Document:

EX-4.49

 Exhibit 4.49.1 

BOND CERTIFICATE WITH TERMS AND CONDITIONS 

CHINA METRO-RURAL HOLDINGS LIMITED 

(a company limited by shares incorporated in the British Virgin Islands) 

US$5,000,000 10% CONVERTIBLE BOND DUE 2016 

Certificate number: 1 
 Issued pursuant to a
resolution of the board of directors of China Metro-Rural Holdings Limited (the “Issuer”) passed on December 9, 2013. 
 THE ISSUER
HEREBY CERTIFIES that Cheng Chung Hing is the registered holder of US$5,000,000 in principal amount of the above-mentioned convertible bond (the “Bond”). The Bond is issued with the benefit of and subject to the provisions of
the terms and conditions (the “Conditions”) attached hereto, as the same may be amended from time to time, which shall form an integral part of this Certificate. 

For value received, the Issuer promises to pay the person who appears at the relevant time on the register of bondholders as the holder of the Bond in respect
of which this Certificate is issued such amount or amounts as shall become due in respect of the Bond and otherwise to comply with the Conditions. 
 Any
reference herein to the Conditions is to the terms and conditions of the Bond attached hereto and any reference to a numbered Condition is to the correspondingly numbered provision thereof. 

This Certificate is evidence of entitlement only. Title to the Bond passes only on due registration in the register of bondholders and only the duly
registered holder is entitled to payment on the Bond in respect of which this Certificate is issued. 
 This Certificate shall not be valid for any purpose
until executed by the Issuer. 
 This Certificate and the Bond are governed by and shall be construed in accordance with the laws of the Hong Kong Special
Administrative Region of the People’s Republic of China. 
 Issued by and under the common seal of the Issuer this 20th day of December, 2013. 
  

			
	THE COMMON SEAL of	 	)
	CHINA METRO-RURAL HOLDINGS LIMITED        	 	)
	was affixed hereto in the presence of:	 	)

  

	
	  

	Name: Sio Kam Seng
	Director

 Notes: The Bond cannot be transferred to bearer on delivery and is only transferable to the extent permitted by Condition
16. This Certificate must be delivered to the specified office of the Issuer for cancellation and reissue of an appropriate Certificate in the event of any such transfer. 

 TERMS AND CONDITIONS OF THE BOND 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In these Conditions, the following terms and expressions shall, unless the context
otherwise requires, have the following meanings. 
 “Act” has the meaning specified in Condition 10.1. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration (in each case whether preliminary, interim, conditional or otherwise). 
 “Authority” means any competent
governmental, administrative, supervisory, regulatory, judicial, determinative, disciplinary, enforcement or tax raising body, authority, agency, board, department, court or tribunal of any jurisdiction (including any relevant securities exchange)
and whether supranational, national, regional or local. 
 “Bond” means this US$5,000,000 10% convertible bond due 2016 of
the Issuer. 
 “Bond Documents” means the Certificate, these Conditions and any other document designated as a Bond Document
by the Bondholder and the Issuer. 
 “Bondholder” and “holder” means Cheng Chung Hing or any other person
to whom the Bond is transferred pursuant to Condition 16.1 and in whose name the Bond is registered. 
 “Business Day” means
a day on which banks are open for business in Hong Kong, the PRC and the State of New York (other than a Saturday, Sunday or public holiday or a day on which a tropical cyclone warning No. 8 or above or a “black rainstorm warning
signal” is hoisted or remains hoisted in Hong Kong at any time between 9:00 a.m. and 5:00 p.m.) and, in the case of the surrender of the Certificate, in the place where the Certificate is surrendered. 

“Certificate” has the meaning specified in Condition 3. 

“Conditions” means these Terms and Conditions of the Bond as set forth herein. 

“Conversion Date” has the meaning specified in Condition 8.4(b). 

“Conversion Notice” means a written notice of conversion in substantially the form set out in Annexure 2. 

“Conversion Period” has the meaning specified in Condition 8.1. 

“Conversion Price” means the price per Conversion Share at which Conversion Shares will be issued upon the exercise of the
Conversion Right attached to the Bond, which price being initially US$1.30, subject to adjustment as provided in these Conditions. 

“Conversion Right” means a right to convert the Bond into Conversion Shares pursuant to Condition 8.1. 

“Conversion Shares” mean the Shares to be issued to the Bondholder upon the exercise of the Conversion Right attached to the
Bond. 

  
 1 

 “Equivalent Amount” has the meaning specified in Condition 8.4(c)(iv). 

“Event of Default” means any event or circumstance described as such in Condition 13.1. 

“Group” means the Issuer and its Subsidiaries, namely, M.S. Electronic Emporium Limited, China Metro-Rural Limited, China
Metro-Rural Exchange Limited, China Northeast Logistics City Co., Ltd. 

, Tieling North Asia Development Co., Ltd. 

, Tieling Northeast City Advertising Co., Ltd. 

, Tieling North Asia Property Management Co., Ltd. 

, Tieling Northeast City Motor Vehicle Trading Co., Ltd. 

, China Metro-Rural Development Limited, China Northeast Logistics City Dezhou Co., Ltd. 

, Dezhou Northeast City Property Co., Ltd. 

, Dezhou North Asia Property Management Co., Ltd. 

, China Northeast Logistics City Shenzhen Co., Ltd. 

, China Glorious City Strategic Limited, China Glorious City Investments Limited, China Glorious City Construction Limited, China Glorious City Development Limited, China Glorious City (Hengyang) Co., Ltd. 

, Shenyang Jiataihe Investments Co., Ltd. 

, China Glorious City Strategic(Zhoukou) Co., Ltd 

, China Glorious City Investments (Zhoukou) Co., Ltd

, Hengyang China Glorious City Business Co., Ltd

, Hengyang China Glorious City Logistics Co., Ltd. 

, Hengyang China Glorious Property Co., Ltd. 

, Hengyang Huayan Property Co., Ltd. 

 and Hengyang Huaqian Property Co., Ltd. 

, and “Group Member” means any of those persons. 
 “HKIAC” has the
meaning specified in Condition 20(c)(i). 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“Issue Date” means the date on which the Bond is issued. 

“Issuer” means China Metro-Rural Holdings Limited, a company limited by shares incorporated in the British Virgin Islands.

 “Interest Payment Date” has the meaning specified in Condition 7.1. 

“Interest Record Date” has the meaning specified in Condition 11.1(b). 

“Law” means, in respect of a person, all civil and common law, statute, subordinate legislation, treaty, regulation,
directive, decision, by-law, ordinance, circular, code, order, notice, demand, decree, injunction, resolution or judgment of any Authority (including the rules and regulations of the NYSE MKT or any other applicable stock exchange) applicable to or
affecting such person, its business, employees or assets in any jurisdiction. 
 “Maturity Date” means December 19,
2016. 
 “Maturity Redemption Amount” has the meaning specified in Condition 14. 

“NYSE MKT” means NYSE MKT LLC. 

“PRC” means the People’s Republic of China excluding, for the purpose of these Conditions, Hong Kong, Macau Special
Administrative Region and Taiwan. 
 “Redemption Amount” has the meaning specified in Condition 12.1. 

  
 2 

 “Redemption Notice” means any notice of redemption delivered by the Bondholder
to the Issuer in accordance with these Conditions and substantially in the form set out in Annexure 3. 
 “Register” has the
meaning specified in Condition 5. 
 “Registration Date” has the meaning specified in Condition 8.4(c)(ii). 

“Security” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, third party claim, debenture, option,
right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security or security interests of any kind (including retention arrangements or other encumbrances and any agreement to create any
of the foregoing). 
 “Shareholder” means a registered holder of Shares. 

“Shares” means ordinary shares in the capital of the Issuer. 

“Subsidiary” means, as of the relevant date of determination, with respect to any person (the “subject entity”),
(a) any person: (i) more than 50% of whose shares or other interests entitled to vote in the election of directors or (ii) more than 50% of whose interest in the profits or capital are owned or controlled directly or indirectly by the
subject entity or through one (1) or more Subsidiaries of the subject entity, or (b) any person with respect to which the subject entity has the power to otherwise direct the business and policies of that person directly or indirectly
through another Subsidiary. 
 “U.S.” means the United States of America. 

“US$” means U.S. dollars, the lawful currency of the U.S. 

 

	1.2	Interpretation 

  

	 	(a)	Unless a contrary indication appears, any reference in these Conditions to: 

  

	 	(i)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(ii)	the Bondholder, any Group Member or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(iii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(iv)	a reference to any Hong Kong legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than
Hong Kong, be deemed to include what most nearly approximates the Hong Kong legal term in that jurisdiction and references to any Hong Kong statute or enactment shall be deemed to include any equivalent or analogous laws or rules in any other
jurisdiction; 

  

	 	(v)	 a reference to any law or enactment includes references to: (A) that law or enactment as re-enacted, amended, extended or applied by or under any
other 

  
 3 

	 	
enactment (before or after the Issue Date); (B) any law or enactment which that law or enactment re-enacts (with or without modification); and (C) any subordinate legislation made under
any law or enactment, as re-enacted, amended, extended or applied, as described in paragraph (A) above, or under any law or enactment referred to in paragraph (B) above, and “law” and “enactment” includes
any legislation in any jurisdiction; 

  

	 	(vi)	a “Bond Document” or any other agreement or instrument is a reference to that Bond Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(vii)	words importing the singular include the plural and vice versa, and words importing a gender include every gender; 

  

	 	(viii)	a time of day is a reference to Hong Kong time; and 

  

	 	(ix)	the words “include” and “including” shall be construed without limitation. 

  

	 	(b)	The headings in these Conditions are inserted for convenience only and shall not affect the construction of these Conditions. 

  

	2	STATUS 

 The Bond constitutes the direct, unsecured, unconditional and unsubordinated
obligations of the Issuer and is issued with the benefits of these Conditions. The payment obligations of the Issuer under the Bond shall (save for such exceptions as may be provided by mandatory provisions of Law) at all times rank at least equally
with all other present and future unsecured, unconditional and unsubordinated obligations of the Issuer. No application will be made for a listing of the Bond. 
  

	3	FORM AND DENOMINATION 

 The Bond is issued in registered form. On the Issue Date, a
definitive bond certificate (the “Certificate”) shall be issued to the Bondholder in respect of his registered holding of the Bond. The Bond and the Certificate shall be numbered serially with an identifying number which shall be
recorded on the Certificate and in the Register. 
  

	4	TITLE 

 Title to the Bond passes only by transfer and registration in the Register
pursuant to Condition 16.1. The Bondholder shall (except as otherwise required by Law) be treated as the absolute owner of the Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person shall be liable for so treating the holder. 
  

	5	REGISTER 

 The Issuer shall maintain a register of bondholders (the
“Register”) on which shall be entered the name, address and bank account details of the Bondholder and the particulars of the Bond held by the Bondholder. 
  

	6	COVENANTS 

  

	6.1	Authorisations 

 The Issuer shall promptly obtain, comply with and do all that is necessary to
maintain in full force and effect any Authorisation required under Law to enable it to perform its obligations under the Bond Documents. 

  
 4 

	6.2	Other Covenants in relation to Conversion Right 

 For so long as the Bond shall remain
outstanding, unless with the Bondholder’s consent, the Issuer shall pay the expenses of the issue of, and all expenses of obtaining and maintaining a listing on the NYSE MKT for, the Conversion Shares. 

 

	6.3	Bondholder’s Covenant to Subscribe for the Other Convertible Bond 

 The Bondholder hereby
covenants to subscribe for the issue of another US$10,000,000 10% convertible bond due 2016 on substantially the same terms and conditions as this Bond within ninety (90) days of the Issue Date. 

 

	7	INTEREST 

  

	7.1	Interest Rate and Interest Payment Dates 

 The Bond bears interest on its outstanding principal
amount from and including the Issue Date at the rate of 10% per annum. Interest is payable semi-annually in arrears on the last day of every six months from the Issue Date (each an “Interest Payment Date”). If an Interest
Payment Date would otherwise fall on a day which is not a Business Day, it shall be postponed to the next day which is a Business Day. 
  

	7.2	Interest Accrual and Payment 

  

	 	(a)	Interest on the Bond shall accrue from the Issue Date on a daily basis and shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, including the first day of the period during which
it accrues and including the last day of the period. Interest on the Bond not held for the whole of the period between any two successive Interest Payment Dates shall be calculated on a pro rata basis. 

 

	 	(b)	The Bond shall cease to bear interest: 

  

	 	(i)	where the Conversion Right attached to it shall have been exercised, from and including the Conversion Date; or 

  

	 	(ii)	from the Maturity Date or the due date for redemption of the Bond, unless payment of the full amount due is improperly withheld or refused or default is otherwise made in respect of any such payment, and in such event,
interest shall continue to accrue at the rate provided in Condition 7.1, up to but excluding the date on which all sums due in respect of the Bond are received by or on behalf of the holder thereof. If interest is required to be calculated for a
period of less than one year, it shall be calculated on the basis of the actual number of days elapsed in a year of 365 days. 

  

	 	(c)	Save as provided in Conditions 8.4(c)(iii), 12, 13 and 14 the Issuer shall pay interest due in respect of the Bond on each Interest Payment Date. 

 

	8	CONVERSION 

  

	8.1	Conversion Right and Conversion Period 

  
 5 

 The Bondholder has the right to convert all but not part of the Bond for Conversion Shares at any
time during the Conversion Period; provided that such conversion would not result in the Bondholder, the Issuer or any other person contravening any applicable Law. Such Conversion Right shall be exercised in accordance with Condition 8.4(a)(i).
Subject to compliance with these Conditions (including Condition 8.4(a)(i)), the “Conversion Period” shall be the period commencing on the Issue Date and expiring on the close of business (at the place where the Certificate
representing the Bond is deposited for conversion) on the earlier of: 
  

	 	(a)	the date which falls five (5) Business Days prior to the Maturity Date; or 

  

	 	(b)	if the Bond shall have been called for redemption prior to the Maturity Date, the close of business (at the place aforesaid) on the date of the Redemption Notice. 

 

	8.2	Number of Conversion Shares and Fractions Arising on Conversion 

  

	 	(a)	The number of Conversion Shares to be issued on a conversion of the Bond pursuant to this Condition 8 shall be determined by dividing the principal amount of the Bond by the Conversion Price in effect at the Conversion
Date. 

  

	 	(b)	Fractions of Conversion Shares shall not be issued on the conversion of the Bond but rounded down to the nearest whole number of Conversion Shares and no cash adjustments shall be made in respect thereof.

