The board of directors of China Overseas Property Holdings Limited announced that Dr. Yang Ou decided to resign as Executive Director, an authorized representative as required under Rule 3.05 of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited and a member of the sustainability steering committee of the Company with effect from 20 February 2023 due to realignment of work duties. Dr. Yang confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company. The Board announced that, with effect from 20 February 2023, Mr. Xiao Jun Qiang has been appointed as Executive Director, the Chief Executive Officer, an Authorized Representative and a member of the Sustainability Steering Committee of the Company.

Mr. Xiao, aged 45, holds an Agriculture major from Hunan University of Arts and Science, an Administration Management major from Sun Yat-sen University and an Executive Master degree in Business Administration from University of Liège. He also obtained a senior economist. Currently, Mr. Xiao is the vice president of the Company.

He joined the group company of China Overseas Land & Investment Ltd. in November 2000 and since then, Mr. Xiao served different positions in COLI group and the Company, including the general manager of, the general manager of human resources department, the assistant president and the vice president. He has approximately 22 years' experience in operation of property management. Mr. Xiao have entered into a service contract with the Company and it can be terminated by either party giving to the other not less than three months' prior written notice.

Mr. Xiao is not appointed for a specific term of office. He will be subject to retirement by rotation and re-election at annual general meetings of the Company in accordance with the amended and restated articles of association of the Company. After the appointment of Mr. Xiao as the Authorised Representative, Mr. Kam Yuk Fai will continue to be the alternate Authorized Representative to Mr. Xiao.

Currently, Mr. Kam is the alternate Authorized Representative to Dr. Yang.