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                                                                  Exhibit 10.34

                          REAL PROPERTY LEASE CONTRACT

PARTIES :

Lessor: (Hereinafter identified as Party A): Zhong He Real Estate Development
        Company
Lessee: (Hereinafter identified as Party B): Beijing Oplink Communications, Inc.

In accordance with the provisions of the contract laws and related regulations
and decrees of the People's Republic of China, Parties A & B have reached the
following agreement based on equal, voluntary, and mutual consent regarding the
leased properties as follows:

ARTICLE 1    PREMISES & EQUIPMENT

             Party B agrees to lease from Party A real property located at
             Beijing City Fong Tai District Qiao Nan Advanced Technology
             Property District No. 6 Lot C Zhong He Technology Yuan (Zhong He
             Road No. 1)

             03# Plant         SIX STORIES_______________________________
             04# Plant         ---_______________________________________
             04# Plant East side one story building, ---_________________
             The size of the leased real property is 1,095 square meters,
             for blue print of said property see addendum 1; for details of
             built-in equipment see addendum 2; Real Estate Certificate of
             said property, Land certificate see addendum 3.

ARTICLE 2    USE

             1.  By the request of Zhong Guan Tsun Technology Yuan district
                 Fong Tai Yuan to its enterprise tenants, both parties
                 confirmed that the premises leased by Party B shall be used
                 for common research and development purposes.

             2.  Any adjustment of usage by party B must be reported to party
                 A for approval; otherwise, usage may not be altered.

ARTICLE 3    LEASE PERIOD

             1.  The total lease period shall be three years --- months:
                 Lessor shall deliver the leased property to Party B for usage
                 starting June 1, 2000 and to be returned on May 31, 2003.

             2.  Party A agrees that :

             3.  A rent-free period shall be provided to Party B from ---
                 year--- month --- day until --- year --- month ---day; the
                 rent-free period is intended for the purposes of remodeling
                 and preparation. Rent shall be calculated from the first day
                 after the end of the rent-free period.

ARTICLE 4    RENT, PAYMENT METHOD, DUE DATE.

             1.  Annual rent ----  (Based on size of premises, including
                 property management fee) ;

             2.  Annual rent $299,756 [SIC] (Based on size of building, not
                 including property management fee)

             3.  Rent --- based on ------ from --- annual rent incremental
                 increase of ---%, calculated based on formula, see addendum
                 4: (Details of annual rent schedule)

             4.  Payment method, due date
                 Annual rent is TWO HUNDRED NINETY-NINE THOUSAND SEVEN
                 HUNDRED FIFTY-SIX RMB [SIC] annually; Party B shall
                 calculate rent TWICE YEARLY; Party B shall pay to the escrow
                 company on the day

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                 when this contract takes effect 60% of rent for the time
                 period $----- RMB, balance due & payable upon satisfactory
                 inspection of premises prior to move-in. The remaining rent
                 shall be calculated (annually), and shall be payable by
                 (season) (half-yearly)(annually) within three days of the
                 sixth month by Party B to Party A.

ARTICLE 5    REPAIRS AND MAINTENANCE

             1.  During the lease period, Party A shall conduct inspections
                 of the property and built-in equipment regularly for
                 necessary repairs and maintenance to assure normal usage by
                 the lessee. Party B shall cooperate to the best of its
                 ability not to disrupt such process.

             2.  Party A shall bear the burden of cost of ordinary major
                 repairs to the real property and the cost of routine
                 maintenance of the original real property (equipment not
                 included)[STRUCK OUT]; damages and maintenance costs
                 incurred to the real property and its built-in equipment due
                 to misuse by Party B shall be paid by Party B and it is the
                 responsibility of Party B to compensate any losses incurred;

             3.  During the lease period, Party B shall comply with the
                 regulations set by Party A and the local authority, any
                 safety measures, such as fire safety, general management and
                 security, and, generally, bear full responsibility and
                 submit to inspections by inspector(s) from Party A.

