The board of directors of Glorious Property Holdings Limited announced that, with effect from 26 November 2012, to devote more time to his personal endeavors, Mr. Zhang Zhi Rong has resigned as the chairman of the Board and an executive Director of the Company, the chairman of the nomination committee of the Board and a member of the remuneration and finance committees of the Board. The Board further announced that with effect from 26 November 2012: Mr. Cheng Li Xiong, an executive Director, has ceased to be the executive vice chairman of the Board and the chief executive officer of the Company; Mr. Liu Ning, an executive Director, has ceased to be the chief operating officer of the Company; Mr. Cheng Li Xiong has been appointed as the Chairman of the Board in place of Mr. Zhang; Mr. Liu Ning has been appointed as the chief executive officer of the Company in place of Mr. Cheng Li Xiong; Mr. Cheng Li Xiong has been appointed as the chairman of the nomination committee of the Board and a member of the remuneration committee of the Board in place of Mr. Zhang; and Mr. Liu Ning has been appointed as a member of the finance committee of the Board in place of Mr. Zhang.