The board of directors of Central China Real Estate Limited announced that Mr. Yang Mingyao ("Mr. Yang") will be appointed as the chief executive officer of the Company in place of Mr. Wang Jun ("Mr. Wang") with effect from 14 February 2022. Mr. Wang, an executive Director of the Company has notified the Company that he will cease to be the Company's chief executive officer in order to facilitate more efficient corporate management and enable a greater delineation of responsibilities, with effect from the date of this announcement. Mr. Wang will remain as an executive Director focusing on leading the formulation of major strategic plans of the Group and other development matters within the Group through his extensive experience in real estate sector.

Mr. Yang joined the Group in August 2003 and has since then held various positions within the Group, he has served as the general manager and deputy general manager of various subsidiaries of the Group between July 2006 and June 2020.