Shanghai Zendai Property Limited announced that Mr. He Haiyang has resigned as the chief executive officer of the Company and Mr. Zhang Zelin has been appointed as the CEO. Mr. He has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the holders of securities of the Company or The Stock Exchange of Hong Kong Limited. Mr. He will continue to act as an executive Director of the company. Mr. Zhang, aged 46, graduated from Harbin Institute of Technology with a bachelor's degree in industrial and civil construction in June 1996 and obtained a master in business administration degree from Nankai University in 2010.