The board of directors of Shanghai Zendai Property Limited announces that, Mr. Cui Di has resigned as the non-executive Director of the Company due to his resignation from the Fosun Group with effect from 24 August 2023. The Board announces that, with effect from 24 August 2023, Mr. Zou Yang ("Mr. Zou") has been appointed as the non-executive Director of the Company. The biographical detail of Mr. Zou is as follows: Mr. Zou Yang, aged 36, was appointed as a non-executive Director on 24 August 2023.

Mr. Zou graduated from Renmin University of China in 2014 with a master's degree in management. Mr. Zou joined the Fosun Group in March 2021 and is currently the Senior Vice President, Chief Investment Officer (CIO) and General Manager of the Investment Management Department of Greater China in Fosun Hive, responsible for the business promotion and implementation of the investment line of Hive AMC and the asset operation line (bulk exit). Prior to joining the Fosun Group, Mr. Zou was a vice president and senior partner of China Fortune Land Development Co.

Ltd. (whose shares are listed on the Shanghai Stock Exchange (stock code: 600340.SH)) from 2014 to 2021, and worked at China CYTS Tours Holding Co. Ltd. (whose shares are listed on the Shanghai Stock Exchange from 2009 to 2012, engaging in marketing, strategic investment and channel development, and was the youngest grassroots manager. Mr. Zou has many years of management experience in traditional real estate, industrial real estate and other fields.