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                                                                   Exhibit 10.11

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                      China Life Insurance Company Limited


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                           CORPORATE PLACING AGREEMENT

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                           Dated 5th December, 2003


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1.  Definitions and Interpretation. .....................................     2

2.  Investment. .........................................................     4

3.  Conditions. .........................................................     5

4.  Closing. ............................................................     5

5.  Restrictions on Disposals by the Investor. ..........................     5

6.  Acknowledgments. ....................................................     6

7.  Representations and Warranties of the Investor. .....................     8

8.  Representations and Warranties of the Company .......................     9

9.  Investor's Covenants. ...............................................    10

10. Confidentiality and No Announcement .................................    12

11. Expenses ............................................................    13

12. Miscellaneous. ......................................................    13

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     THIS CORPORATE PLACING AGREEMENT (this "Agreement") is made as of the 5th
day of December, 2003, by and among:


1.   China Life Insurance Company Limited, a joint stock limited company
     organized and existing under the laws of the People's Republic of China
     whose registered office is at 16 Chaowai Avenue, Chaoyang District, Beijing
     100020, the People's Republic of China and whose place of business in Hong
     Kong is at 18th Floor, C.L.I. Building, 313 Hennessy Road, Wanchai, Hong
     Kong (the "Company");

2.   Chow Tai Fook Nominee Limited, a company organized and existing under the
     laws of Hong Kong whose principal office is at 31st Floor, New World Tower,
     16-18 Queen's Road Central, Hong Kong (the "Investor");

3.   China International Capital Corporation Limited whose principal office is
     at 28th Floor, China World Tower 2, No. 1, Jian Guo Men Wai Avenue, Beijing
     100004, the People's Republic of China ("CICC");

4.   Citigroup Global Markets Asia Limited whose principal office is at 20th
     Floor, Three Exchange Square, Central, Hong Kong ("Citigroup");

5.   Credit Suisse First Boston (Hong Kong) Limited whose principal office is at
     45th Floor, Two Exchange Square, Central, Hong Kong ("CSFB"); and

6.   Deutsche Bank AG, Hong Kong Branch, whose principal office is at 55th
     Floor, Cheung Kong Center, 2 Queen's Road Central, Hong Kong ("DB",
     together with CICC, Citigroup and CSFB are hereinafter referred to as the
     "Joint Global Coordinators").

RECITALS

     WHEREAS, the Company is proposing to obtain a listing for its Overseas
Listed Foreign-invested Ordinary Shares with a par value of RMB1.00 each
("Shares") on The Stock Exchange of Hong Kong Limited (the "SEHK"), and for
American Depositary Shares representing Shares ("ADSs") on the New York Stock
Exchange, by way of a global offering (the "Global Offering") of Shares and ADSs
including:

     (i)  a public offering by the Company and China Life Insurance (Group)
Company, a state-owned enterprise organized and existing under the laws of the
People's Republic of China and the controlling shareholder of the Company (the
"Parent"), of Shares for subscription and purchase to members of the public in
Hong Kong (the "Hong Kong Public Offering");

     (ii) an offering of ADSs (which may, at the option of investors, be
delivered in the form of Shares) by the Company and the Parent to investors
outside the United States and Canada and to professional and institutional
investors in Hong Kong (other than to members of the public in Hong Kong) (the
"International Offering"); and

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     (iii) a registered public offering of ADSs by the Company and the Parent in
the United States and a private placement in Canada (which may, at the option of
investors, be delivered in the form of Shares) (the "US Offering").

     WHEREAS, the Investor wishes to make a significant equity investment in the
Company subject to the conditions and according to the terms set out in this
Agreement.

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises hereinafter set forth the parties hereto agree as follows:

1.   Definitions and Interpretation.

     1.1  In this Agreement:

          "ADSs" has the meaning set forth in the Recitals.

          "Agreement" has the meaning set forth in the Preamble.

          "Business Day" means any day except a Saturday, Sunday or other day on
          which commercial banks in Hong Kong are authorized or permitted by law
          to close.

          "Closing Date" has the meaning set forth in Section 4.

          "Company" has the meaning set forth in the Preamble.

          "Competitor" has the meaning set forth in Section 9.3.

