Document:

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                                                             Exhibit 10(b)(iii)

             LOAN CONTRACT OF RMB OF THE CONSTRUCTION BANK OF CHINA

Type of loan: Circulating Capital for Construction
Code of the contract:

Borrower: Shenyang Haitong House Properties Development Co.,Ltd
Address:386,Qingnian street, Heping District
Tel: 23180318
Legal representative: Lee Shouzheng
Banking institution and the account number:263027820 construction bank zhongsan
office
Fax: 23180944
Post Code: 110003

Lender: The Construction Bank of China, Zhongsan Branch
Address: No.261 Shifu Road, Shenhe District
Tel: 22716104
Legal representative: Xiang DongSheng
Fax:22711245
Post Code:110013

BORROWER (HEREINAFTER IS REFERRED TO AS PARTY A): Shenyang Haitong House
Properties Development Co.Ltd.
LENDER (HEREAFTER IS REFERRED TO AS PARTY B): The Construction Bank of China
Zhongsan Branch.

Party A applies a loan to Party B, while Party B examines and agrees to grant
the loan according to _____ .. In accordance with relevant laws and
regulations, the contract hereunder is concluded b the two parties to define
rights and obligations of each party upon negotiated consultation.

ARTICLE 1:Amount of loan.
         Party A borrows from Party B RMB(in words): 15 millions yuan

ARTICLE 2:Purpose of loan
Party A will use the loan to purchase architectural decorating materials.

ARTICLE 3: Life of loan
The life of loan from December 29th ,1999 to December28th , 2000.

ARTICLE 4: Interest rate and interest of loan
The interest of loan shall be calculated monthly at 5.3625/oo, and be settled
monthly .

         The interest of loan shall be calculated since the date when the loan
is deposited at the account of Party A. During the period of vitality of the
contract, the interest adjustment shall be conducted according to stipulations
of the People's Bank.

ARTICLE 5: Plan of utilizing the loan

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The plan of utilizing the loan of Party A

ARTICLE 6:Plan of repaying the loan

         In case Party A repays the loan ahead of time, it shall inform Party B
10 workdays in advance for approval.

ARTICLE 7:Mode of paying interests
Party A ensures that it shall pay the interests on schedule by transfer of
accounts

In case Party A does not pay the interests on time, Party B has the right to
withhold the amount from the account of Party A or suspend offering the loan.

ARTICLE 8:Mode of withholding payment

Party A ensures that it shall repay the loan s the stipulated in Article 6,
otherwise

Party B has the right, directly or to entrust other party, to withhold the
capital and interest of the loan and relating expenses from the account of Party
A.

ARTICLE 9:Amendment and termination of the contract

5. After the contract is put into force, neither party shall amend or terminate
   the contract arbitrarily.

6. In case Party A is not able to repay the loan through efforts when the loan
   becomes due, Party A may apply for a extension of repaying to Party B, one
   loan may only be extended once. Party A shall make a written application to
   Party B 10 workdays in advance, and submit a written letter of guarantee with
   a third Party A's guarantor or mortgager who agrees to the extension. Upon
   the approval of Party B an extension agreement of repaying shall be signed as
   an appendix to the contract.

7. Shall Party A transfer the rights or obligations under the contract to a
   third party, a written consent shall be obtained from Party B in advance. The
   transferring becomes effective after the signing of a new loan contract
   between the transferee and Party B.

8. Shall change of systems such as of mergence, separation, contracting and
   transform of stock system etc. Occurs in either Party A or B, the rights or
   obligations under the contract shall be enjoyed or borne by the party
   concerned after the change.

ARTICLE 10: Guarante of loan

To the capital and interest and expenses of loan under the contract, the unit of
will act as the guarantor of Party A or (and )the property offered by Shenyang
Haitong House Properties Development co.,Ltd. As the mortgage.A separate
contract of guarantee or (and) mortgage shall be signed as the subordinated
contract.

