Shimao Group Holdings Limited (the Company, together with its subsidiaries, the Group) announced that Mr. Lu Yi (Mr. Lu) has been re-designated from Executive Director and Executive President of the Company to Non- executive Director of the Company due to change of job duties with effect from 2 August 2023. Mr. Lu, aged 39, has joined the Group since 2008 and was appointed an Executive Director and Executive President of the Company on 2 January 2020 and 23 June 2022 respectively. He is currently the larger regional development controller of the Group, responsible for overseeing the overall operation, development and management of the Group in the Strait district (mainly including Fujian, Guangdong and Hainan) and the asset management of the Group.

Mr. Lu holds a Master's Degree from Zhejiang University and has over 14 years' experience in real estate operation and management.