          "Delivery Date" has the meaning set forth in Section 4.

          "evaluation material" has the meaning set forth in Section 6.1(f).

          "Global Offering" has the meaning set forth in the Recitals.

          "Hong Kong Public Offering" has the meaning set forth in the Recitals.

          "International Offering" has the meaning set forth in the Recitals.

          "Investor Shares" has the meaning set forth in Section 2.2 or 2.3, as
          the case may be.

          "Investor Subsidiary" has the meaning set forth in Section 2.1.

          "Investor" has the meaning set forth in the Preamble.

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          "IPO Price" has the meaning set forth in Section 2.2 or 2.3, as the
          case may be.

          "Joint Global Coordinators" has the meaning set forth in the Preamble.

          "Listing Rules" has the meaning set forth in Section 7.1(g).

          "Lockup Period" has the meaning set forth in Section 5.1.

          "NASD" has the meaning set forth in Section 7.1(h).

          "Parent" has the meaning set forth in the Recitals.

          "Relevant Shares" has the meaning set forth in Section 5.3.

          "Securities Act" means the United States Securities Act of 1933, as
          amended.

          "SEHK" has the meaning set forth in the Recitals.

          "Shares" has the meaning set forth in the Recitals.

          "US Offering" has the meaning set forth in the Recitals.

     1.2  In this Agreement:

          (a)  references to "sections" and the "schedules" are to sections of
               and the schedules to this Agreement;

          (b)  headings are for convenience only and shall not affect the
               construction of this Agreement;

          (c)  the schedules form an integral part of this Agreement and any
               reference to this Agreement shall include the schedules; and

          (d)  the term "subsidiary" has the meaning ascribed to it in the
               Companies Ordinance (Chapter 32 of the Laws of Hong Kong); and

          (e)  the term "affiliate" of a company means any entity directly or
               indirectly controlling or controlled by or under the direct or
               indirect common control with such company, "control" for purpose
               of this definition being taken to mean direct or indirect
               ownership of at least 50% of the voting rights of the relevant
               entity.

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2.   Investment.

     2.1  The Investor will acquire the Investor Shares at the IPO Price under
          and as part of the International Offering, through the Joint Global
          Coordinators or their affiliates in their capacity as underwriters of
          the relevant portion of the International Offering. The Investor may
          elect by notice in writing issued to the Joint Global Coordinators not
          later than two Business Days prior to the Closing Date to acquire the
          Investor Shares through a direct or indirect wholly-owned subsidiary
          of the Investor that is not a U.S. Person (as defined in Rule 902 of
          Regulation S under the Securities Act) (the "Investor Subsidiary") in
          which case (a) the agreements, undertakings, representations and
          warranties, acknowledgments and confirmations given or made by the
          Investor in this Agreement shall be deemed to be given by the Investor
          for itself and on behalf of the Investor Subsidiary and (b) the rights
          and benefits granted under this Agreement to the Investor shall be
          granted to and shall be exercisable by the Investor or the Investor
          Subsidiary.

     2.2  For the purposes of this Agreement, (a) the "Investor Shares" means
          such number of Shares offered by the Company in the International
          Offering (including Shares issued or sold in the form of ADSs) equal
          to the maximum number of Shares that may be purchased with US$100
          million at the IPO Price, rounded down to the nearest whole number;
          and (b) the "IPO Price" means the price per Share at which Shares are
          acquired by investors under the International Offering, expressed in
          Hong Kong dollars, and determined as referred to in Section 6.1(a).
          The exchange rate between Hong Kong dollars and U.S. dollars shall be
          such rate as set forth on the cover page of the final offering
          circular for the International Offering.

     2.3  Notwithstanding the provisions of Section 2.2, the Investor may by
          notice in writing issued to the Joint Global Coordinators not later
          than five Business Days prior to the due date for payment referred to
          in Section 4 elect on behalf of itself or the Investor Subsidiary, as
          the case may be, to receive such number of ADSs as represent the
          aforementioned number of Shares (rounded down to the nearest whole
          number of ADSs), in which case "Investor Shares" means the number of
          ADSs so determined and the "IPO Price" means the price per ADS at
          which ADSs are acquired by investors under the International Offering,
          expressed in US dollars, and determined as referred to in Section
          6.1(a).

