The board of directors of Greentown China Holdings Limited announced that Mr. ZHANG Yadong, chairman of the Board and an executive director of the Company, has resigned from the post of chief executive officer of the Company with effect from 17 December 2020. Mr. ZHANG Yadong remains as the chairman of the Board, an executive director of the Company and a member of the remuneration committee and nomination committee of the Company. The Board also announced that, Mr. GUO Jiafeng, an executive director of the Company, has been appointed as the CEO of the Company with effect from 17 December 2020.