  

	8.3	Revival After Default 

 Notwithstanding the provisions of Condition 8.1, if: 

 

	 	(a)	the Issuer shall default in making payment in full in respect of the Bond which shall have been called for redemption on the date fixed for redemption thereof; or 

 

	 	(b)	the Bond has become due and payable prior to the Maturity Date by reason of the occurrence of an Event of Default; or 

  

	 	(c)	the Bond is not redeemed on the Maturity Date in accordance with Condition 12.2, 

 the
Conversion Right attaching to the Bond shall revive and/or shall continue to be exercisable up to (and including) the close of business (at the place where the Certificate evidencing the Bond is deposited for conversion) on the date upon which the
full amount of the moneys payable in respect of the Bond has been duly received by the Bondholder. If the Certificate and the Conversion Notice are deposited for conversion prior to such date, the Bond shall be converted on the relevant Conversion
Date notwithstanding that the Conversion Period may have expired before such Conversion Date. 
  

	8.4	Conversion Procedure 

  

	 	(a)	Conversion Notice 

  

	 	(i)	To exercise the Conversion Right attaching to the Bond pursuant to Condition 8.1 the holder thereof must complete, execute and deposit at his own expense during normal business hours at the principal office of the
Issuer in Hong Kong: 

  

	 	(A)	a Conversion Notice; and 

  
 6 

	 	(B)	the Certificate. 

 Except as expressly provided herein, a Conversion Notice once delivered
shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 
  

	 	(b)	Conversion Date 

  

	 	(i)	Subject to Condition 8.4(b)(ii), the conversion date in respect of the Bond (the “Conversion Date”) must fall at a time when the Conversion Right attaching to that Bond is expressed in these Conditions
to be exercisable (subject to Conditions 8.1 and 8.3), and shall be deemed to be the fifth (5th) Business Day following the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be
made or indemnity given under these Conditions in connection with the exercise of such Conversion Right. 

  

	 	(ii)	In the event the conversion would result in the Bondholder, Issuer or any other person contravening any applicable Law, then for that particular conversion only and in respect of only those Conversion Shares which
result in that contravention, the Conversion Date will be the fifth (5th) Business Day after the later of: 

  

	 	(A)	the date the issue of those Conversion Shares would no longer result in that contravention; and 

  

	 	(B)	the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be made or indemnity given under these Conditions in connection with the exercise of such Conversion
Right. 

  

	 	(c)	Issue of Shares and Registration 

  

	 	(i)	As soon as practicable on the Conversion Date, the Issuer shall, upon exercise by the Bondholder of the Conversion Right pursuant to Condition 8.1 and in respect of which a duly completed Conversion Notice and the
Certificate having been delivered as required by this Condition 8.4, issue to the Bondholder the relevant number of Conversion Shares and shall immediately upon the issue of those Conversion Shares: 

 

	 	(A)	instruct the Issuer’s share registry to as soon as practicable: 

  

	 	(I)	enter the Bondholder in the register of members of the Issuer (if any) as the holder of those Conversion Shares; and 

  

	 	(II)	despatch a single share certificate in respect of all of those Conversion Shares issued on conversion of the Bond subject to the same Conversion Notice and which are to be registered in the same name. 

 

	 	(ii)	The Bondholder shall become the holder of record of the number of Conversion Shares issuable upon conversion with effect from the date such person is registered as such in the Issuer’s register of members (the
“Registration Date”). The Conversion Shares shall in all respects (including rights to dividends) rank pari passu with the Shares in issue on the relevant Registration Date. 

  
 7 

	 	(iii)	Upon conversion and on the Registration Date, the Issuer shall pay to the Bondholder any interest accruing on the converted Bond since (but excluding) the Interest Payment Date last preceding the relevant Conversion
Date up to (but excluding) the Conversion Date. 

  

	 	(iv)	If the record date for the payment of any dividend or other distribution in respect of the Shares is on or after the Conversion Date of the Bond, but before the Registration Date, the Issuer shall pay to the converting
Bondholder an amount (the “Equivalent Amount”) in US$ equal to the amount of any such dividend or other distribution to which the Bondholder would have been entitled had it on that record date been a Shareholder on record and shall
make the payment at the same time as it makes payment of the dividend or other distribution to other Shareholders, or as soon as practicable thereafter. The Equivalent Amount shall be paid by means of transfer to the registered account of the
Bondholder or by US$ cheque drawn on a bank in Hong Kong and mailed to the registered address of the Bondholder specified in the relevant Conversion Notice if he does not have a registered account. In these Conditions a “record
date” means a date fixed by the constitutional documents of the Issuer or otherwise specified for the purpose of determining entitlements to dividends or other distributions to, or rights of, Shareholders. 

 

	9	ADJUSTMENTS TO CONVERSION PRICE 

  

	9.1	Conversion Price Adjustment – Consolidation, Subdivision or Reclassification 

 The
Conversion Price shall be subject to adjustment if and whenever the Shares shall be consolidated, subdivided or reclassified. 
 In such an
event, the Conversion Price in force immediately prior thereto shall be adjusted by multiplying it by the following fraction: 
  

					
		 	 A
	 	
		 	B	 	

 where: 
  

	 	A	is the aggregate number of issued Shares immediately before such consolidation, sub-division or reclassification; and 

  

	 	B	is the aggregate number of issued Shares immediately after such consolidation, sub-division or reclassification. 

Such adjustment shall become effective on the date the consolidation, sub-division or reclassification (as the case may be) takes effect. 

 

	9.2	Rounding and Minor Adjustments 

 On any adjustment, the resultant Conversion Price, if not an
integral multiple of US$0.01, shall be rounded down to the nearest US$0.01. No adjustment shall be made to the Conversion Price if such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any
adjustment not required to be made, and any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment. 

  
 8 

	9.3	Employee Share Scheme 

 No adjustment shall be made to the Conversion Price where Shares or
other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted to or for the benefit of employees or former employees (including directors holding or formerly holding executive
office) of the Issuer or any Group Member pursuant to any employee share scheme or plan (including a dividend reinvestment plan). 
  

	9.4	Notice of Change in Conversion Price 

 The Issuer shall give notice to the Bondholder in
accordance with Condition 18 of any change in the Conversion Price. Any such notice relating to a change in the Conversion Price shall set forth: (i) the event giving rise to the adjustment; (ii) the Conversion Price prior to such
adjustment; (iii) the adjusted Conversion Price; and (iv) the effective date of such adjustment. 
  

	10	REPRESENTATIONS AND WARRANTIES OF THE BONDHOLDER 

  

	10.1	The Bondholder hereby acknowledges and represents and agrees that (i) neither the Bond nor the Conversion Shares has been or will be registered under the U.S. Securities Act of 1933, as amended from time to time
(the “Act”), or any other U.S. federal or state securities or “Blue Sky” laws, and may be resold within the jurisdiction of the United States or to U.S. Persons as defined in Rule 902(o) of Regulation S only if registered
pursuant to the provisions of the Act and all applicable U.S. federal and state securities laws or if an exemption from such registration is available; (ii) the Issuer is not required and has no present intention to register the Bond or the
Conversion Shares under the Act or any other securities laws; and (iii) any transfer of the Bond or any Conversion Shares must comply with the constitutional documents of the Issuer and all applicable U.S. federal and state securities laws. The
Bondholder further acknowledges that if an exemption from registration of the Bond or the Conversion Shares is available under the Act or any other applicable securities law, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Bond or Conversion Shares and requirements relating to the Issuer that are outside of the Bondholder’s control and that the Issuer is under no obligation, and may not be able, to
satisfy. 

  

	10.2	The Bondholder hereby represents and warrants to the Issuer that he (i) is a sophisticated individual that is an accredited investor within the meaning of Rule 501 under the Act, (ii) is able to protect his
own interests and bear the economic risk associated with the purchase of the Bond or the Conversion Shares, (iii) has received such information as he deems necessary and appropriate to make an informed decision regarding the purchase of the
Bond or the Conversion Shares, (iv) has such knowledge and experience, and has made investments of a similar nature, so as to be aware of the risks and uncertainties inherent in the purchase of investments of the type contemplated by the Bond
Documents, and (v) has independently and without reliance upon the Issuer, and based on such information as the Bondholder has deemed appropriate, made his own analysis and decision to subscribe for the Bond and/or the Conversion Shares. He
acknowledges that the Issuer has not given, and is not required to give, the Bondholder any investment advice, credit information or opinion on whether the subscription of the Bond or the Conversion Shares is prudent. 

 

	10.3	The Bondholder hereby represents and warrants to the Issuer that either it has been duly formed and is validly existing as a corporation or other legal entity in good standing under the laws of its jurisdiction of
incorporation or is an individual who is not a citizen or resident of the U.S. The Bondholder is not organized under the laws of the U.S. and is not a “U.S. Person” as that term is defined in Rule 902(o) of Regulation S under the Act.

  
 9 

	10.4	The Bondholder hereby represents and warrants to the Issuer that the Bond and any Conversion Shares are being acquired for investment for the Bondholder’s own account, not as nominee or agent or on behalf of any
U.S. Person as defined in Rule 902(o) of Regulation S, and the Bondholder has no intention of distributing or reselling, or granting any participation in, the Bond or the Conversion Shares, or any part thereof, except in accordance with the Act, the
rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder and all other applicable securities laws, rules and regulations. 

  

	10.5	The Bondholder hereby represents and warrants to the Issuer that to the best knowledge of the Bondholder, the Bond, the Bond Documents and the transactions contemplated by them are not part of a plan or scheme to evade
the registration provisions of the Act. 

  

	10.6	The Bondholder hereby acknowledges, represents and warrants that the Issuer has not made an offer to issue the Bond to the Bondholder in the U.S. other than as permitted in the case of an account managed by a
professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of Regulation S. At the time of the issue of the Bond and the execution of the Bond Documents and, to the best knowledge of the Bondholder, at the time the
issue of the Bond originated, the Bondholder was located and resident outside the U.S., other than as permitted in the case of an account managed by a professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of
Regulation S. 

  

	10.7	The Bondholder hereby acknowledges that no public market now exists for the Bond or the Conversion Shares and that the Issuer has not provided any assurance that a public market will ever exist for the Bond or the
Conversion Shares. 

  

	10.8	The Bondholder hereby acknowledges, represents and warrants that he has had an opportunity to (i) review the terms and conditions of the Bond Documents, the constitutional documents of the Issuer and any other
documents related to the transactions contemplated under the Bond Documents, (ii) to secure all such information as he deems necessary regarding the business, management, properties, prospects and financial condition of each Group Member and
(iii) to consult with counsel regarding the subject matter of the Bond Documents. The Bondholder hereby further acknowledges that the Issuer has not made or given any implied or express representations or warranties. In particular, no
representations are made and no warranties are given by the Issuer in respect of the business, management, properties, prospects and financial condition of each Group Member. 

 

	10.9	The Bondholder hereby acknowledges and understands that the Bond, the Conversion Shares, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends:

 “THE SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.” 

“TRANSFER OF THESE SHARES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE
SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.” 
  

	10.10	The Bondholder hereby consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order to implement the restrictions on transfer of the Bond or Shares set forth
in these Conditions. 

  
 10 

	11	PAYMENTS 

  

	11.1	Principal and interest 

 Payment of principal and interest due: 

 

	 	(a)	other than on an Interest Payment Date shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the Bondholder if he does
not have a registered account. Payment of principal shall only be made after surrender of the Certificate at the principal place of business of the Issuer in Hong Kong; and 

 

	 	(b)	on an Interest Payment Date shall be paid on the due date for the payment of interest to the holder shown on the Register at the close of business on the fifth (5th) day before the due date for the payment of
interest (the “Interest Record Date”). Payments of interest on the Bond shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the
Bondholder if he does not have a registered account. 

  

	11.2	Rounding 

 When making payments to or for the benefit of the Bondholder, fractions of one cent
shall be rounded down to the nearest cent. 
  

	11.3	Registered Accounts 

 For the purposes of this Condition, the Bondholder’s registered
account means the US$ account maintained by or on behalf of the Bondholder with a bank in Hong Kong or any other jurisdiction, details of which appear on the Register at the close of business on the second Business Day before the due date for
payment, and the Bondholder’s registered address means his address appearing on the Register at that time. 
  

	11.4	Fiscal Laws 

 All payments are subject in all cases to Law. No commissions or expenses shall be
charged to the Bondholder in respect of such payments. 
  

	11.5	Payment Initiation 

  

	 	(a)	Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business Day, for value on the first following day which is a Business Day) shall be
initiated and, where payment is to be made by cheque, the cheque shall be mailed (at the risk and, if mailed at the request of the holder otherwise than by ordinary mail, expense of the holder) on the due date for payment (or, if it is not a
Business Day, the immediately following Business Day) or, in the case of a payment of principal, if later, on the Business Day on which the Certificate is surrendered at the principal place of business of the Issuer in Hong Kong. 

 

	 	(b)	 If any date for payment is not a Business Day, the Bondholder shall not be entitled to payment until the next following Business Day nor to any
interest or other payment 

  
 11 

	 	
for any delay after the due date in receiving the amount due, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in accordance with this
Condition arrives after the due date for payment. 

  

	12	REDEMPTION AND CANCELLATION 

  

	12.1	Redemption by the Bondholder 

 The Bondholder shall have the right to require the Issuer to
redeem the Bond at any time on or after the date which is eighteen (18) months after the Issue Date by delivering a Redemption Notice together with the Certificate to the Issuer and the Issuer shall redeem the Bond no later than ninety
(90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. For the purpose of these Conditions, the “Redemption Amount” means the outstanding principal amount of the Bond elected to be
redeemed pursuant to this Condition 12, together with any unpaid interest accruing on such outstanding principal amount of the Bond to be redeemed since (but excluding) the Interest Payment Date last preceding the relevant date of redemption up to
(but excluding) such date of redemption. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 

 

	12.2	Maturity 

  

	 	(a)	Unless previously redeemed or converted and cancelled as provided in these Conditions, the Issuer shall redeem the Bond by payment of the Maturity Redemption Amount in respect of the Bond on the Maturity Date in
accordance with these Conditions. 

  

	 	(b)	Except as provided in these Conditions (including Conditions 12 and 13), neither the Issuer nor the Bondholder may redeem the Bond at his option prior to the Maturity Date. 

 

	12.3	Cancellation 

 The Bond shall be cancelled upon redemption or conversion and the Issuer is
entitled to update the Register accordingly to reflect such redemption or conversion. 
  

	12.4	Notices 

 All notices given pursuant to this Condition 12 shall be given in accordance with
Condition 18. 
  

	13	EVENTS OF DEFAULT 

  

	13.1	Events or Circumstances Constituting Events of Default 

 Each of the following events or
circumstances is an Event of Default for the purposes of Condition 13.2, unless otherwise agreed by the Bondholder or otherwise expressly permitted under any Bond Document: 
  

	 	(a)	If the Issuer fails to make a payment, whether of principal, interest or otherwise, in accordance with the Bond Documents and such default continues for a period of ten (10) Business Days after the due date for
such payment. 

  

	 	(b)	Any failure by the Issuer to deliver any Conversion Shares as and when the Conversion Shares are required to be delivered following conversion of the Bond and such failure continues for more than ten (10) Business
Days. 

