Serial No.:0782518

Commercial Housing SalesContract

Supervised and made by

Beijing Municipal Bureau of Land Resourcesand

Beijing Housing Administration Bureau

Instructions of CommercialHousing Sales Contract

1. This is asample document, which can also be used for final signing. Thepurchaser shall carefully read the contents before concluding thecontract. In case of disagreements on clauses or terminologiestherein, consultation may be made to local competent authority ofreal estate development

2. The commercialhouse in the contract refers to the house built and sold by thereal estate developer company.

3. Party involvedshould sign the contract based on the principle of free will. Bothparties can carry out amendment, supplement and deletion to clausesin the contract. The printed words without alteration are treatedas agreed by both parties.

4. For theselected options, handwriting ispreferential.

5. For [ ]options, Blank filling and other contents needed to be deleted oradded in the contract, both parties should decide upon negotiation.[ ] Please Use √ to make a choice; With regard to thepractical conditions not happened or unlimited by the two parties,use × to denote deletion.

6. Beforesigning, the seller is obligated to present license of presale ofcommercial housing and other related certificates and documentaryevidence to the purchaser.

CommercialHousing Sales Contract

ContractingParties:

The Seller:Beijing FuranMansion Co Ltd.

Registered Address:Beijing Chao YangDistrict Wei Zi Keng

Business License RegisteredNo.:QJZFZ#013239

Enterprise QualificationCertificate No.:CY-B-0789

LegalRepresentative:James MorrisonTelephoneNo.:

Postcode:

Authorized Agent:

Address:

Postcode:TelephonesNo.:

AuthorizedAgency:

RegisteredAddress:BusinessLicense RegisteredNo.:

LegalRepresentative:TelephoneNo.:

Postcode:

The Purchaser:RobertRalph Parks

【√Self】【LegalRepresentative】Name:XXXXXXXNationality:USA

【ID Card】【Passport】【Business License RegisteredNo.】【】710955008

Address: J.P.Morgan Securities (Asia Pacific) Limited CharterHouse, 28 F 8 Connaught Road Central, HK

Postcode:TelephoneNo.: (00852)28006001

【Authorized Agent】【】Name:Nationality:

Address:

Postcode:TelephoneNo.:

According toContract Law of the People's Republic of China, UrbanReal Estate Management Law of the People's Republic of China,and other related rules and regulations, Both the seller and thepurchaser come to the following agreement on the commercial housingsales based on the principle of equality, free will, andnegotiation:

Serial No. :0782518

Commercial Housing Sales Contract

Supervised and made by

Beijing Municipal Bureau of Land Resources and

Beijing Housing Administration Bureau

Instructions of Commercial Housing Sales Contract

1. This is a sample document, which can also be used for finalsigning. The purchaser shall carefully read the contents beforeconcluding the contract. In case of disagreements on clauses orterminologies therein, consultation may be made to local competentauthority of real estate development

2. The commercial house in the contract refers to the house builtand sold by the real estate developer company.

3. Party involved should sign the contract based on the principleof free will. Both parties can carry out amendment, supplement anddeletion to clauses in the contract. The printed words withoutalteration are treated as agreed by both parties.

4. For the selected options, handwriting ispreferential.

5. For [ ] options, Blank filling and other contents neededto be deleted or added in the contract, both parties should decideupon negotiation. [ ] Please Use √ to make a choice; Withregard to the practical conditions not happened or unlimited by thetwo parties, use × to denote deletion.

6. Before signing, the seller is obligated to present license ofpresale of commercial housing and other related certificates anddocumentary evidence to the purchaser.

Commercial Housing Sales Contract

Contracting Parties:

The Seller: Beijing Furan Mansion Co Ltd.

