Weiye Holdings Limited announced that Mr. Zhang Wei has stepped down as the company's CEO. He will remain on the Board as the Executive Chairman. Mr. Song Fulin, the company's COO, will be promoted as the CEO of the company.

As the company's CEO, Mr. Song will undertake the overall business operations and management for China property segment of the Group and report to the Board of the Group. In addition, he will be responsible for the projects reserves and financing of the Group. Mr. Hong Junli has stepped down as the company's Chief Administration Officer.

He will be appointed as the President of Henan Group of the company. He will undertake the overall business operations and management of the Henan Group of the company. Mr. Chen Zhiyong, the company's Executive Director and Chief Procurement Officer, will be re-designated as the Executive Director and COO of the company.

His responsibilities remain unchanged. The re-designation of the board and Executive Officers with effect from February 28, 2014.