Sino-Ocean Group Holding Ltd. said four directors stepped down from the board, with effect from Aug. 10.
Executive Directors Li Hu and Li Hongbo resigned to focus more on the company's other businesses, according to a release. The two also relinquished their memberships in the investment committee.
In addition, Yao Dafeng and Shangguan Qing stepped down as nonexecutive directors of the China-headquartered real estate developer to devote more time to their other business activities. Yao also resigned as a member of the audit committee.
Meanwhile, Sino-Ocean appointed Li Liling as a nonexecutive director, also effective Aug. 10. Li is a consultant at China Banking and Insurance Regulatory Commission's financial and accounting department. She is also a member of the working group established by the banking commission relating to the governmental takeover of Anbang Insurance Group Co. Ltd.