The board of directors of China South City Holdings Limited announced the following changes to the Board with effect from 25 August 2023: Mr. Cheng Tai Po ("Mr. Cheng") has tendered his resignation as a Non-Executive Director of the Company due to retirement and his desire of devoting more time to his personal affairs after retirement; and Mr. Fung Sing Hong Stephen ("Mr. Fung") has been appointed as a Non-Executive Director of the Company and resigned as a Senior Adviser of the Group. Mr. Cheng was one of the major founding shareholders of the Company. He had been a Director of the Company since 2010. Mr. Cheng (together with other Directors) fostered the development of the Group by providing valuable advice and suggestions for more than ten years, assisted the Group in expanding its business to eight large scale projects located in different provincial capital cities and municipalities in the People's Republic of China and establishing a diversified and flexible business model. The Board would like to express its sincere gratitude to his tremendous contributions to the Group over the years and sincerely wishes him a happy and healthy retirement life. Following the resignation of Mr. Cheng, Mr. Fung has been appointed as a Non-Executive Director of the Company with effect from 25 August 2023. The biographical details of Mr. Fung are as follows: Mr. Fung Sing Hong Stephen, aged 58, has been appointed as a Non-Executive Director of the Company. He is primarily responsible for advising on the formulation of the Group's general business models, development strategies and the resolution of major issues. Mr. Fung first joined Group in July 2006 and since then he acted as the Group's Chief Financial Officer until 19 May 2016. He was an Executive Director of the Company from August 2014 to April 2020. Mr. Fung was the Chief Executive Officer of the Group from 1 January 2016
until he was promoted to Vice Chairman of the Group on 4 May 2017. Mr. Fung resigned as Vice Chairman of the Group and an Executive Director and was appointed as a Senior Adviser of the Group on 1 April 2020. Mr. Fung has more than 30 years of experience in financial management, mergers and acquisitions, capital markets financing and corporate restructuring. Prior to joining Group, Mr. Fung was an executive director and the chief financial officer of Guangdong Investment Limited ("GDI"). Before joining GDI, Mr. Fung served as an executive director and the chief financial officer of Guangdong Land Holdings Limited (formerly known as Kingway Brewery Holdings Limited) ("GDL"). Mr. Fung graduated from the University of Wales, United Kingdom with a master's degree in business administration. He is a fellow member of the Hong Kong Institute of Certified Public Accountants and a member of the American Institute of Certified Public Accountants. Mr. Fung is a Hong Kong Accounting Advisor appointed by the Ministry of Finance of the People's Republic of China, a member of the Hong Kong Election Committee, a member of the Advisory Committee of the Accounting and Financial Reporting Council in Hong Kong, a vice president of the Association of Hong Kong Accounting Advisors, the former president of the Hong Kong Business Accountants Association, an executive committee member of the Hong Kong Professionals and Senior Executives Association, a standing member of the Chongqing Committee of the Chinese People's Political Consultative Conference and an executive vice president of the Hong Kong Chongqing Friendship Federation.