The board of directors of China Qinfa Group Limited announced that Mr. XU Jihua resigned as an executive Director and the chairman of the Board of the Company with effect from 8 December 2016 as a result of his retirement. Following Mr. XU's resignation, Mr. XU Da, an executive Director, has been appointed as the acting Chairman in place of Mr. XU with effect from 8 December 2016. Mr. XU Da joined the Company and its subsidiaries as import and export manager in 2009.