The Boards of Directors of Hang Lung Group Limited (HLG) and Hang Lung Properties Limited (HLP, together with HLG, referred to as the Group) jointly announced that Mr. Ronnie Chichung CHAN (Mr. Ronnie Chan) will retire from his positions as the Chair, an Executive Director, and the Chair of Executive Committees of the Group with effect from the conclusion of the annual general meeting of each of HLG and HLP to be held on April 26, 2024 (the "2024 AGM"). Mr. Ronnie Chan will not take up a Non-Executive Director role in the Boards after his retirement. Mr. Ronnie Chan joined the Group in 1972 and has led the Group as the Chair since 1991.

Mr. Ronnie Chan's vision and leadership established a strong foundation for the Group's sustainable growth. The Boards would like to express their deep gratitude to Mr. Ronnie Chan for his tremendous contributions to the Group. In recognition of his tremendous contributions, the Boards will bestow upon Mr. Ronnie Chan the title of the "Honorary Chair" of the Group after his retirement.