Fang Holdings Limited announced that Mr. Sam Hanhui Sun has resigned from the Board, effective from May 22, 2019. The company also announced that it has appointed Mr. Howard Huyue Zhang, managing director of real estate investment division of CITIC Private Equity Funds Management Co. Ltd., as an independent director and member of the audit committee of the Board, effective from May 22, 2019. Upon the effectiveness of Mr. Sun's resignation and Mr. Zhang's appointment, the Board will consist of five directors, including three independent directors. Prior to joining Fang, Mr. Howard Huyue Zhang has served as a managing director of real estate investment division of CITIC Private Equity Funds Management Co. Ltd. Mr. Zhang had served as a managing director at Blackstone Group (HK) Limited. Mr. Zhang was the chief investment officer at Infrared NF Investment Advisers Limited from 2008 to September 2014.