ARTICLE 11:Within the vitality of the contract, shall change of operation mode
occurs in Party A such as contracting, lease, mergence, joint-venture,
separation, transformation of stock system, Party A shall inform Party B 30 days
in advance. Upon the written approval of contract of system transformation from
Party B, Party A may carry out the action of change.

ARTICLE 12:Principal rights and obligations of Party A and Party B

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8.   Party A is entitled to demand Party B to grant loan as stipulated by the
     contract;

9.   Party A shall repay the capital and interest of the loan within the period
     stipulated by the contract;

10.  Party A shall use the loan as stipulated and shall not transfer it for
     other purpose without the written approval of Party B.

11.  Party A shall provide relevant schedule, statistics, financial statement,
     etc. Demanded by Party B;

12.  Party B is entitled to check the application of the loan;

13.  Party B is entitled to supervise capitals and operating conditions of Party
     A;

14.  Party B shall grant the loan on schedule stipulated by the contract.

ARTICLE 13:Liabilities for breach of the contract

6.   In case Party A does not utilize the loan s agreed upon, Party B has the
     right to charge interest by a daily rate of 0.05% to the sum during the
     period of breach.

7.   The party of the loan Party A does not repay on time is regarded as overdue
     loan , Party B has the right to charge interest by a daily rate of 0.021%
     during the overdue period. In case Party A is able to repay the loan but
     transfers the capital on purpose to avoid repaying, Party B has the right
     to impose joint loan sanctions, and charge interest by a daily rate of
     0.05% to the sum during the overdue period

8.   In case Party A arbitrarily change the system of the enterprise violating
     stipulations of ARTICLE 11 under the contract which results in the falling
     through of the obligatory right of the loan and loss of capital, Party B
     has the right to withhold part or all of the loan, and charge a fine of 30%
     of the sum borrowed.

9.   In case Party A violates stipulations of ARTICLE 15 under the contract,
     Party B has the right to charge a fine of 30% of the sum borrowed.

10.  Within the period of validity, in any one case of the following, Party B
     has the right to stop granting the loan, withhold the capital and interest
     of the loan or deal with the mortgage in advance, and to directly deduct
     from the account of Party A:

5.1  Party A does not use the loan to purpose stipulated, and will not correct
     by limited warning of Part B;

5.2  Party A submits Party B false plan, statistics and financial statement,
     etc;

5.3  In case of a loan contract with a guarantee or (and ) mortgage from a third
     party , when the guarantor violates the contract or loses the capacity of
     bearing joint liability, mortgager violates mortgage agreement or the
     mortgage does not compensate for the capital and interest of the loan,
     Party a can not provide new guarantee or (and) mortgage demanded by Party B

5.4  Party A is or well be involved in major legal action or arbitration and
     other legal disputes;

5.5  Other actions caused by Party A which impair its paying capacity or want of
     paying intent.

ARTICLE 14:Settlement of disputes

The disputes aroused in the execution of the contract may be resolved through
negotiations between the two parties, or a suit may be started in the local
iople's court where loan bank 9of Party B) resides.

ARTICLE 15: Other issues mutually agreed upon by the two parties:

5.   Before Party A pays off the capital and interest of loan, it shall not use
     the fixed assets coming from the loan of Party B to mortgage to a third
     party

6.   Before Party a pays off the capital and interest of loan, it shall not
     provide a credit guarantee which

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     exceeds it capacity;

7.
8.

ARTICLE 16: Any outstanding issue shall be settled according to Chinese laws,
regulations and financial rules.

ARTICLE 17:The contract shall come into force upon signing of the legal
representatives or their authorized agents with seal of the companies, till the
completion of paying off of the capital and interest of loan under the contract.

ARTICLE 18:There are 3 original copies of the contract, Party A and Party B hold
one each, the guarantor (if any) holds one. There are 2 duplicates.

