The board of directors of Chun Wo Development Holdings Limited announced that with effect from January 03, 2015: Mr. Pang Yat Ting, Dominic, an executive Director, will be re-designated from an executive Director and Chairman of the Board to a non-executive Director and Co-Chairman of the Board. He remains the Chairman of the Executive Committee and members of the Management Committee and Nomination Committee of the Company;
and Mr. Xu Jianhua will be appointed as executive Director and Co-Chairman of the Board. In view of Mr. Xu's appointment, the existing Chairman of the Board, Mr. Pang, will act jointly with Mr. Xu as Co-Chairman of the Board.