Dragon Acquisition Corporation - Exhibit 10.7 - Filed by newsfilecorp.com






Exhibit 10.7 

(English Translation) 

 

Share Purchase Agreement 

 

Party A: Cheng Xiaoyan 

Party B: Leewell Investment Group Limited 

Whereas: Qingdao Oumei Real Estate Development Co., Ltd. Is a
limited liability company (hereinafter “the company”) invested by Party A and
another shareholders. Its registered capital is 96 million RMB. Zhang Weiqing’s
contribution to the registered capital of the company is 48,960,000Yuan,
representing a 51% of the shares. Cheng Xiaoyan’s contribution to the registered
capital of the company is 47,040,000 Yuan, representing a 49% of shares. 

After friendly discussion, both Party A and Party B agree that
Party A will assign its own 49% of the shares amount equivalent to 47,534,900
Yuan RMB in foreign exchange to Party B. Both Parties sign an agreement as
follows: 

	1. 	
      Basic information of the Seller and Buyer
  

	  	
       

	– 	
      Seller (Party A) 

	  	
      Name: Cheng Xiaoyan 

	  	
      Domicile: 

	  	
      ID number: 370283198208010083 

	  	
      Nationality: Chinese 

	  	
       

	– 	
      Buyer (Party B) 

	  	
      Name: Leewell Investment Group Limited 

	  	
      Domicile: No. 1401 World Commerce Centre, Hongkong
  

	  	
      Registered No: 1157784 

	  	
      First Director: Zhou Li 

	  	
      Nationality: Australia 

	  	
       

	2. 	
      Proportion and Price of the Purchased Shares
    

	  	
       

		
      The share purchase price is based on the assessment
      report, Lu Daxin Ping Zi [2007] No. 03026, made by Shandong Daxin
      Accountant Firm Jimo substation on July 30, 2007. Party A will sell its
      own 49% of the shares of Qingdao Oumei Real Estate Development Co., Ltd.
      equivalent to 47,534,900 Yuan RMB in foreign exchange to Party B. Other
      shareholders completely waive their priority rights of purchase.


	  	
       

	3. 	
      Payment Term 

	  	
       

		
      In three months from the issuance of the amended business
      license, Party B shall pay Party A the full purchase price in a lump sum.
      Party B shall pay the same value US Dollars according to the exchange rate
      of the payment day. 








	4. 	
      Right and Responsibilities of Two
Parties

	 	 
		
      Party B shall pay the total purchase price to Party A in
      a lump sum as stipulated in this agreement. Should Party B fail to pay off
      the amount, it will be liable for the responsibilities for breach of the
      contract.

	 	 
		
      After the full payment of the purchase price from Party
      B, Party A shall assist Party B in dealing with all the changing
      registration procedures in AIC, Tax and Foreign Exchange Bureau and other
      administrative departments.

	 	 
		
      All debts and credits of Qingdao Oumei Real Estate
      Development Co., Ltd shall be inherited by the new foreign- invested
      enterprise.

	 	 
	5. 	
      Breach of contract

	 	 
		
      If Party B fails to pay the purchase price according to
      the term prescribed in the article 3 of this agreement, Party B should pay
      1/1000 of the purchase price as punishment every delay of one month to
      Party A. Party A is entitled to terminate the agreement and ask for the
      payment of damage except for the punishment when a delay of 6 months
      occurs.

	 	 
	6. 	
      Dispute Settlement

	 	 
		
      In the event of any dispute relating to this agreement,
      the parties shall attempt in the first instance to resolve such dispute
      through friendly discussion. If the event such dispute is not resolved
      through discussion, the dispute shall be submitted to Qingdao Arbitration
      Committee according to its rules of procedure. The arbitral award is final
      and binding to both parties.

	 	 
	7. 	
      Effective Conditions of the agreement

	 	 
		
      After formal sign and seal by both parties, the agreement
      comes to effect as long as the approval authority approves. The agreement
      has five copies. Each party holds one, the other will be submitted for
      approval.



 

 

Party A 
Cheng Xiaoyan 

Party B 
LEEWELL INVESTMENT GROUP LIMITED 

Other Shareholders 
Zhang Weiqing 

5th, September, 2007