The board of directors of Joy City Property Limited announced the following changes with effect from 17 March 2021: Mr. ZHOU Zheng ("Mr. Zhou") has resigned as the Chairman of the Board and an executive Director and has ceased to be the chairman of the executive committee of the Board (the "Executive Committee"), the chairman of the nomination committee of the Board (the "Nomination Committee") and an authorised representative of the company; Mr. YOU Wei ("Mr. You") has been appointed as the Chairman of the Board and an executive Director, the chairman of the Executive Committee, the chairman of the Nomination Committee and an Authorized Representative; Mr. JIANG Yong ("Mr. Jiang") has resigned as a non-executive Director; and Mr. LIU Yun ("Mr. Liu") has been appointed as a non-executive Director. The Board further announces that with effect from 17 March 2021, Mr. Zhou has ceased to be the chairman of the Executive Committee, the chairman of the Nomination Committee and an Authorised Representative; and Mr. You has been appointed as the chairman of the Executive Committee, the chairman of the Nomination Committee and an Authorised Representative. Following the above mentioned changes: the Executive Committee will comprise two members, namely Mr. You (as the chairman of the Executive Committee and Mr. CAO Ronggen; the Nomination Committee will comprise four members, namely Mr. You (as the chairman of the Nomination Committee), Mr. LAU Hon Chuen, Ambrose, GBS, JP, Mr. LAM Kin Ming, Lawrence and Mr. CHAN Fan Shing.