----

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| Clause |                                            | Page  |
|--------|-------------------------------------------------|------------|
|   |                                            |       |
| 1.     | INTERPRETATION                                  | 1          |
|   |                                            |       |
| 2.     | GUARANTEE                                       | 3          |
|   |                                            |       |
| 3.     | REINSTATEMENT                                   | 5          |
|   |                                            |       |
| 4.     | NATURE      OF GUARANTEE AND WAIVER OF DEFENCES | 5          |
|   |                                            |       |
| 5.     | REPRESENTATIONS      AND WARRANTIES             | 8          |
|   |                                            |       |
| 6.     | UNDERTAKINGS                                    | 10         |
|   |                                            |       |
| 7.     | PERSONAL      LIABILITY                         | 12         |
|   |                                            |       |
| 8.     | POWER      OF ATTORNEY                          | 12         |
|   |                                            |       |
| 9.     | CLAIMS      BY THE GUARANTOR                    | 13         |
|   |                                            |       |
| 10.    | TAXES      AND OTHER DEDUCTIONS                 | 13         |
|   |                                            |       |
| 11.    | FEES,      COSTS, EXPENSES AND INTEREST         | 13         |
|   |                                            |       |
| 12.    | INDEMNITY                                       | 14         |
|   |                                            |       |
| 13.    | MISCELLANEOUS                                   | 16         |
|   |                                            |       |
| 14.    | NOTICES                                         | 16         |
|   |                                            |       |
| 15.    | SEVERABILITY                                    | 16         |
|   |                                            |       |
| 16.    | AMENDMENTS      AND WAIVERS                     | 17         |
|   |                                            |       |
| 17.    | SET-OFF                                         | 17         |
|   |                                            |       |
| 18.    | CHANGES      TO THE PARTIES                     | 17         |
|   |                                            |       |
| 19.    | GOVERNING      LAW                              | 17         |
|   |                                            |       |
| 20.    | ENFORCEMENT                                     | 17         |

----

| (1) | CHINA HOUSING AND LAND      DEVELOPMENT, INC., a corporation established under the laws of the      State of Nevada, the United States of America, with its registered address      at 1000 E William ST., Suite 204 Carson City, NV 89701-3108, the United      States of America (the “Guarantor”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | IN      FAVOUR OF: |
|--------|--------------------|

| (2) | SUCCESS HILL INVESTMENTS      LIMITED, a company incorporated under the laws of the Hong Kong      Special Administrative Region (“Hong Kong”), with its      registered address at Flat/RM 1508, 15/F, Hing Yip Commercial Centre,      272-284 Des Voeux Road Central, Hong Kong (the “HK SPV”);      and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Prax Capital Real Estate      Holding Limited, a company established under the laws of Hong Kong,      with its registered address at Flat/RM 1508, 15/F, Hing Yip Commercial      Centre, 272-284 Des Voeux Road Central, Hong Kong (“Prax”, together with the      HK SPV, the “Beneficiaries”, and each      a “Beneficiary”). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.  | INTERPRETATION |
|----------|----------------|

| 1.1 | Definitions |
|-----|-------------|

----

----

| 1.2 | Construction |
|-----|--------------|

|   | (a) | Initially      capitalised terms in this Deed have, unless expressly defined otherwise in      this Deed, the same meaning attributed to such terms in the Framework      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | For      the purposes of this Deed, the construction works of the Project shall be      deemed to have been “Completed” upon, and the      terms “Complete”      and “Completion”      shall mean, (i) the issuance of a Project Completion Filing Form (竣工验收备案表) with      respect to all of the units for the Project duly completed and approved by      all relevant government authorities in PRC, (ii) the production of      satisfactory evidence to Prax confirming that the Construction Costs have      been fully settled, and (iii) the issuance of written confirmation      from Prax that the Project’s improvements conform to the Final Plans and      Specifications. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      “person” shall be      construed as a reference to any person, firm, company, corporation,      government, state or agency of a state or any association or partnership      (whether or not having separate legal personality), or two (2) or more of      the foregoing. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      terms “include”      and “including”      shall be construed as if followed by the phrase “without      limitation”. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | GUARANTEE |
|----|-----------|

