Asset Lease Agreement



This agreement was entered into in Guangzhou between parties
as follows on ●:



Party A: China Southern Air Holding Company (the “Lessor”)

At:

Legal representative:



Party B: China Southern Airlines Company Limited (the “Lessee”)

At:

Legal representative:



Whereas, there are development needs of Party B, the parties
hereto agree, after amicable consultations, on matters relating to leasing of properties of Party A to Party B as follows:



| | Clause 1 | Commitments
| | -------- | -----------

| | 1. | Party A is a validly existing Chinese company licensed by administrative department of business administration authorities
under related requirements of laws and regulations of China and the obligation of annual inspection has been performed in compliance
with related requirements.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Party A lawfully owns the complete legal title of the properties as listed in the annex 1 hereto.
| | -- | -------------------------------------------------------------------------------------------------

| | 3. | Party B is a validly existing Chinese company licensed by administrative department of business administration authorities
under related requirements of laws and regulations of China and the obligation of annual inspection has been performed in compliance
with related requirements.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Clause 2 | Leasing properties
| | -------- | ------------------

Party B shall lease from Party A properties as listed
in the annex 1 hereto where rentals thereof shall be determined by the parties hereto under a equitable and fair principle not
higher than average rental in the same area and lot.



| | Clause 3 | Term of this agreement
| | -------- | ----------------------

The parties hereto agree that term of the leasing be
three year commencing from 1 January 2012 and ending on 31 December 2012 where upon expiry such parties may determine on termination
or renewal thereof according to actual situations.



1







| | Clause 4 | Rights and obligations
| | -------- | ----------------------

| | (I) | Rights and obligations of Party A
| | --- | ---------------------------------

| | 1. | The rentals shall be collected in accordance herewith where invoice thereof shall be issued within 15 business days from the
date on which rental to be paid by Party B become due;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The leasing properties shall be delivered to Party B for its use in a timely manner as stipulated hereunder;
| | -- | ------------------------------------------------------------------------------------------------------------

| | 3. | Periodic safety inspection of and repair expenses arising from ordinary wear and tear of main structures of the properties
as listed in the annex 1 hereto shall be borne by Party A; and
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Property tax and land use tax on properties as listed in the annex hereto shall be borne by Party A.
| | -- | ----------------------------------------------------------------------------------------------------



| | (II) | Rights and obligations of Party B
| | ---- | ---------------------------------

| | 1. | The rentals shall be paid in a timely manner to Party A in accordance herewith quarterly where one-fourth of rentals of the
year shall be paid by Party B before the 15th date of the first month of every quarter.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Utilities and other expenses related to property management occurring during the term hereof shall be borne by Party B;
| | -- | -----------------------------------------------------------------------------------------------------------------------

| | 3. | Party B shall submit declaration of and pay on behalf of Party A property tax and land use tax (excluding Guangzhou area) in
accordance with related requirements of local tax authorities which shall be borne and reimbursed by Party A to Party B, settled
quarterly and annually respectively, within 15 business days from provision of original of tax payment proof and an asset list
included in tax returns; and
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Responsible for the other routine maintenance and repair of the natural damage of the non-building main structure of the leased
assets in Hengyang and Shashi during the leasing period
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Such properties, including their ancillary facilities, shall be utilized strictly as use thereof with care and ordinarily and
no dangerous materials such as inflammable and explosive articles shall be illegally placed within such properties.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Clause 5 | Transaction cap
| | -------- | ---------------

The parties hereto agree that annual rent shall be
RMB35,924,400, details of which are described in the annex hereto.



2







| | Clause 6 | Force majeure
| | -------- | -------------

| | 1. | Where the parties hereto become unable to perform this agreement due to force majeure, such parties are not liable to such
non-performance and this agreement shall be terminated automatically. Where any part hereof become unable to be performed due to
the same, obligations under such part on the party to whom the same occurs shall be exempted according to effect of the same, provided
that such other part as not affected thereby shall be performed and that no liability of default prior to occurrence of the same
shall be exempted.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Force majeure represents objective situations impossible
to be foreseen, avoided or overcome, including, without limitation, wars, epidemics, strikes, earthquakes and floods.

