f8k0210ex10vii_artisty.htm


    Exhibit
10.7

    LEASE
AGREEMENT

     

    Translation

     

     

    Party A
(Lessor): Chongqing No. 3 Construction Co., Ltd.

     

    Party B
(Lessee): Chongqing Foguang Tourism Development (Group) Co., Ltd.

     

     

    The
parties enter into the following agreement through consultation:

     

    
      	
              I.  

            	
              Location
      of Property

            


    

     

    The
property under lease is located at 239 Jianxin Road, 2nd
Floor, Jiangbei District, Chongqing, with a total area of 1,053 square meters.
Party B shall have the right to decorate or renovate the property for its
business use.

     

    
      	
              II.  

            	
              Term
      of Lease

            


    

     

    The term
of lease is four and half years, starting from August 1, 2008 to December 31,
2012. When the lease is due, Party B shall have the priority to renew the lease
under the same conditions. The rent may be adjusted based on the market price
and both parties shall execute a subsequent agreement.

     

    
      	
              III.  

            	
              Rent

            


    

     

    The rent
shall be calculated as RMB 9.00/square meter, with an annual increase of RMB
2.00 /square meter (for example, the rent will be RMB 11.00 /square meter from
August 1, 2009 to July 31, 2010, RMB 13.00 / square meter from August 1, 2010 to
2011, and so forth).

     

    
      	
              IV.  

            	
              Payment

            


    

     

    The rent
shall be paid on a quarterly basis. Payment of RMB 28,431 shall be made five
days in advance of the next pay period. Upon the execution of this Agreement,
Party B shall pay a deposit of RMB 28,431.

     

    
      	
              V.  

            	
              Breach
      of Agreement

            


    

     

    
      	
              1.  

            	
              Party
      B shall be subject to a late fee if Party B fails pay the rent on time.
      Party A shall have the right to terminate the Agreement if the rent is
      overdue for three months. The late fee shall be 2/1,000 of the quarterly
      rent per day, calculated from the due date to the date of
      payment.

            


    

     

    
      	
              2.  

            	
              During
      the term of the Agreement, Party A shall not terminate the Agreement
      without breach of Party B, otherwise, Party A shall pay a pro rata
      renovation fee and a penalty of 2/1,000 of the quarterly rent per day,
      calculated from the second day of the termination date to the due date of
      the Agreement.

            


    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              VI.  

            	
              Miscellaneous

            


    

     

    
      	
              1.  

            	
              During
      the lease term, Party B shall comply with relevant laws and regulations
      and shall be liable for any illegal use of the
  property.

            


    

     

    
      	
              2.  

            	
              Party
      B shall pay for its renovation and decoration of the property. Party A
      shall not compensate such fees when the Agreement is terminated as a
      result of Party B’s default or when the lease term has
      expired.

            


    

     

    
      	
              3.  

            	
              Party
      B shall pay for the routine maintenance and repair of the property and
      facilities after Party B renovates the
property.

            


    

     

    
      	
              4.  

            	
              Any
      renovation of the property by Party B is subject to the consent of the
      Property Company. Party B may renovate the property as instructed by the
      Property Company and shall bear the full legal responsibility for any
      damage as a result of the renovation. After the renovation, the fire alarm
      system of the property shall be inspected by the public security
      department and the fire department. Party B shall be responsible for fire
      safety of the property.

            


    

     

    
      	
              5.  

            	
              Party
      B shall pay the property management, water, power and other fees and
      expenses timely.

            


    

     

    
      	
              6.  

            	
              Once
      Party B starts renovating the property, the renovations of Party B shall
      be administrated by the Property
Company.

            


    

     

    
      	
              7.  

            	
              Any
      unsettled matter under this Agreement and any dispute arising from this
      Agreement shall be subject to consultation between the
      parties.

            


    

     

    
      	
              8.  

            	
              This
      Agreement shall become effective upon execution of both parties and be
      executed into four duplicates with equivalent effect. Each party shall
      hold two duplicates.

            


    

     

    


     

    Party A
(Lessor): Chongqing No. 3 Construction Co., Ltd. (Stamp)

     

    Party B
(Lessee): Chongqing Foguang Tourism Development (Group) Co., Ltd. (signature
& stamp)

     

    


     

    July 18,
2008

     

    


     

    
      
        
        

      

      
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