<PAGE>   1
                                                                    EXHIBIT 4.18

                                  TRANSLATION


                               TENANCY AGREEMENT

Lessor :       Shekou Wan Ha Enterprises Shareholding Co. Ltd.
               (hereinafter called Party A)

Tel:           6684762

Lessee :       Jetcrown Industrial (Shenzhen) Limited
               (hereinafter called Party B)

Tel: 13609620061

Identity Card or Unit Business Licence No.:

               Through negotiations of both parties, and according to the
relevant regulations of Shenzhen Special Economic Zone, Party A and B signed the
following contract relating to lease of property.

1.      Party B is, at his own discretion, to lease the properties situate at
        Room 203, 205-208, 210-212, 214, 216-217, 302-305, 307, 309-310,
        312-317, 401, 403-405, 407-416 (total 38 rooms) of Complex Building,
        Shekou from Party A. The property will be used as DORMITORY. The
        construction area of these rooms is 1,857.89 square meters. The total
        monthly rental shall be DOLLARS TWENTY NINE THOUSAND FIVE AND CENTS
        FIFTY RENMINBI (RMB29,005.50).

2.      The terms of the tenancy shall be from January 1, 2001 to January 1,
        2002.

3.      The monthly rental will be cleared per month. (if less than 15 days,
        Party B should pay half month rental; if more than 15 days, Party B then
        should pay whole month rental). The rental should be paid in each month.
        Party B should pay the rental before 5th of each month to the shroff
        department designated by Party A. If the rental becomes overdue, a late
        charge of 2% per day will be charged. If the rental becomes overdue for
        more than thirty days, it will be treated as breach of contract by Party
        B. Party A has the right to take possession of the property and request
        Party B to pay the rental and the guarantee sum will not be refunded.

4.      On signing of this Agreement, Party B shall pay to Party A a guarantee
        sum which equals to one month's rental i.e. DOLLARS TWENTY NINE THOUSAND
        FIVE AND CENTS FIFTY RENMINBI (RMB 29,005.50). Upon the expiry of the
        contract, Party A will refund the guarantee sum, without interest, to
        Party B.
<PAGE>   2
5.      Party B is not allowed to alter the structure and use of the property at
        his own discretion. If any loss or responsibility arise because of this
        reason, Party B has full responsibility to renovate the same or
        indemnify from the economical loss. According to the situation, Party A
        has the right to take possession of the property. Any loss arise will be
        deducted from the guarantee sum paid by Party B. (If the amount is
        insufficient, Party B should pay the balance.)

6.      Party B can, with Party A's permission, to alter the building structure
        and use of the property. Upon the expiry of the contract, Party A has
        the right to request Party B to restore the property into original state
        and condition without any conditions. The relevant expenses should be
        borne by Party B.

7.      During the tenancy period, if there is any loss arise from the
        occurrence of natural disasters, both parties should handle the case
        according to the relevant regulations.

8.      During the tenancy period, Party B is not allowed to sublet the property
        to third parties. Otherwise, a penalty, which equals to two times the
        rental, will be imposed and Party A will take possession of the
        property. All the responsibility will be borne by Party B.

9.      Upon the expiry of the contract, with the agreement of Party A, Party B
        can renew the contract but Party B should inform Party A one month
        before the expiry of the contract. The rental will be determined by
        Party A. If under the same conditions offered by third parties, Party B
        has the first priority to lease the property. After the expiry date,
        Party B does not move out and return the property and he does not intend
        to renew the contract, Party A has the right to take relevant actions to
        take possession of the property. Party A can deduct or confiscate the
        contract guarantee sum and request Party B to pay the overdue rental.

10.     Both parties cannot breach the contract at his own discretion after they
        signed and chopped the contract. In the course of the contract, if
        either party proposed to terminate the contract, the proposed one should
        compensate the other party a sum, which equals to one month's rental.
        Through the negotiations of both parties, they can terminate the
        contract but they should give one month's notice to the other party.

11.     The rental mentioned in this contract does not include the management
        fee charged by the relevant property management department, the water
        and electricity charges, gas fee and cable TV charges etc. or the fee
        for using the district or urban facilities. Such fees should be borne by
        Party B.

12.     If the relevant departments imposed any charges, it will be borne by
        Party B as well.

13.     Party A should make sure the leased property complies with the relevant
        fire prevention regulations of the Country.

14.     Party B is not allowed to use fire to cook and home used electrical
        appliances (such as electrical oven, electrical cooker, electrical
        heater).
<PAGE>   3

15.     Party B is not allowed to install electrical wires at his own
        discretion. If the electrical source is out of order, Party B should
        inform Party A to repair at once. If Party B intends to install
        electrical boiler, he can commence work only after getting Party A's
        permission.

16.     Party A, upon receipt Party B's report, should repair the facilities and
        the expenses will be borne by Party B.

17.     Fire broke out because of the aforementioned reasons, any loss arising
        from the fire will be borne by Party B. If the case is serious, Party A
        will stop the electricity supply and report to National Safety and Fire
        Department to handle.

18.     If there shall be anything that is not provided for by this Agreement,
        the parties can solve it through negotiation- This contract is made in
        triplicate, Party B will keep one copy while Party A will keep two
        copies, they are all have equal legal validity.

         Party A : (Chop)                        Party B : (Chop)
         Signature of the                        Signature of the
         representative :    (Signed)            representative :    (Signed)

                                                        January 4, 2001