THE PARTY A:
Shenyang Haitong House Properties Development Co.,Ltd(Seal)
Legal representative(or authorizaiton agent):Lee Shouzheng (Signature)
December 29,1999

THE PARTY B:
The Construction Bank of China Zhongsan Branch (Seal)
Legal representative(or authorizaiton agent):Xiang Dongsheng (Signature)
December 29,1999

                                       4<PAGE>

                                                         Exhibit 10(b)(iv)

             Loan Contract of RMB of the Construction Bank of China

Type of loan: Circulating Capital for Industry
Code of the contract:

Borrower: Shenyang Haitong House Properties Development Co., Ltd
Address: 386, Qingnian street, Heping District
Tel: 23180318
Legal representative: Li Shouzheng
Banking institution and the account number: Construction Bank, Nanhu
Subbranch
Fax: 23180944
Post Code: 110003

Lender: The Construction Bank of China, Nanhu Subbranch
Address: 185, Minzhu Road, Heping District
Tel: 23873417
Legal representative: Chen Fengbin
Fax:
Post Code:

Borrower (hereinafter is referred to as Party A): Shenyang Haitong House
Properties Development Co. Ltd. Lender (hereafter is referred to as Party B):
The Construction Bank of China, Nanhu Subbranch

Party A applies a loan to Party B, while Party B examines and agrees to grant
the loan according to Bank loan regulations. In accordance with relevant laws
and regulations, the contract hereunder is concluded b the two parties to define
rights and obligations of each party upon negotiated consultation.

Article 1: Amount of loan. Party A borrows from Party B RMB (in words): one
million seven hundred thousand yuan.

Article 2: Purpose of loan
Party A will use the loan to purchase architectural decorating materials.

Article 3: Life of loan
The life of loan from December 9th, 1999 to December 8th, 2000.

Article 4: Interest rate and interest of loan The interest of loan shall be
calculated monthly at 5.3625%, and be settled monthly.

The interest of loan shall be calculated since the date when the loan is
deposited at the account of Party A. During the period of vitality of the
contract, the interest adjustment shall be conducted according to stipulations
of the Peoples Bank.

Article 5: Plan of utilizing the loan
The plan of repaying the loan of Party A 1.7 million yuan in Decem. 1999.

Article 6: Plan of repaying the loan
The plan of repaying the loan of Party A 1.7million yuan in Decem. 2000.

In case Party A repays the loan ahead of time, it shall inform Party B 10
workdays in advance for approval.

Article 7: Mode of paying interests Party A ensures that it shall pay the
interests on schedule by transfer of accounts.

In case Party A does not pay the interests on time, Party B has the right to
withhold the amount from the account of Party A or suspend offering the loan.

Article 8: Mode of withholding payment

Party A ensures that it shall repay the loan s the stipulated in Article 6,
otherwise.

Party B has the right, directly or to entrust other party, to withhold the
capital and interest of the loan and relating expenses from the account of Party
A.

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Article 9: Amendment and termination of the contract

1.   After the contract is put into force, neither party shall amend or
     terminate the contract arbitrarily.
2.   In case Party A is not able to repay the loan through efforts when the loan
     becomes due, Party A may apply for a extension of repaying to Party B, one
     loan may only be extended once. Party A shall make a written application to
     Party B 20 workdays in advance, and submit a written letter of guarantee
     with a third Party As guarantor or mortgager who agrees to the extension.
     Upon the approval of Party B an extension agreement of repaying shall be
     signed as an appendix to the contract.
3.   Shall Party A transfer the rights or obligations under the contract to a
     third party, a written consent shall be obtained from Party B in advance.
     The transferring becomes effective after the signing of a new loan contract
     between the transferee and Party B.
4.   Shall change of systems such as of mergence, separation, contracting and
     transform of stock system etc. Occurs in either Party A or B, the rights or
     obligations under the contract shall be enjoyed or borne by the party
     concerned after the change.

Article 10: Guarantee of loan
To the capital and interest and expenses of loan under the contract, the unit of
will act as the guarantor of Party A or (and) the property offered by Shenyang
Haitong House Properties Development co., Ltd. As the mortgage. A separate
contract of guarantee or (and) mortgage shall be signed as the subordinated
contract.

Article 11: Within the vitality of the contract, shall change of operation mode
occurs in Party A such as contracting, lease, mergence, joint-venture,
separation, transformation of stock system, Party A shall inform Party B 30 days
in advance. Upon the written approval of contract of system transformation from
Party B, Party A may carry out the action of change.

