The Board of Guangzhou R&F Properties Co., Ltd. announced that Mr. Feng has tendered his resignation as the Employees Representative Supervisor due to retirement effective from February 23, 2012. The company also reported that Mr. Chen Liangnuan has been elected as the Employees Representative Supervisor in a democratic election by the employees of the company in accordance with the articles of association of the company, for a term of three years commencing from February 23, 2012. Mr. Chen will be subjected to retirement by rotation and re-election at employees general meetings of the company in accordance with the Articles. A service contract has been signed between the company. Mr. Chen, aged 62, graduated from Shanghai Textile College in 1977. From 1977 to 1996, Mr. Chen had served as the general manager or party secretary of various textile factories in Guangzhou. Mr. Chen joined Guangzhou Tianli Construction Co. Ltd. in 1996 as its general manager and assumed in 2003 the additional position of managing director which he currently holds. Tianli is presently a wholly-owned subsidiary of the company. Mr. Chen is also the managing director of Foshan Metalwork Co., Ltd. and Guangzhou Tianyin.