Exhibit 4.32
 Service Agreement
  
  1.
    
    Service Project
 1.1.
    
    As the primary land operator of Luodian New Town, Baoshan District, Shanghai,
Party A introduces lands via a public bidding, auction and quotation system. By
accepting Party As entrustment, Party B hereby provides services to Party A for its
to-be introduced lot D1-2 in Luodian, Baoshan district. Party B will engage in
promotion and recommendation work during the pre-introduction period, recommend and
introduce such lot, seek investors (Potential Investors) to bid the lot in order to
facilitate successful transaction of the lot.
 2.
    
    Party B will provide the following services:
 2.1.
    
    Provide publicity and promotion services before the bidding, auction and
quotation of such lot, including design publicity and promotion programs, arrange
execution plan of such programs, assist Party A with the execution of such programs as
per Party As request;2.2.
    
    Introduce detailed information of the lot to the public;2.3.
    
    Conduct market survey, financial and operation analysis with regard to the lot
and submit written report as per Party As request;2.4.
    
    Inform Party A of the commercial conditions of Potential Investors, arrange
Party A to negotiate transaction with Potential Investors and assist Potential
Investors to participate in the auction of such lot;
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2.5.
    
    Coordinate and facilitate communication between Party A and Potential Investors
with regard to relevant information of the recommended project;2.6.
    
    Assist Party A to draft and revise relevant documents according to the
transaction method, so that Party A and Potential Investors will enter into the
transaction document in the end;2.7.
    
    Assist Party A to carry out other procedures as per Party As request.
 3.
    
    Service Compensation and Time of Payment
 3.1.
    
    Both parties acknowledge that if the investor recommended by Party B succeeds
in auction and enters into the land use right transfer agreement with Party A, Party A
will make payment to Party B as follows: If the calculation result of the total
transaction amount divided by the land area of the lot is no more than RMB4,000,000 per
mu, Party A shall pay 1% of the total transaction amount to Party B; If the calculation
result is more than RMB4,000,000 per mu, in addition to the aforesaid compensation,
Party A shall pay 20% of the excess transaction amount.3.2.
    
    Both parties agree that Party A shall make payment to Party B 15 working days
after the investor pays the first installment to Party A according to the payment
schedule and proportion of the investor.3.3.
    
    In case Party A fails to make payment in due time, Party A shall pay the
penalties at a daily charge of 0.5%.3.4.
    
    Both parties agree that even if the transaction contract is signed by Party As
other subsidiaries or affiliates, Party A is still obliged to made payment according to
the stipulations hereunder.
 4.
    
    Confidentiality
 4.1.
    
    Party A undertakes that the information, written report and relevant materials
with regard to the investor provided to Party A by Party B will only be limited to the
senior level personnel above Party As assistant general manager (including assistant
general manager) and the person in charge of the project who is determined by Party A
as well as relevant professional companies. No reproduction or copy will be made and
distributed to other persons in the company and any third party. All the
project-related information and the content of this Agreement are trade secrets which should be kept by Party A. Party A should
refrain from revealing the trade secretes to any third party (other than the project
company which is arranged by Party A to be the company responsible for the project
).
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4.2.
    
    Party B is entitled to indemnity from Party A in case Party A breaches the
confidentiality obligation.
 5.
    
    Disputes arising from the performance of this Agreement that cannot be solved through
friendly negotiation shall be submitted to the peoples court where Party B locates.6.
    
    This Agreement shall take effect after both parties affix their seal hereto. Neither party is
entitled to terminate the performance of this Agreement unilaterally without the consent of
the other party.7.
    
    This Agreement shall be executed in four counterparts with each party holding two copies.
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Memo
 
         
 
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