     2.4  The number of Investor Shares to be acquired by the Investor under
          this Agreement will not be affected by any re-allocation of Shares
          between the International Offering and the Hong Kong Public Offering
          in the event of over-subscription under the Hong Kong Public Offering.

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3.   Conditions.

     The Investor's agreement in Section 2 (and the right of the Investor or the
     Investor Subsidiary to acquire the Investor Shares) is conditional upon the
     underwriting agreements covering each of the Hong Kong Public Offering, the
     International Offering and the US Offering being entered into by and among
     the Company, the Parent and the respective underwriters by not later than
     December 15, 2003 and having become effective and the obligations of such
     underwriters under the respective underwriting agreements having become
     unconditional and not having been terminated (in accordance with their
     respective original terms or as subsequently varied by agreement of the
     relevant parties) by no later than December 18, 2003. The Company and the
     Joint Global Coordinators will take steps to ensure that the Global
     Offering is duly completed but there can be no guarantee of this and no
     liability to the Investor or the Investor Subsidiary will arise if the
     Global Offering is not duly completed for any reason.

4.   Closing.

     Subject to Section 3, settlement of the purchase of the Investor Shares
     will take place contemporaneously with settlement of the International
     Offering. Payment for the Investor Shares shall be made to the Joint Global
     Coordinators on the same day as payment is required from other investors
     which acquire Shares or ADSs, as the case may be, under the International
     Offering through the Joint Global Coordinators or their affiliates in their
     capacity as underwriters of the relevant portion thereof (the "Closing
     Date"). Delivery of the Investor Shares to the Investor or the Investor
     Subsidiary, as the case may be, shall be made through Hong Kong Securities
     Clearing Company Limited for the account of the Investor or the Investor
     Subsidiary, as the case may be, or if the Investor has elected to take ADSs
     pursuant to Section 2.3, through the facilities of The Depositary Trust
     Company for the account of the Investor or the Investor Subsidiary, as the
     case may be, on the date notified to the Investor by the Joint Global
     Coordinators, which shall not be later than 31 days after the date of
     pricing as referred to in Section 6.1(a), but otherwise on the same date
     (the "Delivery Date") and basis on which Shares or ADSs, as the case may
     be, are delivered to other investors which acquire Shares or ADSs, as the
     case may be, through the Joint Global Coordinators or their affiliates
     under the International Offering (or in any other manner which the Company,
     the Joint Global Coordinators and the Investor may agree).

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5.   Restrictions on Disposals by the Investor.

     5.1  The Investor agrees that without the prior written consent of the
          Company and the Joint Global Coordinators, it will not, at any time
          during the period of 12 months following the date of commencement of
          dealings in the Shares on the SEHK (the "Lockup Period"), directly or
          indirectly dispose of any of the Relevant Shares. After the expiration
          of the Lockup Period, the Investor shall be free to dispose of any
          Relevant Shares, provided that the Investor shall use all reasonable
          endeavors to ensure that any such disposal does not create a
          disorderly or false market and is otherwise in compliance with the
          Securities Act and the Securities and Futures Ordinance of Hong Kong.

     5.2  Notwithstanding Section 5.1, the Investor may freely transfer all or
          part of the Relevant Shares to a direct or indirect wholly-owned
          subsidiary of the Investor during the Lockup Period, provided that (a)
          such subsidiary shall first give a written undertaking in favor of the
          Company and the Joint Global Coordinators agreeing to be bound by the
          Investor's obligations under this Agreement, including but without
          limitation to the obligations set out in Section 5.1, prior to such
          transfer, and (b) if such subsidiary is about to or will cease to be
          qualified as a direct or indirect wholly-owned subsidiary of the
          Investor, such subsidiary shall (and the Investor shall procure such
          subsidiary shall), before ceasing to be so qualified, ensure that its
          entire interest in any such Relevant Shares is fully and effectively
          transferred to the Investor or a direct or indirect wholly-owned
          subsidiary of the Investor.