ARTICLE 6    REMODELING

             Party B shall not damage the building structure or related
             equipment; if remodeling or installation of equipment(s) which
             may effect building structure is necessary prior to move-in, a
             plan of such design and/or equipment to be installed must first
             be submitted to Party A. After written permission from Party A
             is acquired, Party B shall apply to the relevant department for
             approval; the costs of remodeling and any other costs incurred
             during the remodeling period shall be paid by Party B. Upon
             termination of the lease, unless otherwise agreed, Party A
             reserves the right to demand return of the premises in their
             original condition or be paid the cost to restore the premises
             to their original condition.

ARTICLE 7    CONFIRMATION OF DELIVERY

             1.  Party A shall deliver to Party B within three days from
                 execution of the lease all of said premises and equipment in
                 original condition; upon delivery, both parties shall send
                 representative(s) on site to inspect the condition of the
                 building and equipment upon transfer, and take inventory
                 according to addendum 2. Both parties shall sign a
                 confirmation letter (see addendum 5). After damages or
                 shortages have been repaired and replaced and are in order
                 (if applicable), Party A shall no longer be responsible for
                 providing free maintenance or replacement of equipment in
                 case of any further damages and/or losses.

             2.  If Party A fails to deliver the premises and equipment
                 according to contract, the lease period shall be extended
                 accordingly.

ARTICLE 8    AGREEMENT ON RELATED EXPENSES DURING LEASE PERIOD

             During the lease period, the following expenses shall be paid
             by Party B. Party B shall bear the consequences of breaching
             the contract in case of late payment:

             1.  Water, electricity bills;
             2.  Heating bills: $20[SIC]/square meter X year
             3.  ____________________________
             4.  ____________________________

             During the lease period, if there are additional fees demanded
             by governmental departments relating to the premises, such
             fees shall be paid by Party B.

ARTICLE 9    FEE SCHEDULE RELATING TO PROPERTY MANAGEMENT SERVICES

             For details see addendum 6.

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ARTICLE 10   EXPIRATION OF LEASE

             1.  Upon expiration of the lease, said contract shall cease in
                 its effect, and Party B shall return the premises to Party
                 A. In case an extension of lease is requested by Party B, a
                 written request shall be submitted to Party A three months
                 prior [PRESUMED: TO THE END OF THE LEASE]; Party A shall
                 respond in writing to Party B two months prior to expiration
                 of lease. If an extension is granted, a lease contract shall
                 be signed.

ARTICLE 11   RIGHTS AND OBLIGATIONS OF PARTY A

             RIGHTS

             1.  Party A has the right to collect rent on time,

             2.  Party A has the right to demand that the lessee comply with
                 the contract or reasonable proper use of leased properties.

             3.  Party A has the right to recovery of the premises in a
                 timely manner upon termination of the lease.

             4.  Party A has the right to terminate the contract and receive
                 compensation;

             5.  Party A has the right to demand that Party B return the
                 premises in original condition.

             6.  Party A has the right to transfer the property, use it as
                 collateral, and guarantee the continued performance of the
                 original lease.

             OBLIGATIONS

             1.  Delivery of premises to lessee at the time agreed;

             2.  Guarantee that the leased property corresponds and will
                 continue to correspond to the condition and usage indicated
                 in the agreement.

             3.  Lessor has the obligation to repair or replace leased
                 properties unless otherwise regulated by law or otherwise
                 stated in the contract.

             4.  Strict compliance with obligations according to the items set
                 out in the contract.

             5.  Strictly follow governmental regulation to provide services,
                 and collect fees according to the fee schedule.

ARTICLE 12   RIGHTS AND OBLIGATIONS OF PARTY B

             RIGHTS

             1.  Party B has the right to demand that lessor deliver leased
                 property.

             2.  Party B has the right to utilize the leased property according
                 to contract.

             3.  Party B has the right to demand that lessor guarantee the
                 good condition of the leased items according to laws or
                 contract.

             4.  Party B has the right to profit from usage of the leased items.

             5.  Party B has the right to make proper additions to the leased
                 items.

             6.  Party B has the right to refuse compliance with any request
                 and unreasonable charges by Party A which may be in
                 violation of government regulations.

             OBLIGATIONS

             1.  Lessee shall pay rent to lessor according to due date, method
                 and location as indicated in the contract.