| | 2. | Any party unable to perform this agreement due to force majeure shall inform the other party in a timely manner within 48 hours
therefrom in order to minimize loss to such other party and provide proof thereof within 15 business days, provided that such time
limits may be extended according to actual situations if such party fails to do so with reasonable explanation.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Clause 7 | Settlement of disputes
| | -------- | ----------------------

Any dispute arising from entering into or performing
this agreement shall be resolved through amicable consultation between the parties hereto and, if cannot be so resolved, may be
brought by any party to the People’s court with jurisdiction.



| | Clause 8 | Miscellaneous
| | -------- | -------------

| | (I) | This agreement shall be effective from the date of execution;
| | --- | -------------------------------------------------------------

| | (II) | Any matter not mentioned herein shall be stipulated in a separate supplemental agreement which shall have the same effect hereas;
and
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------

| | (III) | This agreement is of six copies of the same effect, each party shall hold three of which.
| | ----- | -----------------------------------------------------------------------------------------



|[seal]                                      | [seal]                                          
|------------------------------------------- | ------------------------------------------------
|Party A: China Southern Air Holding Company | Party B: China Southern Airlines Company Limited
|Legal representative: [s.d.]                | Legal representative: [s.d.]                    





3







Annex 1: Rent summary table

Unit:’0000

|No.   |  | Region    |  | Annual rent |         
|----- |  | --------- |  | ----------- | --------
|1     |  | Wuhan     |  |             | 1,746.22
|2     |  | Shashi    |  |             | 19.75   
|3     |  | Changsha  |  |             | 163.21  
|4     |  | Seaport   |  |             | 302.81  
|5     |  | Zhanjiang |  |             | 48.32   
|6     |  | Guangzhou |  |             | 1,296.38
|7     |  | Hengyang  |  |             | 15.75   
|Total |  |           |  |             | 3,592.44



4







Rent table of properties and buildings



|No.   |  | Title certificate No. |  | Name of buildings                            |  | Structure  |  | Completion
    Date |  | Measurement
    units |  | Construction
    area/volume |  | Annual
    rent(yuan/year) |  | Note
|----- |  | --------------------- |  | -------------------------------------------- |  | ---------- |  | ------------------- |  | --------------------- |  | ---------------------------- |  | -------------------------- |  | ----
|Wuhan |  |                       |  |                                              |  |            |  |                     |  |                       |  |                              |  |                            |  |     
|1     |  |                       |  | Maintenance hangar                           |  | Wire frame |  | 1994-12-1           |  | m2                    |  | 5,561.00                     |  | 697,269.00                 |  |     
|2     |  |                       |  | Maintenance plant office                     |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 1,348.00                     |  | 74,594.00                  |  |     
|3     |  |                       |  | Maintenance plant supplies building          |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 2,200.00                     |  | 121,741.00                 |  |     
|4     |  |                       |  | Charging stations                            |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 212.00                       |  | 10,926.00                  |  |     
|5     |  |                       |  | Fire pump room                               |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 142.00                       |  | 7,319.00                   |  |     
|6     |  |                       |  | Substation                                   |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 222.00                       |  | 11,443.00                  |  |     
|7     |  |                       |  | Aircraft materials building                  |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 767.00                       |  | 43,207.00                  |  |     
|8     |  |                       |  | Aircraft materials parts warehouse           |  | Framework  |  | 1994-12-1           |  | m2                    |  | 1,600.00                     |  | 123,732.00                 |  |     
|9     |  |                       |  | Engine warehouse                             |  | Framework  |  | 1994-12-1           |  | m2                    |  | 860.00                       |  | 66,506.00                  |  |     
|10    |  |                       |  | Oil seal room                                |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 154.00                       |  | 7,937.00                   |  |     
|11    |  |                       |  | Rubber product warehouse                     |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 216.00                       |  | 11,133.00                  |  |     
|12    |  |                       |  | chemicals warehouse                          |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 123.00                       |  | 6,340.00                   |  |     
|13    |  |                       |  | Extinguisher cleaning and sand blowing plant |  | Mixed      |  | 1994-12-1           |  | m2                    |  | 167.00                       |  | 8,608.00                   |  |     



