|   |         Chinachem Group |
|--------|-----------------------------------|

| NCN      Group Management Limited    | By      Hand & By Fax |
|--------------------------------------|---------------------------|
| c/o      China Peak Holdings Limited | Fax No.: 2295 6977        |
| Suite      2102, 21st Floor          |                      |
| Chinachem Century Tower    |                      |
| 178      Gloucester Road             |                      |
| Wanchai                              |                      |
| Hong      Kong                       |                      |

| Re  : | The      whole of 21st Floor, Chinachem Century Tower, 178 Gloucester      Road, Wanchai. Hong Kong. |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

| 1.     | Landlord               | :      | Cheong      Ming Investment Company Limited                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 2.     | Tenant                 | :      | NCN      Group Management Limited                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 3.     | Premises               | :      | The      whole of 21st Floor, Chinachem Century Tower                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 4.     | Area                   | :      | 3,500      sq. ft. gross                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 5.     | Term      of Tenancy   | :      | 3      years                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 6.     | Commencement      Date | :      | 15th      November 2006                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 7.     | Monthly      Rent      | :      | HK$70,000.00      per calendar month.                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 8.     | Rent      free period  | :      | No      rent and air-conditioning charge will be charged for the 1st, 2nd months      and rent free only for the 19th, 36th month of the term mentioned above.      However, the rent free period will not be free of any other outgoing that      Tenant covenants to pay under the Tenancy and shall be paid up in full      upon signing of the Tenancy Agreement. If the Tenant commence business,      the air-conditioning charge will becomepayable. |

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|   |         Chinachem      Group |
|--------|----------------------------------------|

| 9.     | Management      Fee              | :      | The      initial charge for management fee will be HK$1.50 per square      foot gross per calendar month which sum shall be subject to review based      upon increase in the costs of service provided.                                                                                                                                                                                           |
|--------|----------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.    | Air-conditioning                 | :      | The      initial charge for air-conditioning charge will be HK$2.00 per square foot      gross per calendar month which sum shall be subject to review based upon      increase in the cost of supply.                                                                                                                                                                                             |
|   |                             |   | Normal      operation hour will be as follows : -                                                                                                                                                                                                                                                                                                                                                  |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                             |   | Monday      –      Friday                  8:30 a. m.     to     6:00 p.      m.                                                                                                                                                                                                         |
|   |                             |   | Saturdays                               8:30 a. m.     to     1:30 p.      m.                                                                                                                                                 |
|   |                             |   | Sundays      & Public                                                                                                                                                                                                                                                                                                                                                                          |
|   |                             |   | Holidays                                                      NIL                                                                                  |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 11.    | Additional      Air-conditioning | :      | The      charge for additional air-conditioning services outside normal operation      hour requested by the Tenant shall be at such rate as shall be determined      by the Landlord according to the costs of supply.                                                                                                                                                                            |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 12.    | Government Rates                 | :      | Government rates      will be charged to the Tenant's account quarterly in advance, and prior to      formal assessment by Rating and Valuation Department will be charged at 5%      on rental payable      per month, any adjustment necessary will be made upon such formal      assessment.                                                                                                    |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 13.    | Deposit                          | :      | The      following deposit shall be payable by the Tenant : -                                                                                                                                                                                                                                                                                                                                      |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                             |   | 1)          Upon signing of this Letter of Offer                                                                                                                                                                                                                                                                                                                               |
|   |                             |   |               a)    One month's rent                                                                                                                                                                                                                                                                                                        |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                             |   | 2)          Upon signing of the Tenancy Agreement :-                                                                                                                                                                                                                                                                                                                           |
|   |                             |   |               a)    Two months' rent                                                                                                                                                                                                                                                                                                        |
|   |                             |   |               b)    Three months' management fee                                                                                                                                                                                                                                                                                            |
|   |                             |   |               c)    Three months' air-conditioning  charge                                                                                                                                                                                                                                                                                  |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                             |   | The      deposit may have to be topped-up by Tenant from time to time such that it      maintains an amount equivalent to three months' rent, management fee and      air-conditioning charge.                                                                                                                                                                                                     |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 14.    | Advance      Charges             | :      | All payments of      rent, management fee and air-conditioning charge shall be payable monthly      in advance on the 1st day of each calendar month and the rates shall be      payable quarterly in advance on the 1st day of January, April, July and      October throughout      the term of Tenancy. The first of such payments shall be payable upon      signing of the Tenancy Agreement. |
|   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                               |
| 15.    | User                             | :      | The      use of the premises will be restricted to office use  only.                                                                                                                                                                                                                                                                                                                               |

