The board of directors of Glorious Property Holdings Limited announces that Mr. Cheng Li Xiong has resigned as the chairman of the Board and a non-executive Director with effect from 5 June 2018 to devote more time to his personal endeavors. Mr. Cheng has confirmed that he has no disagreement with the Board and there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the company. Mr. Ding Xiang Yang, currently an executive Director, the vice chairman of the Board and the chief executive officer of the company, has been appointed as the chairman of the Board in place of Mr. Cheng and has ceased to be the vice chairman of the Board; Mr. Ding has been appointed as the chairman of the Nomination Committee and a member of the Remuneration Committee in place of Mr. Cheng; and Prof. Liu Tao has been appointed as a member of the Corporate Governance Committee in place of Mr. Cheng with effect from June 5, 2018.