The board of directors of Frasers Property (China) Ltd. announced that Mr. Zhang Xiaofeng has resigned from the role of the chief executive officer of the company with effect from January 7, 2013 since Mr. Zhang wants to focus on managing the other business of Gemdale Corporation. Mr. Zhang has confirmed that he has no disagreement with the board and there is no matter relating to his resignation that needs to be brought to the attention of the company's shareholders or The Stock Exchange of Hong Kong Limited. The board announced that Mr. Xu Jiajun, an executive director of the company, has been appointed as the chief executive officer of the company with effect from January 7, 2013.