The board of directors of Glorious Property Holdings Limited, together with its subsidiaries, the Group has announced that Mr. Cheng Li Xiong, the chairman of the Board and an executive director of the company, is re-designated from an executive director to a non-executive director of the company with effect from 17 October 2016 because he needs more time to deal with his personal matters. Subsequent to his re-designation, he also ceases to be the member of the finance committee of the company but remains as the Chairman of the Board, the chairman and a member of the nomination committee, and a member of each of the remuneration committee and the corporate governance committee. Mr. Cheng is currently the Chairman of the Board. Mr. Cheng is also a director of a number of subsidiaries of the company. He is in charge of the overall strategy and investment of the company. Mr. Cheng joined the Group on 1 September 2001 as the general manager of the company's subsidiary, Shanghai Haosen Property Co. Ltd. Mr. Cheng was appointed as the executive vice chairman of the company on 28 August 2012 and the chief executive officer of the company on 17 June 2008. On 26 November 2012, he ceased to be the executive vice chairman and chief executive officer of the Board and was appointed as the chairman of the Board. Apart from re-designation as a non-executive director of the company, Mr. Cheng will also resign from all his executive roles at the subsidiaries of the Group after the re-designation on 17 October 2016 and will assume a non-executive role in the Group, providing advice to the Board on the strategy, operation, management and governance of the company.