| 2.1 | Guaranteed      Obligations |
|-----|-----------------------------|

|   | (a) | the      Project Company shall develop, construct and sell (including effecting      pre-sales), or cause to be developed, constructed and sold, the Project      and its residential units in accordance with the relevant milestones and      time periods set forth in the Approved Budget and Business      Plan; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | New      Land shall fund or otherwise provide the Funded Pre-Construction Costs to      the Project Company in accordance with the Framework Agreement, the      Approved Budget and Business Plan and the Joint Venture      Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Project Company shall cause the Project to be Completed for an Aggregate      Development Cost that does not exceed the equivalent amount or amounts      specified in the Approved Budget and Business Plan (as adjusted or      otherwise amended by the respective board of directors of the HK SPV and      the Project Company pursuant to the Shareholders’ Agreement and/or the      Joint Venture Agreement, as applicable, the “Budgeted Development      Costs”); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | if      the Class A Shareholders exercise the Put Option under the Shareholders      Agreement, CHL SPV (or any Class B Shareholders succeeding to CHL SPV’s      interest in the HK SPV) shall timely purchase, or cause another affiliate      of the Guarantor to purchase, from the Class A Shareholders all of the      Class A Shares for the Exit Price,      pay the Exit Price and timely perform its other covenants and obligations      under the Shareholders Agreement in connection with such      purchase; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      Project Company shall, and the CHL SPV (or any Class B Shareholders      succeeding to the CHL SPV’s interest in the HK SPV) shall cause the      Project Company to, distribute the profits of the Project Company to the      HK SPV strictly in accordance with the provisions of the Joint Venture      Agreement and the Project Company Articles of  Association; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      HK SPV shall, and the CHL SPV (or any Class B Shareholders succeeding to      the CHL SPV’s interest in the HK SPV) shall cause the HK SPV to,      distribute the profits of the HK SPV to the Class A Shareholders strictly      in accordance with the provisions of the Shareholders Agreement;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      CHL SPV (or any Class B Shareholders succeeding to the CHL SPV’s interest      in the HK SPV) shall cause the officers and directors of the HK SPV and      the Project Company appointed by, or appointed in the direction of, the      CHL SPV (or any Class B Shareholders succeeding to the CHL SPV’s interest      in the HK SPV) to take such actions and execution such documents and      instruments to effect the distributions referred to in sub-sections (e)      and (f) above. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Remedies |
|-----|----------|

|   | (a) | The      Guarantor acknowledges that if the Guaranteed Obligations are not fully      performed as provided in Clause 2.1 by the Obligors, then the      Guarantor personally shall perform the Guaranteed Obligations, or cause      the Guaranteed Obligations to be performed.  If the Guarantor      fails to timely and fully perform its obligations under this Deed within      the time period designated by any Beneficiary in its sole discretion after      such Beneficiary delivers a written notice to the Guarantor, then the      following shall apply: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Any      Beneficiary shall be at liberty to apply to an arbitration panel in      accordance with Clause 20.1 below for a mandatory order declaring the      Guarantor to be liable as aforesaid and ordering it to specifically      perform its contractual obligationshereunder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | If      the Aggregate Development Costs exceed the Budgeted Development Costs,      such excess shall be paid by the Guarantor or its subsidiaries to the HK      SPV or the Project Company (at the direction of Prax in its sole      discretion) upon demand by anyBeneficiary. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | If      by reason of the Guarantor's failure, neglect or refusal to perform, or      cause to be performed, the Guaranteed Obligations and its other      obligations under this Deed, any Beneficiary elects to incur expenses      whether by making payment to the Project Company, the HK SPV or to any      other parties to ensure Completion of the Project following a breach by      the Guarantor of its obligations hereunder, such expenses shall forthwith      be recoverable from the Guarantor asdamages. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | The      Beneficiaries shall be at liberty to claim damages from the Guarantor      either by way of primary remedy (without seeking a mandatory order as      aforesaid) or (in case any Beneficiary does seek a mandatory order as      aforesaid but the courts shall decline to make such order) as an      alternative to a mandatory order. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.  | REINSTATEMENT |
|----------|---------------|

