The board of directors of Joy City Property Limited announced that Mr. Han Shi resigned as an executive director and the general manager of the Company with effect from February 17, 2016, due to his decision to pursue career development and personal interests. The Board announced that Mr. Zhou Zheng is appointed as the general manager of the company with effect from February 17, 2016. Mr. Zhou is a director of Achieve Bloom Limited, the controlling shareholder of the Company.