The board of directors of Shanghai Zendai Property Limited (the Company, and together with its subsidiaries, the Group) announced that, with effect from 23 June 2021: Mr. Wang Letian (Mr. Wang) has resigned as the chairman of the Board, the chairman of the nomination committee of the Board (Nomination Committee) and an authorised representative of the Company for the purposes of the Rules Governing the Listing of Securities (the Listing Rules) on The Stock Exchange of Hong Kong Limited (Stock Exchange) due to change of personnel at the Group. Mr. Wang will remain an executive Director of the Company, a member of Nomination Committee and a member of the remuneration committee of the Board (Remuneration Committee; and Ms. Li Zhen (Ms. Li) has resigned as a member of the Nomination Committee due to change of personnel at the Group. Ms. Li will remain an executive Director of the Company and a member of the Remuneration Committee. Mr. Wang and Ms. Li have confirmed that they have no disagreement with the Board and there is no matter relating to their resignation from the positions described above that needs to be brought to the attention of the holders of securities of the Company or the Stock Exchange. The Board also announced that, with effect from 23 June 2021, Mr. Huang Yuhui (Mr. Huang) has been appointed as the chairman of the Board, a member and the chairman of the Nomination Committee and an authorised representative of the Company for the purposes of the Listing Rules. Mr. Huang has been the party secretary and chairman of Nantong Sanjian Holdings Co. Ltd. (Nantong Sanjian) and chairman of Jiangsu Nantong Sanjian Construction Group Co. Ltd. since February 2018.