  
 12 

	13.2	Bondholder Rights Upon Event of Default 

 Upon the occurrence of an Event of Default which is
continuing, the Bondholder shall have the right to require the Issuer to redeem the Bond by delivering a Redemption Notice together with the Certificate to the Issuer. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn
unless the Issuer consents in writing to such withdrawal. The Issuer shall redeem the Bond no later than ninety (90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. 

 

	14	MATURITY REDEMPTION AMOUNT 

 Unless previously redeemed or converted and cancelled as
provided in these Conditions, the Issuer shall on the Maturity Date redeem the Bond at the Maturity Redemption Amount. For the purpose of these Conditions, the “Maturity Redemption Amount” means the outstanding principal amount of
the Bond, together with any unpaid interest accruing on such outstanding principal amount of the Bond since (but excluding) the Interest Payment Date last preceding the Maturity Date up to (but excluding) the Maturity Date. Except as provided in
these Conditions (including Conditions 12 and 13), the Bond shall not be redeemed or repaid prior to the Maturity Date. 
  

	15	MODIFICATION AND WAIVER 

  

	15.1	Agreement in writing 

 The Bond and these Conditions may only be varied by agreement in writing
between the Issuer and the Bondholder. 
  

	15.2	Modification and Waiver 

 The Bondholder may agree in writing with the Issuer to the waiver or
authorisation of any breach, or proposed breach, of the Bond and these Conditions. The Bond and these Conditions may be amended without the consent of the Bondholder to correct a manifest or proven error or to comply with mandatory provisions of
Law. Any such modification, waiver or authorisation shall be binding on the Bondholder and any such modification shall be notified by the Issuer to the Bondholder as soon as practicable thereafter. 

 

	16	TRANSFER AND REGISTRATION OF THE BOND; ISSUE OF CERTIFICATES 

  

	16.1	Procedure for transfer 

  

	 	(a)	Notwithstanding any provision to the contrary in the Bond Documents, the Bond cannot be transferred unless with the written consent of the Issuer and upon the execution of the form of transfer substantially in the form
set forth in Annexure 1 endorsed under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of a director or a duly authorised officer in writing. The Bondholder shall cause its shareholders,
affiliates, or any other person controlling the Bondholder to abide by this Condition 16 and procure that restrictions set forth in this Condition 16 shall not be avoided by the direct or indirect sale, transfer, disposal, issuance or redemption of
any shares (or other interest) in the Bondholder or in a shareholder, affiliate or such other person having control over the Bondholder or otherwise. In this Condition, a reference to “transferor” shall (where the context permits or
requires) include joint transferors and be construed accordingly. 

  
 13 

	 	(b)	The transferor of the Bond shall be deemed to remain the holder of the Bond until the name of the transferee is entered in the Register as the holder thereof. Registration of a transfer of the Bond shall be effected
without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of any costs, taxes or other governmental
charges which may be imposed in relation to it. 

  

	 	(c)	The Certificate issued in respect of the Bond to be transferred must be delivered for registration to the Issuer accompanied by such other evidence as the Issuer may reasonably require to prove the title of the
transferor or his right to transfer the Bond and his identity and, if the form of transfer is executed by some other person on behalf of the transferor or in the case of the execution of a form of transfer on behalf of a corporation by its officers,
the authority of that person or those persons to do so. The signature of the person effecting a transfer of the Bond shall conform to any list of duly authorised specimen signatures supplied by the holder of the Bond. 

 

	 	(d)	The new Certificate to be issued upon a transfer of Bond shall, within five (5) Business Days of receipt by the Issuer of the Certificate and form of transfer complying with the requirements of this Condition 16.1,
be made available for collection at the principal place of business of the Issuer in Hong Kong, or if so requested in the form of transfer, be mailed by uninsured mail (at the risk of the transferee) to the address specified in the form of transfer.

  

	 	(e)	Subject to the other provisions of this Condition 16, the Issuer shall register the transfer of the Bond only upon presentation of an executed and duly completed form of transfer together with the Certificate and any
other documents thereby required. 

  

	16.2	Entitlement to Certificate 

  

	 	(a)	The executors or administrators of a deceased Bondholder (not being one of several joint holders) and, in the case of the death of one or more of joint holders, the survivor or survivors of such joint holders, shall be
the only persons recognised by the Issuer as having any title to the Bond. 

  

	 	(b)	Any person becoming entitled to the Bond in consequence of the death or bankruptcy of the Bondholder may, upon producing such evidence that he holds the position in respect of which he proposes to act under this
Condition or of his title as the Issuer shall reasonably require (including certificates and/or legal opinions), be registered himself as the holder of the Bond or, subject to this Condition and with the written consent of the Issuer, may transfer
the Bond. The Issuer may retain any amount payable upon the Bond to which any person is so entitled until such person shall be so registered or shall duly transfer the Bond. 

 

	 	(c)	Unless otherwise requested by it, a holder of Bond shall receive only one (1) Certificate in respect of his holding. 

  

	 	(d)	The joint holders of a Bond shall be entitled to one (1) Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first
in the Register in respect of the joint holding. 

  
 14 

	16.3	Transfer and formalities free of charge 

 Registration of the holding of the Bond or any
transfer of the Bond shall be effected without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of
any costs, taxes or other governmental charges which may be imposed in relation to it. If the Bondholder entitled to receive the Certificate wishes to have it delivered to him otherwise than at the specified office of the Issuer, such delivery shall
be made upon his written request to the Issuer, at his risk and at his expense. 
  

	16.4	Closed Period 

 The Bondholder may not require the transfer of the Bond to be registered:
(a) during the period of fifteen (15) days ending on (and including) the dates for payment of any principal or any other amounts pursuant to these Conditions; (b) during the period of fifteen (15) days ending on (and including)
any Interest Payment Date; (c) after a Conversion Notice has been delivered with respect to the Bond pursuant to these Conditions; or (d) after a Redemption Notice has been delivered with respect to the Bond pursuant to these Conditions.

  

	17	REPLACEMENT OF CERTIFICATES 

 If the Certificate is mutilated, defaced, destroyed, stolen
or lost, it shall be replaced at the principal place of business of the Issuer in Hong Kong upon payment by the claimant of costs and expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer
may require. A mutilated or defaced Certificate must be surrendered before a replacement will be issued. 
  

	18	NOTICES 

  

	18.1	Notices to Issuer 

  

	 	(a)	All notices to the Issuer shall be validly given if delivered in person or sent by letter or facsimile transmission addressed to the Issuer at: 

 

			
	Address:	  	 Suite 2204, 22/F, Sun Life Tower
 The Gateway,
15 Canton Road
 Tsimshatsui, Kowloon, Hong Kong

		
	Fax:	  	+852 2111 1890
		
	Attention:	  	Ms. Chris Fan

 or any substitute address or fax number which the Issuer may notify to the Bondholder by not less than ten
(10) Business Days’ notice. 
  

	 	(b)	Any communication or notice made to the Issuer under or in connection with these Conditions will only be effective: 

  

	 	(i)	if by way of fax, at the time of its despatch (subject to confirmation of uninterrupted transmission by the sender by a transmission report); 

 

	 	(ii)	if by personal delivery by hand or courier, at the time of delivery at the address referred to in Condition 18.1(a); 

  

	 	(iii)	if by local post (other than airmail) or registered mail, at 10:00 am on the second Business Day after posting; and 

  

	 	(iv)	if by airmail, at 10:00 am on the fifth (5th) Business Day after posting. 

  
 15 

	18.2	Notices to the Bondholder 

 All notices to the Bondholder under or in connection with these
Conditions shall be validly given if mailed to him at his address in the Register. Condition 18.1(b) shall apply mutatis mutandis to notices given by the Issuer to the Bondholder under or in connection with these Conditions. 

 

	19	LANGUAGE 

 These Conditions are in English. If a translation is prepared, the English
version shall prevail and the translation shall be for information purposes only. 
  

	20	GOVERNING LAW AND ARBITRATION 

  

	 	(a)	The Bond and any dispute or claim arising out of or in connection with it or these Conditions or any Bond Document shall be governed by, and construed in accordance with, Hong Kong law. 

 

	 	(b)	Any dispute, controversy or claim arising out of or in connection with the Bond or these Conditions or any Bond Document (including a dispute regarding the existence, validity, formation, effect, interpretation,
performance or termination of the Bond or these Conditions) shall be settled by arbitration. 

  

	 	(c)	The arbitral proceedings shall be conducted as follows: 

  

	 	(i)	the place of arbitration shall be in Hong Kong at the Hong Kong International Arbitration Center (“HKIAC”); 

  

	 	(ii)	the arbitration proceedings shall be conducted in English; 

  

	 	(iii)	the UNCITRAL Arbitration Rules in force as at the Issue Date (as may be amended by these Conditions) shall apply; 

  

	 	(iv)	there shall be three (3) arbitrators to be mutually agreed upon by the Issuer and the Bondholder or, in absence of mutual agreement, each of (A) the Issuer (on the one hand) and (B) the Bondholder (on the
other hand) may nominate one (1) arbitrator and the third arbitrator shall be appointed by the Chairman for the time being of the HKIAC; 

  

	 	(v)	the arbitration proceedings shall be administered by the HKIAC in accordance with the HKIAC Procedures for Arbitration in force as at the Issue Date; 

 

	 	(vi)	an award by the arbitrators shall be final and conclusive and binding upon the Issuer and the Bondholder and shall not be subject to further appeal; and 

 

	 	(vii)	judgment upon the award rendered may be entered in any court having jurisdiction and each of the Issuer and the Bondholder submits to the non-exclusive jurisdiction of the Hong Kong courts for this purpose.

  
 16 

	21	TERMINATION OF CONDITIONS 

 Notwithstanding anything to the contrary in any Bond
Document, the Issuer’s covenants, obligations and conditions, and the Bondholder’s rights, benefits and claims under the Bond Documents, at law and/or in equity, insofar as the Bondholder’s Bond is concerned, shall terminate and have
no force and effect upon the earlier of the date on which the Bond is converted or redeemed (as the case may be). 

  
 17 

 ANNEXURE 1 

FORM OF TRANSFER 
 CHINA
METRO-RURAL HOLDINGS LIMITED 
 (a company limited by shares incorporated in the British Virgin Islands) 

US$5,000,000 10% CONVERTIBLE BOND DUE 2016 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 I am/We are* the holder of US$5,000,000 in
aggregate principal amount of the Bond issued by the Issuer on December 20, 2013 with Certificate number 1. 
 References in this Transfer Form to
“Conditions” are to the terms and conditions on which the Bond was issued, as may have been amended from time to time. Terms defined in the Conditions shall have the same meaning in this Transfer Form, save where the context
otherwise requires. 
  

	1.	I/We* hereby transfer the Bond registered in my/our* name in the register of bondholders to: 

  

	
	  

	
	of/whose registered office address is at:
	
	  

	
	  

	
	  

	
	(the “Transferee”)

  

	2.	I/We* hereby request that a Certificate in respect of the transferred Bond be issued to the person whose name and address are set out in paragraph 1 above and that such Certificate: 

 

	 	* (a)	be despatched to the person whose name and address is given below and in the manner specified below: 

  

							
	Name	  	:	  	  
	  	
				
	Address	  	:	  	  
	  	
				
		  		  	  
	  	
				
		  		  	  
	  	

 Manner of despatch: [Registered mail/recorded mail/courier]* 

 

	 	* (b)	if no name and address is given in (a) above, be made available for collection at the office of the Issuer referred to for that purpose in the Conditions. 

  
 18 

									
	3.	 	The Certificate in respect of the transferred Bond is enclosed with this Transfer Form.
		
	4.	 	The registered account of the Transferee (being a US$ account) for the purposes of receipt of principal, interest and any other amounts in respect of the Bond is (unless otherwise instructed by the Transferee) as
follows:
					
		 	Name of Account	 	:	 	  
	 	
					
		 	Account No.	 	:	 	  
	 	
					
		 	Sort Code	 	:	 	  
	 	
					
		 	Name of Bank	 	:	 	  
	 	
					
		 	Address of Bank	 	:	 	  
	 	
					
		 		 		 	  
	 	
	
	 *  delete as appropriate

  

									
	Name of Transferor	 	:	 	  
	 	
				
	Signature of Transferor	 	:	 	  
	 	
				
	Date	 	:	 	  
	 	

 Notes: 
  

	(i)	A representative of the holder should state the capacity in which he signs. 

  

	(ii)	The signature of the person effecting a transfer shall conform to any list of duly authorized specimen signatures supplied by the holder or be certified by a recognized bank, notary public, commissioner of oaths,
solicitor or in such other manner as the Issuer may reasonably require. 

  
 19 

 ANNEXURE 2 

FORM OF CONVERSION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$5,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its related terms and conditions (the “Conditions”), [I/we] the holder(s) of the Bond hereby give notice of
[my/our] desire to exercise the conversion right attached to the Bond at the conversion price in accordance with the Conditions in respect of US$5,000,000 of the principal amount outstanding. 

[I/we] agree to accept all the fully paid ordinary shares in the capital of the Issuer (the “Conversion Shares”) to be issued pursuant to
this exercise of the conversion right attached to the Bond, subject to the constitutional documents of the Issuer. [I/we] desire the Conversion Shares to be registered in [my/our] name and hereby authorise the entry of [my/our] name in the register
of members of the Issuer in respect of the Conversion Shares and the despatch of the related share certificate to [name] at [address]. 
 The
Certificate in respect of the converted Bond is enclosed with this Conversion Notice. 
 Signature of the holder of the Bond: 

 

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 20 

 ANNEXURE 3 

FORM OF REDEMPTION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$5,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its terms and conditions (the “Conditions”), [I/we] the holder of the Bond refer to Condition [12.1/13.2] and
hereby require the Issuer to redeem the Bond in the aggregate principal amount of US$5,000,000 pursuant to the said Condition and otherwise in accordance with the terms and conditions contained in the Certificate. 

The Certificate in respect of the Bond which [I/we] require the Issuer to redeem is enclosed with this Redemption Notice. 

Signature of the holder of the Bond: 
  

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 21 

 Exhibit 4.49.2 

BOND CERTIFICATE WITH TERMS AND CONDITIONS 

CHINA METRO-RURAL HOLDINGS LIMITED 

(a company limited by shares incorporated in the British Virgin Islands) 

US$5,000,000 10% CONVERTIBLE BOND DUE 2016 

Certificate number: 1 
 Issued pursuant to a
resolution of the board of directors of China Metro-Rural Holdings Limited (the “Issuer”) passed on December 9, 2013. 
 THE ISSUER
HEREBY CERTIFIES that [not disclosed] is the registered holder of US$5,000,000 in principal amount of the above-mentioned convertible bond (the “Bond”). The Bond is issued with the benefit of and subject to the
provisions of the terms and conditions (the “Conditions”) attached hereto, as the same may be amended from time to time, which shall form an integral part of this Certificate. 

