| 1.   | Investment Amount: The Investor shall invest RMB135,000,000 (the “Investment Amount) to Langfang Real Estate,  RMB48,039,216 of which shall be contributed as the registered capital of Langfang Real Estate and the remaining RMB86,960,784 shall be contributed as the capital reserve. After the capital increase, the Investor shall own 49% of the equity interest of Langfang Real Estate. |
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| Shareholder | Contributed Registered Capital | Shareholding Percentage |
|-------------|--------------------------------|-------------------------|
| Investor    | RMB48,039,216                  | 49.00%                  |
| ***         | RMB12,500,000                  | 12.75%                  |
| ***         | RMB12,500,000                  | 12.75%                  |
| ***         | RMB12,500,000                  | 12.75%                  |
| ***         | RMB12,500,000                  | 12.75%                  |
| Total       | RMB98,039,216                  | 100.00%                 |

| 2.   | Usage of Investment Proseeds: all the funds invested by the Investor shall be used solely for the Project to purchase a land of 400,000 square meters in size located in *** (the “Project Land”) or be used for any other purpose jointly agreed by the parties. Such funds shall be deposited in an account with representatives of the Investor and Langfang Real Estate as co-signors. |
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| 3.   | Conditions Precedent to the Investor’s Obligation at Closing. |
|----------------|---------------------------------------------------------------------|

| (1)   | No encumbrance. Langfang Real Estate or other competent parties shall have entered into title termination agreement and compensation agreement with the previous owner or authorized land-user of all of or part of the Project Land and the compensation terms shall be in compliance with the laws and regulations of the People’s Republic of China (“PRC”). |
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| (2)   | Listing for biding. The transfer of the Project Land shall have been duly authorized and approved and the Project Land shall have been listed for bidding by the relevant land administration bureau. Langfang Real Estate shall have obtained the real estate developer qualification and there is no restriction on Langfang Real Estate to bid. |
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| (3)   | Follow-up financing. Langfang Real Estate shall have entered into a letter of intent of investment or loan with a third party investor regarding follow-up financing for the Project. |
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| (4)   | Equity Interest Pledge. The Original Shareholders shall have pledged all of their equity interest in Langfang Real Estate to the Investor. |
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| 4.   | Representation and Warranties of Langfang Real Estate. |
|----------------|--------------------------------------------------------|

| (1)   | The business and operation of Langfang Real Estate are in compliance with the laws and regulations of PRC in all material aspects. The Original Shareholders shall not have taken any action which may adversely affect Langfang Real Estate’s ability to consummate the contemplated transaction under the Investment Contract. |
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| (2)   | Langfang Real Estate shall have obtained all necessary permits, approvals, licenses and authorizations and shall have not violated any of its obligation under such permits, approvals, licenses and authorizations. |
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| 5.   | Rights of the Investor |
|----------------|------------------------|

| (1)   | Information Right. |
|-----------------|--------------------|

| (2)   | Right of First Offer |
|-----------------|----------------------|

| (3)   | Right of First Refusal |
|-----------------|------------------------|

| (4)   | Right of Co-sale |
|-----------------|------------------|

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| (5)   | Anti-dilution |
|-----------------|---------------|

| (6)   | Put Option |
|-----------------|------------|

| (i)   | One calendar year has elapsed after the closing of the investment; |
|-----------------|--------------------------------------------------------------------|

| (ii)   | Langfang Real Estate fails to obtain the follow-up financing within 6 months after the closing; |
|------------------|-------------------------------------------------------------------------------------------------|

| (iii)   | Langfang Real Estate fails to comply with any law or regulation that may cause material damage to the Investor; or |
|-------------------|--------------------------------------------------------------------------------------------------------------------|

| (iv)   | Langfang Real Estate or the Originals Shareholders have made material misrepresentations or Langfang Real Estate failed to obtain the land use right of the Project Land within 12 months after the closing. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | Call Option |
|-----------------|-------------|

| (i)   | Langfang Real Estate fails to legally obtain the land use right of the Project Land within 12 months after the closing; |
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| (ii)   | Langfang Real Estate or the Original Shareholders have made material misrepresentations; |
|------------------|------------------------------------------------------------------------------------------|

