Greentown China Holdings Limited's board has convened a meeting and resolved that, subject to and with effect from Completion: Mr. Song shall be re-designated from the chairman of the board to a co-chairman of the board; Mr. Zhu shall be appointed as an executive director, co-chairman of the board and a member of the nomination committee of the board; Mr. Chow shall be appointed as a non-executive director, a vice chairman of the board and a member of the remuneration committee of the board; and Mr. Sun shall be appointed as an executive director, a member of the investment committee of the board in place of Mr. Shou and a member of the remuneration committee of the board. The board has also resolved at the meeting that the number of directors of Greentown Real Estate shall be increased from four to six and shall comprise Mr. Song, Mr. Cao, Mr. Ying Guoyong, Mr. Sun, Mr. Li Qingan and Mr. Li Yongqian. In addition: each of Mr. Guo and Mr. Cao has tendered his resignation as an executive Director; Mr. Luo has tendered his resignation as an executive director and vice chairman of the board; Mr. Ng has tendered his resignation as a non-executive director and a member of the remuneration committee of the board; and Mr. Shou has tendered his resignation as an executive vice chairman of the board and a member of the investment committee of the board, each of which shall be subject to and with effect from completion.

Mr. Zhu, is the chief legal counsel of CCCG. Mr. Zhu joined the CCCG group in 1995 and has wealth of experience in management and administration. Mr. Sun, is the chairman of the board and general manager of CCCC Real Estate Company Limited, a subsidiary of CCCG.

Mr. Song is an executive director and chairman of the board. He founded the company in January 1995. He is primarily responsible for the formulation of the company's development strategies, as well as supervising project planning, design and marketing of the company.

He is a vice-chairman of the sixth Council of China Real Estate Association and the vice-chairman of Zhejiang Provincial Real Estate Association. Mr. Chow, aged 64, has been a director and vice chairman of Wharf since July 2011. As chairman of Wharf China Development Limited, he oversees Wharf group's development property business in the PRC.

He joined the Wharf group in 2006.