     5.3  For the purpose of this Section 5:

          "dispose of" or "disposal" includes selling, mortgaging, creating,
          transferring or otherwise howsoever disposing of any legal or
          beneficial interest (including by the creation of an option) in
          Relevant Shares; and

          "Relevant Shares" mean the Investor Shares and any shares or other
          securities of the Company which are derived from the Investor Shares,
          including any convertibles, equity-linked securities and derivatives
          with underlying assets being the Investor Shares (pursuant to any
          rights issue, capitalization issue, capital reorganization or
          otherwise) whether such other transaction is to be settled by delivery
          of the Relevant Shares in cash or otherwise.

6.   Acknowledgments.

     6.1  The Investor acknowledges and confirms that:

          (a)  the IPO Price is to be fixed by agreement between the Company,
               the Parent and the Joint Global Coordinators (on behalf of the
               several underwriters) following, and on the basis of, an
               international "roadshow" and "book building" process;

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          (b)  this Agreement and the relationship and arrangements between the
               parties contemplated by this Agreement will be required to be
               described in public offering documentation and other marketing
               materials for the Global Offering and, specifically, this
               Agreement will be a material contract required to be filed with
               regulatory authorities and/or made available for public
               inspection in connection with the Global Offering;

          (c)  at or around the time of entering into this Agreement, the
               Company may have entered into, or proposes to enter into,
               agreements with one or more other corporate or strategic
               investors;

          (d)  the Investor Shares have not been and will not be registered
               under the Securities Act or with any state securities regulator
               of the United States and may not be offered, resold, pledged or
               otherwise transferred except pursuant to an exemption from, or in
               a transaction not subject to, the registration requirements of
               the Securities Act;

          (e)  this Agreement and the term sheet relating thereto do not,
               collectively or separately, constitute an offer of securities for
               sale in the United States;

          (f)  without prejudice to the representations and warranties of the
               Company set forth herein, neither the Company, the Parent, the
               Joint Global Coordinators, nor any of their respective
               affiliates, representatives or advisers have made, or make, any
               representation or warranty as to the accuracy or completeness of
               any information or material concerning the Company and/or the
               Parent (whether prepared by the Company, the Parent, the Joint
               Global Coordinators, or their respective affiliates,
               representatives or advisers or otherwise) furnished to the
               Investor by or on behalf of the Company or the Parent on or
               before the date hereof (collectively "evaluation material"), and
               none of the Company, the Parent, the Joint Global Coordinators
               and their respective affiliates, representatives or advisers has
               or will have any liability to the Investor or the Investor
               Subsidiary or any of their affiliates, representatives or
               advisers resulting from their use of the evaluation material;

          (g)  the Investor has not relied, and will not be entitled to rely, on
               any legal opinion or other advice given by legal counsel to the
               Company or the Parent or legal counsel to the Joint Global
               Coordinators and underwriters in connection with the Global
               Offering, and has taken its own independent advice to the extent
               it has considered necessary or appropriate; and

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          (h)  subject to Section 2.4, (i) the number of Shares and ADSs
               comprising the Global Offering or any part thereof, and (ii) the
               ratio of Shares and ADSs to be offered by the Company and the
               Parent respectively under the Global Offering or any part
               thereof, will be subject to change or adjustment as may be agreed
               among the Company, the Parent and the Joint Global Coordinators
               or, where applicable, pursuant to the underwriting agreements
               covering each of the Hong Kong Public Offering, the International
               Offering and the US Offering being entered into by and among the
               Company, the Parent and the respective underwriters.

7.   Representations and Warranties of the Investor.

     7.1  The Investor hereby represents and warrants to the Company as follows:

          (a)  the Investor has been duly incorporated as a limited liability
               company and is validly existing under the laws of Hong Kong;

          (b)  the Investor has the right, power and authority to (and has taken
               all actions required, including but not limited to, the obtaining
               of all necessary governmental or regulatory approvals and
               consents from third parties, in order to) execute and deliver
               this Agreement, perform its obligations hereunder, and enter into
               and carry out the transactions contemplated hereby;

          (c)  this Agreement has been duly authorized, executed and delivered
               by the Investor and constitutes a valid, legal and binding
               obligation of the Investor enforceable against the Investor in
               accordance with its terms;

          (d)  the Investor is purchasing the Investor Shares for investment
               purposes without a view to making distribution of any of the
               Investor Shares purchased by it hereunder;

