The board of directors of Redsun Properties Group Limited announced that Mr. Yuan Chun has tendered his resignation as the chief executive officer of the Company with effect from 30 June 2022 in order to devote more time to his personal commitments. The Board also announced that Mr. Zeng Huansha, an executive Director and chairman of the Board, has been appointed as the Chief Executive Officer with effect from 30 June 2022. Mr. Zeng, aged 54, is the founder of the Group and has been the chairman and Director since 21 December 2017.

He was re-designated as the chairman of the Board and an executive Director on 15 March 2018. Mr. Zeng is primarily responsible for the overall development strategy and daily operations of the Group. He is the director of Redsun Properties (Group) Co.

Ltd., Redsun Properties Investment (Holdings) Limited and Hong Yang Properties Investment Limited. He is also the general manager of the Company's subsidiaries, including Redsun Properties Investment (Holdings) Limited, Hong Yang Properties Investment Limited and Redsun Properties (Group) Co. Ltd. Mr. Zeng established Nanjing Redsun Business World Co.

Ltd. in 1995 and began his involvement in the business of construction and building materials. In December 1999, Mr. Zeng established Redsun Properties (Group) Co. Ltd. and began engaging in residential property development in Nanjing, Jiangsu province.

Since establishing Hong Yang Group Company Limited in 2003, Mr. Zeng's businesses have mainly focused on real estate development, commercial operations and property services. Mr. Zeng has served as the executive vice president of the China Overseas Chinese Entrepreneurs Investment Enterprise Association since January 2008; a member of the standing committee of the China Federation of Overseas Chinese since December 2013; the vice chairman of the Jiangsu Federation of Overseas Chinese since August 2017; and a member of the standing committee of the Jiangsu Chinese People's Political Consultative Conference since January 2018. Additionally, in April 2001 he was selected as one of the Ten Young Entrepreneurs of Jiangsu province; in September 2002, he was recognized as an Outstanding Individual of Provincial Returned Overseas Chinese; and in August 2017, he was awarded as an Outstanding Overseas Chinese Individual of Jiangsu province.

Mr. Zeng received a master's degree in Economics from Shanghai Academy of Social Sciences (SACC) in August 2010.