             2.  Lessee shall utilize the leased property as indicated in the
                 contract.

             3.  Properly manage the leased property.

             4.  Return the leased property upon termination of contract in a
                 timely manner,

             5.  Strict compliance with obligations as indicated in the
                 articles.

ARTICLE 13   TERMINATION OF LEASE DUE TO CONDUCT OF PARTY B

             Party A may terminate the lease contract and repossess the
             leased property upon any of the following conduct by Party B.
             Party B shall be responsible for compensation of damages
             suffered by Party A:

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             1.  Subleasing of premises without approval;

             2.  Transfer, loan or exchange of premises without approval;

             3.  Disassembling or alteration of leased building structure or
                 alteration of usage without approval;

             4.  Accumulated late payment of rent up to three months;

             5.  Utilizing the leased premises for illegal activities;

             6.  Intentionally damaging the leased premises;

             Due to the above circumstances Party A may execute early
             termination and notify Party B in writing, Party B shall
             immediately vacate and return the premises, rent shall be
             calculated accordingly. Party A may choose not to terminate the
             contract, but to demand compensation from Party B for losses
             [instead].

ARTICLE 14   EARLY TERMINATION OF CONTRACT

             1.  In case of early termination within the term of the lease by
                 either party, three month's notification must be given in
                 writing, termination shall take effect after mutual
                 agreement has been reached and signed by both parties; this
                 contract remains in effect until the termination agreement
                 is signed. If Party A must terminate the contract due to
                 state construction or development, to force majeure factors
                 or to the occurrence of the conditions provided for in
                 Article 14 hereinbelow, Party A shall not compensate Party B
                 for economic losses.

             2.  In case Party B proposes early termination, a three month
                 notification shall be given to Party A, all costs as
                 indicated in the contract shall be settled upon termination.
                 At the same time, Party B shall settle all loans and
                 payables with its tenants, otherwise this contract will not
                 be terminated, Party B shall be held responsible for all
                 losses suffered by Party A.

             3.  If Party B did not pay initial rent on time, such failure
                 would be considered a breach of contract, and Party A may
                 execute early termination. Deposits will not be refunded.

ARTICLE 15   RESPONSIBILITY ON BREACH OF CONTRACT

             1.  Both parties must abide by the contract during the lease
                 period; either party is subject to a fine of 2 % of annual
                 rent payable to the other party as a "breach of contract
                 fee" if the contract is violated. In the event that Party B
                 is delinquent in payment of rent, for each day of such
                 delinquency, Party A shall be entitled to levy an additional
                 late payment charge of 2 % of the monthly rent amount.

             2.  Neither party will be held responsible for damages and
                 losses to the premises due to reasons beyond their control.

ARTICLE 16   Incomplete matters not regulated in this contract shall be
             discussed by Party A & B separately and a supplemental agreement
             shall be signed in addition to this contract. Supplemental
             agreements shall have the same legal effect as the original
             contract.

ARTICLE 17   Addenda to this contract are an integral part of this contract
             and may not be separated therefrom. Filled in blanks and printed
             language have the same effect within this contract and the
             addenda thereto. Matters not regulated in this contract, addenda
             and supplemental agreements must be executed in accordance with
             the provisions of the laws, decrees and policies of the People's
             Republic of China.

ARTICLE 18   This contract shall be notarized by the notary department at the
             location of the premises if either or both parties is/are an
             overseas organization or individual.

ARTICLE 19   Any dispute during the implementation of the lease shall be
             negotiated between the two parties. Upon failure of resolution,
             Party A & B both agree to submit the dispute to the local
             Arbitration Commission for an Arbitration process. (If Parties A
             & B did not specify an Arbitration organization, and did not
             reach a settlement after written arbitration, a complaint may be
             submitted to the People's Court for litigation.)

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ARTICLE 20   RECORDING & REGISTRATION

             Within 10 days from the effective date of this contract, Parties
             A & B shall bring forth this contract and related certificates
             to apply for registration with the Chamber of Commerce, Tax
             Department and Real Estate Commission.

ARTICLE 21   This contract including addenda contain(s) ---- pages in two
             originals: each party shall retain one original, each having the
             same legal effect.

Party A (Signature & Seal)                      Party B (Signature & Seal)

Representative of Party A                       Representative of Party B
(Signature & Seal)                              (Signature & Seal)
[ILLEGIBLE]                                     Liu Xian Yong
May 8, 2000                                     May 8, 2000

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