The board of the directors of Dowell Property Holdings Limited announced that Ms. Luo Shaoying has been appointed as an executive director and vice chairman of the company effective from December 1, 2012. Since 2003, Ms. Luo has joined (Chongqing Doyen (Holdings) Limited*) as a manager, a chief executive officer and the chairman of the board of directors of certain subsidiaries of Doyen and has been responsible for investment and property development business. Ms. Luo will hold office until the next annual general meeting of the company and will be eligible for re-election at such annual general meeting in accordance with the articles of association of the company.

Mr. Yang Yong Xi has been appointed as an executive director of the company effective from December 1, 2012. Mr. Yang is also currently the chairman of the board of directors of Chongqing Baoxu.