The board of directors of China New Town Development Company Limited announced that Mr. Wei Wei will resign as a non-executive Director and the chairman of the Board of the company with effect from June 23, 2018 as he has reached the age of retirement. The Board announced that Mr. Li Huachang will be appointed as a NED and the Chairman with effect from June 23, 2018. Mr. Li is currently the President of China Development Bank Capital Corporation Limited.