The board of directors of Joy City Property Limited announced that Mr. ZHOU Zheng has resigned as the general manager of the company due to compliance with the requirements of the Code on Corporate Governance Practices with effect from 23 May 2017. After Mr. ZHOU Zheng's resignation as the general manager of the company, he will continue to serve as the chairman, an executive director and chairman of the nomination committee and the executive committee of the Board. The Board further announced that Mr. ZHOU Peng has been appointed as the general manager of the company with effect from 23 May 2017. Mr. ZHOU Peng joined COFCO Corporation in January 2005 and had served in various positions. He was a deputy general manager of Chaoyang Joy City from February 2009 to September 2011 and a general manager of Chaoyang Joy City from September 2011 to August 2016. He is a deputy general manager of the company since March 2016 and is a general manager of COFCO (Beijing) Development of Agricultural Ecological Valley Limited since September 2016. Mr. ZHOU Peng is a member of Royal Institution of Chartered Surveyors, a qualified senior engineer in the PRC and has over 10 years of experience in commercial property corporate management. Currently, he is a member of the Chinese Young Entrepreneurs Association, a vice chairman of China Real Estate Research Association of China Real Estate Chamber of Commerce and a special expert of Commercial Property Creative Group at E-House China Wharton.