| 3.1 | Reinstatement |
|-----|---------------|

|   | (a) | the      liability of the Guarantor shall continue and/or be reinstated, as      applicable, as if the payment, discharge, avoidance or reduction of the      Reduced Amount had not occurred;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Beneficiaries shall be entitled to recover the value or amount of that      payment from the applicable Obligor and the Guarantor, if the payment is a      payment the Guarantor is required to tender hereunder, as if the payment,      discharge, avoidance or reduction of the Reduced Amount had not      occurred. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.  | NATURE      OF GUARANTEE AND WAIVER OF DEFENCES |
|----------|-------------------------------------------------|

| 4.1 | Continuing      Guarantee |
|-----|---------------------------|

| 4.2 | Additional      Security |
|-----|--------------------------|

----

| 4.3 | Protective      Provisions |
|-----|----------------------------|

|   | (a) | the      granting of any time, indulgence, concession, compromise, waiver or      consent whatsoever at any time given to any Obligor or any other      person; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      amendment, modification or variation of any Transaction Document or any      other agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (c) | any      change in the time, manner or place of payment of, or in any other term      of, the Transaction Document or any other amendment or waiver of or      consent to any departure from any Transaction Document (other than this      Deed); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      illegality, invalidity or unenforceability of any obligation or liability      of any Obligor or any other person; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      invalidity or irregularity in the execution of any Transaction Document or      any other agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (f) | any      lack of or deficiency in the powers of any Obligor or any other person to      enter into or perform any of its obligations or liabilities under any      Transaction Document or any other agreement or any irregularity in the      exercise thereof or any lack of or deficiency in authority by any person      purporting to act on behalf of any Obligor or any other      person; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      insolvency, liquidation, incapacity, disability, limitation, change of      constitution or status, death, or bankruptcy of any Obligor or any other      person; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any      other Transaction Document, indemnity, guarantee or other security or      right or remedy being or becoming held by or available to the      Beneficiaries, or by any of the same being or becoming wholly or partly      void, voidable, unenforceable or impaired, or by the Beneficiaries at any      time exercising or failing to exercise, releasing, refraining from      enforcing, varying or in any other way dealing with any of the same, or      any power, right, remedy or security the Beneficiaries may now or      hereafter have from or against any Obligor or any other      person; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      release, waiver, exercise, omission to exercise or renewal of any rights      against any Obligor or any other person or any compromise, arrangement or      settlement with any of the same; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | any      change, restructuring or termination of the company or corporate structure      or existence of any Obligor or any otherperson; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (k) | any      defence based on applicable statutes of limitations, or any existence or      reliance on any representation by the Beneficiaries, or any other      circumstance that might otherwise constitute a defence available to, or a      discharge of any Obligor or any otherperson; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | any      failure of the Beneficiaries to disclose to the Guarantor or any other      person any information relating to the financial condition, operations,      properties or prospects of any Obligor or any person now or in the future      known to the Beneficiaries (the Guarantor waiving any duty on the part of      any Beneficiary to disclose such information);  and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | any      act, omission, matter, circumstance or event which would or may, but for      the provisions of this Clause 4.3, operate to impair, prejudice, discharge      or otherwise affect this Deed or the obligations or liabilities of the      Guarantor hereunder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Additional      Waivers of Defences |
|-----|-------------------------------------|

|   | (a) | The      Guarantor further waives for the benefit of the    Beneficiaries: |
|--------|-----|----------------------------------------------------------------------------|

