AGM. The board also announced that Mr. Xia Xinping will be proposed for election as an independent non-executive Director by the Shareholders at the AGM. Subject to the approval by the Shareholders at the AGM, Mr. Xia will also be appointed as the chairman and a member of the audit committee as well as a member of the remuneration committee of the company, all with effect from the date of the AGM. Mr. Xia Xinping, aged 54, he served as the vice director of the College of Management from 2003 to 2011; Mr. Xia served as a director of Wuhan HUST High-Tech Group, a member of the budget committee of Huazhong University of Science and Technology, and an independent director of Fiberhome Telecommunication Technologies Co. Ltd. He was also an independent director of (Gemdale Corporation), the controlling shareholder of the company, from May 2009 to April 2017 and was the chairman of the audit committee as well as a member of the remuneration and assessment committee of the board of directors of that company from 2010 to 2017. Currently, he serves as an independent director of Shenzhen New Nanshan Holding (Group) Co. Ltd. and Hubei Fuxing Science and Technology Co. Ltd. Mr. Xia graduated from Huazhong Institute of Technology in 1985 with a bachelor's degree in engineering, from Huazhong University of Science and Technology in 1990 with a master's degree in management, and then from Huazhong University of Science and Technology in 2000 with a doctoral degree in management. Subject to election as an independent non-executive Director by the Shareholders at the AGM, the company and Mr. Xia will enter into a letter of appointment in respect of his appointment as an independent non-executive Director commencing from the date of the AGM with an initial term of three years, and is subject to retirement by rotation and re-election in accordance with the bye-laws of the company.