Greentown China Holdings Limited announced that Mr. Song Weiping has resigned as a Co-chairman of the Board and an executive Director with effect from the date of this announcement, for the reason that he would like to devote more time on his own other businesses. Each of Mr. LI Qingan and Mr. LI Yongqian has resigned as an executive Director with effect from the date of this announcement, due to changes in their respective job arrangements. The Board further announces that the following appointments have been made with effect from the date of this announcement: Mr. ZHANG Yadong, executive Director and Chief Executive Officer of the Company, has been appointed as the Chairman of the Board; Mr. ZHOU Lianying as an executive Director and an Executive President of the Company; Mr. GUO Jiafeng as an executive Director and an Executive President of the company; Mr. GENG Zhongqiang as an executive Director and an Executive President of the company; and Mr. Stephen Tin Hoi NG as a non-executive Director. In addition, the Board has also approved Mr. Stephen Tin Hoi NG's appointment of Mr. Andrew On Kiu CHOW as his alternate Director. Mr. LIU Wensheng has accordingly stepped down from his role as a Co-chairman of the Board but will remain as an executive Director and a member of the Nomination Committee and Remuneration Committee of the Board.