|   | (i) | any      right to require the Beneficiaries to proceed against any Obligor or to      pursue any other remedy in itspowers; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      defence based on any statute or rule of law which provides that the      obligation of a surety must be neither larger in amount nor in any other      aspects more burdensome than that of a  principal; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | demands,      presentments, protests and notices of any kind (except for notices      expressly required to be given under this Deed), including, without      limiting the generality of the foregoing, notice of the existence,      creation or incurring of new or additional indebtedness or of any action      or non-action on the part of any Obligor under the Transaction Documents      or any other instrument, or any other person whosoever, in connection with      any obligation or evidence of indebtedness held by the Beneficiaries under      the Transaction Documents; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      right of subrogation and any right to enforce any remedy which any      Beneficiary now has or may hereafter have against any Obligor and any      benefit of, and any right to participate in, any security now or hereafter      held by the Beneficiaries; provided, however, the Guarantor’s right of      subrogation against the Obligors shall be re-instated after the Guaranteed      Obligations have been fully performed and the Guarantor’s obligations      under this Deed have been fully performed;and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | to      the fullest extent permitted by applicable Laws, any defences or benefits      that may be derived from or afforded by any principles or provisions of      law, statutory or otherwise, which limit the liability of or exonerate      indemnifiers, guarantors or sureties, or which may conflict with the terms      of this Deed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The      Guarantor, by execution hereof, represents to the Beneficiaries that the      relationship between the Guarantor and each Obligor is such that the      Guarantor has access to all relevant facts and information concerning the      Project and each Obligor, and that the Beneficiaries can rely upon the      Guarantor having such access.  The Guarantor hereby waives and      agrees not to assert any duty on the part of the Beneficiaries to disclose      to the Guarantor any facts that it may now or hereafter know about the      Project or each Obligor, regardless of whether the Beneficiaries have      reason to believe that any such facts materially increase the risk beyond      that which the Guarantor intends to assume, or have reason to believe that      such facts are unknown to the Guarantor, or have a reasonable opportunity      to communicate such facts to the Guarantor.  The Guarantor is      fully responsible for being and keeping informed of the financial      condition of the Obligors and all circumstances bearing on the risk of      delay of construction and development of the Project.  The      Guarantor further acknowledges that it will receive substantial direct and      indirect benefits from the transactions contemplated by the Transaction      Documents and that the waivers set forth in this clause and in any other      provision of this Deed are knowingly made in contemplation of such      benefits. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This      Deed (or any provision hereof) may be enforced, and any demand hereunder      may be made, without the Beneficiaries first having recourse to any other      security or rights, or taking any other steps or proceedings against any      Obligor.  Further, this Deed may be enforced for any balance due      after resorting to any one or more other means of obtaining payment or      discharge of the monies, obligations and liabilities secured      hereby.  In connection therewith and in furtherance thereof, the      Guarantor hereby expressly waives any right it may have to first require      the Beneficiaries to proceed against or enforce any other rights or claim      payment from any person before claiming from the Guarantor under this      Deed. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.  | REPRESENTATIONS      AND WARRANTIES |
|----------|-------------------------------------|

| 5.1 | Status |
|-----|--------|

| 5.2 | Powers      and Authority |
|-----|---------------------------|

----

| 5.3 | Legal      Validity |
|-----|---------------------|

|   | (a) | This      Deed is legally binding, valid and enforceable against the Guarantor in      accordance with its terms. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (b) | This      Deed is in the proper form for its enforcement in the jurisdiction of the      Guarantor’s incorporation and the jurisdictions where the Guarantor has      material assets. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Non-conflict |
|-----|--------------|

|   | (a) | any      of the Laws applicable to theGuarantor; |
|--------|-----|--------------------------------------------------|

|   | (b) | the      Guarantor’s constitutional documents;or |
|--------|-----|--------------------------------------------------------|

|   | (c) | any      document which is binding upon the Guarantor or any of its      assets. |
|--------|-----|----------------------------------------------------------------------------------|

| 5.5 | No      Default |
|-----|-----------------|

|   | (a) | No      default is outstanding or will result from the Guarantor’s entry into of,      or the Guarantor’s performance of any transaction contemplated by, this      Deed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      other event or circumstance is outstanding which constitutes a default, or      with the giving of written notice and for the passage of time would      constitute a default, of the Guarantor under any document which is binding      on the Guarantor or any of itsassets. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | Authorisations |
|-----|----------------|

| 5.7 | Litigation |
|-----|------------|

| 5.8 | Ranking |
|-----|---------|

----

| 5.9 | Immunity |
|-----|----------|

|   | (a) | The      Guarantor’s execution and delivery of this Deed constitutes, and the      Guarantor’s performance of its obligations under this Deed will      constitute, private and commercial acts performed for private and      commercial purposes. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Guarantor will not be entitled to claim immunity from suit, execution,      attachment or other legal process in any proceedings taken in its      jurisdiction of incorporation in relation to this  Deed. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.10 | Validity      and Admissibility in Evidence |
|------|---------------------------------------------|

