Exhibit 4.37


 


Property and Land Lease Framework Agreement


 


 


 


This Agreement is made on 31 December 2016
in Guangzhou by and between:


 


		Party A:	China Southern Air Holding Company



 


Address: Guangzhou Baiyun International
Airport, Guangdong Province


 


		Party B:	China Southern Airlines Company Limited



 


Address: Unit 301, 3/F, Office Tower,
Guanhao Science Park Phase I, 12 Yuyan Street, Huangpu District, Guangzhou, Guangdong Province


 


Whereas, the Parties agree that Party A
shall lease the property and land in Shenyang, Chaoyang, Dalian, Changchun, Harbin, Xinjiang, Beijing, Shanghai and foreign offices
to Party B, NOW THEREFORE, the Parties enter into the following Framework Agreement on the principles of equality, freewill and
making compensation with respect to the property and land lease:


 


Chapter
1 General Provisions


 


		1	The land ownership of the property and land leased to Party B under this Agreement belongs to the
People 's Republic of China, and Party A is the legal owner of the land use right. Underground resources, buried objects and municipal
utilities are not within the rental scope of land use right.



 


		2	The legal rights and interests of Party B shall be protected by State laws in the use of property
and land use right under this Agreement.



 


		3	Party A of this Agreement shall include China Southern Air Holding Company and its wholly-owned
and controlled subsidiaries, and Party B shall include China Southern Airlines Company Limited and its wholly-owned and controlled
subsidiaries.



 


Chapter
2 Specific Agreements


 


		4	Party A shall lease the property and land use right to Party B, and the transaction pricing to
follow shall be fair and reasonable, with reference to the fair price in the market.



 


		5	In accordance with this Framework Agreement, both Parties shall further discuss and agree on the
scope and details of leasing hereof. Specific contracts shall be signed otherwise.



 






    	 



     


    

 


		6	The use of the leased property and land under this Agreement shall not violate the relevant state
regulations or be beyond the scope of the agreements. During the period of lease, Party B shall obtain Party A's permission if
Party B wishes to change the use of the leased property and land prescribed under this Agreement.



 


Chapter 3 Validity
and Duration of this Agreement


 


		7	This Agreement shall be valid for 3 years, from 1 January 2017 to 31 December 2019. This Agreement
shall be legally binding on both parties from the effective date hereof.



 


Chapter
4 Special Agreements


 


		8	The parties shall follow a fair and reasonable pricing
principle which is based on fair market price in accordance with the provisions of the state or local pricing regulations, with
reference to the asset appraisal report. Party A undertakes to offer Party B a price not higher than the price or fee standards
from any independent third party.



 


		9	Both parties agree that the total transaction amount under this Agreement shall not exceed the
cap of RMB130 million for 2017, 2018 and 2019, respectively. During the performance of this Agreement, both parties shall comply
with relevant provisions of listing rules as to the transaction amount caps.



 


Chapter 5 Liability for Breach of Contract


 


		10	Any party’s violation of this Agreement shall constitute a breach of this Agreement, and
shall bear the liability for breach of contract under the relevant provisions of the Contract Law of the People 's Republic
of China and the other party shall have the right to terminate this Agreement.



 


		11	If one party only violates a specific agreement signed in accordance with this Framework Agreement,
its liability shall be determined in accordance with the specific agreement and shall not affect the continuing performance of
this Framework Agreement and other specific agreem



 


Chapter 6 Supplementary
Provisions


 


		12	Without prior written consents of both parties hereto,
any party shall not alter or modify any terms or contents of this Agreement. To have legal binding effect on both parties, any
supplements or modifications shall be agreed by both parties and formed a written supplementary agreement.



 


		13	Both parties shall further negotiate to sign any written
supplementary agreement for any matters not covered under this Agreement. Such written supplementary agreement shall have same
legal effect as this Agreement.



 






    	 



     


    

 


		14	Both parties shall settle, through friendly negotiation,
any dispute arising from or in connection with the interpretation, effect and performance of this Agreement. If such dispute cannot
be settled through negotiation, either party shall have the right to submit such dispute to a competent People’s Court in
Guangzhou City.



 


		15	This Agreement is made in six copies, with each party
holding three copies. Each copy shall have equal legal effect.



  


Party A: China Southern Air Holding Company


 


Authorized
Representative: Wu Rongxin (吴榕新)


 


31 December 2016


 


 


 


Party B: China Southern Airlines Company
Limited


 


Authorized
Representative: Meng Qingbai (孟庆柏)


 


31 December 2016