The board of directors of Shanghai Zendai Property Limited announced that Mr. Zhang Zelin has tendered his resignation as a chief executive officer of the Group due to other business commitments, with effect from 19 August 2022. Mr. Zhang has confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company.