|   | (a) | to      enable the Guarantor lawfully to enter into and comply with its      obligations in this Deed; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (b) | to      make this Deed admissible in evidence in the Guarantor’s jurisdiction of      incorporation and the jurisdictions where the Guarantor has material      assets; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | for      the Guarantor to carry on its business as currently carried      on, |
|--------|-----|-------------------------------------------------------------------------------|

| 5.11 | Guarantor’s      Financial Conditions |
|------|---------------------------------------------|

| 5.12 | Survival |
|------|----------|

| 5.13 | Acknowledgement      of Reliance |
|------|----------------------------------|

| 6.  | UNDERTAKINGS |
|----------|--------------|

| 6.1 | Affirmative      Undertakings |
|-----|-------------------------------|

----

|   | (a) | the      Guarantor shall supply to Prax: |
|--------|-----|------------------------------------------|

|   | (A) | its      audited financial statements for each of its financial years within one      hundred twenty (120) days after the end of the relevant financial year;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | its      unaudited financial statements for the first half-year of each of its      financial years within sixty (60) days after the end of the relevant      financial period; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Guarantor shall make all payments and perform all of its obligations under      this Deed in accordance with the terms of this  Deed; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Guarantor shall preserve and keep in full force and effect its existence      as a corporation incorporated under the Laws of the State of Nevada,      United States of America or of any other State of the United States of      America, and all material franchises, rights and privileges under the Laws      of the jurisdiction of its formation, and all material qualifications,      licenses and permits applicable to the ownership, administration and      management of its assets; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | at      all times, the Guarantor shall comply with all restrictions and      limitations in its organizationaldocuments; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      Guarantor shall obtain and maintain in full force and effect all      authorisations from time to time required from any governmental or other      authorities or from any of its shareholders or creditors for or in      connection with the execution, validity and performance of this Deed, and      take immediate steps to obtain and thereafter maintain in full force and      effect any other authorisations which may become necessary or advisable      for any of the foregoing purposes and comply with all conditions attached      to all authorisations obtained; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      Guarantor shall remain a publicly listed company on the National      Association of Securities Dealers Automated Quotation System (NASDAQ)      stock exchange or such other national stock exchange of the United States      of America acceptable to the Beneficiaries;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      Guarantor’s obligations under this Deed at all times shall rank at least      pari passu with      all of its unsecured and unsubordinated obligations, except for      obligations mandatorily preferred by Laws applying to companies      generally. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Negative      Undertakings |
|-----|----------------------------|

|   | (a) | the      CHL SPV shall remain a wholly (i.e. 100%) owned direct subsidiary of the      Guarantor; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (b) | upon      the proposed occurrence of (i) any sale, transfer, assignment or      other disposition of all or substantially all of the assets of CHL or      (ii) any merger, reorganization or consolidation of CHL (each of such      event or transaction, the “Proposed Transaction”),      CHL shall, immediately after the board of directors and shareholders’      meeting (or similar organ with the authority to approve such transaction)      approve such Proposed Transaction, notify Prax of the details of the      Proposed Transaction in the form and substance reasonably acceptable to      Prax for Prax’s review; provided that the Proposed Transaction does not      have materially adverse affect on the Beneficiaries’ interests and rights      under the Transaction Documents and any transferee, assignee or successor      in the Proposed Transaction have provided Prax with written undertakings      reasonably acceptable to Prax that it shall continue to perform, and cause      its Affiliates to continue to perform, this Deed and the relevant      Transaction Documents, Prax shall not unreasonably exercise its rights to      revoke or object to the Proposed Transaction and, if Prax does not serve      any notice of revocation of or objection to the Proposed Transaction      within ten (10) Business Days following its receipt of CHL’s notification,      Prax shall be deemed as waiving its right to revoke or object to the      Proposed Transaction; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the      Guarantor shall not, and shall not consent to, the filing of any      bankruptcy, insolvency, insolvent corporate reorganization, insolvent      company arrangement, civil rehabilitation, special liquidation,      moratorium, readjustment of debt, appointment of a conservator, trustee,      supervisor, inspector or receiver, or similar debtor relief by any      Obligor; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      Guarantor shall not, and shall not consent to, authorize or permit any      person to mortgage, pledge, assign for security purposes, sell, convey,      assign or transfer any direct or indirect ownership in any      Obligor. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.  | PERSONAL      LIABILITY |
|----------|-------------------------|