For value received, the Issuer promises to pay the person who appears at the relevant time on the register of bondholders as the holder of the Bond in respect
of which this Certificate is issued such amount or amounts as shall become due in respect of the Bond and otherwise to comply with the Conditions. 
 Any
reference herein to the Conditions is to the terms and conditions of the Bond attached hereto and any reference to a numbered Condition is to the correspondingly numbered provision thereof. 

This Certificate is evidence of entitlement only. Title to the Bond passes only on due registration in the register of bondholders and only the duly
registered holder is entitled to payment on the Bond in respect of which this Certificate is issued. 
 This Certificate shall not be valid for any purpose
until executed by the Issuer. 
 This Certificate and the Bond are governed by and shall be construed in accordance with the laws of the Hong Kong Special
Administrative Region of the People’s Republic of China. 
 Issued by and under the common seal of the Issuer this 20th day of December, 2013. 
  

			
	THE COMMON SEAL of	  	)
	CHINA METRO-RURAL HOLDINGS LIMITED	  	)
	was affixed hereto in the presence of:	  	)

  

			
	  

	Name: Sio Kam Seng
	Director

 Notes: The Bond cannot be transferred to bearer on delivery and is only transferable to the extent permitted by Condition
16. This Certificate must be delivered to the specified office of the Issuer for cancellation and reissue of an appropriate Certificate in the event of any such transfer. 

 TERMS AND CONDITIONS OF THE BOND 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In these Conditions, the following terms and expressions shall, unless the context
otherwise requires, have the following meanings. 
 “Act” has the meaning specified in Condition 10.1. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration (in each case whether preliminary, interim, conditional or otherwise). 
 “Authority” means any competent
governmental, administrative, supervisory, regulatory, judicial, determinative, disciplinary, enforcement or tax raising body, authority, agency, board, department, court or tribunal of any jurisdiction (including any relevant securities exchange)
and whether supranational, national, regional or local. 
 “Bond” means this US$5,000,000 10% convertible bond due 2016 of
the Issuer. 
 “Bond Documents” means the Certificate, these Conditions and any other document designated as a Bond Document
by the Bondholder and the Issuer. 
 “Bondholder” and “holder” means [not disclosed] or any
other person to whom the Bond is transferred pursuant to Condition 16.1 and in whose name the Bond is registered. 
 “Business
Day” means a day on which banks are open for business in Hong Kong, the PRC and the State of New York (other than a Saturday, Sunday or public holiday or a day on which a tropical cyclone warning No. 8 or above or a “black
rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9:00 a.m. and 5:00 p.m.) and, in the case of the surrender of the Certificate, in the place where the Certificate is surrendered. 

“Certificate” has the meaning specified in Condition 3. 

“Conditions” means these Terms and Conditions of the Bond as set forth herein. 

“Conversion Date” has the meaning specified in Condition 8.4(b). 

“Conversion Notice” means a written notice of conversion in substantially the form set out in Annexure 2. 

“Conversion Period” has the meaning specified in Condition 8.1. 

“Conversion Price” means the price per Conversion Share at which Conversion Shares will be issued upon the exercise of the
Conversion Right attached to the Bond, which price being initially US$1.30, subject to adjustment as provided in these Conditions. 

“Conversion Right” means a right to convert the Bond into Conversion Shares pursuant to Condition 8.1. 

“Conversion Shares” mean the Shares to be issued to the Bondholder upon the exercise of the Conversion Right attached to the
Bond. 

  
 1 

 “Equivalent Amount” has the meaning specified in Condition 8.4(c)(iv). 

“Event of Default” means any event or circumstance described as such in Condition 13.1. 

“Group” means the Issuer and its Subsidiaries, namely, M.S. Electronic Emporium Limited, China Metro-Rural Limited, China
Metro-Rural Exchange Limited, China Northeast Logistics City Co., Ltd. 

, Tieling North Asia Development Co., Ltd. 

, Tieling Northeast City Advertising Co., Ltd. 

, Tieling North Asia Property Management Co., Ltd. 

, Tieling Northeast City Motor Vehicle Trading Co., Ltd. 

, China Metro-Rural Development Limited, China Northeast Logistics City Dezhou Co., Ltd. 

, Dezhou Northeast City Property Co., Ltd.

, Dezhou North Asia Property Management Co., Ltd. 

, China Northeast Logistics City Shenzhen Co., Ltd. 

, China Glorious City Strategic Limited, China Glorious City Investments Limited, China Glorious City Construction Limited, China Glorious City Development Limited, China Glorious City (Hengyang) Co., Ltd. 

, Shenyang Jiataihe Investments Co., Ltd. 

, China Glorious City Strategic(Zhoukou) Co., Ltd

, China Glorious City Investments (Zhoukou) Co., Ltd.

, Hengyang China Glorious City Business Co., Ltd.

, Hengyang China Glorious City Logistics Co., Ltd.

, Hengyang China Glorious Property Co., Ltd.

, Hengyang Huayan Property Co., Ltd.

 and Hengyang Huaqian Property Co., Ltd.

, and “Group Member” means any of those persons. 
 “HKIAC” has the
meaning specified in Condition 20(c)(i). 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“Issue Date” means the date on which the Bond is issued. 

“Issuer” means China Metro-Rural Holdings Limited, a company limited by shares incorporated in the British Virgin Islands.

 “Interest Payment Date” has the meaning specified in Condition 7.1. 

“Interest Record Date” has the meaning specified in Condition 11.1(b). 

“Law” means, in respect of a person, all civil and common law, statute, subordinate legislation, treaty, regulation,
directive, decision, by-law, ordinance, circular, code, order, notice, demand, decree, injunction, resolution or judgment of any Authority (including the rules and regulations of the NYSE MKT or any other applicable stock exchange) applicable to or
affecting such person, its business, employees or assets in any jurisdiction. 
 “Maturity Date” means December 19,
2016. 
 “Maturity Redemption Amount” has the meaning specified in Condition 14. 

“NYSE MKT” means NYSE MKT LLC. 

“PRC” means the People’s Republic of China excluding, for the purpose of these Conditions, Hong Kong, Macau Special
Administrative Region and Taiwan. 

  
 2 

 “Redemption Amount” has the meaning specified in Condition 12.1. 

“Redemption Notice” means any notice of redemption delivered by the Bondholder to the Issuer in accordance with these
Conditions and substantially in the form set out in Annexure 3. 
 “Register” has the meaning specified in Condition 5. 

“Registration Date” has the meaning specified in Condition 8.4(c)(ii). 

“Security” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, third party claim, debenture, option,
right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security or security interests of any kind (including retention arrangements or other encumbrances and any agreement to create any
of the foregoing). 
 “Shareholder” means a registered holder of Shares. 

“Shares” means ordinary shares in the capital of the Issuer. 

“Subsidiary” means, as of the relevant date of determination, with respect to any person (the “subject entity”),
(a) any person: (i) more than 50% of whose shares or other interests entitled to vote in the election of directors or (ii) more than 50% of whose interest in the profits or capital are owned or controlled directly or indirectly by the
subject entity or through one (1) or more Subsidiaries of the subject entity, or (b) any person with respect to which the subject entity has the power to otherwise direct the business and policies of that person directly or indirectly
through another Subsidiary. 
 “U.S.” means the United States of America. 

“US$” means U.S. dollars, the lawful currency of the U.S. 

 

	1.2	Interpretation 

  

	 	(a)	Unless a contrary indication appears, any reference in these Conditions to: 

  

	 	(i)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(ii)	the Bondholder, any Group Member or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(iii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(iv)	a reference to any Hong Kong legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than
Hong Kong, be deemed to include what most nearly approximates the Hong Kong legal term in that jurisdiction and references to any Hong Kong statute or enactment shall be deemed to include any equivalent or analogous laws or rules in any other
jurisdiction; 

  
 3 

	 	(v)	a reference to any law or enactment includes references to: (A) that law or enactment as re-enacted, amended, extended or applied by or under any other enactment (before or after the Issue Date); (B) any law
or enactment which that law or enactment re-enacts (with or without modification); and (C) any subordinate legislation made under any law or enactment, as re-enacted, amended, extended or applied, as described in paragraph (A) above, or
under any law or enactment referred to in paragraph (B) above, and “law” and “enactment” includes any legislation in any jurisdiction; 

 

	 	(vi)	a “Bond Document” or any other agreement or instrument is a reference to that Bond Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(vii)	words importing the singular include the plural and vice versa, and words importing a gender include every gender; 

  

	 	(viii)	a time of day is a reference to Hong Kong time; and 

  

	 	(ix)	the words “include” and “including” shall be construed without limitation. 

  

	 	(b)	The headings in these Conditions are inserted for convenience only and shall not affect the construction of these Conditions. 

  

	2	STATUS 

 The Bond constitutes the direct, unsecured, unconditional and unsubordinated
obligations of the Issuer and is issued with the benefits of these Conditions. The payment obligations of the Issuer under the Bond shall (save for such exceptions as may be provided by mandatory provisions of Law) at all times rank at least equally
with all other present and future unsecured, unconditional and unsubordinated obligations of the Issuer. No application will be made for a listing of the Bond. 
  

	3	FORM AND DENOMINATION 

 The Bond is issued in registered form. On the Issue Date, a
definitive bond certificate (the “Certificate”) shall be issued to the Bondholder in respect of his registered holding of the Bond. The Bond and the Certificate shall be numbered serially with an identifying number which shall be
recorded on the Certificate and in the Register. 
  

	4	TITLE 

 Title to the Bond passes only by transfer and registration in the Register
pursuant to Condition 16.1. The Bondholder shall (except as otherwise required by Law) be treated as the absolute owner of the Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person shall be liable for so treating the holder. 
  

	5	REGISTER 

 The Issuer shall maintain a register of bondholders (the
“Register”) on which shall be entered the name, address and bank account details of the Bondholder and the particulars of the Bond held by the Bondholder. 

  
 4 

	6	COVENANTS 

  

	6.1	Authorisations 

 The Issuer shall promptly obtain, comply with and do all that is necessary to
maintain in full force and effect any Authorisation required under Law to enable it to perform its obligations under the Bond Documents. 
  

	6.2	Other Covenants in relation to Conversion Right 

 For so long as the Bond shall remain
outstanding, unless with the Bondholder’s consent, the Issuer shall pay the expenses of the issue of, and all expenses of obtaining and maintaining a listing on the NYSE MKT for, the Conversion Shares. 

 

	6.3	Bondholder’s Covenant to Subscribe for the Other Convertible Bond 

 The Bondholder hereby
covenants to subscribe for the issue of another US$5,000,000 10% convertible bond due 2016 on substantially the same terms and conditions as this Bond within ninety (90) days of the Issue Date. 

 

	7	INTEREST 

  

	7.1	Interest Rate and Interest Payment Dates 

 The Bond bears interest on its outstanding principal
amount from and including the Issue Date at the rate of 10% per annum. Interest is payable semi-annually in arrears on the last day of every six months from the Issue Date (each an “Interest Payment Date”). If an Interest
Payment Date would otherwise fall on a day which is not a Business Day, it shall be postponed to the next day which is a Business Day. 
  

	7.2	Interest Accrual and Payment 

  

	 	(a)	Interest on the Bond shall accrue from the Issue Date on a daily basis and shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, including the first day of the period during which
it accrues and including the last day of the period. Interest on the Bond not held for the whole of the period between any two successive Interest Payment Dates shall be calculated on a pro rata basis. 

 

	 	(b)	The Bond shall cease to bear interest: 

  

	 	(i)	where the Conversion Right attached to it shall have been exercised, from and including the Conversion Date; or 

  

	 	(ii)	from the Maturity Date or the due date for redemption of the Bond, unless payment of the full amount due is improperly withheld or refused or default is otherwise made in respect of any such payment, and in such event,
interest shall continue to accrue at the rate provided in Condition 7.1, up to but excluding the date on which all sums due in respect of the Bond are received by or on behalf of the holder thereof. If interest is required to be calculated for a
period of less than one year, it shall be calculated on the basis of the actual number of days elapsed in a year of 365 days. 

  

	 	(c)	Save as provided in Conditions 8.4(c)(iii), 12, 13 and 14 the Issuer shall pay interest due in respect of the Bond on each Interest Payment Date. 

  
 5 

	8	CONVERSION 

  

	8.1	Conversion Right and Conversion Period 

 The Bondholder has the right to convert all but not
part of the Bond for Conversion Shares at any time during the Conversion Period; provided that such conversion would not result in the Bondholder, the Issuer or any other person contravening any applicable Law. Such Conversion Right shall be
exercised in accordance with Condition 8.4(a)(i). Subject to compliance with these Conditions (including Condition 8.4(a)(i)), the “Conversion Period” shall be the period commencing on the Issue Date and expiring on the close of
business (at the place where the Certificate representing the Bond is deposited for conversion) on the earlier of: 
  

	 	(a)	the date which falls five (5) Business Days prior to the Maturity Date; or 

  

	 	(b)	if the Bond shall have been called for redemption prior to the Maturity Date, the close of business (at the place aforesaid) on the date of the Redemption Notice. 

 

	8.2	Number of Conversion Shares and Fractions Arising on Conversion 

  

	 	(a)	The number of Conversion Shares to be issued on a conversion of the Bond pursuant to this Condition 8 shall be determined by dividing the principal amount of the Bond by the Conversion Price in effect at the Conversion
Date. 

  

	 	(b)	Fractions of Conversion Shares shall not be issued on the conversion of the Bond but rounded down to the nearest whole number of Conversion Shares and no cash adjustments shall be made in respect thereof.

  

	8.3	Revival After Default 

 Notwithstanding the provisions of Condition 8.1, if: 

 

	 	(a)	the Issuer shall default in making payment in full in respect of the Bond which shall have been called for redemption on the date fixed for redemption thereof; or 

 

	 	(b)	the Bond has become due and payable prior to the Maturity Date by reason of the occurrence of an Event of Default; or 

  

	 	(c)	the Bond is not redeemed on the Maturity Date in accordance with Condition 12.2, 

 the
Conversion Right attaching to the Bond shall revive and/or shall continue to be exercisable up to (and including) the close of business (at the place where the Certificate evidencing the Bond is deposited for conversion) on the date upon which the
full amount of the moneys payable in respect of the Bond has been duly received by the Bondholder. If the Certificate and the Conversion Notice are deposited for conversion prior to such date, the Bond shall be converted on the relevant Conversion
Date notwithstanding that the Conversion Period may have expired before such Conversion Date. 

  
 6 

	8.4	Conversion Procedure 

  

	 	(a)	Conversion Notice 

  

	 	(i)	To exercise the Conversion Right attaching to the Bond pursuant to Condition 8.1 the holder thereof must complete, execute and deposit at his own expense during normal business hours at the principal office of the
Issuer in Hong Kong: 

  

	 	(A)	a Conversion Notice; and 

  

	 	(B)	the Certificate. 

