The board of directors of LVGEM (China) Real Estate Investment Company Limited announced that Mr. TANG Shouchun ("Mr. Tang") has notified the Board of his plan of retirement and will retire as an executive Director with effect from 31 March 2024. As a result of Mr. Tang's retirement, Mr. Tang also ceased to be a member of the executive committee of the Company Upon the retirement of Mr. Tang as a member of the Executive Committee taking effect, the Executive Committee comprises four Directors, namely, Ms. HUANG Jingshu, Mr. YE Xingan, Mr. HUANG Hao Yuan and Ms. LI Yufei. Ms. HUANG Jingshu, executive Director and chairman of the Company, will take up the work previously performed by Mr. Tang.

Ms. HUANG Jingshu, executive Director and chairman of the Company, has been appointed as the CEO and a Listing Rules Authorised Representative with effect from 31 March 2024 to fill the vacancy following Mr. Tang's cessation to act in the same capacity as mentioned above. As Ms. HUANG Jingshu serves as both the Chairman and the CEO, such practice deviates from code provision C.2.1 of the Corporate Governance Code as set forth in Appendix C1 of the Listing Rules (the "CG Code"), which requires that the roles of chairman and the chief executive officer should be separate and should not be performed by the same individual. However, the Board considers that this structure will not impair the balance of power and authority between the Board and the management of the Company.