Exhibit 4.7

Summary of the Material
Terms of the Land Use Rights
Transfer Agreement

On
December 30, 2006, the Public Land Resource Management Bureau of the Donghu High Tech
Development Area (the Transferor), an administrative agency of the City of
Wuhan of Hubei Province of the Peoples Republic of China, entered into a land use
rights transfer agreement (this Agreement) with Wuhan Jinpan Electric Company
Ltd (the Transferee), a wholly owned subsidiary of Hainan Jinpan Electric
Company Ltd.

The
Transferor, exercising its lawful authority, grants to the Transferee usage rights over a
contiguous piece of land with an area of 28,791.61 meters squared that is part of parcel
X01130028 of the Donghu High Technology Development Area located in Wuhan, Hubei Province,
Peoples Republic of China (the Property). The Peoples Republic of
China (the Government) owns the Property and reserves judicial,
administrative, and any other power over the Property granted to the Government by the
constitution and the laws and regulations and necessary for the protection of the public
interest. Underground resources, buried relics, and public utilities are not included in
the grant.

Term of Use

The
term of use runs for 50 years from the date of the signing of this Agreement (the
Use Term). At the end of the Use Term, the Transferee may petition the
Transferor, no later than 1 year prior to the expiration of the Use Term, to extend the
term of use. Unless otherwise required by the protection of the public interest, the
Transferor shall agree to extend the term of use for a period to be negotiated at the time
of the request for an extension. If the Transferor grants the Transferees petition,
the Transferor and Transferee shall enter into a new land use rights transfer agreement.
Otherwise, the term will expire. Upon the expiration of the Use Term, if the Transferee
does not petition the Transferor for an extension, then the Transferor will take back the
land without compensating the Transferee for improvements on the land. However, if the
Transferee petitions for an extension but the Transferor does not approve, then the
Transferor shall compensate the Transferee for the value of the improvements on the land
as of the expiration of the Use Term.

Price and Payment

The
purchase price of the land use rights is RMB 6,679,035 payable in a single installment
within 7 days of the signing of this Agreement.



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Land Use

The
Property is zoned for industrial use. The Transferee must seek approval from the
Transferor for any other use. This Agreement stipulates that the Chinese government has
the right to change the zoning of the Property. In the event of such change, improvements
existing prior to the zoning change will not be affected. However, any new improvements
and re-modeling or re-building of existing improvements must accord to the zoning
regulations then in force. When making improvements to the land, the Transferee must abide
by local construction and environmental regulations.

Assigning, Subleasing,
and Mortgaging

After
the Transferee has paid the purchase price and acquired the necessary land use permits,
the Transferee may transfer (which includes sale, exchange, and gift), lease, or mortgage
its usage rights under the remaining Use Term to a third party. However, prior to the
first transfer, the Transferee must fulfill any conditions negotiated with the Investment
Management Bureau and the following two conditions:

|(1) |  | the
Transferee must have completed at least 25% of its originally planned
          investment; and
|--- |  | ---------------------------------------------------------------------------------------------------

|(2) |  | the
Transferee directed investment to industrial purposes.
|--- |  | ----------------------------------------------------------

In
the event of a transfer, the rights and obligations specified in this Agreement will be
transferred to the third party for the remainder of the Use Term. In the event of a lease,
the Transferee retains the rights and obligations specified in this Agreement. Any
transfer, lease, or mortgage of the land must include any building(s) constructed on the
land. Within 30 days of transfer, lease, or mortgage, the Transferee and the third party
shall register the written transfer, lease, or mortgage agreement and the land use permit
with the land management authorities.

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