The board of directors of Poly Property Group Co., Limited announces that Mr. Choy Shu Kwan, an independent non-executive Director, the chairman of the risk management committee (the "Risk Management Committee"), and a member of each of the audit committee (the "Audit Committee") and the remuneration committee (the "Remuneration Committee") of the Company, has informed the Board that he will not offer himself for re-election as independent non-executive Director at the annual general meeting as he would like to retire and devote more time to his family and other personal interests and commitments. He will hold office until the conclusion of the forthcoming AGM to be held on 28 May 2021. The Board proposes an ordinary resolution to elect Mr. Fung Chi Kin ("Mr. Fung") as an independent non-executive Director at the forthcoming Annual General Meeting. The Board also proposes to appoint Mr. Fung as the chairman of the Risk Management Committee, and a member of each of the Audit Committee and the Remuneration Committee, subject to the approval of the appointment of Mr. Fung as a director of the Company at the Annual General Meeting. Fung Chi Kin, aged 71, is the honorary permanent president of the Chinese Gold & Silver Exchange Society and a director of Fung Chi Kin Consulting Limited. Mr. Fung has over 34 years of experience in banking and finance. Prior to his retirement, he was the director and deputy general manager of Po Sang Bank Limited (merged into Bank of China (Hong Kong) Limited in 2001), managing director of BOCI Securities Limited and chief administration officer of BOC International Holdings Limited. From October 1998 to June 2000, Mr. Fung served as a council member of the first Legislative Council of the Hong Kong Special Administrative Region. He also held offices in various public organizations and was the vice chairman of the Stock Exchange, director of the Hong Kong Futures Exchange Limited, director of Hong Kong Securities Clearing Company Limited and Hong Kong Affairs Advisor.