The board of directors of Xiwang Property Holdings Company Limited announced the changes to the Board and each of its audit and nomination committees: Each of Mr. WANG Chuan Wu, Mr. ZHOU Xiang Lin and Mr. WANG Shu Jie has resigned as a Director and, where applicable, ceased to be a member of certain committees of the Board with effect from 26 October 2015. Mr. WANG Chuan Wu has resigned as an executive Director and chief executive officer of the company due to pursue other senior management position in another subsidiary of Xiwang Group Company Limited, Mr. ZHOU Xiang Lin has resigned as an executive Director due to his personal career development; and Mr. WANG Shu Jie has resigned as an independent non-executive Director due to his personal career development. He also ceased to be a member of the audit and nomination committees of the company on the same day.

To fill the vacancy of the Board, the Board appointed each of Mr. WANG Jin Tao, Mr. WANG Wei Min and Mr. YAO Yong Jun as a Director and, where applicable, a member of certain committees of the Board with effect from 26 October 2015. Mr. WANG Jin Tao has been appointed as an executive Director and chief executive officer of the company, Mr. WANG Wei Min has been appointed as an executive Director; and Mr. YAO Yong Jun has been appointed as an independent non-executive Director and a member of each of the audit and nomination committees of the company. Mr. WANG Jin Tao, possess more than 10 years of management experience, worked as the deputy department head of the security department of the Xiwang Group, ultimate holding company of the company between July 2005 to May 2006.

Since June 2015, he has been the general manager of Shangdong Xiwang Property Company Limited. Mr. WANG Wei Min joined the Group in September 1992 and has more than 22 years of experience in engineering management. He joined the Shandong Xiwang Property Company Limited as the department head of the engineering department from September 1992 to October 2001 and became the general manager of Xiwang Real Estate Development Company Limited.

Since February 2008, he has been the deputy general manager of Shangdong Xiwang Property. Mr. YAO Yong Jun, possesses more than five years of legal experience. From January 2010 till present, he works as a lawyer at the Shandong Liangzou Law Firm.

He became a member of the Law Society of Shandong Province in June 2011.