Poly Property : RETIREMENT AND APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTORS

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(Incorporated in Hong Kong with limited liability)

(Stock Code: 00119)

RETIREMENT AND APPOINTMENT OF

INDEPENDENT NON-EXECUTIVE DIRECTORS

RETIREMENT OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of Poly Property Group Co., Limited (the "Company") announces that Mr. Choy Shu Kwan ("Mr. Choy"), an independent non-executive Director, the chairman of the risk management committee (the "Risk Management Committee"), and a member of each of the audit committee (the "Audit Committee") and the remuneration committee (the "Remuneration Committee") of the Company, has informed the Board that he will not offer himself for re-election as independent non-executive Director at the annual general meeting (the "Annual General Meeting") as he would like to retire and devote more time to his family and other personal interests and commitments. He will hold office until the conclusion of the forthcoming AGM to be held on 28 May 2021.

Mr. Choy has confirmed that he does not have any disagreement with the Board, and there is no other matter relating to his retirement from the Board that needs to be brought to the attention of the shareholders of the Company (the "Shareholders") or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to take this opportunity to express its appreciation to Mr. Choy for his valuable contributions and services to the Company during his tenure of office.

APPOINTMENT OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board proposes an ordinary resolution to elect Mr. Fung Chi Kin ("Mr. Fung") as an independent non-executive Director at the forthcoming Annual General Meeting. The Board also

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proposes to appoint Mr. Fung as the chairman of the Risk Management Committee, and a member of each of the Audit Committee and the Remuneration Committee, subject to the approval of the appointment of Mr. Fung as a director of the Company at the Annual General Meeting.

Mr. Fung Chi Kin

Fung Chi Kin, aged 71, is the honorary permanent president of the Chinese Gold & Silver Exchange Society and a director of Fung Chi Kin Consulting Limited. Mr. Fung has over 34 years of experience in banking and finance. Prior to his retirement, he was the director and deputy general manager of Po Sang Bank Limited (merged into Bank of China (Hong Kong) Limited in 2001), managing director of BOCI Securities Limited and chief administration officer of BOC International Holdings Limited. From October 1998 to June 2000, Mr. Fung served as a council member of the first Legislative Council of the Hong Kong Special Administrative Region. He also held offices in various public organisations and was the vice chairman of the Stock Exchange, director of the Hong Kong Futures Exchange Limited, director of Hong Kong Securities Clearing Company Limited and Hong Kong Affairs Advisor.

Mr. Fung has been appointed as an executive director of LOCO Hong Kong Holdings Limited ("LOCO HK Holdings", stock code: 8162, the shares of which are listed on the GEM of the Stock Exchange) since June 2019 and has also been appointed as the compliance officer of LOCO HK Holdings in August 2019. Mr. Fung has been appointed as a non-executive director of Sang Hing Holdings (International) Limited (stock code: 1472, the shares of which are listed on the Main Board of the Stock Exchange from March 2020) since July 2018. Mr. Fung has been an independent non-executive director of Chaoda Modern Agriculture (Holdings) Limited (stock code: 682, the shares of which are listed on the Main Board of the Stock Exchange) since September 2003.

Mr. Fung served as an executive director and compliance officer of China Trustful Group Limited (formerly known as Powerwell Pacific Holdings Limited, stock code: 8265, the shares of which are listed on GEM of the Stock Exchange) from September 2014 to May 2017 and from March 2019 to October 2019. Mr. Fung also served as an independent non-executive director of Geotech Holdings Ltd. (stock code: 1707, the shares of which are listed on Main Board of the Stock Exchange) from September 2017 to July 2020. Mr. Fung had also been an independent non-executive director of China Overseas Nuoxin International Holdings Limited (formerly known as Kenford Group Holding Limited, stock code: 464, the shares of which are listed on Main Board of the Stock Exchange) from August 2017 to April 2019.

Save as disclosed above, as at the date of this announcement, Mr. Fung (i) does not hold any positions with the Company and other members of the Group; (ii) has not held any other directorship in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; (iii) does not have any other major appointments and professional qualifications; (iv) does not have any other relationship with any Directors, senior management or substantial or controlling Shareholders of the Company; and (v) does not have any

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interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The Board proposes to enter into an appointment letter with Mr. Fung for a term of three years commencing on 28 May 2021. A director's fee in the amount of HK$356,076 will be paid for his services per annum. Such fee is subject to review by the Board from time to time pursuant to the power given to it in general meeting of the Company with reference to the prevailing market conditions.

Save as disclosed above, (i) there are no other matters in connection with the appointment of Mr. Fung that need to be brought to the attention of the Shareholders, and (ii) there is no other information required to be disclosed pursuant to any of the requirements under Rule 13.51(2)(h) to

(v) of the Rules Governing the Listing of Securities on the Stock Exchange.

By order of the Board

Poly Property Group Co., Limited

ZHANG Bingnan

Chairman

Hong Kong, 12 May 2021

As at the date of this announcement, the executive directors of the Company are Mr. Zhang Bingnan, Mr. Xue Ming, Mr. Wang Jian, Mr. Ye Liwen and Mr. Zhu Weirong, and the independent non-executive directors of the Company are Mr. Ip Chun Chung, Robert, Mr. Choy Shu Kwan, Miss Leung Sau Fan, Sylvia and Mr. Wong Ka Lun.

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