 Except as expressly provided herein, a Conversion Notice once delivered
shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 
  

	 	(b)	Conversion Date 

  

	 	(i)	Subject to Condition 8.4(b)(ii), the conversion date in respect of the Bond (the “Conversion Date”) must fall at a time when the Conversion Right attaching to that Bond is expressed in these Conditions
to be exercisable (subject to Conditions 8.1 and 8.3), and shall be deemed to be the fifth (5th) Business Day following the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be
made or indemnity given under these Conditions in connection with the exercise of such Conversion Right. 

  

	 	(ii)	In the event the conversion would result in the Bondholder, Issuer or any other person contravening any applicable Law, then for that particular conversion only and in respect of only those Conversion Shares which
result in that contravention, the Conversion Date will be the fifth (5th) Business Day after the later of: 

  

	 	(A)	the date the issue of those Conversion Shares would no longer result in that contravention; and 

  

	 	(B)	the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be made or indemnity given under these Conditions in connection with the exercise of such Conversion
Right. 

  

	 	(c)	Issue of Shares and Registration 

  

	 	(i)	As soon as practicable on the Conversion Date, the Issuer shall, upon exercise by the Bondholder of the Conversion Right pursuant to Condition 8.1 and in respect of which a duly completed Conversion Notice and the
Certificate having been delivered as required by this Condition 8.4, issue to the Bondholder the relevant number of Conversion Shares and shall immediately upon the issue of those Conversion Shares: 

 

	 	(A)	instruct the Issuer’s share registry to as soon as practicable: 

  

	 	(I)	enter the Bondholder in the register of members of the Issuer (if any) as the holder of those Conversion Shares; and 

  

	 	(II)	despatch a single share certificate in respect of all of those Conversion Shares issued on conversion of the Bond subject to the same Conversion Notice and which are to be registered in the same name. 

  
 7 

	 	(ii)	The Bondholder shall become the holder of record of the number of Conversion Shares issuable upon conversion with effect from the date such person is registered as such in the Issuer’s register of members (the
“Registration Date”). The Conversion Shares shall in all respects (including rights to dividends) rank pari passu with the Shares in issue on the relevant Registration Date. 

 

	 	(iii)	Upon conversion and on the Registration Date, the Issuer shall pay to the Bondholder any interest accruing on the converted Bond since (but excluding) the Interest Payment Date last preceding the relevant Conversion
Date up to (but excluding) the Conversion Date. 

  

	 	(iv)	If the record date for the payment of any dividend or other distribution in respect of the Shares is on or after the Conversion Date of the Bond, but before the Registration Date, the Issuer shall pay to the converting
Bondholder an amount (the “Equivalent Amount”) in US$ equal to the amount of any such dividend or other distribution to which the Bondholder would have been entitled had it on that record date been a Shareholder on record and shall
make the payment at the same time as it makes payment of the dividend or other distribution to other Shareholders, or as soon as practicable thereafter. The Equivalent Amount shall be paid by means of transfer to the registered account of the
Bondholder or by US$ cheque drawn on a bank in Hong Kong and mailed to the registered address of the Bondholder specified in the relevant Conversion Notice if he does not have a registered account. In these Conditions a “record
date” means a date fixed by the constitutional documents of the Issuer or otherwise specified for the purpose of determining entitlements to dividends or other distributions to, or rights of, Shareholders. 

 

	9	ADJUSTMENTS TO CONVERSION PRICE 

  

	9.1	Conversion Price Adjustment – Consolidation, Subdivision or Reclassification 

 The
Conversion Price shall be subject to adjustment if and whenever the Shares shall be consolidated, subdivided or reclassified. 
 In such an
event, the Conversion Price in force immediately prior thereto shall be adjusted by multiplying it by the following fraction: 
  

					
		 	 A
	 	
		 	B	 	
		 		 	

 where: 
  

	 	A	is the aggregate number of issued Shares immediately before such consolidation, sub-division or reclassification; and 

  

	 	B	is the aggregate number of issued Shares immediately after such consolidation, sub-division or reclassification. 

Such adjustment shall become effective on the date the consolidation, sub-division or reclassification (as the case may be) takes effect. 

  
 8 

	9.2	Rounding and Minor Adjustments 

 On any adjustment, the resultant Conversion Price, if not an
integral multiple of US$0.01, shall be rounded down to the nearest US$0.01. No adjustment shall be made to the Conversion Price if such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any
adjustment not required to be made, and any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment. 

 

	9.3	Employee Share Scheme 

 No adjustment shall be made to the Conversion Price where Shares or
other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted to or for the benefit of employees or former employees (including directors holding or formerly holding executive
office) of the Issuer or any Group Member pursuant to any employee share scheme or plan (including a dividend reinvestment plan). 
  

	9.4	Notice of Change in Conversion Price 

 The Issuer shall give notice to the Bondholder in
accordance with Condition 18 of any change in the Conversion Price. Any such notice relating to a change in the Conversion Price shall set forth: (i) the event giving rise to the adjustment; (ii) the Conversion Price prior to such
adjustment; (iii) the adjusted Conversion Price; and (iv) the effective date of such adjustment. 
  

	10	REPRESENTATIONS AND WARRANTIES OF THE BONDHOLDER 

  

	10.1	The Bondholder hereby acknowledges and represents and agrees that (i) neither the Bond nor the Conversion Shares has been or will be registered under the U.S. Securities Act of 1933, as amended from time to time
(the “Act”), or any other U.S. federal or state securities or “Blue Sky” laws, and may be resold within the jurisdiction of the United States or to U.S. Persons as defined in Rule 902(o) of Regulation S only if registered
pursuant to the provisions of the Act and all applicable U.S. federal and state securities laws or if an exemption from such registration is available; (ii) the Issuer is not required and has no present intention to register the Bond or the
Conversion Shares under the Act or any other securities laws; and (iii) any transfer of the Bond or any Conversion Shares must comply with the constitutional documents of the Issuer and all applicable U.S. federal and state securities laws. The
Bondholder further acknowledges that if an exemption from registration of the Bond or the Conversion Shares is available under the Act or any other applicable securities law, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Bond or Conversion Shares and requirements relating to the Issuer that are outside of the Bondholder’s control and that the Issuer is under no obligation, and may not be able, to
satisfy. 

  

	10.2	The Bondholder hereby represents and warrants to the Issuer that he (i) is a sophisticated individual that is an accredited investor within the meaning of Rule 501 under the Act, (ii) is able to protect his
own interests and bear the economic risk associated with the purchase of the Bond or the Conversion Shares, (iii) has received such information as he deems necessary and appropriate to make an informed decision regarding the purchase of the
Bond or the Conversion Shares, (iv) has such knowledge and experience, and has made investments of a similar nature, so as to be aware of the risks and uncertainties inherent in the purchase of investments of the type contemplated by the Bond
Documents, and (v) has independently and without reliance upon the Issuer, and based on such information as the Bondholder has deemed appropriate, made his own analysis and decision to subscribe for the Bond and/or the Conversion Shares. He
acknowledges that the Issuer has not given, and is not required to give, the Bondholder any investment advice, credit information or opinion on whether the subscription of the Bond or the Conversion Shares is prudent. 

  
 9 

	10.3	The Bondholder hereby represents and warrants to the Issuer that either it has been duly formed and is validly existing as a corporation or other legal entity in good standing under the laws of its jurisdiction of
incorporation or is an individual who is not a citizen or resident of the U.S. The Bondholder is not organized under the laws of the U.S. and is not a “U.S. Person” as that term is defined in Rule 902(o) of Regulation S under the Act.

  

	10.4	The Bondholder hereby represents and warrants to the Issuer that the Bond and any Conversion Shares are being acquired for investment for the Bondholder’s own account, not as nominee or agent or on behalf of any
U.S. Person as defined in Rule 902(o) of Regulation S, and the Bondholder has no intention of distributing or reselling, or granting any participation in, the Bond or the Conversion Shares, or any part thereof, except in accordance with the Act, the
rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder and all other applicable securities laws, rules and regulations. 

  

	10.5	The Bondholder hereby represents and warrants to the Issuer that to the best knowledge of the Bondholder, the Bond, the Bond Documents and the transactions contemplated by them are not part of a plan or scheme to evade
the registration provisions of the Act. 

  

	10.6	The Bondholder hereby acknowledges, represents and warrants that the Issuer has not made an offer to issue the Bond to the Bondholder in the U.S. other than as permitted in the case of an account managed by a
professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of Regulation S. At the time of the issue of the Bond and the execution of the Bond Documents and, to the best knowledge of the Bondholder, at the time the
issue of the Bond originated, the Bondholder was located and resident outside the U.S., other than as permitted in the case of an account managed by a professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of
Regulation S. 

  

	10.7	The Bondholder hereby acknowledges that no public market now exists for the Bond or the Conversion Shares and that the Issuer has not provided any assurance that a public market will ever exist for the Bond or the
Conversion Shares. 

  

	10.8	The Bondholder hereby acknowledges, represents and warrants that he has had an opportunity to (i) review the terms and conditions of the Bond Documents, the constitutional documents of the Issuer and any other
documents related to the transactions contemplated under the Bond Documents, (ii) to secure all such information as he deems necessary regarding the business, management, properties, prospects and financial condition of each Group Member and
(iii) to consult with counsel regarding the subject matter of the Bond Documents. The Bondholder hereby further acknowledges that the Issuer has not made or given any implied or express representations or warranties. In particular, no
representations are made and no warranties are given by the Issuer in respect of the business, management, properties, prospects and financial condition of each Group Member. 

 

	10.9	The Bondholder hereby acknowledges and understands that the Bond, the Conversion Shares, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends:

 “THE SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.” 

  
 10 

 “TRANSFER OF THESE SHARES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.” 

 

	10.10	The Bondholder hereby consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order to implement the restrictions on transfer of the Bond or Shares set forth
in these Conditions. 

  

	11	PAYMENTS 

  

	11.1	Principal and interest 

 Payment of principal and interest due: 

 

	 	(a)	other than on an Interest Payment Date shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the Bondholder if he does
not have a registered account. Payment of principal shall only be made after surrender of the Certificate at the principal place of business of the Issuer in Hong Kong; and 

 

	 	(b)	on an Interest Payment Date shall be paid on the due date for the payment of interest to the holder shown on the Register at the close of business on the fifth (5th) day before the due date for the payment of
interest (the “Interest Record Date”). Payments of interest on the Bond shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the
Bondholder if he does not have a registered account. 

  

	11.2	Rounding 

 When making payments to or for the benefit of the Bondholder, fractions of one cent
shall be rounded down to the nearest cent. 
  

	11.3	Registered Accounts 

 For the purposes of this Condition, the Bondholder’s registered
account means the US$ account maintained by or on behalf of the Bondholder with a bank in Hong Kong or any other jurisdiction, details of which appear on the Register at the close of business on the second Business Day before the due date for
payment, and the Bondholder’s registered address means his address appearing on the Register at that time. 
  

	11.4	Fiscal Laws 

 All payments are subject in all cases to Law. No commissions or expenses shall be
charged to the Bondholder in respect of such payments. 
  

	11.5	Payment Initiation 

  

	 	(a)	 Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business Day,
for value on the first following day which is a Business Day) shall be initiated and, where payment is to be made by cheque, the cheque shall be mailed (at the risk and, if mailed at the request of the holder otherwise than by ordinary mail, expense
of the holder) on the due date for payment (or, if it is not a Business Day, the immediately 

  
 11 

	 	
following Business Day) or, in the case of a payment of principal, if later, on the Business Day on which the Certificate is surrendered at the principal place of business of the Issuer in Hong
Kong. 

  

	 	(b)	If any date for payment is not a Business Day, the Bondholder shall not be entitled to payment until the next following Business Day nor to any interest or other payment for any delay after the due date in receiving the
amount due, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in accordance with this Condition arrives after the due date for payment. 

 

	12	REDEMPTION AND CANCELLATION 

  

	12.1	Redemption by the Bondholder 

 The Bondholder shall have the right to require the Issuer to
redeem the Bond at any time on or after the date which is eighteen (18) months after the Issue Date by delivering a Redemption Notice together with the Certificate to the Issuer and the Issuer shall redeem the Bond no later than ninety
(90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. For the purpose of these Conditions, the “Redemption Amount” means the outstanding principal amount of the Bond elected to be
redeemed pursuant to this Condition 12, together with any unpaid interest accruing on such outstanding principal amount of the Bond to be redeemed since (but excluding) the Interest Payment Date last preceding the relevant date of redemption up to
(but excluding) such date of redemption. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 

 

	12.2	Maturity 

  

	 	(a)	Unless previously redeemed or converted and cancelled as provided in these Conditions, the Issuer shall redeem the Bond by payment of the Maturity Redemption Amount in respect of the Bond on the Maturity Date in
accordance with these Conditions. 

  

	 	(b)	Except as provided in these Conditions (including Conditions 12 and 13), neither the Issuer nor the Bondholder may redeem the Bond at his option prior to the Maturity Date. 

 

	12.3	Cancellation 

 The Bond shall be cancelled upon redemption or conversion and the Issuer is
entitled to update the Register accordingly to reflect such redemption or conversion. 
  

	12.4	Notices 

 All notices given pursuant to this Condition 12 shall be given in accordance with
Condition 18. 

  
 12 

	13	EVENTS OF DEFAULT 

  

	13.1	Events or Circumstances Constituting Events of Default 

 Each of the following events or
circumstances is an Event of Default for the purposes of Condition 13.2, unless otherwise agreed by the Bondholder or otherwise expressly permitted under any Bond Document: 
  

	 	(a)	If the Issuer fails to make a payment, whether of principal, interest or otherwise, in accordance with the Bond Documents and such default continues for a period of ten (10) Business Days after the due date for
such payment. 

  

	 	(b)	Any failure by the Issuer to deliver any Conversion Shares as and when the Conversion Shares are required to be delivered following conversion of the Bond and such failure continues for more than ten (10) Business
Days. 

  

	13.2	Bondholder Rights Upon Event of Default 

 Upon the occurrence of an Event of Default which is
continuing, the Bondholder shall have the right to require the Issuer to redeem the Bond by delivering a Redemption Notice together with the Certificate to the Issuer. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn
unless the Issuer consents in writing to such withdrawal. The Issuer shall redeem the Bond no later than ninety (90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. 

 

	14	MATURITY REDEMPTION AMOUNT 

 Unless previously redeemed or converted and cancelled as
provided in these Conditions, the Issuer shall on the Maturity Date redeem the Bond at the Maturity Redemption Amount. For the purpose of these Conditions, the “Maturity Redemption Amount” means the outstanding principal amount of
the Bond, together with any unpaid interest accruing on such outstanding principal amount of the Bond since (but excluding) the Interest Payment Date last preceding the Maturity Date up to (but excluding) the Maturity Date. Except as provided in
these Conditions (including Conditions 12 and 13), the Bond shall not be redeemed or repaid prior to the Maturity Date. 
  

	15	MODIFICATION AND WAIVER 

  

	15.1	Agreement in writing 

 The Bond and these Conditions may only be varied by agreement in writing
between the Issuer and the Bondholder. 
  

