The board (the " Board ") of directors (the " Directors ") of Shanghai Zendai Property Limited announced that, with effect from 9 November 2019, Mr. Qiu Haibin has resigned as an executive Director of the Company, the chairman of the Board, a member and the chairman of the nomination committee of the Board ("Nomination Committee"), a member of remuneration committee of the Board ("Remuneration Committee") and an authorised representative of the Company. The Board announces that, with effect from 9 November 2019, Mr. Wang Letian ("Mr. Wang") has been appointed as an executive Director of the Company, the chairman of the Board, a member and the chairman of the Nomination Committee, a member of Remuneration Committee and an authorised representative of the Company for the purposes of the Listing Rules. The biographical details of Mr. Wang are as follows: Mr. Wang Letian, aged 46, has been appointed as an executive Director of the Company, the chairman of the Board, a member and the chairman of the nomination committee of the Board, a member of remuneration committee of the Board and an authorised representative of the Company for the purposes of the Listing Rules on 9 November 2019.