China Aoyuan Group Limited announced that Mr. Chen Zhi Bin has been appointed as an executive director of the Company with effect from 27 January 2021. Mr. Chen has entered into a service contract with the Company for a term of 3 years which can be terminated by either party giving 3 months' written notice. He is subject to retirement and re-election at the next following annual general meeting of the Company after his appointment and will also be subject to retirement by rotation and re-election at least once every three years at the annual general meeting in accordance with the articles of association of the Company. Mr. Chen is entitled to receive a salary being RMB 3,300,000 per annum, which is commensurate with his duties and responsibilities as executive director, executive president and chief financial officer of the Group and the prevailing market situation, and discretionary bonuses pegged to performance.