The board of directors of China Overseas Land & Investment Limited hereby announced that Resignation of Mr. Xiao Xiao as an Executive Director and Chairman of the company. Having passed the retirement age prescribed by the company, Mr. Xiao decided to resign as Executive Director and Chairman of the company. Mr. Xiao has confirmed to the company that he has no disagreement with the board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the company. Mr. Yan Jianguo be elected as Chairman and continue to act as the Chief Executive Officer of the company. Mr. Yan joined Longfor Properties Co. Ltd. in June 2014 and resigned on 5 December 2016. During the period, he had held a number of positions including Executive Director and the Senior Vice President. Mr. Yan was appointed Executive Director and Chief Executive Officer of the company from 1 January 2017 and was elected as Chairman of the company, which will take effect from 13 June 2017. Mr. Yan has about 27 years' experience in construction business, real estate investment and management. These changes will effect from 13 June 2017.