5







|14 |  |                                      |  | Cargo warehouse         |  | Framework |  | 1994-12-1  |  | m2 |  | 1,727.00 |  | 133,553.00 |  | 
|-- |  | ------------------------------------ |  | ----------------------- |  | --------- |  | ---------- |  | -- |  | -------- |  | ---------- |  | 
|15 |  |                                      |  | Outfield workplace      |  | Mixed     |  | 1994-12-1  |  | m2 |  | 1,335.00 |  | 73,399.00  |  | 
|16 |  |                                      |  | Flight dispatched Room  |  | Mixed     |  | 1994-12-1  |  | m2 |  | 2,575.00 |  | 150,433.00 |  | 
|17 |  |                                      |  | Aviation food plant     |  | Mixed     |  | 1994-12-1  |  | m2 |  | 1,357.00 |  | 74,609.00  |  | 
|18 |  |                                      |  | Special garage(level 1) |  | Mixed     |  | 1994-12-1  |  | m2 |  | 2,193.00 |  | 113,028.00 |  | 
|19 |  |                                      |  | Gas station             |  | Mixed     |  | 1994-12-1  |  | m2 |  | 1,946.99 |  | 94,983.00  |  | 
|20 |  | Wuhan Quan Zhèng Shì Zì No.200003249 |  | Activity center         |  | Framework |  | 1997-10-31 |  | m2 |  | 2,044.00 |  | 197,437.00 |  | 



6







|21     |  | Wuhan Quan Zhèng Shì Zì No.200003249         |  | Garage                                           |  | Mixed          |  | 1997-10-31 |  | m2 |  | 179.00   |  | 10,481.00  |  | 
|------ |  | -------------------------------------------- |  | ------------------------------------------------ |  | -------------- |  | ---------- |  | -- |  | -------- |  | ---------- |  | 
|22     |  | Wuhan Quan Zhèng Shì Zì No.200003249         |  | Aircrew kitchen                                  |  | Mixed          |  | 1997-10-31 |  | m2 |  | 1,470.30 |  | 86,096.00  |  | 
|23     |  | Wuhan Quan Zhèng Shì Zì No.200003249         |  | Bank                                             |  | Mixed          |  | 1997-10-31 |  | m2 |  | 124.60   |  | 7,296.00   |  | 
|24     |  |                                              |  | Flight building(former boiler room)              |  | Mixed          |  | 1997-10-31 |  | m2 |  | 1,602.00 |  | 93,808     |  | 
|25     |  |                                              |  | Cabin, SOC office building (former Kindergarten) |  | Mixed          |  | 1997-10-31 |  | m2 |  | 2,395.00 |  | 140,243.00 |  | 
|26     |  |                                              |  | Repair center, Security Department               |  | Mixed          |  | 1997-10-31 |  | m2 |  | 507.00   |  | 29,688.00  |  | 
|27     |  |                                              |  | Pumping station                                  |  | Mixed          |  | 1994-12-1  |  | m2 |  | 313.00   |  | 16,133.00  |  | 
|28     |  |                                              |  | Ventilation station facade                       |  | Mixed          |  | 1994-12-1  |  | m2 |  | 136.00   |  | 7,009.00   |  | 
|Shashi |  |                                              |  |                                                  |  |                |  |            |  |    |  |          |  |            |  | 
|1      |  | Jingzhou Fang Quan Zheng Sha Zi No.200301595 |  | South near station                               |  | Brick and wood |  | 1994-12-1  |  | m2 |  | 87.19    |  | 1,459.00   |  | 
|2      |  |                                              |  | South far station                                |  | Brick and wood |  | 1988-3-1   |  | m2 |  | 180.00   |  | 4,113.00   |  | 
|3      |  | Jingzhou Fang Quan Zheng Sha Zi No.200301605 |  | Ticket office                                    |  | Mixed          |  | 1999-12-1  |  | m2 |  | 326.70   |  | 18,678.00  |  | 
|4      |  | Jingzhou Fang Quan Zheng Sha Zi No.200301585 |  | North near station                               |  | Mixed          |  | 1974-12-1  |  | m2 |  | 64.71    |  | 2,104.00   |  | 