          (e)  the Investor is not, and any Investor Subsidiary designated
               pursuant to Section 2.1 will not be, a U.S. Person (as defined in
               Rule 902 of Regulation S under the Securities Act) and the
               Investor or the Investor Subsidiary will acquire the Investor
               Shares in an offshore transaction in reliance on Regulation S
               under the Securities Act;

          (f)  the Investor has such knowledge and experience in financial and
               business matters that it is capable of evaluating the merits and
               risks of its investment in the Investor Shares, and has received
               all the information it considers necessary or appropriate for
               deciding whether to purchase the Investor Shares;

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          (g)  this Agreement does not constitute a "connected transaction" from
               the Investor's perspective under the Rules Governing the Listing
               of Securities on The Stock Exchange of Hong Kong Limited (the
               "Listing Rules"), notwithstanding any relationship between the
               Investor and any other party or parties which may be entering
               into (or have entered into) any other agreement or agreements
               referred to in Section 6.1(c);

          (h)  the Investor does not, directly or indirectly, own more than 5
               percent of the outstanding common stock (or other voting
               securities) of any member of the National Association of
               Securities Dealers, Inc. ("NASD") or a holding company for a NASD
               member, and is not otherwise a "restricted person" for the
               purposes of the Free-Riding and Withholding Interpretation of
               NASD; and

          (i)  its acquisition of and investment in the Investor Shares complies
               with the provisions of paragraph 5 of Appendix 6 (Placing
               Guidelines for Equity Securities) to the Listing Rules.

8.   Representations and Warranties of the Company.

     8.1  The Company represents and warrants to the Investor as follows:

          (a)  the Company has been duly incorporated as a joint stock company
               with limited liability and is validly existing under the laws of
               the People's Republic of China;

          (b)  the Company has the right, power and authority to (and has taken
               all actions required, including but not limited to, the obtaining
               of all necessary governmental or regulatory approvals and
               consents from third parties, in order to) execute and deliver
               this Agreement, perform its obligations hereunder, and enter into
               and carry out the transactions contemplated hereby;

          (c)  this Agreement has been duly authorized, executed and delivered
               by the Company and constitutes a valid, legal and binding
               obligation of the Company enforceable against the Company in
               accordance with its terms;

          (d)  each of the Investor Shares issued by the Company in accordance
               with the term of this Agreement will have been duly and validly
               authorized and issued and credited as fully paid, and will be
               free from any mortgage, charge, pledge, lien, option,
               restriction, right of first refusal, right of pre-emption, third
               party right or interest, other encumbrance or security interest
               of any kind, including, without limitation, a title transfer or
               retention arrangement having similar effect;

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          (e)  each of the Investor Shares will, when acquired by the Investor,
               rank pari passu in all respects to the other Shares or ADSs, as
               the case may be, comprised in the Global Offering and will
               conform in all material respects to the description of the Shares
               or ADSs (as the case may be) contained in the final offering
               circular for the International Offering issued by the Company;
               and

          (f)  the Company is a "foreign issuer" (as defined in Regulation S
               under the Securities Act) and neither the Company, nor the
               Parent, nor any of its affiliates, nor any person acting on its
               or their behalf has engaged in any "directed selling efforts" (as
               defined in Regulation S under the Securities Act) with respect to
               the Investor Shares.

9.   Investor's Covenants.

     9.1  The Investor shall not, without the prior written consent of the
          Company and the Joint Global Coordinators, whether directly or
          indirectly, at any time during the period of 12 months following the
          date of commencement of dealings in the Shares on the SEHK, itself or
          with any person deemed to be acting in concert with (as defined in the
          Hong Kong Codes on Takeovers and Mergers and Share Repurchases) the
          Investor and their respective associates (as defined in the Listing
          Rules) acquire any interest in any additional Shares or ADSs,
          securities convertible into Shares or ADSs or any other equity
          securities of the Company.