|   | (a) | The      obligations, responsibility and liability on the part of the Guarantor      herein shall be personal to the Guarantor, and shall not be affected,      diminished or prejudiced by the release, discharge, surrender, variation,      substitution or dissipation of all or any portion of this      Deed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      separate action or actions may be brought and prosecuted against the      Guarantor, whether or not any action is brought against any Obligor or any      other person, or whether or not any Obligor or any other person is joined      in such actions or actions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.  | POWER      OF ATTORNEY |
|----------|------------------------|

|   | The      Guarantor hereby irrevocably appoints Prax (with full power of      substitution) to be its attorney in its name and on its behalf to, upon      the Guarantor’s failure to timely and fully perform its obligations under      this Deed (after the expiration of the cure period designated by the a      Beneficiary pursuant to Clause 2.2(a) above), execute, sign, do and      perform all assurances, deeds, instruments, acts and things whatsoever      which, in the reasonable opinion of Prax, are necessary or expedient for      the Guarantor to execute, sign, do or perform for the purpose of carrying      out any of the undertakings, covenants and obligations declared or imposed      by this Deed upon the Guarantor or for giving to Prax on behalf of the      Guarantor the full benefit of any of the provisions hereof, and generally      to use the Guarantor’s name in the exercise of all or any of the rights,      remedies and powers conferred on the Guarantor including in particular,      but without prejudice to the generality of the foregoing, the right of      recovery of any sums at any time and from time to time due and payable,      under or pursuant to this Deed.  The Guarantor covenants that it      will ratify and confirm all that the attorney appointed pursuant to this      Clause shall lawfully do or cause to be done by virtue of these      presents. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.  | CLAIMS      BY THE GUARANTOR |
|----------|------------------------------|

|   | The      Guarantor represents to and undertakes with the Beneficiaries that it has      not taken and will not take any security in respect of its liability under      this Deed from any Obligor.  So long as no Discharge Event has      occurred, the Guarantor shall not exercise any right of subrogation,      contribution (including any right to seek contribution) or any other      rights of a surety, or enforce any security or other right or claim,      against any Obligor (whether in respect of its liability under this Deed      or otherwise).  In addition, until such time as a Discharge      Event has occurred, the Guarantor shall not assert a claim in the      insolvency or liquidation of Obligor in competition with the      Beneficiaries. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.  | TAXES      AND OTHER DEDUCTIONS |
|-----------|---------------------------------|

| 11.  |  FEES,      COSTS, EXPENSES AND INTEREST |
|-----------|-----------------------------------------------|

| 11.1 | Costs,      Charges and Expenses |
|------|----------------------------------|

|   | (a) | all      costs, charges and expenses (including legal and other fees on a full      indemnity basis and all other out-of-pocket expenses) incurred by the      Beneficiaries in connection with the execution and registration of this      Deed, the preparation, execution and registration any other documents      required in connection herewith and/or any amendment to or extension of,      or the giving of any consent or waiver in connection with, this Deed or in      releasing or re-assigning this Deed;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | all      costs, charges and expenses (including legal and other fees on a full      indemnity basis and all other out-of-pocket expenses) incurred by the      Beneficiaries in exercising any of its powers hereunder or in suing for or      seeking to recover any sums due hereunder or otherwise preserving or      enforcing its rights hereunder or in defending any claims brought against      the Beneficiaries in respect of thisDeed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Interest |
|------|----------|

