The board of directors of Coastal Greenland Limited announced that Mr. Tang Lap Yan has tendered his resignation as an independent non-executive Director, the chairman of the audit committee of the company and a member of the nomination committee of the company with effect from 16 June 2013. The Board also announced that Ms. Wang Hongmei has been appointed as an executive Director and a member of the investment committee of the company and Mr. Chen Xiaotian has been appointed as an independent non-executive Director, the chairman of the Audit Committee and a member of the Nomination Committee with effect from 16 June 2013. Ms. Wang is currently the Chief Executive Officer of Coastal Realty Investment (China) Limited, a wholly-owned subsidiary of the company.

Mr. Chen was the former general manager of research center and strategic development department of China Real Estate Information Corporation, a company listed in Nasdaq and is a marketing committee deputy secretary-general of China Real Estate Association in Shanghai since 2012.