The board of directors of Shanghai Zendai Property Limited announced that with effect from 30 June 2022: 1. Mr. Ma Yun (Harrison) ("Mr. Ma") has resigned as a non-executive Director of the Company due to his resignation from the Fosun Group; and 2. Mr. Wu Junao (Alfred) ("Mr. Wu") has resigned as a non-executive Director of the Company due to internal management and work needs of the Fosun Group. The Board announces that, with effect from 30 June 2022: 1. Mr. Cui Di ("Mr. Cui") has been appointed as a non-executive Director of the Company; and 2. Mr. Huang Jiawei (Gavy) ("Mr. Huang") has been appointed as a non-executive Director of the Company. Mr. Cui, aged 45, graduated from Peking University in 2006 with a master of science degree.

Mr. Cui joined Fosun Group in January 2020. He is currently the global partner of Fosun Group and the general manager of Greater China investment management department of Fosun Hive, who is responsible for the investment management of property-related business of Fosun Group. Prior to joining Fosun Group, Mr. Cui served as the vice president of Huaxia Happiness Foundation Co.

Ltd. from 2015 to 2019. During his service for China Vanke Co. Ltd. from 2006 to 2015, he engaged in market research, operation, investment and other multi-module work, and served as the investment leaders of the Beijing and Qingdao office of China Vanke Co.

Ltd. He has many years of management experience in traditional real estate, industrial real estate and other fields. Mr. Huang, aged 43, graduated from Tongji University in 2002 with a bachelor's degree in engineering. He graduated from University College London in 2004 with a Master of Science degree.

Mr. Huang joined Fosun Group in September 2018. He is currently the assistant to the president of Fosun Hive and the general manager of Greater China operation management department, and is responsible for the operation management and asset management of property-related business of Fosun Group. Prior to joining Fosun Group, Mr. Huang held various positions in China Resources Land Limited from April 2011 to August 2018 at such levels as headquarters, regional and city companies.

Mr. Huang has nearly 20 years of rich experience in property development and operation and asset management.