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| (iii)   | Langfang Real Estate or the Original Shareholders fails to comply with the provisions on the use of proceeds under the Investment Contract; or |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | For any reason the Investor cannot exercise its right of put option or the Original Shareholders fail to pay the purchase price for the put option within 20 working days since the exercise of put option. |
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| 6.   | Governance of Langfang Real Estate after the Closing |
|----------------|------------------------------------------------------|

| (1)   | The following matters require the approval of shareholders with more than 2/3 voting power in Langfang Real Estate: |
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| (i)   | Amendment to the articles of association of Langfang Real Estate; |
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| (ii)   | Capital increase, any equity financing and issuance of any new equity securities; |
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| (iii)   | Repurchase of any equity interest of Langfang Real Estate; |
|-------------------|------------------------------------------------------------|

| (iv)   | Any equity incentive plan; |
|------------------|----------------------------|

| (v)   | Winding up or liquidation of Langfang Real Estate; |
|-----------------|----------------------------------------------------|

| (vi)   | Amendment to the size of the board or supervisors committee; |
|------------------|--------------------------------------------------------------|

| (vii)   | Any material change of the business of Langfang Real Estate; or |
|-------------------|-----------------------------------------------------------------|

| (viii)   | Other matters which may adversely affect the rights of the Investor. |
|--------------------|----------------------------------------------------------------------|

| (2)   | The Board shall consist of 3 members, two of which shall be appointed by the Original Shareholders and one of which shall be appointed by the Investor. Resolutions regarding the following matters shall be approved by the director appointed by the Investor: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Material borrowings, lendings, donations, investment or guarantee; |
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| (ii)   | Equity incentive plan, compensation plan and appointment or removal of officers; |
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| (iii)   | Alteration of the accounting policy of the Company and the engagement of auditors; |
|-------------------|------------------------------------------------------------------------------------|

| (iv)   | Material asset expenses or disposal; or |
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| (v)   | Any above action taken by any subsidiary of Langfang Real Estate. |
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| (3)   | The Investor shall have the right to appoint the sole supervisor of Langfang Real Estate. In case of termination or liquidation of Langfang Real Estate, the liquidation committee shall consist of 3 members and the Investor is entitled to appoint 2 members. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Adjustment of the Investment Amount |
|----------------|-------------------------------------|

| 8.   | Termination of the Investment Contract |
|----------------|----------------------------------------|

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| (1)   | The Investor may terminate the Investment Contract at any time before the closing if: |
|-----------------|---------------------------------------------------------------------------------------|

| (i)   | Langfang Real Estate decides to quit the bid or loses the qualification for the bid of the Project Land before the closing; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| (ii)   | The transfer of the Project Land has not been duly authorized or approved, or the Project Land has not been listed for bidding by the relevant land administration bureau six monthsd after the execution of the Investment Contract; or |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Langfang Real Estate or the Original Shareholders have made any material misrepresentation in the Investment Contract. |
|-------------------|------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Investor may terminate the Investment Contract after the closing if: |
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| (i)   | Langfang Real Estate fails to win the bid of the Project Land within 6 months after the closing; |
|-----------------|--------------------------------------------------------------------------------------------------|

| (ii)   | Langfang Real Estate or the Original Shareholders have made any material misrepresentation in the Investment Contract; |
|------------------|------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Langfang Real Estate fails to legally obtain the land use right of the Project Land within 12 months after the closing; or |
|-------------------|----------------------------------------------------------------------------------------------------------------------------|

| (iv)   | Langfang Real Estate and the Original Shareholders fail to comply with the provisions on the use of proceeds under the Investment Contract. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

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