7







|5        |  | Jingzhou Fang Quan Zheng Sha Zi No.200301596   |  | North far station       |  | Mixed               |  | 1988-3-1  |  | m2 |  | 197.89   |  | 8,719.00   |  | 
|-------- |  | ---------------------------------------------- |  | ----------------------- |  | ------------------- |  | --------- |  | -- |  | -------- |  | ---------- |  | 
|6        |  | Jingzhou Fang Quan Zheng Sha Zi No.200301606   |  | Airport gatehouse       |  | Mixed               |  | 1982-11-1 |  | m2 |  | 80.42    |  | 3,139.00   |  | 
|7        |  | Jingzhou Fang Quan Zheng Sha Zi No.200301606   |  | Base office building    |  | Mixed               |  | 1978-2-1  |  | m2 |  | 924.70   |  | 31,725.00  |  | 
|8        |  | Jingzhou Fang Quan Zheng Sha Zi No.200301586   |  | Communications building |  | Mixed               |  | 1993-9-1  |  | m2 |  | 555.92   |  | 41,593.00  |  | 
|9        |  | Jingzhou Fang Quan Zheng Sha Zi No.200301606   |  | Office building toilet  |  | Mixed               |  | 1990-12-1 |  | m2 |  | 36.99    |  | 1,747.00   |  | 
|10       |  | Jingzhou Fang Quan Zheng Sha Zi No.200301582   |  | Comprehensive warehouse |  | Mixed               |  | 1977-12-1 |  | m2 |  | 420.27   |  | 14,419.00  |  | 
|11       |  | Jingzhou Fang Quan Zheng Sha Zi No.200301584   |  | Convoy office           |  | Mixed               |  | 1989-12-1 |  | m2 |  | 236.44   |  | 10,910.00  |  | 
|12       |  | Jingzhou Fang Quan Zheng Sha Zi No.200301584   |  | Convoy carport          |  | Mixed               |  | 1974-12-1 |  | m2 |  | 657.10   |  | 20,781.00  |  | 
|13       |  | Jingzhou Fang Quan Zheng Sha Zi No.200301584   |  | Small garage            |  | Mixed               |  | 1983-3-1  |  | m2 |  | 73.98    |  | 2,888.00   |  | 
|14       |  | Jingzhou Fang Quan Zheng Sha Zi No.200301601   |  | Power station           |  | Mixed               |  | 1993-9-1  |  | m2 |  | 422.60   |  | 21,316.00  |  | 
|15       |  | Jingzhou Fang Quan Zheng Sha Zi No.200301583   |  | Eastern carport         |  | Mixed               |  | 1971-12-1 |  | m2 |  | 244.36   |  | 7,101.00   |  | 
|16       |  | Jingzhou Fang Quan Zheng Sha Zi No.200301583   |  | Old cadres office       |  | Mixed               |  | 1975-12-1 |  | m2 |  | 110.35   |  | 3,587.00   |  | 
|17       |  | Jingzhou Fang Quan Zheng Sha Zi No.            |  | Staff activity room     |  | Mixed               |  | 1981-12-1 |  | m2 |  | 85.56    |  | 3,257.00   |  | 
|Changsha |  |                                                |  |                         |  |                     |  |           |  |    |  |          |  |            |  | 
|1        |  | Chang Fang Quan Zheng Huang Hua Zi No.00008964 |  | Fire Services building  |  | Reinforced concrete |  | 1990-1-1  |  | m2 |  | 1,377.54 |  | 100,073.00 |  | 