     9.2  The Investor shall not, without the prior written consent of the
          Company, directly or indirectly, itself or with any person deemed to
          be acting in concert with (as defined in the Hong Kong Codes on
          Takeovers and Mergers and Share Repurchases) the Investor and their
          respective associates (as defined in the Listing Rules) hold more than
          9.9% of the Company's share capital (including at their then current
          conversion ratios securities convertible at the option of the holder
          into the share capital of the Company) provided nothing herein shall
          prohibit the Investor, any person deemed to be acting in concert with
          it and their respective associates from accepting a general offer
          within the ambit of the HK Codes as referred. In the event that, for
          any reason, the Investor's shareholding increases to above 9.9% of the
          Company's share capital (including at their then current conversion
          ratios securities convertible at the option of the holder into the
          share

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               capital of the Company), the Investor shall, within five Business
               Days from the date of such increase, dispose of such number of
               Shares as shall reduce its shareholding to 9.9% or less of the
               Company's share capital (including at their then current
               conversion ratios securities convertible at the option of the
               holder into the share capital of the Company).

          9.3  Without the prior written consent of the Company, the Investor
               shall not effect (or cause to be effected) any block trade,
               private sale or any other form of placing of all or any of the
               Relevant Shares which shall result in any such Relevant Shares
               being acquired directly or indirectly by a Competitor of the
               Company, provided that nothing in this Section shall prohibit the
               Investor from disposing of the Relevant Shares on the SEHK or the
               New York Stock Exchange or otherwise in the open market or
               through placing agents to persons not selected by the Investor
               and which are not known by the Investor (having made reasonable
               enquiries) to be a Competitor of the Company. For purposes of
               this Section 9.3, a "Competitor" of the Company is a person
               engaged, directly or through a subsidiary or affiliate, in the
               life, health or accident insurance business in the People's
               Republic of China.

          9.4  In order to facilitate after-market stabilization, the Investor
               shall enter into a stock borrowing agreement with the Joint
               Global Coordinators containing customary terms and conditions,
               pursuant to which the Investor shall agree to lend to the Joint
               Global Coordinators Investor Shares purchased by it, upon request
               from the Joint Global Coordinators and subject to the conditions
               and according to the terms of the stock borrowing agreement, at
               any time during the period of 30 calendar days following the date
               of commencement of dealings in the Shares on the SEHK.

          9.5  The Investor acknowledges that it has received (and may receive)
               information that may constitute material, non-public information
               in connection with its investment in (and holding of) the
               Investor Shares, and shall not (and shall use its best efforts to
               ensure that its affiliates, associates, directors, officers,
               employees, advisers or representatives, or their respective
               affiliates or associates do not) purchase, sell or otherwise
               trade, directly or indirectly, in the Shares, convertibles,
               derivatives or other securities of the Company in a manner that
               could result in any violation of the securities laws or
               regulations of the United States, Hong Kong, the People's
               Republic of China or any other jurisdiction.

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          9.6  The Investor shall not, and shall not permit any of its
               associates (as such term is defined in the Listing Rules) to,
               apply for Shares in the Hong Kong Public Offering, except where
               the Investor or its associate (as such term is defined in the
               Listing Rules) is acting as a nominee for its customer.

10.  Confidentiality and No Announcement

          10.1 Prior to the official public filing with the United States
               Securities and Exchange Commission of an amendment to the
               Company's Registration Statement for the Global Offering
               disclosing the investment by the Investor hereunder, the parties
               shall keep confidential the subject matter and the terms of this
               Agreement save with the prior written consent of the parties,
               except (a) for any disclosure or announcement by the Company
               which may be required under the Securities Act or the Listing
               Rules (but only after prior consultation, if practicable, with
               the Investor with respect to the form, content and timing of any
               such disclosure or announcement); (b) for any disclosure or
               announcement by the Investor which may be required by any other
               stock exchange on which securities issued by the Investor or any
               of its affiliates are listed or traded (but only after such prior
               consultation as is practicable in the circumstances with the
               Company and the Joint Global Coordinators with respect to the
               form, content and timing of any such announcement); (c) as may be
               required by applicable law or regulation (in which case, the
               relevant party making the announcement shall notify and obtain
               the consent of the other parties hereto to the extent reasonably
               practicable in the circumstances); or (d) as may be agreed by the
               Company, the Joint Global Coordinators and the Investor (such
               agreement not to be unreasonably withheld or delayed).

