GR Properties : (1) RESIGNATION OF EXECUTIVE DIRECTOR, CHIEF EXECUTIVE OFFICER AND AUTHORIZED REPRESENTATIVE; AND (2) APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND AUTHORIZED REPRESENTATIVE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

GR PROPERTIES LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock Code: 108)

(1) RESIGNATION OF EXECUTIVE DIRECTOR, CHIEF EXECUTIVE

OFFICER AND AUTHORIZED REPRESENTATIVE;

AND

1. APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND AUTHORIZED REPRESENTATIVE

RESIGNATION OF EXECUTIVE DIRECTOR, CHIEF EXECUTIVE OFFICER AND AUTHORIZED REPRESENTATIVE

The board (the "Board") of directors (the "Directors") of GR Properties Limited (the "Company") announces that Ms. Liu Shuhua ("Ms. Liu") has tendered her resignation as an executive Director, the chief executive officer of the Company (the "CEO") and an authorized representative of the Company (the "Authorized Representative") under rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") (the "Stock Exchange") with effect from 1 April 2021 as she needs to devote more time to develop other business.

Ms. Liu has confirmed that she has no disagreement with the Board and there is no matter that needs to be brought to the attention of the shareholders of the Company in connection with her resignation.

APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND AUTHORIZED REPRESENTATIVE

The Board is pleased to announce that Mr. Wei Chunxian ("Mr. Wei"), an executive Director and the chairman of the Company, has been appointed as the CEO and an Authorized Representative with effect from 1 April 2021.

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Biographical details of Mr. Wei are set out as follows:

Mr. Wei, aged 57, was appointed as an executive Director and the chairman of the Company on 17 February 2014. He also acts as the chairman of the nomination committee of the Company. Mr. Wei is also a director of certain subsidiaries of the Company. In addition, he is also the president of GR properties USA Inc. and East Pacific Properties LLC (each a US subsidiary of the Company).

Mr. Wei graduated from the Department of Architecture, Beijing University of Civil Engineering and Architecture (北京建築工程學院) in 1985 and was conferred a Bachelor of Engineering degree in architecture. Thereafter, Mr. Wei obtained the senior engineer qualification in 1995. Mr. Wei has more than 10 years of management experience in the real estate sector.

Mr. Wei has entered into a service agreement with the Company for one year commencing on 17 February 2021. Mr. Wei is subject to retirement by rotation and re-election in accordance with the articles of association of the Company. The service agreement is terminable by either the Company or Mr. Wei by giving no less than three months' written notice in advance to each other. Mr. Wei is entitled to director's emoluments of HK$480,000 per annum plus discretionary bonus to be decided by the Board at its sole discretion, which is determined with reference to his experience, duties and responsibilities in the Company, as well as the contribution that he may bring to the Company and its subsidiaries, subject to review by the Board and the remuneration committee of the Company from time to time. There was no service agreement regarding the appointment of CEO entered into between Mr. Wei and the Company.

As at the date of this announcement, (i) Wintime Company Limited ("Wintime") is interested in 1,434,421,537 shares of the Company and 1,254,654,765 underlying shares of convertible bonds of the Company; (ii) Winluck Global Limited ("Winluck") is also interested in 87,662,575 underlying shares of convertible bonds of the Company; and (iii) Gang Rui International Investment (HK) Limited ("Gang Rui") is interested in 811,738,927 shares of the Company. Wintime is a wholly-owned subsidiary of Winluck. The entire issued share capital of Winluck is beneficially owned by Mr. Wei. Gang Rui is owned as to 90% and 10% by Beijing Guo Rui Real Estate Development Co. Limited* (北京國銳房地產開發有限公 司) and Future Glow Ventures Inc. respectively. Beijing Guo Rui Real Estate Development Co. Limited* (北京國銳房地產開發有限公司) is wholly-owned by Beijing Guorui Holdings Co. Limited* (北京國銳控股有限公司), which is directly owned by Mr. Wei and Mr. Sun Zhongmin, executive Directors, as to approximately 91% and 9%, respectively. As such, Mr. Wei was deemed to be interested in the said 2,246,160,464 shares and 1,342,317,340 underlying shares in the Company under Part XV of the Securities and Futures Ordinance (Chapter 571 of Laws of Hong Kong) (the "SFO"). Save as disclosed, Mr. Wei does not have any other interests in the shares or underlying shares of the Company within the meaning of Part XV of the SFO.

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As at the date of this announcement, Mr. Wei does not (i) hold any other positions in the Company or any of its subsidiaries; (ii) have other relationship with any directors, senior management, substantial shareholders or controlling shareholders (as defined in the Listing Rules) of the Company; (iii) hold any directorships in any other listed companies on the Stock Exchange and any other stock exchange or other major appointments during the three years preceding the date of this announcement; and (iv) have other major appointments or professional qualifications save as disclosed.

Save as disclosed above, the Company is not aware of any other information relating to the appointment of Mr. Wei as the CEO and an Authorized Representative required to be disclosed pursuant to the requirements set forth in Rule 13.51(2)(h) to (v) of the Listing Rules or any other matter that needs to be brought to the attention of the shareholders of the Company.

The Board would like to express its gratitude to Ms. Liu for her contributions to the Company during her tenure of service.

• English name of such entity is the transliteration of its Chinese name for reference only

By order of the Board

GR Properties Limited

Wei Chunxian

Chairman

Hong Kong, 31 March 2021

As at the date of this announcement, the executive Directors are Mr. Wei Chunxian, Mr. Sun Zhongmin, Ms. Liu Shuhua, Ms. Huang Fei and Ms. Li Bing; and the independent non- executive Directors are Mr. Tung Woon Cheung Eric, Ms. To Tsz Wan Vivien and Mr. Leung Louis Ho Ming.

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