8





|2      |  | Chang Fang Quan Zheng Huang Hua Zi No.00008961  |  | Airport Building No. 2              |  | Mixed               |  | 1991-1-1 |  | m2 |  | 450.32   |  | 24,829.00    |  |                   
|------ |  | ----------------------------------------------- |  | ----------------------------------- |  | ------------------- |  | -------- |  | -- |  | -------- |  | ------------ |  | ------------------
|3      |  | Chang Fang Quan Zheng Huang Hua Zi No.00008965  |  | Airport Building No. 11             |  | Mixed               |  | 1993-1-1 |  | m2 |  | 1,273.70 |  | 71,748.00    |  |                   
|4      |  | Chang Fang Quan Zheng Huang Hua Zi No.00008966  |  | Airport Building No. 12             |  | Mixed               |  | 1993-1-1 |  | m2 |  | 1,968.86 |  | 110,907.00   |  |                   
|5      |  | Chang Fang Quan Zheng Huang Hua Zi No.00008963  |  | Airport Building No. 13             |  | Mixed               |  | 1993-1-1 |  | m2 |  | 1,771.83 |  | 99,808.00    |  |                   
|6      |  | Chang Fang Quan Zheng Kai Fu Zi No.00141347     |  | Local building No. 1podium building |  | Reinforced concrete |  | 2001-4-4 |  | m2 |  | 5,694.01 |  | 1,107,614.00 |  | Land rent included
|Haikou |  |                                                 |  |                                     |  |                     |  |          |  |    |  |          |  |              |  |                   
|1      |  | Haikou Shi Fang Quan Zhèng Hai Fang Zi No.48076 |  | Former ticket office                |  | Mixed               |  | 1973-1-1 |  | m2 |  | 1219.08  |  | 2,045,160.00 |  | Land rent included
|2      |  | Haikou Shi Fang Quan Zhèng Hai Fang Zi No.40606 |  | Haikou Nanxing Mansion              |  | Reinforced concrete |  | 1993-1-1 |  | m2 |  | 3047.5   |  | 782,040.00   |  | Land rent included
|3      |  |                                                 |  | Haikou Yunyan Mansion               |  | Reinforced concrete |  | 1994-1-1 |  | m2 |  | 497.31   |  | 200,880.00   |  | Land rent included



9







|Zhanjiang |  |                                                         |  |                                      |  |                     |  |          |  |    |  |           |  |               |  |                   
|--------- |  | ------------------------------------------------------- |  | ------------------------------------ |  | ------------------- |  | -------- |  | -- |  | --------- |  | ------------- |  | ------------------
|1         |  | Yue Fang Zi No.4208605                                  |  | Potou Airport office                 |  | Mixed               |  | 1986-1-1 |  | m2 |  | 308.29    |  | 15,021.00     |  |                   
|2         |  | Yue Fang Zi No.1385131                                  |  | Aircrew dormitory                    |  | Mixed               |  | 1980-1-1 |  | m2 |  | 402.49    |  | 13,115.00     |  |                   
|3         |  | Yue Fang Zi No.1385130                                  |  | Ground crew dormitory                |  | Mixed               |  | 1980-1-1 |  | m2 |  | 402.49    |  | 13,115.00     |  |                   
|4         |  | Yue Fang Di Zheng Zi No.1509639, No.1509641, No.1509642 |  | 45# dormitory                        |  | Mixed               |  | 1998-1-1 |  | m2 |  | 728.44    |  | 36,030.00     |  |                   
|5         |  | Yue Fang Zi No.1385119                                  |  | Aircraft materials warehouse         |  | Mixed               |  | 1983-1-1 |  | m2 |  | 229.12    |  | 7,800.00      |  |                   
|6         |  | Yue Fang Zi No.1385157                                  |  | Integrated warehouse                 |  | Mixed               |  | 1983-1-1 |  | m2 |  | 229.12    |  | 7,800.00      |  |                   
|7         |  |                                                         |  | Old hangar                           |  | Mixed               |  | 1980-1-1 |  | m2 |  | 1207.00   |  | 42,108.00     |  |                   
|8         |  | Yue Fang Zi No.1385766                                  |  | Charging room                        |  | Mixed               |  | 1983-1-1 |  | m2 |  | 94.87     |  | 3,230.00      |  |                   
|Guangzhou |  |                                                         |  |                                      |  |                     |  |          |  |    |  |           |  |               |  |                   
|1         |  | Yue Fang Di Quan Zheng Sui Zi No.0140045584             |  | Ticket office                        |  | Reinforced concrete |  | 1978-1-1 |  | m2 |  | 3,991.52  |  | 2,034,252.00  |  | Land rent included
|2         |  |                                                         |  | Air security department office       |  | Reinforced concrete |  | 1988-1-1 |  | m2 |  | 914.00    |  | 83,221.00     |  |                   
|3         |  |                                                         |  | Vehicle repair plant(Flight service) |  | Reinforced concrete |  | 1980-1-1 |  | m2 |  | 800.00    |  | 163,200.00    |  | Land rent included
|4         |  | Sui Fang Di Zheng Zi No.0423921                         |  | Gangbei Road Hotel                   |  | Reinforced concrete |  | 1998-1-1 |  | m2 |  | 11,485.40 |  | 5,840,028.00  |  | Land rent included
|          |  |                                                         |  |                                      |  |                     |  |          |  |    |  |           |  |               |  |                   
|Hengyang  |  |                                                         |  |                                      |  |                     |  |          |  |    |  |           |  | 5,700.00      |  |                   
|          |  | Total                                                   |  |                                      |  |                     |  |          |  |    |  | 76,274.96 |  | 15,424,166.00 |  |                   