Registered Address: Beijing Chao Yang District Wei Zi Keng

Business License Registered No.:QJZFZ#013239

Enterprise Qualification CertificateNo.:CY-B-0789

Legal Representative:James MorrisonTelephoneNo.:

Postcode:

Authorized Agent:

Address:

Postcode:TelephonesNo.:

AuthorizedAgency:

RegisteredAddress:BusinessLicense RegisteredNo.:

LegalRepresentative:TelephoneNo.:

Postcode:

The Purchaser: XXXXXXXXXXXXXXX

【√Self】【LegalRepresentative】Name:Robert Ralph ParksNationality:USA

【IDCard】【Passport】【BusinessLicense Registered No.】【】XXXXXXXXXX

Address: CCCCCCCCCCCCCCCC

Postcode:TelephoneNo.:XXXXXXXXXXXXXXX

【AuthorizedAgent】【】Name:Nationality:

Address:

Postcode:TelephoneNo.:

According to Contract Law of the People's Republic of China,Urban Real Estate Management Law of the People's Republic ofChina, and other related rules and regulations, Both the sellerand the purchaser come to the following agreement on the commercialhousing sales based on the principle of equality, free will, andnegotiation:

㎡.Planned zoning for the land is residential. The land rightof usage term starts from March 3, 2003through March 2, 2073.

Upon approval, the seller constructs commercial houses on theaforementioned land. Named

【√qualifiedname】【temporaryname】 Park Avenue Wan Sheng Homes .TheConstruction Project Planning Permit ID is 2005-G(Z)JZ-0138, The Construction Permit Number is00(J)2004-1151.

Article Two Basis for Sales of the CommercialHouse

The commercial house bought by the purchaser is a【completedhouse】【√commercialhouse for advance purchase】.Commercial House Advance Sale Permit ID is JFSZ (2004) No. 301.

Article Three Basic Conditions of the CommercialHouse Bought by the Purchaser

The commercial house bought by the purchaser (hereinafterabbreviated as the commercial house. Floor plan is available in theappendix) is located in the project as stated in the first articleof the contract, details as below:

【Building】X【Floor】XX【Apartment】X

The commercial house is for residential usewith shear wall structure; ceiling height is 3.15 m.The apartment building (where commercial house is situated) has31 floors above the ground and 2 floorsunderground.

The balcony of the commercial house is 【close】 【semi-close】.Working balcony is closed and View Balcony is non-closed. (handwritten)

The commercial house’s construction area as【√stipulatedin the contract】【reportedin property ownership registration】is218.06 square meters, among which the indoor construction area is 169.71 square meters, allocatedcommon area from the building is 48.35 square meters.(Please refer to Appendix 2 for information about the constitutionand allocation of construction areas for both common area andindoor construction area).

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Article Four Pricing and Payment

The seller and the purchaser agree to follow the commercial housepricing method # 1 ofthe following:

1. According to construction area. The unit price of thecommercial house is (currency: RMB)18,623.57Yuan per square meters, and the total payment amount is in RMB, threemillion one hundred and sixty thousand six hundred and five yuanonly. (Equivalent of $381,394USD at historical exchange rate of June, 2003)

2. According to indoor construction area. The unit price of thecommercial house is(currency:)persquare meter, and the total payment amount is.

3. Accordingto set (unit). The total payment of the commercial house is(currency:).

4.

Article Five Area Confirmation and AreaDiscrepancy Handling

According to the pricing and measurement method selected by thepurchaser, it is stipulated in this article that the areadiscrepancy is measured and computed based on 【√constructionarea】【indoorconstruction area】 (abbreviated as the area in this article).

This article does not apply to the set pricing method (#3above).

In case of discrepancy between the area stipulated in the contractand the area reported on property ownership registration,the area reported on property ownership registration serves as the criterion.

After delivery of the commercial house, both parties agree tohandle the discrepancy between the area reported onproperty ownership registration and the area stipulated in the contract according to measure1 of the following:

1.Mutualagreement between two parties.

(1)Refundany overpayment or pay for any deficiency based on actualmeasurements

(2)

(3)

(4)

2.Bothparties agree on the following:

(1) If the absolute value of the area discrepancy is within 3% (3%included), the house payment will be made according to actualarea.

(2) If the absolute value of the area discrepancy is over 3%, thepurchaser has the right to cancel the house purchase.

If the purchaser cancels the house purchase, the seller shouldreturn the paid-up amount to the purchaser within 30 days upon thepurchaser’s house purchase cancellation, and pay interest accordingto Interest rate of fixed assets loan of China People’s Bank forthe same term.