	15.2	Modification and Waiver 

 The Bondholder may agree in writing with the Issuer to the waiver or
authorisation of any breach, or proposed breach, of the Bond and these Conditions. The Bond and these Conditions may be amended without the consent of the Bondholder to correct a manifest or proven error or to comply with mandatory provisions of
Law. Any such modification, waiver or authorisation shall be binding on the Bondholder and any such modification shall be notified by the Issuer to the Bondholder as soon as practicable thereafter. 

 

	16	TRANSFER AND REGISTRATION OF THE BOND; ISSUE OF CERTIFICATES 

  

	16.1	Procedure for transfer 

  

	 	(a)	 Notwithstanding any provision to the contrary in the Bond Documents, the Bond cannot be transferred unless with the written consent of the Issuer and
upon the execution of the form of transfer substantially in the form set forth in Annexure 1 endorsed under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of a director or a duly
authorised officer in writing. The Bondholder shall cause its shareholders, affiliates, or any other person controlling the Bondholder to abide by this Condition 16 and procure that

  
 13 

	 	
restrictions set forth in this Condition 16 shall not be avoided by the direct or indirect sale, transfer, disposal, issuance or redemption of any shares (or other interest) in the Bondholder or
in a shareholder, affiliate or such other person having control over the Bondholder or otherwise. In this Condition, a reference to “transferor” shall (where the context permits or requires) include joint transferors and be construed
accordingly. 

  

	 	(b)	The transferor of the Bond shall be deemed to remain the holder of the Bond until the name of the transferee is entered in the Register as the holder thereof. Registration of a transfer of the Bond shall be effected
without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of any costs, taxes or other governmental
charges which may be imposed in relation to it. 

  

	 	(c)	The Certificate issued in respect of the Bond to be transferred must be delivered for registration to the Issuer accompanied by such other evidence as the Issuer may reasonably require to prove the title of the
transferor or his right to transfer the Bond and his identity and, if the form of transfer is executed by some other person on behalf of the transferor or in the case of the execution of a form of transfer on behalf of a corporation by its officers,
the authority of that person or those persons to do so. The signature of the person effecting a transfer of the Bond shall conform to any list of duly authorised specimen signatures supplied by the holder of the Bond. 

 

	 	(d)	The new Certificate to be issued upon a transfer of Bond shall, within five (5) Business Days of receipt by the Issuer of the Certificate and form of transfer complying with the requirements of this Condition 16.1,
be made available for collection at the principal place of business of the Issuer in Hong Kong, or if so requested in the form of transfer, be mailed by uninsured mail (at the risk of the transferee) to the address specified in the form of transfer.

  

	 	(e)	Subject to the other provisions of this Condition 16, the Issuer shall register the transfer of the Bond only upon presentation of an executed and duly completed form of transfer together with the Certificate and any
other documents thereby required. 

  

	16.2	Entitlement to Certificate 

  

	 	(a)	The executors or administrators of a deceased Bondholder (not being one of several joint holders) and, in the case of the death of one or more of joint holders, the survivor or survivors of such joint holders, shall be
the only persons recognised by the Issuer as having any title to the Bond. 

  

	 	(b)	Any person becoming entitled to the Bond in consequence of the death or bankruptcy of the Bondholder may, upon producing such evidence that he holds the position in respect of which he proposes to act under this
Condition or of his title as the Issuer shall reasonably require (including certificates and/or legal opinions), be registered himself as the holder of the Bond or, subject to this Condition and with the written consent of the Issuer, may transfer
the Bond. The Issuer may retain any amount payable upon the Bond to which any person is so entitled until such person shall be so registered or shall duly transfer the Bond. 

 

	 	(c)	Unless otherwise requested by it, a holder of Bond shall receive only one (1) Certificate in respect of his holding. 

  

	 	(d)	The joint holders of a Bond shall be entitled to one (1) Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first
in the Register in respect of the joint holding. 

  
 14 

	16.3	Transfer and formalities free of charge 

 Registration of the holding of the Bond or any
transfer of the Bond shall be effected without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of
any costs, taxes or other governmental charges which may be imposed in relation to it. If the Bondholder entitled to receive the Certificate wishes to have it delivered to him otherwise than at the specified office of the Issuer, such delivery shall
be made upon his written request to the Issuer, at his risk and at his expense. 
  

	16.4	Closed Period 

 The Bondholder may not require the transfer of the Bond to be registered:
(a) during the period of fifteen (15) days ending on (and including) the dates for payment of any principal or any other amounts pursuant to these Conditions; (b) during the period of fifteen (15) days ending on (and including)
any Interest Payment Date; (c) after a Conversion Notice has been delivered with respect to the Bond pursuant to these Conditions; or (d) after a Redemption Notice has been delivered with respect to the Bond pursuant to these Conditions.

  

	17	REPLACEMENT OF CERTIFICATES 

 If the Certificate is mutilated, defaced, destroyed, stolen
or lost, it shall be replaced at the principal place of business of the Issuer in Hong Kong upon payment by the claimant of costs and expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer
may require. A mutilated or defaced Certificate must be surrendered before a replacement will be issued. 
  

	18	NOTICES 

  

	18.1	Notices to Issuer 

  

	 	(a)	All notices to the Issuer shall be validly given if delivered in person or sent by letter or facsimile transmission addressed to the Issuer at: 

 

			
	Address:	 	Suite 2204, 22/F, Sun Life Tower
		 	The Gateway, 15 Canton Road
		 	Tsimshatsui, Kowloon, Hong Kong
		
	Fax:	 	+852 2111 1890
		
	Attention:	 	Ms. Chris Fan

 or any substitute address or fax number which the Issuer may notify to the Bondholder by not less than ten
(10) Business Days’ notice. 
  

	 	(b)	Any communication or notice made to the Issuer under or in connection with these Conditions will only be effective: 

  

	 	(i)	if by way of fax, at the time of its despatch (subject to confirmation of uninterrupted transmission by the sender by a transmission report); 

  
 15 

	 	(ii)	if by personal delivery by hand or courier, at the time of delivery at the address referred to in Condition 18.1(a); 

  

	 	(iii)	if by local post (other than airmail) or registered mail, at 10:00 am on the second Business Day after posting; and 

  

	 	(iv)	if by airmail, at 10:00 am on the fifth (5th) Business Day after posting. 

  

	18.2	Notices to the Bondholder 

 All notices to the Bondholder under or in connection with these
Conditions shall be validly given if mailed to him at his address in the Register. Condition 18.1(b) shall apply mutatis mutandis to notices given by the Issuer to the Bondholder under or in connection with these Conditions. 

 

	19	LANGUAGE 

 These Conditions are in English. If a translation is prepared, the English
version shall prevail and the translation shall be for information purposes only. 
  

	20	GOVERNING LAW AND ARBITRATION 

  

	 	(a)	The Bond and any dispute or claim arising out of or in connection with it or these Conditions or any Bond Document shall be governed by, and construed in accordance with, Hong Kong law. 

 

	 	(b)	Any dispute, controversy or claim arising out of or in connection with the Bond or these Conditions or any Bond Document (including a dispute regarding the existence, validity, formation, effect, interpretation,
performance or termination of the Bond or these Conditions) shall be settled by arbitration. 

  

	 	(c)	The arbitral proceedings shall be conducted as follows: 

  

	 	(i)	the place of arbitration shall be in Hong Kong at the Hong Kong International Arbitration Center (“HKIAC”); 

  

	 	(ii)	the arbitration proceedings shall be conducted in English; 

  

	 	(iii)	the UNCITRAL Arbitration Rules in force as at the Issue Date (as may be amended by these Conditions) shall apply; 

  

	 	(iv)	there shall be three (3) arbitrators to be mutually agreed upon by the Issuer and the Bondholder or, in absence of mutual agreement, each of (A) the Issuer (on the one hand) and (B) the Bondholder (on the
other hand) may nominate one (1) arbitrator and the third arbitrator shall be appointed by the Chairman for the time being of the HKIAC; 

  

	 	(v)	the arbitration proceedings shall be administered by the HKIAC in accordance with the HKIAC Procedures for Arbitration in force as at the Issue Date; 

 

	 	(vi)	an award by the arbitrators shall be final and conclusive and binding upon the Issuer and the Bondholder and shall not be subject to further appeal; and 

 

	 	(vii)	judgment upon the award rendered may be entered in any court having jurisdiction and each of the Issuer and the Bondholder submits to the non-exclusive jurisdiction of the Hong Kong courts for this purpose.

  
 16 

	21	TERMINATION OF CONDITIONS 

 Notwithstanding anything to the contrary in any Bond
Document, the Issuer’s covenants, obligations and conditions, and the Bondholder’s rights, benefits and claims under the Bond Documents, at law and/or in equity, insofar as the Bondholder’s Bond is concerned, shall terminate and have
no force and effect upon the earlier of the date on which the Bond is converted or redeemed (as the case may be). 

  
 17 

 ANNEXURE 1 

FORM OF TRANSFER 
 CHINA
METRO-RURAL HOLDINGS LIMITED 
 (a company limited by shares incorporated in the British Virgin Islands) 

US$5,000,000 10% CONVERTIBLE BOND DUE 2016 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 I am/We are* the holder of US$5,000,000 in
aggregate principal amount of the Bond issued by the Issuer on December 20, 2013 with Certificate number 1. 
 References in this Transfer Form to
“Conditions” are to the terms and conditions on which the Bond was issued, as may have been amended from time to time. Terms defined in the Conditions shall have the same meaning in this Transfer Form, save where the context
otherwise requires. 
  

											
	1.	 	I/We* hereby transfer the Bond registered in my/our* name in the register of bondholders to:
		
		 	  

		
		 	of/whose registered office address is at:
		
		 	  

		
		 	  

		
		 	  

		
		 	(the “Transferee”)
		
	2.	 	I/We* hereby request that a Certificate in respect of the transferred Bond be issued to the person whose name and address are set out in paragraph 1 above and that such Certificate:
			
		 	* (a)	 	be despatched to the person whose name and address is given below and in the manner specified below:
						
		 		 	Name	  	:	  	  
	 	
						
		 		 	Address	  	:	  	  
	 	
						
		 		 		  		  	  
	 	
						
		 		 		  		  	  
	 	
			
		 		 	Manner of despatch: [Registered mail/recorded mail/courier]*
			
		 	* (b)	 	if no name and address is given in (a) above, be made available for collection at the office of the Issuer referred to for that purpose in the Conditions.

  
 18 

									
	3.	 	The Certificate in respect of the transferred Bond is enclosed with this Transfer Form.
		
	4.	 	The registered account of the Transferee (being a US$ account) for the purposes of receipt of principal, interest and any other amounts in respect of the Bond is (unless otherwise instructed by the Transferee) as
follows:
					
		 	Name of Account	 	:	 	  
	 	
					
		 	Account No.	 	:	 	  
	 	
					
		 	Sort Code	 	:	 	  
	 	
					
		 	Name of Bank	 	:	 	  
	 	
					
		 	Address of Bank	 	:	 	  
	 	
					
		 		 		 	  
	 	

  

	*	delete as appropriate 

  

									
	Name of Transferor	 	 : 
	 	  
	 	
				
	Signature of Transferor	 	:	 	  
	 	
				
	Date	 	:	 	  
	 	

 Notes: 
  

	(i)	A representative of the holder should state the capacity in which he signs. 

  

	(ii)	The signature of the person effecting a transfer shall conform to any list of duly authorized specimen signatures supplied by the holder or be certified by a recognized bank, notary public, commissioner of oaths,
solicitor or in such other manner as the Issuer may reasonably require. 

  
 19 

 ANNEXURE 2 

FORM OF CONVERSION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$5,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its related terms and conditions (the “Conditions”), [I/we] the holder(s) of the Bond hereby give notice of
[my/our] desire to exercise the conversion right attached to the Bond at the conversion price in accordance with the Conditions in respect of US$5,000,000 of the principal amount outstanding. 

[I/we] agree to accept all the fully paid ordinary shares in the capital of the Issuer (the “Conversion Shares”) to be issued pursuant to
this exercise of the conversion right attached to the Bond, subject to the constitutional documents of the Issuer. [I/we] desire the Conversion Shares to be registered in [my/our] name and hereby authorise the entry of [my/our] name in the register
of members of the Issuer in respect of the Conversion Shares and the despatch of the related share certificate to [name] at [address]. 
 The
Certificate in respect of the converted Bond is enclosed with this Conversion Notice. 
 Signature of the holder of the Bond: 

 

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 20 

 ANNEXURE 3 

FORM OF REDEMPTION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$5,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its terms and conditions (the “Conditions”), [I/we] the holder of the Bond refer to Condition [12.1/13.2] and
hereby require the Issuer to redeem the Bond in the aggregate principal amount of US$5,000,000 pursuant to the said Condition and otherwise in accordance with the terms and conditions contained in the Certificate. 

The Certificate in respect of the Bond which [I/we] require the Issuer to redeem is enclosed with this Redemption Notice. 

Signature of the holder of the Bond: 
  

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 21 

 Exhibit 4.49.3 

BOND CERTIFICATE WITH TERMS AND CONDITIONS 

CHINA METRO-RURAL HOLDINGS LIMITED 

(a company limited by shares incorporated in the British Virgin Islands) 

US$1,000,000 10% CONVERTIBLE BOND DUE 2016 

Certificate number: 1 
 Issued pursuant to a
resolution of the board of directors of China Metro-Rural Holdings Limited (the “Issuer”) passed on December 9, 2013. 
 THE ISSUER
HEREBY CERTIFIES that [not disclosed] is the registered holder of US$1,000,000 in principal amount of the above-mentioned convertible bond (the “Bond”). The Bond is issued with the benefit of and subject to the
provisions of the terms and conditions (the “Conditions”) attached hereto, as the same may be amended from time to time, which shall form an integral part of this Certificate. 

For value received, the Issuer promises to pay the person who appears at the relevant time on the register of bondholders as the holder of the Bond in respect
of which this Certificate is issued such amount or amounts as shall become due in respect of the Bond and otherwise to comply with the Conditions. 
 Any
reference herein to the Conditions is to the terms and conditions of the Bond attached hereto and any reference to a numbered Condition is to the correspondingly numbered provision thereof. 

This Certificate is evidence of entitlement only. Title to the Bond passes only on due registration in the register of bondholders and only the duly
registered holder is entitled to payment on the Bond in respect of which this Certificate is issued. 
 This Certificate shall not be valid for any purpose
until executed by the Issuer. 
 This Certificate and the Bond are governed by and shall be construed in accordance with the laws of the Hong Kong Special
Administrative Region of the People’s Republic of China. 
 Issued by and under the common seal of the Issuer this 20th day of December, 2013. 
  

