Peking University Resources (Holdings) Company Limited announced that Mr. Xia Ding has been appointed as the co-chief executive officer of the Company with effect from 4 July 2023. Mr. Xia, aged 55, has been the chief operational officer of the Company since 8 October 2021 and the president of several subsidiaries of the Company in Chongqing since April 2013. He obtained a bachelor's degree in Industrial and Civil Construction from Chongqing Construction Engineering University (Zhong Qing Jian Zhu Gong Cheng Da Xue) (now merged into Chongqing University (Zhong Qing Da Xue)) in 1989.

Before joining the Group, he worked in a number of property development companies, including Chongqing Jundu Property Development Co. Ltd. (Zhong Qing Jun Du Wu Ye Fa Zhan You Xian Gong Si) and Hevol Real Estate Group Co. Ltd. (He Hong Zhi Di Ji Tuan You Xian Gong Si).

He possesses 32 years of knowledge and experience in engineering management and real estate development and operation. Mr. Xia has entered into an employment contract with the Company in connection with his appointment as the chief operational officer of the company for a term of one year commencing from 8 October 2021. The term of the employment contract was subsequently extended to December 2025.

Save as supplemented to reflect his appointment as the co-chief executive Officer, such employment contract remains effective. Mr. Xia is entitled to an annual remuneration of RMB 1,580,000 (com comprising basic salary of RMB 790,000 and standard bonus of RMB 790,000) as well as a full year bonus, the amounts of which are to be determined by the Company on a discretionary basis and shall not exceed three times of his standard bonus. Such remuneration was determined with reference to Mr. Xia's duties, responsibilities and prevailing market conditions and may be reviewed from time to time at the discretion of the Board.