The board of directors of Modern Land (China) Co., Limited announced that Mr. Zhang Lei will cease to serve as the chairman of the Board with effect from 9 November 2022. Mr. Zhang Lei will remain to act as an executive Director. Mr. Zhang Lei has confirmed that he has no disagreement with the Board and there are no circumstances relating to his cessation as the Chairman which need to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company.

The Company's president and an executive Director, Mr. Zhang Peng, is appointed as the Chairman with effect from 9 November 2022. Mr. Zhang Peng, aged 47, graduated from North Minzu University in 1997 with a bachelor's degree in Law. He is a director and president of Modern Green Development Co.

Ltd. and a director of New Power (Beijing) Architectural Technology Co. Ltd. Mr. Zhang Peng is a controlling shareholder of First Moma Sports Cultural Development (Beijing) Company Limited and Bigger Eco Technology (Xi'an) Co. Ltd. First Moma Sports and Bigger Eco Technology have been quoted on the National Equities Exchange and Quotations System since 17 August 2017 and 7 March 2019, respectively.

Mr. Zhang Peng has been appointed as the chairman of the board of directors and a non-executive director of First Service Holding Limited, the shares of which has been listed on the Main Board of the Stock Exchange, since October 2020. Mr. Zhang Peng joined the Group in November 2001. He was the chief human resources officer, vice president and chief operating officer of Modern Green Development.

He is familiar with real estate project management and property development based on green technologies. Mr. Zhang Peng is also the vice chairman of China Real Estate Chamber of Commerce and the chairman of Refined Decoration Branch of CRECC. The Board hereby announces that Mr. Fan Qingguo tendered his resignation as a non-executive Director and Mr. Liu Jiaping tendered his resignation as an independent non-executive Director, a member of the audit committee and a member of the environmental, social and governance committee of the Company, both with effect from 9 November 2022.

Each of Mr. Fan and Mr. Liu resigned as a Director to better focus on his other business engagements. Mr. Fan and Mr. Liu have confirmed that they have no disagreement with the Board and there are no circumstances relating to their resignations which need to be brought to the attention of the Shareholders and the Stock Exchange. The Company would like to express its sincere gratitude to Mr. Fan and Mr. Liu for their valuable contributions to the Group during their term of office as Directors.

Following Mr. Liu's cessation as a member of each of the audit committee and the environmental, social and governance committee of the Company, the composition of the two Board committees is as follows: Audit committee: Mr. Hui Chun Ho, Eric (Independent non-executive Director) (Chairman), Mr. Cui Jian (Independent non-executive Director) and Mr. Gao Zhikai (Independent non- executive Director) Environmental, social and governance committee: Mr. Zhang Peng (executive Director) (Chairman), Mr. Cui Jian (Independent non-executive Director), Mr. Hui Chun Ho, Eric (Independent non-executive Director) and Mr. Gao Zhikai (Independent non-executive Director).