					
	THE COMMON SEAL of	  	)	  	
	CHINA METRO-RURAL HOLDINGS LIMITED	  	)	  	
	was affixed hereto in the presence of:	  	)	  	

  

			
	  

	Name: Sio Kam Seng
	Director

 Notes: The Bond cannot be transferred to bearer on delivery and is only transferable to the extent permitted by Condition
0. This Certificate must be delivered to the specified office of the Issuer for cancellation and reissue of an appropriate Certificate in the event of any such transfer. 

 TERMS AND CONDITIONS OF THE BOND 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In these Conditions, the following terms and expressions shall, unless the context
otherwise requires, have the following meanings. 
 “Act” has the meaning specified in Condition 10.1. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration (in each case whether preliminary, interim, conditional or otherwise). 
 “Authority” means any competent
governmental, administrative, supervisory, regulatory, judicial, determinative, disciplinary, enforcement or tax raising body, authority, agency, board, department, court or tribunal of any jurisdiction (including any relevant securities exchange)
and whether supranational, national, regional or local. 
 “Bond” means this US$1,000,000 10% convertible bond due 2016 of
the Issuer. 
 “Bond Documents” means the Certificate, these Conditions and any other document designated as a Bond Document
by the Bondholder and the Issuer. 
 “Bondholder” and “holder” means [not disclosed] or any
other person to whom the Bond is transferred pursuant to Condition 16.1 and in whose name the Bond is registered. 
 “Business
Day” means a day on which banks are open for business in Hong Kong, the PRC and the State of New York (other than a Saturday, Sunday or public holiday or a day on which a tropical cyclone warning No. 8 or above or a “black
rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9:00 a.m. and 5:00 p.m.) and, in the case of the surrender of the Certificate, in the place where the Certificate is surrendered. 

“Certificate” has the meaning specified in Condition 3. 

“Conditions” means these Terms and Conditions of the Bond as set forth herein. 

“Conversion Date” has the meaning specified in Condition 8.4(b). 

“Conversion Notice” means a written notice of conversion in substantially the form set out in Annexure 2. 

“Conversion Period” has the meaning specified in Condition 8.1. 

“Conversion Price” means the price per Conversion Share at which Conversion Shares will be issued upon the exercise of the
Conversion Right attached to the Bond, which price being initially US$1.30, subject to adjustment as provided in these Conditions. 

“Conversion Right” means a right to convert the Bond into Conversion Shares pursuant to Condition 8.1. 

“Conversion Shares” mean the Shares to be issued to the Bondholder upon the exercise of the Conversion Right attached to the
Bond. 

  
 1 

 “Equivalent Amount” has the meaning specified in Condition 8.4(c)(iv). 

“Event of Default” means any event or circumstance described as such in Condition 13.1. 

“Group” means the Issuer and its Subsidiaries, namely, M.S. Electronic Emporium Limited, China Metro-Rural Limited, China
Metro-Rural Exchange Limited, China Northeast Logistics City Co., Ltd. 

, Tieling North Asia Development Co., Ltd. 

, Tieling Northeast City Advertising Co., Ltd. 

, Tieling North Asia Property Management Co., Ltd. 

, Tieling Northeast City Motor Vehicle Trading Co., Ltd. 

, China Metro-Rural Development Limited, China Northeast Logistics City Dezhou Co., Ltd. 

, Dezhou Northeast City Property Co., Ltd. 

, Dezhou North Asia Property Management Co., Ltd. 

, China Northeast Logistics City Shenzhen Co., Ltd. 

, China Glorious City Strategic Limited, China Glorious City Investments Limited, China Glorious City Construction Limited, China Glorious City Development Limited, China Glorious City (Hengyang) Co., Ltd. 

, Shenyang Jiataihe Investments Co., Ltd. 

, China Glorious City Strategic(Zhoukou) Co., Ltd

, China Glorious City Investments (Zhoukou) Co., Ltd.

, Hengyang China Glorious City Business Co., Ltd.

, Hengyang China Glorious City Logistics Co., Ltd.

, Hengyang China Glorious Property Co., Ltd.

, Hengyang Huayan Property Co., Ltd.

 and Hengyang Huaqian Property Co., Ltd.

, and “Group Member” means any of those persons. 
 “HKIAC” has the
meaning specified in Condition 20(c)(i). 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“Issue Date” means the date on which the Bond is issued. 

“Issuer” means China Metro-Rural Holdings Limited, a company limited by shares incorporated in the British Virgin Islands.

 “Interest Payment Date” has the meaning specified in Condition 7.1. 

“Interest Record Date” has the meaning specified in Condition 11.1(b). 

“Law” means, in respect of a person, all civil and common law, statute, subordinate legislation, treaty, regulation,
directive, decision, by-law, ordinance, circular, code, order, notice, demand, decree, injunction, resolution or judgment of any Authority (including the rules and regulations of the NYSE MKT or any other applicable stock exchange) applicable to or
affecting such person, its business, employees or assets in any jurisdiction. 
 “Maturity Date” means December 19,
2016. 
 “Maturity Redemption Amount” has the meaning specified in Condition 14. 

“NYSE MKT” means NYSE MKT LLC. 

“PRC” means the People’s Republic of China excluding, for the purpose of these Conditions, Hong Kong, Macau Special
Administrative Region and Taiwan. 
 “Redemption Amount” has the meaning specified in Condition 12.1. 

  
 2 

 “Redemption Notice” means any notice of redemption delivered by the Bondholder
to the Issuer in accordance with these Conditions and substantially in the form set out in Annexure 3. 
 “Register” has the
meaning specified in Condition 5. 
 “Registration Date” has the meaning specified in Condition 8.4(c)(ii). 

“Security” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, third party claim, debenture, option,
right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security or security interests of any kind (including retention arrangements or other encumbrances and any agreement to create any
of the foregoing). 
 “Shareholder” means a registered holder of Shares. 

“Shares” means ordinary shares in the capital of the Issuer. 

“Subsidiary” means, as of the relevant date of determination, with respect to any person (the “subject entity”),
(a) any person: (i) more than 50% of whose shares or other interests entitled to vote in the election of directors or (ii) more than 50% of whose interest in the profits or capital are owned or controlled directly or indirectly by the
subject entity or through one (1) or more Subsidiaries of the subject entity, or (b) any person with respect to which the subject entity has the power to otherwise direct the business and policies of that person directly or indirectly
through another Subsidiary. 
 “U.S.” means the United States of America. 

“US$” means U.S. dollars, the lawful currency of the U.S. 

 

	1.2	Interpretation 

  

	 	(a)	Unless a contrary indication appears, any reference in these Conditions to: 

  

	 	(i)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(ii)	the Bondholder, any Group Member or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(iii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(iv)	a reference to any Hong Kong legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than
Hong Kong, be deemed to include what most nearly approximates the Hong Kong legal term in that jurisdiction and references to any Hong Kong statute or enactment shall be deemed to include any equivalent or analogous laws or rules in any other
jurisdiction; 

  

	 	(v)	 a reference to any law or enactment includes references to: (A) that law or enactment as re-enacted, amended, extended or applied by or under any
other 

  
 3 

	 	
enactment (before or after the Issue Date); (B) any law or enactment which that law or enactment re-enacts (with or without modification); and (C) any subordinate legislation made under
any law or enactment, as re-enacted, amended, extended or applied, as described in paragraph (A) above, or under any law or enactment referred to in paragraph (B) above, and “law” and “enactment” includes
any legislation in any jurisdiction; 

  

	 	(vi)	a “Bond Document” or any other agreement or instrument is a reference to that Bond Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(vii)	words importing the singular include the plural and vice versa, and words importing a gender include every gender; 

  

	 	(viii)	a time of day is a reference to Hong Kong time; and 

  

	 	(ix)	the words “include” and “including” shall be construed without limitation. 

  

	 	(b)	The headings in these Conditions are inserted for convenience only and shall not affect the construction of these Conditions. 

  

	2	STATUS 

 The Bond constitutes the direct, unsecured, unconditional and unsubordinated
obligations of the Issuer and is issued with the benefits of these Conditions. The payment obligations of the Issuer under the Bond shall (save for such exceptions as may be provided by mandatory provisions of Law) at all times rank at least equally
with all other present and future unsecured, unconditional and unsubordinated obligations of the Issuer. No application will be made for a listing of the Bond. 
  

	3	FORM AND DENOMINATION 

 The Bond is issued in registered form. On the Issue Date, a
definitive bond certificate (the “Certificate”) shall be issued to the Bondholder in respect of his registered holding of the Bond. The Bond and the Certificate shall be numbered serially with an identifying number which shall be
recorded on the Certificate and in the Register. 
  

	4	TITLE 

 Title to the Bond passes only by transfer and registration in the Register
pursuant to Condition 16.1. The Bondholder shall (except as otherwise required by Law) be treated as the absolute owner of the Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person shall be liable for so treating the holder. 
  

	5	REGISTER 

 The Issuer shall maintain a register of bondholders (the
“Register”) on which shall be entered the name, address and bank account details of the Bondholder and the particulars of the Bond held by the Bondholder. 

  
 4 

	6	COVENANTS 

  

	6.1	Authorisations 

 The Issuer shall promptly obtain, comply with and do all that is necessary to
maintain in full force and effect any Authorisation required under Law to enable it to perform its obligations under the Bond Documents. 
  

	6.2	Other Covenants in relation to Conversion Right 

 For so long as the Bond shall remain
outstanding, unless with the Bondholder’s consent, the Issuer shall pay the expenses of the issue of, and all expenses of obtaining and maintaining a listing on the NYSE MKT for, the Conversion Shares. 

 

	7	INTEREST 

  

	7.1	Interest Rate and Interest Payment Dates 

 The Bond bears interest on its outstanding principal
amount from and including the Issue Date at the rate of 10% per annum. Interest is payable semi-annually in arrears on the last day of every six months from the Issue Date (each an “Interest Payment Date”). If an Interest
Payment Date would otherwise fall on a day which is not a Business Day, it shall be postponed to the next day which is a Business Day. 
  

	7.2	Interest Accrual and Payment 

  

	 	(a)	Interest on the Bond shall accrue from the Issue Date on a daily basis and shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, including the first day of the period during which
it accrues and including the last day of the period. Interest on the Bond not held for the whole of the period between any two successive Interest Payment Dates shall be calculated on a pro rata basis. 

 

	 	(b)	The Bond shall cease to bear interest: 

  

	 	(i)	where the Conversion Right attached to it shall have been exercised, from and including the Conversion Date; or 

  

	 	(ii)	from the Maturity Date or the due date for redemption of the Bond, unless payment of the full amount due is improperly withheld or refused or default is otherwise made in respect of any such payment, and in such event,
interest shall continue to accrue at the rate provided in Condition 7.1, up to but excluding the date on which all sums due in respect of the Bond are received by or on behalf of the holder thereof. If interest is required to be calculated for a
period of less than one year, it shall be calculated on the basis of the actual number of days elapsed in a year of 365 days. 

  

	 	(c)	Save as provided in Conditions 8.4(c)(iii), 12, 13 and 14 the Issuer shall pay interest due in respect of the Bond on each Interest Payment Date. 

  
 5 

	8	CONVERSION 

  

	8.1	Conversion Right and Conversion Period 

 The Bondholder has the right to convert all but not
part of the Bond for Conversion Shares at any time during the Conversion Period; provided that such conversion would not result in the Bondholder, the Issuer or any other person contravening any applicable Law. Such Conversion Right shall be
exercised in accordance with Condition 8.4(a)(i). Subject to compliance with these Conditions (including Condition 8.4(a)(i)), the “Conversion Period” shall be the period commencing on the Issue Date and expiring on the close of
business (at the place where the Certificate representing the Bond is deposited for conversion) on the earlier of: 
  

	 	(a)	the date which falls five (5) Business Days prior to the Maturity Date; or 

  

	 	(b)	if the Bond shall have been called for redemption prior to the Maturity Date, the close of business (at the place aforesaid) on the date of the Redemption Notice. 

 

	8.2	Number of Conversion Shares and Fractions Arising on Conversion 

  

	 	(a)	The number of Conversion Shares to be issued on a conversion of the Bond pursuant to this Condition 0 shall be determined by dividing the principal amount of the Bond by the Conversion Price in effect at the Conversion
Date. 

  

	 	(b)	Fractions of Conversion Shares shall not be issued on the conversion of the Bond but rounded down to the nearest whole number of Conversion Shares and no cash adjustments shall be made in respect thereof.

  

	8.3	Revival After Default 

 Notwithstanding the provisions of Condition 8.1, if: 

 

	 	(a)	the Issuer shall default in making payment in full in respect of the Bond which shall have been called for redemption on the date fixed for redemption thereof; or 

 

	 	(b)	the Bond has become due and payable prior to the Maturity Date by reason of the occurrence of an Event of Default; or 

  

	 	(c)	the Bond is not redeemed on the Maturity Date in accordance with Condition 12.2, 

 the
Conversion Right attaching to the Bond shall revive and/or shall continue to be exercisable up to (and including) the close of business (at the place where the Certificate evidencing the Bond is deposited for conversion) on the date upon which the
full amount of the moneys payable in respect of the Bond has been duly received by the Bondholder. If the Certificate and the Conversion Notice are deposited for conversion prior to such date, the Bond shall be converted on the relevant Conversion
Date notwithstanding that the Conversion Period may have expired before such Conversion Date. 

  
 6 

	8.4	Conversion Procedure 

  

	 	(a)	Conversion Notice 

  

	 	(i)	To exercise the Conversion Right attaching to the Bond pursuant to Condition 8.1 the holder thereof must complete, execute and deposit at his own expense during normal business hours at the principal office of the
Issuer in Hong Kong: 

  

	 	(A)	a Conversion Notice; and 

  

	 	(B)	the Certificate. 

 Except as expressly provided herein, a Conversion Notice once delivered
shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 
  

	 	(b)	Conversion Date 

  

	 	(i)	Subject to Condition 8.4(b)(ii), the conversion date in respect of the Bond (the “Conversion Date”) must fall at a time when the Conversion Right attaching to that Bond is expressed in these Conditions
to be exercisable (subject to Conditions 8.1 and 8.3), and shall be deemed to be the fifth (5th) Business Day following the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be
made or indemnity given under these Conditions in connection with the exercise of such Conversion Right. 

  

	 	(ii)	In the event the conversion would result in the Bondholder, Issuer or any other person contravening any applicable Law, then for that particular conversion only and in respect of only those Conversion Shares which
result in that contravention, the Conversion Date will be the fifth (5th) Business Day after the later of: 

  

	 	(A)	the date the issue of those Conversion Shares would no longer result in that contravention; and 

  

	 	(B)	the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be made or indemnity given under these Conditions in connection with the exercise of such Conversion
Right. 