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|   |         Chinachem      Group |
|--------|----------------------------------------|

| 16.    | Fitting      Out                                | :      | The Tenant      shall not commence any fitting out works to the said premises without      the prior written approval by the Landlord of plans and specifications      submitted by the Tenant.                                                                                                                                                                                                                                                                                    |
|--------|-----------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 17.    | Decoration      Deposit               | :      | The Tenant      shall pay a decoration deposit in a sum of HK$17,500.00 upon execution of      the Lease. The decoration deposit will be refunded after deduction, if      any, to the Tenant after completion of his fitting our    works.                                                                                                                                                                                                                                             |
|   |                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 18.    | Nominated      Contractor                                 | :      | All electrical      wiring installations and fitting from the building meter      room to the Tenant's meter and/or main MCB switch, all alteration      works relating to plumbing and drainage, air-conditioning structural and      fire services within the premises shall use the Landlord's nominated      contractors and all costs will be born by the      Tenant.                                                                                                             |
|   |                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 19.    | Cleaning      Contractor              | :      | The Tenant shall be      responsible for the general cleaning service to      the interior of the demised premises and to appoint only such cleaning      contractor approved by the Landlord or to employ his own employee for the      cleaning of the premises.                                                                                                                                                                                                                      |
|   |                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 20.    | Signage                                                   | :      | The Tenant      shall not affix or display within or outside the premises any writing,      sign, poster, flag or other device notice whether illuminated or not which      may be visible from outside of the premises without writing consent by the      Landlord.                                                                                                                                                                                                                   |
|   |                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 21.    | Name of      Building       | :      | The Landlord      reserves the right to name or rename the Building with any such name or      style as it in its absolute discretion may determine and at any time and      from time to time to change alter substitute or abandon any such name      provided that the Landlord shall give the Tenant and the Postal and other      relevant Government Authorities not less than three months' notice of its      intention      to do so.                                          |
|   |                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 22.    | Landlord's      Provision                            | :      | The Landlord agrees      to provide the materials of ceiling grills, ceiling tiles, light boxes,      sterling carpet without installation to the Tenant in our standard      quantities upon the Tenant's request not later than 14th December 2006.      All material shall be picked up      at the Landlord's warehouses at different places. Should the Tenant      request the delivery all costs will be borne by the      Tenant.                                               |
|   |                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 23.    | Alterations      to Building                              | :      | The Landlord      reserves the right from time to time to improve extend      add to or reduce the common areas and/or the common facilities      of the Building or any part thereof in any manner whatsoever alter or deal      with the Building or any part thereof (other than the Premise) Provided      always that in exercising such right the Landlord will endeavor to cause      as little inconvenience to      the Tenant as is practicable under the      circumstances. |

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|   |         Chinachem      Group |
|--------|----------------------------------------|

| 24.    | Sub-Letting              | :      | The      Tenant shall not assign, sublet, license or part with possession      of the premises or any part  thereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 25.    | Legal      Cost     | :      | All      costs and expenses of and incidental to the preparation and completion of      the Tenancy shall be paid and borne by the parties in equal share, save      that if the Tenant instruct another firm of solicitors      to act on their behalf other than Ford Kwan & Company in that event      the Tenant shall pay to the Landlord's solicitors Ford Kwan & Company      on behalf of the Landlord the costs      of the Tenancy at half scale  charge.                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 26.    | Redevelopment                      | :      | The Tenant      hereby agrees that if any time during the term hereby created the Landlord      shall redevelop the building by serving 6 months' prior written notice to      the Tenant and the Tenancy shall cease and be void upon the expiration of      the notice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 27.    | Stamp      Duty                    | :      | To be shared      equally between the Landlord and the new Tenant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 28.    | Special      Conditions            | :      | The premises      will be delivered to the Tenant in "as is" condition and the Tenant hereby      declares and confirms that the existing fittings, partitions, ceiling,      air-conditioning ductings, fancoil units and decoration of the premises      will be taken over and upon earlier determination or expiration of the      Lease, the Tenant shall upon the Landlord's request remove at the Tenant's      own costs such fitting, partitions, ceiling, air-conditioning ductings,      fancoil units and decoration and restore and reinstate the Premises to a      good and tenantable condition.                                                                                                                                                                                                                                                         |
|   |                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 29.    | Formal      Tenancy Agreement | :      | The      Tenant shall attend the office of the Landlord's solicitor on or      before 31st July 2006 to sign a Formal Tenancy Agreement which      shall be in such terms as the Landlord may in its absolute discretion      determine and to pay the balance of the deposits and such      rentals and other charges as may be required by the Landlord.      Should the Tenant fail to sign the Formal Tenancy Agreement      or pay the balance of deposit or any rentals or charge on      or before the date aforesaid, the Landlord shall be entitled to      forfeit      all payments that have been made by the Tenant together with      the tenancy created hereunder (if any) to re-enter upon the said      premises if the same have been delivered to the Tenant without      prejudice to any other rights of the Landlord hereunder or      otherwise. |

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|   |         Chinachem      Group |
|--------|----------------------------------------|

| 30. | Time      Limit  | : | This offer is valid      until 5:00 p.m. on 14th July  2006. |
|-----|-----------------------|---|--------------------------------------------------------------|

| Yours      faithfully,                      |                               |                                |
|---------------------------------------------|------------------------------------|-------------------------------------|
| For      and on behalf of                   |                               |                                |
| Chinachem      Agencies Limited   | Accepted      By:                  |                                |
|                                        | NCN      Group Management Limited  |                                |
|                                        |                               |                                |   |
|                                        |                               | For      and on behalf of           |   |
|                                        |                               | NCN      Group Management Limited   |   |
|                                        |                               |                                |   |
|                                        |                               | /s/ [ILLEGIBLE      SIGNATURE] |   |
|                                        |  Authorized      Signature(s) |                                |
| /s/      W.K. Tam                           | Company      Chop &            |                                |
|                                        | Authorized      Signature          |                                |
| W.K.      Tam                               |                               |                                |   |
| Manager                                     |                               |                                |   |

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