          10.2 The Investor and its affiliates shall not make, dispatch or issue
               any public announcement or communication which relates to the
               subject matter or the terms of this Agreement or which contains
               reference(s) to the Company or the Global Offering save with the
               prior written consent of the Company and the Joint Global
               Coordinators, except (a) for any disclosure or announcement by
               the Investor which may be required by any stock exchange on which
               securities issued by the Investor or any of its affiliates are
               listed or traded (but only after such prior consultation as is
               practicable in the circumstances with the Company and the Joint
               Global Coordinators with respect to the form, content and timing
               of any such announcement) or (b) as may be required by applicable
               law or regulation (in which case, the Investor shall notify and
               obtain the consent of the Company and the Joint Global
               Coordinators to the extent practicable in the circumstances).

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11.  Expenses

     Each of the parties shall bear its own costs (including legal and other
     professional fees) and out-of-pocket expenses in connection with
     preparation, negotiation, execution of this Agreement and the term sheet
     related thereto.

12.  Miscellaneous.

     12.1  Unless otherwise notified by the relevant parties, all notices
           delivered hereunder shall be in writing and may be delivered by hand
           or given by facsimile to the parties at their addresses for notices
           specified in Schedule 1, or at such other address as any party may
           have specified by notice to the other parties pursuant to this
           Section 12.1. Any notice delivered by hand shall be deemed to have
           been received when physically received by the person referred to in
           Section 12.1. Any notice served by facsimile machine shall be deemed
           to have been served on receipt of confirmation of successful
           transmission if (a) within one hour after the successful transmission
           of the facsimile, oral notice of such facsimile is provided to the
           addressee (whether through voice mail or actual conversation); and
           (b) such transmission is followed within 24 hours by posting a copy
           of such facsimile and confirmation to the addressee by air-mail,
           postage prepaid, or by internationally recognized courier service.

     12.2  This Agreement and the documents referred to herein constitute the
           entire agreement among the parties and no party shall be liable or
           bound to any other party in any manner by any warranties,
           representations, or covenants in respect of the subject matter hereof
           except as specifically set forth herein or therein. The warranties,
           representations and covenants of the Company and of the Investor
           contained in or made pursuant to this Agreement shall survive the
           execution and performance of this Agreement and the closing of the
           Global Offering.

     12.3  This Agreement may not be amended or varied without the prior written
           consent of the parties hereto.

     12.4  Nothing in this Agreement, express or implied, is intended to confer
           upon any party other than the parties hereto or their respective
           successors. The Investor may not assign any of its rights under this
           Agreement except as contemplated by Section 2.1.

     12.5  This Agreement shall be governed by and construed under the laws of
           Hong Kong Special Administrative Region of the People's Republic of
           China, without giving effect to the principles of conflicts of law
           thereof.

                                       13

<PAGE>

     12.6  Each of the parties hereto agrees that any dispute arising out of or
           relating to this Agreement, including any question regarding its
           existence, validity or termination, shall be referred to and finally
           resolved exclusively by arbitration at the Hong Kong International
           Arbitration Centre in accordance with its Arbitration Rules. Any
           decision or award of the arbitral tribunal shall be final and binding
           upon all parties to the arbitration proceeding. In furtherance of the
           foregoing submission to arbitration, each of the parties hereto
           irrevocably waives any immunity to jurisdiction to which it may be
           entitled or become entitled (including without limitation sovereign
           immunity, immunity to pre-award attachment, post-award attachment or
           otherwise) in any arbitration proceedings and/or enforcement
           proceedings against it arising out of or based on this Agreement or
           the transactions contemplated hereby. The language to be used in the
           arbitration proceedings shall be English.

     12.7 (a)  The Investor appoints Mr. Michael Pei of 33rd Floor, New World
               Tower I, 16-18 Queen's Road Central, Hong Kong as its authorized
               agent for accepting service of all legal process arising out of
               or in connection with this Agreement and service on such agent
               shall be deemed, for all purposes, to be due and effective
               service on the Investor. If for any reason such agent ceases to
               be the Investor's agent for the service of process, the Investor
               shall forthwith appoint a replacement agent for the service of
               process in Hong Kong acceptable to all other parties hereto and
               deliver to each other party a copy of the replacement agent's
               acceptance of such appointment within 7 Business Days.