| 12.  | INDEMNITY |
|-----------|-----------|

| 12.1 | General      Indemnity |
|------|------------------------|

|   | (a) | The      Guarantor shall indemnify, defend and hold each Beneficiary harmless from      and against any and all losses, liabilities, claims, damages, expenses,      obligations, penalties, actions, judgments, suits, costs or disbursements      of any kind or nature whatsoever, including the Beneficiaries’ first party      losses, all third party claims against any of the Beneficiaries and any      attorney’s fees, directly or indirectly incurred or accruing by reason of      (i) any failure of any of the Obligors to fully and timely perform all of      the Guaranteed Obligations, (ii) any failure of the Guarantor to fully and      timely perform any of its obligations under this Deed, and (iii) any acts      performed by the Beneficiaries pursuant to the provisions of this Deed      (including without limitation Clause 8 hereof), except as a result of such      Beneficiary’s fraud, gross negligence or wilful misconduct.  All      sums paid by the Guarantor pursuant to this Clause, and all other sums      expended by the Beneficiaries to which they shall be entitled to be      indemnified under or pursuant to this Deed, shall be payable by the      Guarantor to each Beneficiary upondemand. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Currency      Indemnity |
|------|-------------------------|

|   | (a) | If      an amount due to any Beneficiaries from the Guarantor in one currency (the      “first currency”) is received by the relevant Beneficiaries in another      currency (the “second currency”), the Guarantor’s obligation to such      Beneficiaries in respect of such amount shall only be discharged to the      extent that such Beneficiaries may purchase the first currency with the      second currency in accordance with normal banking procedure. If the amount      of the first currency which may be so purchased (after deducting any costs      of exchange and any other related costs) is less than the amount so due,      the Guarantor shall, upon receiving written notice,  indemnify      such Beneficiary against theshortfall. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 12.3 | The      Guarantor shall indemnify each Beneficiary as required under Clause 12.1      and 12.2 within five (5) Business Days of their receipt of a written      demand from any Beneficiary for indemnity under this    clause. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4 | The      indemnity obligation of the Guarantor under Clause 12.1 and 12.2 shall      each be an obligation of the Guarantor independent of, and in addition to,      its other obligations under this Deed and shall take effect      notwithstanding any time or other concession granted to any Obligor or any      judgment or order being obtained or the filing of any claim in the      liquidation, dissolution or bankruptcy (or any similar proceeding) of any      Obligor. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.5 | Force      Majeure |
|------|--------------------|

|   | (a) | Scope of Force      Majeure.  Force majeure events include, but are not      limited to, acts of God, war, terrorism, civil commotion, riot, blockade      or embargo, delays of carriers, fire, explosion, labor dispute, casualty,      accident, earthquake, epidemic, flood, windstorm, or by reason of any law,      order, proclamation, regulation, ordinance, demand, expropriation,      requisition or requirement or any other act of any governmental authority,      including military action, court orders, judgments or decrees, or any      other cause beyond the reasonable control of the Guarantor and each of the      Obligors, whether or not foreseeable.  Notwithstanding the      foregoing, the Guarantor’s or any Obligor’s lack of funds, insolvency or      difficulty in making any payment or performing any indemnification      obligation under this Deed shall not constitute a force majeure event or      entitle Guarantor to any relief under this    Clause 12.5. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notice.  Should      the Guarantor be prevented from performing the terms and conditions of      this Deed due to the occurrence of any force majeure event, the Guarantor      shall send notice to the Beneficiaries within seven (7) days from the date      on which the Guarantor has knowledge, or should have knowledge of the      occurrence of the force majeure event stipulating the occurrence thereof      and stating in the notice that such event is an event of force      majeure.  The Guarantor’s failure to deliver such notice prior      to the expiration of the above seven-day period shall constitute      Guarantor’s affirmative and automatic waiver of any right to obtain relief      under this Clause 12.5 or any similar defense or relief available      under applicable law. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Performance.  Any      delay or failure in performance of this Deed caused by a force majeure      event shall not constitute default by the Guarantor under this      Deed.  Upon the occurrence of a force majeure event where notice      has been given by the Guarantor as required by Clause 12.5(b) above,      the Guarantor shall be excused from the performance of the obligation only      to the extent that such performance is prevented by the force majeure      event; provided, however (i) the Guarantor shall take, at its sole      cost and expense, those actions required by the Beneficiaries to mitigate      losses arising from the force majeure event, (ii) upon the lapsing of      the force majeure event, the Guarantor immediately shall resume the      performance of those obligations affected by such force majeure event, and      (iii) the Guarantor shall update the Beneficiaries in a regular and      diligent manner regarding the current status of the force majeure event,      the actions being taken by Guarantor to mitigate losses arising from such      force majeure event and the ending or termination of the force majeure      event. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 13.  | MISCELLANEOUS |
|-----------|---------------|

