Yuexiu Property Company Limited announced that Mr. Chen Zhihong resigned as Executive Director and General Manager of company due to job re-arrangement; Mr. Lin Zhaoyuan was appointed as Executive Director, Vice Chairman and General Manager of the company; Mr. Tang Shouchun resigned as Executive Director of the company due to development of personal career; and Mr. Ou Shao was appointed as Executive Director and General Manager, Operations of the company. Mr. Lin Zhaoyuan joined Guangzhou Paper Limited in 1993, and was promoted as chairman of the board of Guangzhou Paper Group Limited in 2009 and a deputy general manager of Guangzhou Yue Xiu Holdings Limited and Yue Xiu Enterprises Limited in 2011. Prior to that, he was a director of Guangzhou City Construction & Development Co.

Ltd. and an assistant to General Manager of Guangzhou Yue Xiu Holdings Limited and Yue Xiu. Mr. Lin has relatively extensive work experience in corporate management, sound and efficient management, cost control and corporate restructuring and development and is more forward-looking and innovative in corporate operations and management. Mr. Ou Shao is a deputy general manager of the Company, general manager of sales centre, a director and deputy general manager of Guangzhou City Construction & Development Co.

Ltd. and chairman of the board of the Company's project companies for real estate development in Wuhan, Hangzhou, Shenyang, Yantai and Qingdao. Prior to that, he was secretary to the board of Guangzhou City Construction & Development Group Co. Ltd. the general manager of Investment Department, assistant to general manager of Guangzhou City Construction & Development Co.

Ltd. and general manager of each Project Company. Mr. Ou has 18 years of experience in real estate industry and has achieved notable work results in investment, sales, project development and corporate management and played an active part in the company's layout throughout the country.