           (b)  CICC appoints China International Capital Corporation (Hong
                Kong) Limited of Suite 2307, 23rd Floor, One International
                Finance Centre, 1 Harbour View Street, Central, Hong Kong as its
                authorized agent for accepting service of all legal process
                arising out of or in connection with this Agreement and service
                on such agent shall be deemed, for all purposes, to be due and
                effective service on CICC. If for any reason such agent ceases
                to be CICC's agent for the service of process, CICC shall
                forthwith appoint a replacement agent for the service of process
                in Hong Kong acceptable to all other parties hereto and deliver
                to each other party a copy of the replacement agent's acceptance
                of such appointment within 7 Business Days.

     12.8  This Agreement may be executed in two or more counterparts, each of
           which shall be deemed an original, but all of which together shall
           constitute one and the same instrument.

                                       14

<PAGE>

     IN WITNESS whereof, each of the parties has caused this Agreement to be
duly executed by its duly authorized signatory as of the date first set forth
above.

CHINA LIFE INSURANCE COMPANY LIMITED


By: ________________________
Name:
Title:


CHOW TAI FOOK NOMINEE LIMITED


By: ________________________
Name:
Title:


CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED


By: ________________________
Name:
Title:


CITIGROUP GLOBAL MARKETS ASIA LIMITED


By: ________________________
Name:
Title:


CREDIT SUISSE FIRST BOSTON (HONG KONG) LIMITED


By: ________________________
Name:
Title:


DEUTSCHE BANK AG, HONG KONG BRANCH


By: ________________________
Name:
Title:

                                       15

<PAGE>

SCHEDULE 1

                              ADDRESSES FOR NOTICES

     If to the Company:

     16, Chaowai Avenue
     Chaoyang District
     Beijing, 100020
     People's Republic of China
     Facsimile: (8610) 6617 2189
     Telephone: (8610) 6611 6716
     For the attention of Wang Sidong

     With a copy to:

     Debevoise & Plimpton
     2202 Jin Mao Tower
     88 Century Boulevard
     Shanghai 200121
     People's Republic of China
     Facsimile: (8621) 5047-1600
     Telephone: (8621) 5047-1800
     For the attention of Li Li

     If to Investor:

     Chow Tai Fook Nominee Limited
     31st Floor, New World Tower I
     16-18 Queen's Road Central
     Hong Kong
     Facsimile: (852) 2810 4297
     Telephone: (852) 2524 3166
     For the attention of Mr. Wat Chung Wing

     With a copy to:

     Mr. Michael Pei
     33rd Floor, New World Tower
     I 16-18 Queen's Road Central
     Hong Kong
     Facsimile: (852) 2537 6701
     Telephone: (852) 2844 3186

                                       16

<PAGE>

     If to the Joint Global Coordinators:

     China International Capital Corporation Limited
     Suite 2307, 23rd Floor
     One International Finance Centre
     1 Harbour View Street
     Central, Hong Kong
     Facsimile: (852) 2872 2100
     Telephone: (852) 2872 2000
     For the attention of: Susan Li/Zhaohui Huang

     Citigroup Global Markets Asia Limited
     20th Floor, Three Exchange Square
     Central, Hong Kong
     Facsimile: (852) 2501 8225
     Telephone: (852) 2501 2000
     For the attention of Equity Capital Markets

     Credit Suisse First Boston (Hong Kong) Limited
     45/F, Two Exchange Square
     8 Connaught Place
     Central, Hong Kong
     Facsimile: (852) 2101 7721
     Telephone: (852) 2101 6000
     For the attention of Legal & Compliance Department

     Deutsche Bank AG, Hong Kong Branch
     55/F Cheung Kong Center
     2 Queen's Road Central, Hong Kong
     Facsimile: (852) 2203 7202
     Telephone: (852) 2203 8888
     For the attention of Equity Capital Markets

     With a copy to:

     Skadden, Arps, Slate, Meagher & Flom LLP
     30/F Tower Two, Lippo Centre
     89 Queensway, Central, Hong Kong
     Facsimile: (852) 2820 0700
     Telephone: (852) 2820 0727
     For the attention of Gregory Miao

                                       17