The board of directors of Chinese Estates Holdings Limited announces that Ms. Chan, Sze-wan has tendered her resignation as an Executive Director, the Chief Executive Officer of the Company (the "CEO"), an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and the chairman and member of the investment committee of the Company with effect from 17 February 2021, as Ms. SW Chan wishes to devote more time to her personal endeavour. In light of Ms. SW Chan's resignation, the Board has approved the appointment of Ms. Chan, Hoi-wan ("Ms. HW Chan"), an Executive Director, as the CEO, the Authorised Representative and the chairman and member of the investment committee of the Company, with effect from 17 February 2021. Ms. HW Chan, aged 41, has been an Executive Director since 2017 and also acts as a director of certain subsidiaries of the Company. She had joined the then associate of the Group from 2002 to 2005 and participated in its cosmetics business, including Two Girls products. She also possessed of more than 3.5 years' work experience in media field in Hong Kong and gained experience in properties and securities investments through her investments. Save as disclosed in this announcement, Ms. HW Chan does not hold any other positions within the Group, and has not held any directorships in other public companies, the securities of which are listed in Hong Kong or overseas, in the past three years preceding the date of this announcement.