Yuexiu Property Company Limited announced that Mr. Zhang Zhaoxing resigned as Chairman and Executive Director of the company; Mr. Zhu Chunxiu resigned as Vice Chairman and Executive Director of the company; Mr. Lin Zhaoyuan, currently an Executive Director, was appointed as Chairman of the Board and resigned as Vice Chairman and General Manager of the company; Mr. Lin Feng was appointed as Executive Director, Vice Chairman and General Manager of the company; and Ms. Liu Yan, was appointed as Executive Director of the company. Mr. Zhang and Mr. Zhu have confirmed that they had no disagreement with the Board and there are no other matters relating to their resignation that need to be brought to the attention of the shareholders of the company. Mr. Lin Zhaoyuan succeeded Mr. Zhang as Chairman of the Board with effect from 14 August 2018. Mr. Lin Zhaoyuan is entitled to receive a salary of approximately RMB 1,540,000 per annum from the company for being Chairman and Executive Director of the company. Mr. Lin Feng is entitled to receive a salary of approximately RMB 1,540,000 per annum from the company. Ms. Liu is entitled to receive a salary of approximately RMB 1,490,000 per annum from the company.