The board of directors of Poly Property Group Co., Limited announced that Mr. Guo Jianquan (Mr. Guo) reached the retirement age and has tendered to resign as a non-executive director of the Company and a member of the risk management committee of the Board with effect from 10 March 2023. Mr. Guo has confirmed that he has no disagreement with the Board and there are no other matters concerning the aforesaid retirement that need to be brought to the attention of the shareholders of the Company nor any information required to be disclosed pursuant to the requirements of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Board announced that it appoints Mr. Chen Yuwen (Mr. Chen) as a non-executive director of the Company and a member of the risk management committee of the Board to fill the casual vacancy as a result of the retirement of Mr. Guo from the Board in accordance with article 99 of the articles of association of the Company with effect from 10 March 2023.

Mr. Chen Yuwen, aged 58, holds a bachelor's degree in economics majoring in agricultural finance from the Agricultural Economics Department of Jiangxi University of Finance and Economics. Mr. Chen has been engaged in accounting for more than 23 years and has extensive working experience in financial control and accounting. Mr. Chen served as the chief accountant of Shanghai Poly Technology Company from 2000 to 2002, the Manager of the Finance Department of Poly Technology Company Limited (Poly Technology) from 2002 to 2009, the assistant to chief accountant of Poly Technology from 2005 to 2009, and a supervisor of several subsidiaries of China Poly Group Corporation Limited (China Poly Group) from 2009 to 2020.

He was the deputy supervisor of the Audit and Supervision Department of China Poly Group from 2012 to 2013, and served as supervisor of the Audit and Supervision Department of China Poly Group from 2013 to 2016. Mr. Chen is currently acting as full-time external director of China Poly Group's subsidiaries, namely, Poly Developments and Holdings Group Co. Ltd., Shanghai Poly Property Group Co.

Ltd., China National Arts and Crafts Group Corporation Limited and Poly Investment Holdings Company Limited.