<PAGE>

                                                                   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           Sixth Story
                                    --------------------------------------------
                  04# Plant         ---
                                    --------------------------------------------
                  04# Plant East side one story building, ---
                                                         -----------------------
                  The size of the leased real property is 1,090 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 research 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

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

ARTICLE 4         RENT, PAYMENT METHOD, DUE DATE.

                  1.     Rent (based on size of premises, not including property
                         management fee) $0.65/square meter day;

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

                  Breakdown of Annual Rent
                  August 2000 to July 2001 [RMB] Two Hundred Fifty-Eight
                  Thousand Six Hundred and Two Dollars and Fifty Cents
                  August 2001 to July 2001 [RMB] Two Hundred Fifty-Eight
                  Thousand Six Hundred and Two Dollars and Fifty Cents
                  August 2001 to July 2001 [RMB] Two Hundred Fifty-Eight
                  Thousand Six Hundred and Two Dollars and Fifty Cents

                  3.     Payment method, due date
                         Party B shall pay rent with checks. Rent shall be
                         calculated and paid quarterly within three (3) days of
                         the first month of each quarter.

ARTICLE 5         REPAIRS AND MAINTENANCE

                                       1
<PAGE>

                  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

                  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 5.

                                       2
<PAGE>



ARTICLE 10        EXPIRATION OF LEASE

                  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.     In the event that Party B breaches any provision of the
                         lease or operates in violation of any law or
                         regulation, Party A has the right to terminate the
                         contract and receive compensation.

                  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.     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 unilaterally terminate the
                         lease in the event that Party A does not fulfill its
                         contractual obligations and substantially impedes the
                         performance of the lease.
                   5.    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.

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:

                                       3
<PAGE>



                  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.

ARTICLE 14        EARLY TERMINATION OF CONTRACT

                  1.     In case of early termination within the term of the
                         lease by either party, three months' 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.)


                                       4
<PAGE>





         ARTICLE 20        RECORDING & REGISTRATION

                           Within 3 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, Real Estate Commission and Public
                           Security Department.

         ARTICLE 21        This contract including addenda contain(s) 8 pages
                           and is executed in four originals: each party shall
                           retain one original, each having the same legal
                           effect. The use as provided in paragraph one of
                           Article 2 of this Agreement shall be governed by the
                           Business License furnished by Party B to Party A.



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

         Representative of Party A                  Representative of Party B
         (Signature & Seal)                         (Signature & Seal)
         [ILLEGIBLE]                                Liu Xian Yong
         August 1, 2000                             August 1, 2000

                                       5
<PAGE>



                          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           First Story
                                    --------------------------------------------
                  04# Plant         ---
                                    --------------------------------------------
                  04# Plant East side one story building, ---
                                                         -----------------------
                  The size of the leased real property is 1,090 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 research 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

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

ARTICLE 4         RENT, PAYMENT METHOD, DUE DATE.

                  1.     Rent (based on size of premises, not including property
                         management fee) $0.70/square meter day;

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

                  Breakdown of Annual Rent
                  August 2000 to July 2001 [RMB] Two Hundred Seventy-Eight
                  Thousand Four Hundred Ninety-Five Dollars
                  August 2001 to July 2001 [RMB] Two Hundred Seventy-Eight
                  Thousand Four Hundred Ninety-Five Dollars
                  August 2001 to July 2001 [RMB] Two Hundred Seventy-Eight
                  Thousand Four Hundred Ninety-Five Dollars

                  3.     Payment method, due date
                         Party B shall pay rent with checks. Rent shall be
                         calculated and paid quarterly within three (3) days of
                         the first month of each quarter.

ARTICLE 5         REPAIRS AND MAINTENANCE

                                       6
<PAGE>

                  4.     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.

                  5.     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;

                  6.     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

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

                  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 5.


                                       7
<PAGE>



ARTICLE 10        EXPIRATION OF LEASE

                  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

                  5.     Party A has the right to collect rent on time,
                  6.     Party A has the right to demand that the lessee comply
                         with the contract or reasonable proper use of leased
                         properties.
                  7.     Party A has the right to recovery of the premises in a
                         timely manner upon termination of the lease.
                  8.     In the event that Party B breaches any provision of the
                         lease or operates in violation of any law or
                         regulation, Party A has the right to terminate the
                         contract and receive compensation.

                  OBLIGATIONS

                  5.     Delivery of premises to lessee at the time agreed;
                  6.     Guarantee that the leased property corresponds and will
                         continue to correspond to the condition and usage
                         indicated in the agreement.
                  7.     Lessor has the obligation to repair or replace leased
                         properties unless otherwise regulated by law or
                         otherwise stated in the contract.
                  8.     Strictly follow governmental regulation to provide
                         services, and collect fees according to the fee
                         schedule.

ARTICLE 12        RIGHTS AND OBLIGATIONS OF PARTY B

                  RIGHTS

                  6.     Party B has the right to demand that lessor deliver
                         leased property.
                  7.     Party B has the right to utilize the leased property
                         according to contract.
                  8.     Party B has the right to demand that lessor guarantee
                         the good condition of the leased items according to
                         laws or contract.
                   9.    Party B has the right to unilaterally terminate the
                         lease in the event that Party A does not fulfill its
                         contractual obligations and substantially impedes the
                         performance of the lease.
                   10.   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

                  5.     Lessee shall pay rent to lessor according to due date,
                         method and location as indicated in the contract.
                  6.     Lessee shall utilize the leased property as indicated
                         in the contract.
                  7.     Properly manage the leased property.
                  8.     Return the leased property upon termination of
                         contract in a timely manner.

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:

                                       8
<PAGE>



                  7.     Subleasing of premises without approval;
                  8.     Transfer, loan or exchange of premises without
                         approval;
                  9.     Disassembling or alteration of leased building
                         structure or alteration of usage without approval;
                  10.    Accumulated late payment of rent up to three months;
                  11.    Utilizing the leased premises for illegal activities;
                  12.    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.

ARTICLE 14        EARLY TERMINATION OF CONTRACT

                  4.     In case of early termination within the term of the
                         lease by either party, three months' 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.

                  5.     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.

                  6.     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

                  3.     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.

                  4.     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.)


                                       9
<PAGE>





         ARTICLE 20        RECORDING & REGISTRATION

                           Within 3 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, Real Estate Commission and Public
                           Security Department.

         ARTICLE 21        This contract including addenda contain(s) 8 pages
                           and is executed in four originals: each party shall
                           retain one original, each having the same legal
                           effect. The use as provided in paragraph one of
                           Article 2 of this Agreement shall be governed by the
                           Business License furnished by Party B to Party A.



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

         Representative of Party A                    Representative of Party B
         (Signature & Seal)                           (Signature & Seal)
         [ILLEGIBLE]                                  Liu Xian Yong
         August 1, 2000                               August 1, 2000


                                       10