The Board of Directors of Weiye Holdings Limited announced the following reconstitution of the board, board Committees and Executive Officers with effect from March 1, 2013: Mr. Chen Zhiyong has stepped down as the company's CEO. He will remain on the board as an executive director. In addition, he will be appointed as Chief Procurement Officer of the company and be responsible for procuring, directing, authorizing, monitoring and budgeting of construction material for property development projects of the Group.

Mr. Zhang Wei will be appointed as the CEO of the company. He will be Executive Chairman and CEO of the company. As the company's CEO, Mr. Zhang will undertake the overall business operations and management of the Group and report to the Board of the Group.

In addition, he will be responsible for setting business strategies and managing the Group, which involves high-level decisions about policy and strategy, motivating employees, and driving change within the organization. Mr. Ong Kian Guan the company's Independent Director, will be appointed as the Lead Independent Director of the company. Mr. Dong Xincheng, the Company's Non-Executive Director, will be re-designated as Independent Director of the company.

Mr. Zhang Jianwei, the Company's Executive Director, will be re-designated as Non-Executive Director of the company. Mr. Hong Junli, the company's Vice President (Administration and Management) will be re-designated as Chief Administration Officer of the Company. His responsibilities remain unchanged.

Mr. Song Fulin, will be appointed as Chief Operating Officer of the company and he will be responsible for sales and marketing, financing, monitoring and managing all property development projects of the Group. Mr. Zhang Kai and Mr. Ma Wei have stepped down as Executive Officers of the company.