If the purchaser does not cancel the house purchase and the areareported on property ownership registration is larger than the area stipulated in the contract, the payment forthe discrepancy within 3% (3% included) will be paid by thepurchaser, and the payment for the discrepancy over 3% will beundertaken by the seller. The property ownership belongs to thepurchaser. If the area reported on property ownershipregistration is smaller than the area stipulated in the contract, the paymentfor the area discrepancy within 3% (3% included) will be returnedto the purchaser from the seller, and the payment for thediscrepancy over 3% will be returned doubly to the purchaser fromthe seller.

Area discrepancy rate = (area reported on property ownershipregistration -areastipulated in the contract) / area stipulated in the contract ×100%

As for the area discrepancy caused by design alteration,supplementary agreement should be signed if both partied do notterminate the contract.

3.Bothparties agree on the following:

(1)Ifthe absolute value of the area discrepancy is within 3% (3%included), the house price will be calculated according to theconstruction area reported on housing registration

(2)Purchaserhas the right to terminate the contract if the absolute value ofthe area discrepancy of any measurements is beyond 3%

Refund should be made by the seller to the purchaser within 30 daysof the contract termination request made by the purchaser. If notermination request is made by the purchase, in the case that areareported on property ownership registrationissmaller than the area stipulated in the contract, the payment forthe area discrepancy within 3% (3% included) will be returned tothe purchaser from the seller, and the payment for the discrepancyover 3% will be returned doubly to the purchaser from theseller.

Area discrepancy rate = (area reported on property ownershipregistration -areastipulated in the contract) / area stipulated in the contract ×100%

Article Six Payment Terms and Timing

Payment will be made by the purchaser following method 3.

1. Lump sum payment

SeeAttached

2. Installment payment

Blank

3. Other measures

See Attached

Article Seven Purchaser’s Responsibility forBreach of Contract Due to Overdue Payment

If the purchase does not pay within the timing stipulated in thiscontract, following method 1 will be compliedwith:

1.Handleseparately according to the overdue period. (Noaccumulation)

(1) If the overdue period is less than 90 days, the purchaseshould pay 3 percent of the overdue payment per day to theseller as the penalty starting from the next day of the paymentdeadline stipulated in this contract to the actual payment day, andthe contract continues to be effective.

(2) If the overdue period is over 90 days, the seller hasthe right to terminate the contract. If the seller terminates thecontract, the purchaser should pay 10% of the accumulativepayable amount to the seller as the penalty. If the purchaser iswilling to continue performing the contract, the contract willcontinue to be effective. From the second day after the paymentdeadline stipulated in this contract to the actual payment day, thepurchaser should pay three hundred thousandth (this rateshould not be less than the penalty rate stipulated in the itemjust above) of the overdue payment per day to theseller.

The overdue payment in this article refers to the balance betweenthe due payable amount stipulated in article six of this contractand the actual payment of that term. If adopting installmentpayment, the overdue payment will be determined according to thebalance between the payable installment amount and the actualpayment of that time.

2.Blank

Article Eight Delivery Term

The seller should deliver the commercial house that satisfies the #1 and #2 requirements below and agree to thestipulations of this contract, to the purchaser according torelevant state and local government regulations on or before June 30,2006.

1. The commercial house passes the construction examination andacceptance.
2. The commercial house passes the actual footageexamination.
3. The commercial house passes the comprehensive examination andacceptance for each construction term.
4. The commercial house acquires approval document on delivery and useof the commercialresidence.
5. Blank

If encountering special circumstances, the seller can postpone thedelivery according to actual conditions except when both partiesagree to terminate the contract or alter the contract throughdiscussion.

1.Encounteringa force majeure and the seller informs the purchaser about itwithin 30 days upon the occurrence date.

2.Specialmodifications requested by the purchaser

3. Blank

Article Nine Seller’s Responsibility for Breachof Contract Due to Overdue Delivery

Except the special condition stipulated in article eight of thiscontract, it will be handled according to the first methodif the seller fails to deliver the commercial house to thepurchaser according to the time limit stipulated in thiscontract.

