China Oumei Real Estate Inc.: Exhibit 10.30 - Filed by newsfilecorp.com






Exhibit 10.30 

Loan Term Extension Agreement 

Borrower: Qingdao Xudong Real Estate Development Co., Ltd.

Address: Dongli Village, Li Cang District, Qingdao City 
Regal
Representative: Li Xiaoguang 


Lender: Industrial and Commercial Bank of China, Qingdao
Chengyang branch 
Address: No.219, Zheng Yang Road, Chengyang District,
Qingdao 
Responsible person: Sun Yunbo 


Guarantor 1: Qingdao Longhai Road & Bridge Group Co., Ltd.

Address: No.1431, Cha Lan Road, Ji Mo city, Qingdao 
Legal
Representative: Guan Yiguo 


Guarantor 2: Qingdao Xudong Real Estate Development Co., Ltd.

Address: Dong Li Cun, Li Cang district, Qingdao 
Legal Representative: Li
Xiaoguang 


According to: 

	1. 	
      Borrower cannot pay off the loan on the maturity date
      under the Real Estate Industry Loan Contract (Code: Year 2007 Cheng Gong
      Jie Zi No.034, hereinafter referred to as the “Original Loan Contract”)
      and request the Lender to extend the term of the loan.

	 	 
	2. 	
      Guarantors agreed to continue to provide security
      interest to the Borrower pursuant to the following guarantee agreements
      (following is “Original Guarantee Agreements”):



Name of guarantee contract: Guarantee Contract,

Code: Year 2007 Cheng Gong Bao Zi No.034 
Name of surety
contract: Mortgage Contract, 
Code: Year 2007 Cheng Gong Di Zi
No.034 


	3. 	
      Lender agrees to extend the maturity date of the
      outstanding loans in accordance with the terms of this
  Agreement.



Section 1. The loan amount under the Original Loan Contract is
RMB 200 million, among which RMB 0 has been paid off. This Agreement covers the
outstanding loan amount of RMB 200 million. 




Section 2. The term of the Original Loan Contract is from May
28, 2007 to May 27, 2010. The extended term of the loan is from May 27, 2010 to
November 25, 2011. 

Section 3. 

Floating interest rate- the interest rate shall be the sum of
the benchmark interest rate and the floating range. The benchmark interest rate
is the benchmark interest rate of People’s Bank of China for the period from the
date of this Agreement and the maturity date of the loan and the floating range
is float upward (float upward/float downward/zero) by 12%. The
floating range will be consistent during the term of this Agreement. After the
withdrawal of the loan by the Borrower, the interest rate is 3-month per period,
adjustable every period. 

Section 4. The new interest rate applies to the extended loan
term. 

Section 5. The Borrower repays the loan according to the
following amortization table: 


	Date 	Amount (million RMB) 
	August 25, 2010
    	2
  
	November 25,
      2010 	3
  
	February 25,
      2011 	5
  
	May 25, 2011 	6
  
	August 25, 2011
    	8
  
	November 25,
      2011 	176
    



Section 6. In the event that the Borrower fails to repay the
loan balance to the Lender under this Agreement, the Lender is entitled to
charge an extra 50% as penalty interest rate over the agreed interest rate under
this Agreement. The penalty interest starts to apply on the first overdue date.


Section 7. Guarantors represent that they will continue to
guarantee all of the Borrower’s obligations under the Original Loan Agreement
and this Agreement pursuant to the Original Guarantee Contract. 

Section 8. Unless as otherwise provided in this Agreement, the
Original Loan Contract and the Original Guarantee Contract are still effective.


Section 9: This Agreement becomes effective upon the
satisfaction of the following conditions and will expire upon the repayment of the total
outstanding balance under this Agreement: 

2 




Borrower. has provided, to Lender’s satisfaction, guarantees
relating to its obligations under this Agreement and the Original Loan Contract.
This Agreement has been executed by the parties and the related guarantee
procedure has been completed. 

Section 10. This Agreement has 4 originals; Borrower,
Lender and each Guarantor shall hold one copy and each copy has the same legal
force. 

Section 11. Any appendix of the Agreement is an integral part
of this Agreement and has same legally force as this Agreement. 

Section 12 Others 

1) All the funds that the Borrower
received later for the construction of Dongli Garden Phase 1 shall be deposited
in the bank account with the Lender and monitored by the Lender. Such funds may
only be used for the construction of Dongli Garden Phase 1 project. 

2) All the procedures for pledging and
insurance for the unpledged high-rise building in Dongli Garden Phase 1 project
shall be completed by the end of August 2010. 

3) All the pledging registration
procedures and construction insurance procedures (naming Lender as the
beneficiary) need to be completed within 15 business days following the time
when such unpledged properties turn to be pledgable. 

4) All the sales revenues (including
the revenues from extended GFAs) that Dongli Garden Phase 1 project received
shall be deposited into its bank account with the Lender for repayment of the
loan under this Agreement and shall not be used for any other purposes. 

5) Borrower shall make the payment
every quarter. The repaid principal amount of the first quarter after the
extension shall not be less than RMB 2 million, RMB 3 million for the second
quarter, RMB 5 million for the third quarter, RMB 6 million for the fourth
quarter and RMB 8 million for the fifth quarter repayment. All of the
outstanding loan amount shall be repaid at once during the sixth quarter. 

6) In the event that the Borrower
acquires the land use right for the Dongli Garden Phase 2 during the term of
this Agreement, it shall assist the Lender unconditionally in completing the required pledge
procedures to guarantee the loan under this Agreement. 

3 




7) In the event that a third party
acquires the land use right for the Dongli Garden Phase 2, the Borrower shall
deposit all of the relocation compensation that the Borrower received into the
account with the Lender, which has the priority to use it for the repayment of
this loan. 

BORROWER: 
Qingdao Xudong Real Estate Development
Co., Ltd. 
Authorized Representative: /s/ Li Xiaoguang 


LENDER: 
Industrial and Commercial Bank of China,
Qingdao Chengyang branch 
Authorized Representative: /s/ Sun Yunbo 


GUARANTOR 1: 
Qingdao Longhai Road & Bridge Group
Co., Ltd. 
Authorized Representative: /s/ Guan Yiguo 


GUARANTOR 2: 
Qingdao Xudong Real Estate Development
Co., Ltd. 
Authorized Representative: /s/ Li Xiaoguang 

Date: May 20, 2010


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