**Exhibit      10.1**

**Summary      of Loan Agreement**

| Bank:                               | Bank                of China                                                                                                                                               |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                |                                                                                                                                                                       |
| Borrower:                           | Guangzhou                City Clifford Development (Panyu) Company Limited                                                                                                 |
|                                |                                                                                                                                                                       |
| Date:                               | August                3, 2007                                                                                                                                              |
|                                |                                                                                                                                                                       |
| Loan                amount:         | One                hundred and forty million renminbi (RMB 140,000,000)                                                                                                    |
|                                |                                                                                                                                                                       |
| Loan                period:         | 36                months from the first drawdown                                                                                                                           |
|                                |                                                                                                                                                                       |
| Purpose                of the loan: | To                finance the development of Panyu Shawan Project                                                                                                          |
|                                |                                                                                                                                                                       |
| Interest                rate:       | Base                on The People’s Bank of China legal standard rate times                90%                                                                       |
|                                |                                                                                                                                                                       |
| Security                pledge:     | Pledge                of Panyu Shawan Project (Note: This clause is later replaced by Amendment                to Loan Agreement. Please see Exhibit 10.2, filed herewith) |
|                                |                                                                                                                                                                       |
| Repayments:                         |                                                                                                                                                                       |
|                                |                                                                                                                                                                       |
| September                2008       | RMB                20,000,000                                                                                                                                              |
|                                |                                                                                                                                                                       |
| March                2009           | RMB                45,000,000                                                                                                                                              |
|                                |                                                                                                                                                                       |
| September                2009       | RMB                70,000,000                                                                                                                                              |
|                                |                                                                                                                                                                       |
| The                balance:         | The                earlier of the end of the loan period or before the sale of 85% of                the                total saleable area of Panyu Shawan Project.       |

----