1. Handle separately according to the overdue period. (Noaccumulation)

1)Forthe overdue period is less than 90 days, the seller shouldpay three hundred thousandth of the paid-up house purchasepayment per day to the seller as the penalty from the second dayafter the delivery deadline stipulated in this contract to theactual delivery day, and the performance of the contractcontinues.

2)Forthe overdue period is over 90 days, the purchaser has theright to terminate the contract. If the purchaser terminates thecontract, the seller should return all the paid-up payment within30 days upon the purchaser’s announcement day of thecontract termination and pay2% of the accumulativepaid-up amount to the seller as the penalty. If the purchaser iswilling to continue implementing the contract, the contract willcontinue to be effective. From the second day after the deliverydeadline stipulated in article eight of this contract to the actualdelivery day, the seller should pay three hundred thousandth(this rate should not be less than the penalty rate stipulated inthe item just above) of the paid-up house purchase payment per dayto the purchaser.

2.Blank

Article Ten Agreements on Alteration of Plan andDesign

If the quality or function of the commercial house bought by thepurchaser is influenced by the planning alteration approved by theplanning department and the design alteration approved by thedesign unit, the seller should notify the purchaser within 10 daysupon the day of approval from relevant department.

1.Thestructure form, house style, space and size, facing of thecommercial house;

2.Blank;

3. Blank;

4.Blank;

5.Blank;

6.Blank;

7.Blank;

The purchaser has the right to reply whether or not to terminatethe house purchase in written form within 15 days after receivingthe notice. If no written reply is made, it will be deemed that thepurchaser accepts the alteration. If the seller does not inform thepurchaser within stipulated time limit, the purchaser has the rightto cancel the house purchase.

If the purchaser cancels the house purchase, the seller shouldreturn paid-up payment to the purchaser within 30 days afterthe house purchase cancellation date and pay interests according tointerest rate of fixed assets loan of China People’s Bank forthe same term.

If the purchaser does not cancel the housepurchase, supplementary agreement should be signed with theseller.

Blank

Article Eleven Delivery

When the commercial house reaches the delivery serviceablecondition, the seller should notify the purchaser to handledelivery procedures. At the takeover of examination and acceptance,the seller should present documentary proof stipulated in articleeight of this contract and sign the house delivery sheet. If thecommercial house is bought as residence, the seller should provideGuarantee Letter of Residence Quality and ResidenceInstruction Book. If the seller fail to present the documentaryproof or the documentary proof presented is incomplete, thepurchaser has the right to refuse the takeover and the sellershould undertake the responsibilities caused by overduedelivery.

In case of overdue delivery due to the seller’s account, bothparties agree to comply with following measures:

1. If the Purchaser does not fulfill the house inspection procedures as agreed, seller is obligated toinform the purchaser in writing. The next day after the writingnotice, the qualified commercial house delivery is deemed complete.Purchaser will be responsible for the related expenses caused bythe delayed delivery during the period from the notice date toactual deliverydate.

Article TwelveTheseller ensures that the commercial house for sale is not involvedin dispute of ownership or credit’s rights and indebtedness. Incase of the seller’s reasons that cause inability to handleownership registration or occurrence of credit and debt dispute,the seller should undertake full responsibilities.

Blank

Article Thirteen The Seller’s Commitment Regarding Decoration and FixtureStandard

The decoration and fixture standard of the delivered house isdescribed in Appendix 3. If the decoration and fixture do not meetthe standard, Purchaser has right to handle the matter accordingthe method 1 below:

1.Theseller should double compensate the purchaser for thediscrepancy.

2. Blank

3. Blank

Article Fourteen The Seller’s Promise on Formal Operation of PublicFacilities and Basic Facilities

1.CentralAir is operating

2. Water, Gas, Electricy

3. Seattleite TV and Cable TV Wiring

4. PhoneWiring

5.

If the conditions are not meet up to the agreed date, both partiesagree to solve it as the following way:

1.0.03%of purchase price is paid to the purchaser by seller as penalty

2.