10







Rent table of buildings



|No.   |  | Name               |  | Structure           |  | Completion 
date |  | Length(m) |  |  | Width(m) |  |  | Height/depth(m) |  |  | Measurement 
units |  | Area(m2) orVolume(m3) |  |  | Assessed value  |            |  | Annual rent (yuan/year) | 
|----- |  | ------------------ |  | ------------------- |  | ---------------- |  | --------- |  |  | -------- |  |  | --------------- |  |  | ------------------ |  | --------------------- |  |  | --------------- | ---------- |  | ----------------------- | 
|      |  |                    |  |                     |  |                  |  |           |  |  |          |  |  |                 |  |  |                    |  |                       |  |  | Original
 value |            |  | Newness
 rate           | 
|Wuhan |  |                    |  |                     |  |                  |  |           |  |  |          |  |  |                 |  |  |                    |  |                       |  |  |                 |            |  |                         | 
|1     |  | Fire services pool |  | Reinforced concrete |  | 1994-12-1        |  | 20        |  |  | 10       |  |  | 2               |  |  | m2                 |  | 400                   |  |  |                 | 140,000.00 |  |                         | 
|Total |  |                    |  |                     |  |                  |  |           |  |  |          |  |  |                 |  |  |                    |  |                       |  |  |                 | 140,000.00 |  |                         | 



11







Rent table of land



|No.      |  | No. of land title certificate     |  | Name of land
    parcel             |  | Use                          |  | Nature               |  | Area(m2)  |  | Annual
    rent(yuan/year) |  | Note                                    
|-------- |  | --------------------------------- |  | ----------------------------------- |  | ---------------------------- |  | -------------------- |  | --------- |  | -------------------------- |  | ----------------------------------------
|Wuhan    |  |                                   |  |                                     |  |                              |  |                      |  |           |  |                            |  |                                         
|1        |  | Wu Guo Yong (2005) No.0414        |  | Office building                     |  | Other commercial land        |  | Authorized operation |  | 34,841.65 |  | 13,911,230.00              |  | Apportioned area                        
|2        |  | Wu Guo Yong (2003) No.666         |  | Bachelor quarters                   |  | Urban mixed residential land |  | Allocate             |  | 3,240.63  |  | 1,124,551.00               |  | Rent reduction                          
|3        |  | Huang Bei Guo Yong (2004) No.1661 |  | Gas station                         |  | Industrial                   |  | Authorized operation |  | 9,800.00  |  | -                          |  |                                         
|Changsha |  |                                   |  |                                     |  |                              |  |                      |  |           |  |                            |  |                                         
|1        |  | Chang Guo Yong (2004) No.118      |  | Fire Services building              |  | Transportation land          |  | Authorized operation |  | 5,228.00  |  | 117,143.00                 |  | Value included in Changsha building No.6
|2        |  | Kai Guo Yong (2000) No.1651       |  | Warehouse 1                         |  | Warehouse                    |  | Transfer             |  | 14.23     |  |                            |  | Value included in Changsha building No.6
|3        |  | Kai Guo Yong (2000) No.1652       |  | Warehouse 2                         |  | Warehouse                    |  | Transfer             |  | 14.23     |  |                            |  | Value included in Changsha building No.6
|4        |  | Kai Guo Yong (2000) No.1653       |  | Warehouse 3                         |  | Warehouse                    |  | Transfer             |  | 14.23     |  |                            |  | Value included in Changsha building No.6
|5        |  | Kai Guo Yong (2000) No.1654       |  | Warehouse 4                         |  | Warehouse                    |  | Transfer             |  | 14.23     |  |                            |  | Value included in Changsha building No.6
|6        |  | Kai Guo Yong (2000) No.1655       |  | Base building No. 1 podium building |  | Canteen                      |  | Transfer             |  | 157.37    |  |                            |  | Value included in Changsha building No.6