Article 12: Principal rights and obligations of Party A and Party B

1.   Party A is entitled to demand Party B to grant loan as stipulated by the
     contract;
2.   Party A shall repay the capital and interest of the loan within the period
     stipulated by the contract;
3.   Party A shall use the loan as stipulated and shall not transfer it for
     other purpose without the written approval of Party B.
4.   Party A shall provide relevant schedule, statistics, financial statement,
     etc. Demanded by Party B;
5.   Party B is entitled to check the application of the loan;
6.   Party B is entitled to supervise capitals and operating conditions of Party
     A;
7.   Party B shall grant the loan on schedule stipulated by the contract.

Article 13: Liabilities for breach of the contract

1.   In case Party A does not utilize the loan s agreed upon, Party B has the
     right to charge interest by a daily rate of 0.05% to the sum during the
     period of breach.
2.   The party of the loan Party A does not repay on time is regarded as overdue
     loan,

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     Party B has the right to charge interest by a daily rate of 0.021% during
     the overdue period. In case Party A is able to repay the loan but transfers
     the capital on purpose to avoid repaying, Party B has the right to impose
     joint loan sanctions, and charge interest by a daily rate of 0.05% to the
     sum during the overdue period
3.   In case Party A arbitrarily change the system of the enterprise violating
     stipulations of Article 11 under the contract which results in the falling
     through of the obligatory right of the loan and loss of capital, Party B
     has the right to withhold part or all of the loan, and charge a fine of 30%
     of the sum borrowed.
4.   In case Party A violates stipulations of Article 15 under the contract,
     Party B has the right to charge a fine of 30% of the sum borrowed.
5.   Within the period of validity, in any one case of the following, Party B
     has the right to stop granting the loan, withhold the capital and interest
     of the loan or deal with the mortgage in advance, and to directly deduct
     from the account of Party A:
5.1  Party A does not use the loan to purpose stipulated, and will not correct
     by limited warning of Part B;
5.2  Party A submits Party B false plan, statistics and financial statement,
     etc;
5.3  In case of a loan contract with a guarantee or (and) mortgage from a third
     party, when the guarantor violates the contract or loses the capacity of
     bearing joint liability, mortgager violates mortgage agreement or the
     mortgage does not compensate for the capital and interest of the loan,
     Party a can not provide new guarantee or (and) mortgage demanded by Party B
5.4  Party A is or well be involved in major legal action or arbitration and
     other legal disputes;
5.5  Other actions caused by Party A which impair its paying capacity or want of
     paying intent.

Article 14: Settlement of disputes
The disputes aroused in the execution of the contract may be resolved through
negotiations between the two parties, or a suit may be started in the local
ioples court where loan bank 9 of Party B) resides.

Article 15: Other issues mutually agreed upon by the two parties:

1.   Before Party A pays off the capital and interest of loan, it shall not use
     the fixed assets coming from the loan of Party B to mortgage to a third
     party
2.   Before Party a pays off the capital and interest of loan, it shall not
     provide a credit guarantee which exceeds it capacity;
3.
4.

Article 16: Any outstanding issue shall be settled according to Chinese laws,
regulations and financial rules.

<PAGE>

Article 17: The contract shall come into force upon signing of the legal
representatives or their authorized agents with seal of the companies, till the
completion of paying off of the capital and interest of loan under the
contract.

Article 18: There are 3 original copies of the contract, Party A and Party B
hold one each, the guarantor (if any) holds one. There are 2 duplicates.

The Party A:
Shenyang Haitong House Properties Development Co., Ltd (Seal)
Legal representative (or authorization agent): Li Shouzheng (Signature)
December 2nd, 1999

The Party B:
Construction Bank of China Shenyang Nanhu Science & Technology Development
Zone Subbranch. (Seal)
Legal representative (or authorization agent): Chen Fengbin (Signature)
December 2nd, 1999

             Loan Contract of RMB of the Construction Bank of China

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