Article Fifteen Agreements on OwnershipRegistration

The seller should, within 180 days after the commercialhouse delivery, submit ownership registration materials provided bythe purchaser to the ownership registration administration forfiling. If the purchaser fails to obtain the real estate ownershipcertificate within stipulated time limit due to the seller’sreasons, both parties agree to comply with the following measure2:

1. The purchaser cancels the house purchase, and the seller returnsthe paid-up house payment to the purchaser withinday after thepurchaser’s house purchase cancellation, and payas ofthe paid-up house payment as the compensation for the purchaser’sloss.

2. Thepurchaserdoes not terminate the house purchase, and the seller pays2%as of the final price to the purchaser as penalty.

3.Blank

Article Sixteen WarrantyResponsibilities

For the commercial house bought for commercial residence use, theGuarantee Letter of Residence Quality is the annex of thiscontract. The seller should assume relevant warrantyresponsibilities from the commercial house delivery day accordingto the commitments in the Guarantee Letter of ResidenceQuality.

For the commercial house bought for non-commercial residence use,both parties should make specific stipulations on warranty scope,period and responsibilities etc in form of contractannex.

As for the quality problems occurred within the warranty scope andperiod of the commercial house, the seller should perform warrantyobligation. For the damage caused by force majeure or not seller’sreasons, the seller will not undertake responsibility, but mayoffer assistance for maintenance. The maintenance charges will bepaid by the purchaser.

.

Article Seventeen Both Parties Agree on FollowingIssues:

1.Theright to use the internal surface of the building where thecommercial house locates: belongs to all concurrentowners;

2.Theright to use the exterior wall of the building where the commercialhouse locates: belongs toall concurrent owners;

3.Theright to name the building where the commercial house locates:belongs toSeller;

4.Theright to name the community where the commercial house locates:belongs toseller

5.Blank

6.Blank

Article Eighteen The purchaser’s house has a sole purpose for residentialuse. During the usage period, the purchaser cannot alter themain construction structure, bearing structure and purpose of thecommercial house deliberately. Except otherwise regulated in thiscontract and the appendix thereof, the purchaser is entitled toshare the common areas and facilities related to the commercialhouse with other owners, and undertake obligations.

The seller cannot alter the function of the common parts andfacilities related to the commercial house deliberately.

Article Nineteen Management Company and CommonCharges

Seller is responsible for hiring Management Company to provideproperty management service according the law. Please refer toappendix 4 for service details and standard. Service rate is atRMB 6.5 yuan per month per square meter. Payment is madeannually (semi-annually, seasonally). Service includes themaintenances of common areas, landscaping, fixtures and others.Please see appendix 4 for detail.

Article Twenty Temporary agreement on propertymanagement service content

Purchaser acknowledges the full content from appendix IV relatingto property management service and this temporary agreement.Purchaser agrees to have Seller select and hire a propertymanagement company according to relevant laws. Purchaser alsoagrees to the management company common charges described aboveunder Article Nineteen.

Article Twenty One

For the disputes occurred during the performance of the contract,both parties will solve through discussion. If the discussion failsto work, the second measure as follow will be compliedwith:

1. Submit toarbitrationcommittee.

2.Toinstitute legal proceedings to the People’s Court.

Article Twenty Two For the issues excluded in this contract, the supplementaryagreement (annex four) should be signed upon both parties’consents.

Article Twenty Three The contract annexes bear the equivalent legal force as thiscontract. Within the contract and the annex thereof, the writtencharacters filled in Blank bear the equivalent force as the printedtext.

Article Twenty Four This contract attached with annexes haspages,and is done in 4 copies,which bear the equivalent legal force. The contracts are held asfollow:

One copy for the seller, one copy for the purchaser, twocopies for administration for real estate.

Article Twenty Five This contract comes into effect upon both parties’signature.

Article Twenty Six For the advance sale of the commercial house, the seller shouldapply for filing registration to Beijing Chaoyang DistrictAdministration for Real Estate within 30 days after thecontract becomes effective.

Seller: (sealed)

Legal representative:

Signed on

Signed in

Purchaser: (signature)

Legal representative:

Signed on

Signed in

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