The board of directors of Modern Land (China) Co., Limited announced with the deepest sorrow that Mr. Qin Youguo (``Mr. Qin''), an independent non-executive Director, the chairman of the remuneration committee (the ``Remuneration Committee'') and a member of the audit committee of the Company, passed away on 25 February 2021. The Board would like to announce that with effect from 25 February 2021, Mr. Gao Zhikai (``Mr. Gao''), an independent non-executive Director, has been appointed as the chairman of the Remuneration Committee.