The board of directors of China New Town Development Company Limited announces that with effect from after the voting and passing of the resolutions at the Board meeting held on 31 March 2023: Ms. Yang Meiyu an ED and a Vice President, has been appointed the chief executive officer of the Company (the ``CEO'') and will cease to serve as a Vice President. Ms. Yang Meiyu, aged 40, was appointed an ED on 28 March 2014. Ms. Yang graduated from Peking University with a master's degree in finance and obtained Chartered Financial Analyst certification.

Ms. Yang joined CDB Capital in December 2009, where she was responsible for urban development related investment as she served as the manager, senior manager and assistant to general manager of the Direct Investment Division III of CDB Capital, respectively, and the vice general manager of the Management Department of a subsidiary from April 2015 to August 2016. Prior to joining CDB Capital, Ms. Yang worked as an investment manager at China Reits Investment, where she was involved in various fund raising and land development projects. Ms. Yang has served as a Vice President since March 2014 and has been responsible for equity investment in new economy industry.

Ms. Yang also serves as director for several subsidiaries of the Company, such as Weblink International Limited, Meeko Investment Limited and Protex Investment Limited.