| 13.1 | Certificates      and determinations |
|------|--------------------------------------|

| 13.2 | Time |
|------|------|

| 13.3 | Governing      Language |
|------|-------------------------|

| 14.  | NOTICES |
|-----------|---------|

| 15.  | SEVERABILITY |
|-----------|--------------|

|   | (a) | the      legality, validity or enforceability in that jurisdiction of any other      term of this Deed; or |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (b) | the      legality, validity or enforceability in other jurisdictions of that or any      other term of this Deed. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

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| 16.  | AMENDMENTS      AND WAIVERS |
|-----------|-----------------------------|

| 17.  | SET-OFF |
|-----------|---------|

| 18.  | CHANGES      TO THE PARTIES |
|-----------|-----------------------------|

| 18.1 | The      Guarantor |
|------|--------------------|

| 18.2 | The      Beneficiaries |
|------|------------------------|

| 19.  | GOVERNING      LAW |
|-----------|--------------------|

| 20.  | ENFORCEMENT |
|-----------|-------------|

| 20.1 | Jurisdiction |
|------|--------------|

|   | (a) | In      the event of any dispute arising from or in connection with this Deed, the      dispute shall be submitted to resolution by arbitration before China      International Economic and Trade Arbitration Commission (“CIETAC”), Shanghai      Sub-Commission in accordance with the CIETAC Arbitration Rules presently      in force.  There shall be a single arbitrator.  If the      Guarantor and the Beneficiaries do not agree to appoint an arbitrator who      has consented to participate within twenty (20) days after the issuance of      a notice of arbitration by any party, the relevant appointment shall be      made by CIETAC ShanghaiSub-Commission. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (b) | Any      proceedings shall take place in Shanghai and be conducted in      Chinese.  The arbitral award shall be final and binding upon all      parties.  If any party obtains an arbitration award against the      other party in connection with a dispute arising from or in connection      with this Deed, such party shall be entitled to cover its costs and      reasonable attorney’s fees (including the reasonable value of in-house      attorney services) and disbursements incurred in connection therewith and      in any appeal or enforcement proceeding thereafter, in addition to all      other recoverable costs, as determined by the  arbitrator. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | References      in this Clause to a dispute in connection with this Deed include any      dispute as to the existence, validity or termination of this      Deed. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.2 | Waiver      of immunity |
|------|-------------------------|

|   | (a) | agrees      not to claim any immunity from proceedings brought by a Beneficiary      against it in relation to this Deed and to ensure that no such claim is      made on its behalf; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | consents      generally to the giving of any relief or the issue of any process in      connection with those proceedings;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | waives      all rights of immunity in respect of it or its  assets. |
|--------|-----|---------------------------------------------------------------------|

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| SEALED      with the COMMON SEAL of       | ) |   |
|-------------------------------------------|---|--------|
| CHINA      HOUSING AND                    | ) |   |
| LAND      DEVELOPMENT, INC.               | ) |   |
|                                      | ) |   |
| and      signed by:                       | ) |   |
| 鲁平纪 (Lu      Pingji) | ) |   |
|                                      | ) |   |
| in      the presence of:                  | ) |   |

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| SEALED      with the COMMON SEAL of           | ) |   |
|-----------------------------------------------|---|--------|
| SUCCESS      HILL                             | ) |   |
| INVESTMENTS      LIMITED                      | ) |   |
|                                          | ) |   |
| and      signed by:                           | ) |   |
| 姚继平 (Yao,      Jie-Ping) | ) |   |
|                                          | ) |   |
| in      the presence of:                      | ) |   |

| SEALED      with the COMMON SEAL of           | ) |   |
|-----------------------------------------------|---|--------|
| Prax      Capital Real Estate                 | ) |   |
| Holding      Limited                          | ) |   |
|                                          | ) |   |
| and      signed by:                           | ) |   |
| 姚继平 (Yao,      Jie-Ping) | ) |   |
|                                          | ) |   |
| in      the presence of:                      | ) |   |

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