The board of directors of Overseas Chinese Town (Asia) Holdings Limited announced that with effect from May 23, 2016, Ms. Wang Xiaowen has resigned as the chairman of the Board, an executive Director and the chairman of the nomination committee of the company due to commitment in other business which requires more of her time and dedication. The Board further announced that with effect from May 23, 2016, Mr. Yao Jun has been appointed as the chairman of the Board, an executive Director and the chairman of the Nomination Committee. Mr. Yao is currently the vice president of Shenzhen Overseas Chinese Town Company Limited, the chairman of the board of directors of Chengdu Tianfu OCT Industry Development Company Limited, the vice chairman of the board of directors of Beijing Century Overseas Chinese Town Industrial Co. Ltd. and an executive director of each of Nanjing Overseas Chinese Town Industrial Co. Ltd, Chongqing Overseas Chinese Town Industrial Co. Ltd, Wuhan Overseas Chinese Town Industrial Co. Ltd. and Shenzhen Overseas Chinese Town Tourist Attraction Management Co. Ltd.