12







|7         |  | Kai Guo Yong (2000) No.1656          |  | Base building basement                               |  | Other public facilities  such as power distribution |  | Transfer             |  | 795.86     |  |              |  | Value included in Changsha building No.6
|--------- |  | ------------------------------------ |  | ---------------------------------------------------- |  | --------------------------------------------------- |  | -------------------- |  | ---------- |  | ------------ |  | ----------------------------------------
|Haikou    |  |                                      |  |                                                      |  |                                                     |  |                      |  |            |  |              |  |                                         
|1         |  | Haikou Shi Guo Yong (Ji) Zi No.Q2456 |  | Land of former box office                            |  | Commercial services land                            |  | Allocate             |  | 216.19     |  |              |  | Value included in Haikou building No.1  
|2         |  | Haikou Shi Guo Yong (Ji) Zi No.Q2572 |  | Land of Nanxing Mansion                              |  | Commodity building land                             |  | Transfer             |  | 534.00     |  |              |  | Value included in Haikou building No.2  
|Zhanjiang |  |                                      |  |                                                      |  |                                                     |  |                      |  |            |  |              |  |                                         
|1         |  | Zhan Guo Yong (2004) No.40005        |  | Potou Heliport                                       |  | Transportation                                      |  | Authorized operation |  | 18,139.19  |  | 345,003.00   |  |                                         
|Guangzhou |  |                                      |  |                                                      |  |                                                     |  |                      |  |            |  |              |  |                                         
|1         |  | Sui Fu Guo Yong (2007) No.01300095   |  | Flight department, training Center(land parcel 14-1) |  | Transportation                                      |  | Allocate             |  | 31,347.300 |  | 1,759,722.00 |  |                                         



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|2         |  | Sui Fu Guo Yong (2007) No.01300086 |  | Aircraft materials warehouse area land (land parcel 8-1)              |  | Transportation  |  | Allocate |  | 16,382.00 |  | 919,636.00    |  | Apportioned area                         
|--------- |  | ---------------------------------- |  | --------------------------------------------------------------------- |  | --------------- |  | -------- |  | --------- |  | ------------- |  | -----------------------------------------
|3         |  | Sui Fu Guo Yong (2007) No.01300089 |  | Communication department garage (land parcel 12-1)                    |  | Transportation  |  | Allocate |  | 4,978.00  |  | 280,472.00    |  |                                          
|4         |  | Sui Fu Guo Yong (2007) No.01300090 |  | Southern Airlines collective dormitory (204, 275#) (land parcel 13-1) |  | Transportation  |  | Allocate |  | 2,306.00  |  | 129,928.00    |  |                                          
|5         |  |                                    |  | Southern Airlines collective dormitory (280#)                         |  | Transportation  |  | Allocate |  | 521.00    |  | 29,141.00     |  |                                          
|6         |  | Sui Fu Guo Yong (2007) No.01300093 |  | Company sites of Nanlian Catering (land parcel 19-1)                  |  | Transportation  |  | Allocate |  | 21,749.00 |  | 1,216,464.00  |  |                                          
|7         |  | Sui Fu Guo Yong (2007) No.01300091 |  | Aircraft maintenance company plant                                    |  | Transportation  |  | Allocate |  | 9,012.30  |  | 507,766.00    |  | Apportioned area                         
|8         |  | Sui Fu Guo Yong (2007) No.01300097 |  | Train station ticket office                                           |  | Commercial land |  | Allocate |  | 2,634.00  |  |               |  | Value included in Guangzhou building No.1
|          |  |                                    |  |                                                                       |  |                 |  |          |  |           |  |               |  |                                          
|Heng Yang |  |                                    |  |                                                                       |  |                 |  |          |  |           |  | 151,800.00    |  |                                          
|          |  |                                    |  |                                                                       |  |                 |  |          |  |           |  |               |  |                                          
|          |  | Total                              |  |                                                                       |  |                 |  |          |  |           |  | 20,492,856.00 |  |                                          





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