Shanghai Zendai Property Limited announced that Mr. Qin Renzhong has resigned as an executive Director due to the internal management and change of work needs of the group of China Orient Asset Management (International) Holding Limited; Mr. Tang Jian has resigned as an executive Director due to restructuring of the Board; Dr. Xu Changsheng has resigned as an independent non-executive Director, members of the nomination committee of the Board ("Nomination Committee"), the remuneration committee of the Board ("Remuneration Committee") and the audit committee of the Board ("Audit Committee") due to restructuring of the Board; Mr. Ng Man Kung has resigned as an independent non-executive Director, a member and the chairman of the Remuneration Committee, and members of the Nomination Committee and the Audit Committeedue to restructuring of the Board; Mr. How Sze Ming has resigned as an independent non-executive Director, a member and the chairman of the Audit Committee and a member of the Remuneration Committee due to restructuring of the Board; and Dr. Di Ruipeng has resigned as an independent non-executive Director, and members of the Nomination Committee, the Remuneration Committee and the Audit Committee due to restructuring of the Board. The Board also announces that with effect from 11 January 2021, Mr. Huang Yuhui and Ms. Li Zhen have been appointed as executive Directors.