  

	 	(c)	Issue of Shares and Registration 

  

	 	(i)	As soon as practicable on the Conversion Date, the Issuer shall, upon exercise by the Bondholder of the Conversion Right pursuant to Condition 8.1 and in respect of which a duly completed Conversion Notice and the
Certificate having been delivered as required by this Condition 8.4, issue to the Bondholder the relevant number of Conversion Shares and shall immediately upon the issue of those Conversion Shares: 

 

	 	(A)	instruct the Issuer’s share registry to as soon as practicable: 

  

	 	(I)	enter the Bondholder in the register of members of the Issuer (if any) as the holder of those Conversion Shares; and 

  

	 	(II)	despatch a single share certificate in respect of all of those Conversion Shares issued on conversion of the Bond subject to the same Conversion Notice and which are to be registered in the same name. 

  
 7 

	 	(ii)	The Bondholder shall become the holder of record of the number of Conversion Shares issuable upon conversion with effect from the date such person is registered as such in the Issuer’s register of members (the
“Registration Date”). The Conversion Shares shall in all respects (including rights to dividends) rank pari passu with the Shares in issue on the relevant Registration Date. 

 

	 	(iii)	Upon conversion and on the Registration Date, the Issuer shall pay to the Bondholder any interest accruing on the converted Bond since (but excluding) the Interest Payment Date last preceding the relevant Conversion
Date up to (but excluding) the Conversion Date. 

  

	 	(iv)	If the record date for the payment of any dividend or other distribution in respect of the Shares is on or after the Conversion Date of the Bond, but before the Registration Date, the Issuer shall pay to the converting
Bondholder an amount (the “Equivalent Amount”) in US$ equal to the amount of any such dividend or other distribution to which the Bondholder would have been entitled had it on that record date been a Shareholder on record and shall
make the payment at the same time as it makes payment of the dividend or other distribution to other Shareholders, or as soon as practicable thereafter. The Equivalent Amount shall be paid by means of transfer to the registered account of the
Bondholder or by US$ cheque drawn on a bank in Hong Kong and mailed to the registered address of the Bondholder specified in the relevant Conversion Notice if he does not have a registered account. In these Conditions a “record
date” means a date fixed by the constitutional documents of the Issuer or otherwise specified for the purpose of determining entitlements to dividends or other distributions to, or rights of, Shareholders. 

 

	9	ADJUSTMENTS TO CONVERSION PRICE 

  

	9.1	Conversion Price Adjustment – Consolidation, Subdivision or Reclassification 

 The
Conversion Price shall be subject to adjustment if and whenever the Shares shall be consolidated, subdivided or reclassified. 
 In such an
event, the Conversion Price in force immediately prior thereto shall be adjusted by multiplying it by the following fraction: 
  

					
		 	 A
	 	
		 	B	 	

 where: 
  

	 	A	is the aggregate number of issued Shares immediately before such consolidation, sub-division or reclassification; and 

  

	 	B	is the aggregate number of issued Shares immediately after such consolidation, sub-division or reclassification. 

Such adjustment shall become effective on the date the consolidation, sub-division or reclassification (as the case may be) takes effect. 

  
 8 

	9.2	Rounding and Minor Adjustments 

 On any adjustment, the resultant Conversion Price, if not an
integral multiple of US$0.01, shall be rounded down to the nearest US$0.01. No adjustment shall be made to the Conversion Price if such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any
adjustment not required to be made, and any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment. 

 

	9.3	Employee Share Scheme 

 No adjustment shall be made to the Conversion Price where Shares or
other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted to or for the benefit of employees or former employees (including directors holding or formerly holding executive
office) of the Issuer or any Group Member pursuant to any employee share scheme or plan (including a dividend reinvestment plan). 
  

	9.4	Notice of Change in Conversion Price 

 The Issuer shall give notice to the Bondholder in
accordance with Condition 18 of any change in the Conversion Price. Any such notice relating to a change in the Conversion Price shall set forth: (i) the event giving rise to the adjustment; (ii) the Conversion Price prior to such
adjustment; (iii) the adjusted Conversion Price; and (iv) the effective date of such adjustment. 
  

	10	REPRESENTATIONS AND WARRANTIES OF THE BONDHOLDER 

  

	10.1	The Bondholder hereby acknowledges and represents and agrees that (i) neither the Bond nor the Conversion Shares has been or will be registered under the U.S. Securities Act of 1933, as amended from time to time
(the “Act”), or any other U.S. federal or state securities or “Blue Sky” laws, and may be resold within the jurisdiction of the United States or to U.S. Persons as defined in Rule 902(o) of Regulation S only if registered
pursuant to the provisions of the Act and all applicable U.S. federal and state securities laws or if an exemption from such registration is available; (ii) the Issuer is not required and has no present intention to register the Bond or the
Conversion Shares under the Act or any other securities laws; and (iii) any transfer of the Bond or any Conversion Shares must comply with the constitutional documents of the Issuer and all applicable U.S. federal and state securities laws. The
Bondholder further acknowledges that if an exemption from registration of the Bond or the Conversion Shares is available under the Act or any other applicable securities law, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Bond or Conversion Shares and requirements relating to the Issuer that are outside of the Bondholder’s control and that the Issuer is under no obligation, and may not be able, to
satisfy. 

  

	10.2	The Bondholder hereby represents and warrants to the Issuer that he (i) is a sophisticated individual that is an accredited investor within the meaning of Rule 501 under the Act, (ii) is able to protect his
own interests and bear the economic risk associated with the purchase of the Bond or the Conversion Shares, (iii) has received such information as he deems necessary and appropriate to make an informed decision regarding the purchase of the
Bond or the Conversion Shares, (iv) has such knowledge and experience, and has made investments of a similar nature, so as to be aware of the risks and uncertainties inherent in the purchase of investments of the type contemplated by the Bond
Documents, and (v) has independently and without reliance upon the Issuer, and based on such information as the Bondholder has deemed appropriate, made his own analysis and decision to subscribe for the Bond and/or the Conversion Shares. He
acknowledges that the Issuer has not given, and is not required to give, the Bondholder any investment advice, credit information or opinion on whether the subscription of the Bond or the Conversion Shares is prudent. 

  
 9 

	10.3	The Bondholder hereby represents and warrants to the Issuer that either it has been duly formed and is validly existing as a corporation or other legal entity in good standing under the laws of its jurisdiction of
incorporation or is an individual who is not a citizen or resident of the U.S. The Bondholder is not organized under the laws of the U.S. and is not a “U.S. Person” as that term is defined in Rule 902(o) of Regulation S under the Act.

  

	10.4	The Bondholder hereby represents and warrants to the Issuer that the Bond and any Conversion Shares are being acquired for investment for the Bondholder’s own account, not as nominee or agent or on behalf of any
U.S. Person as defined in Rule 902(o) of Regulation S, and the Bondholder has no intention of distributing or reselling, or granting any participation in, the Bond or the Conversion Shares, or any part thereof, except in accordance with the Act, the
rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder and all other applicable securities laws, rules and regulations. 

  

	10.5	The Bondholder hereby represents and warrants to the Issuer that to the best knowledge of the Bondholder, the Bond, the Bond Documents and the transactions contemplated by them are not part of a plan or scheme to evade
the registration provisions of the Act. 

  

	10.6	The Bondholder hereby acknowledges, represents and warrants that the Issuer has not made an offer to issue the Bond to the Bondholder in the U.S. other than as permitted in the case of an account managed by a
professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of Regulation S. At the time of the issue of the Bond and the execution of the Bond Documents and, to the best knowledge of the Bondholder, at the time the
issue of the Bond originated, the Bondholder was located and resident outside the U.S., other than as permitted in the case of an account managed by a professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of
Regulation S. 

  

	10.7	The Bondholder hereby acknowledges that no public market now exists for the Bond or the Conversion Shares and that the Issuer has not provided any assurance that a public market will ever exist for the Bond or the
Conversion Shares. 

  

	10.8	The Bondholder hereby acknowledges, represents and warrants that he has had an opportunity to (i) review the terms and conditions of the Bond Documents, the constitutional documents of the Issuer and any other
documents related to the transactions contemplated under the Bond Documents, (ii) to secure all such information as he deems necessary regarding the business, management, properties, prospects and financial condition of each Group Member and
(iii) to consult with counsel regarding the subject matter of the Bond Documents. The Bondholder hereby further acknowledges that the Issuer has not made or given any implied or express representations or warranties. In particular, no
representations are made and no warranties are given by the Issuer in respect of the business, management, properties, prospects and financial condition of each Group Member. 

 

	10.9	The Bondholder hereby acknowledges and understands that the Bond, the Conversion Shares, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends:

 “THE SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.” 

  
 10 

 “TRANSFER OF THESE SHARES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.” 

 

	10.10	The Bondholder hereby consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order to implement the restrictions on transfer of the Bond or Shares set forth
in these Conditions. 

  

	11	PAYMENTS 

  

	11.1	Principal and interest 

 Payment of principal and interest due: 

 

	 	(a)	other than on an Interest Payment Date shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the Bondholder if he does
not have a registered account. Payment of principal shall only be made after surrender of the Certificate at the principal place of business of the Issuer in Hong Kong; and 

 

	 	(b)	on an Interest Payment Date shall be paid on the due date for the payment of interest to the holder shown on the Register at the close of business on the fifth (5th) day before the due date for the payment of
interest (the “Interest Record Date”). Payments of interest on the Bond shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the
Bondholder if he does not have a registered account. 

  

	11.2	Rounding 

 When making payments to or for the benefit of the Bondholder, fractions of one cent
shall be rounded down to the nearest cent. 
  

	11.3	Registered Accounts 

 For the purposes of this Condition, the Bondholder’s registered
account means the US$ account maintained by or on behalf of the Bondholder with a bank in Hong Kong or any other jurisdiction, details of which appear on the Register at the close of business on the second Business Day before the due date for
payment, and the Bondholder’s registered address means his address appearing on the Register at that time. 
  

	11.4	Fiscal Laws 

 All payments are subject in all cases to Law. No commissions or expenses shall be
charged to the Bondholder in respect of such payments. 
  

	11.5	Payment Initiation 

  

	 	(a)	 Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business Day,
for value on the first following day which is a Business Day) shall be initiated and, where payment is to be made by cheque, the cheque shall be mailed (at the risk and, if mailed at the request of the holder otherwise than by ordinary mail, expense
of the holder) on the due date for payment (or, if it is not a Business Day, the immediately 

  
 11 

	 	
following Business Day) or, in the case of a payment of principal, if later, on the Business Day on which the Certificate is surrendered at the principal place of business of the Issuer in Hong
Kong. 

  

	 	(b)	If any date for payment is not a Business Day, the Bondholder shall not be entitled to payment until the next following Business Day nor to any interest or other payment for any delay after the due date in receiving the
amount due, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in accordance with this Condition arrives after the due date for payment. 

 

	12	REDEMPTION AND CANCELLATION 

  

	12.1	Redemption by the Bondholder 

 The Bondholder shall have the right to require the Issuer to
redeem the Bond at any time on or after the date which is eighteen (18) months after the Issue Date by delivering a Redemption Notice together with the Certificate to the Issuer and the Issuer shall redeem the Bond no later than ninety
(90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. For the purpose of these Conditions, the “Redemption Amount” means the outstanding principal amount of the Bond elected to be
redeemed pursuant to this Condition 12, together with any unpaid interest accruing on such outstanding principal amount of the Bond to be redeemed since (but excluding) the Interest Payment Date last preceding the relevant date of redemption up to
(but excluding) such date of redemption. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 

 

	12.2	Maturity 

  

	 	(a)	Unless previously redeemed or converted and cancelled as provided in these Conditions, the Issuer shall redeem the Bond by payment of the Maturity Redemption Amount in respect of the Bond on the Maturity Date in
accordance with these Conditions. 

  

	 	(b)	Except as provided in these Conditions (including Conditions 12 and 0), neither the Issuer nor the Bondholder may redeem the Bond at his option prior to the Maturity Date. 

 

	12.3	Cancellation 

 The Bond shall be cancelled upon redemption or conversion and the Issuer is
entitled to update the Register accordingly to reflect such redemption or conversion. 
  

	12.4	Notices 

 All notices given pursuant to this Condition 12 shall be given in accordance with
Condition 18. 

  
 12 

	13	EVENTS OF DEFAULT 

  

	13.1	Events or Circumstances Constituting Events of Default 

 Each of the following events or
circumstances is an Event of Default for the purposes of Condition 13.2, unless otherwise agreed by the Bondholder or otherwise expressly permitted under any Bond Document: 
  

	 	(a)	If the Issuer fails to make a payment, whether of principal, interest or otherwise, in accordance with the Bond Documents and such default continues for a period of ten (10) Business Days after the due date for
such payment. 

  

	 	(b)	Any failure by the Issuer to deliver any Conversion Shares as and when the Conversion Shares are required to be delivered following conversion of the Bond and such failure continues for more than ten (10) Business
Days. 

  

	13.2	Bondholder Rights Upon Event of Default 

 Upon the occurrence of an Event of Default which is
continuing, the Bondholder shall have the right to require the Issuer to redeem the Bond by delivering a Redemption Notice together with the Certificate to the Issuer. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn
unless the Issuer consents in writing to such withdrawal. The Issuer shall redeem the Bond no later than ninety (90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. 

 

	14	MATURITY REDEMPTION AMOUNT 

 Unless previously redeemed or converted and cancelled as
provided in these Conditions, the Issuer shall on the Maturity Date redeem the Bond at the Maturity Redemption Amount. For the purpose of these Conditions, the “Maturity Redemption Amount” means the outstanding principal amount of
the Bond, together with any unpaid interest accruing on such outstanding principal amount of the Bond since (but excluding) the Interest Payment Date last preceding the Maturity Date up to (but excluding) the Maturity Date. Except as provided in
these Conditions (including Conditions 12 and 0), the Bond shall not be redeemed or repaid prior to the Maturity Date. 
  

	15	MODIFICATION AND WAIVER 

  

	15.1	Agreement in writing 

 The Bond and these Conditions may only be varied by agreement in writing
between the Issuer and the Bondholder. 
  

	15.2	Modification and Waiver 

 The Bondholder may agree in writing with the Issuer to the waiver or
authorisation of any breach, or proposed breach, of the Bond and these Conditions. The Bond and these Conditions may be amended without the consent of the Bondholder to correct a manifest or proven error or to comply with mandatory provisions of
Law. Any such modification, waiver or authorisation shall be binding on the Bondholder and any such modification shall be notified by the Issuer to the Bondholder as soon as practicable thereafter. 

  
 13 

	16	TRANSFER AND REGISTRATION OF THE BOND; ISSUE OF CERTIFICATES 

  

	16.1	Procedure for transfer 

  

	 	(a)	Notwithstanding any provision to the contrary in the Bond Documents, the Bond cannot be transferred unless with the written consent of the Issuer and upon the execution of the form of transfer substantially in the form
set forth in Annexure 1 endorsed under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of a director or a duly authorised officer in writing. The Bondholder shall cause its shareholders,
affiliates, or any other person controlling the Bondholder to abide by this Condition 0 and procure that restrictions set forth in this Condition 0 shall not be avoided by the direct or indirect sale, transfer, disposal, issuance or redemption of
any shares (or other interest) in the Bondholder or in a shareholder, affiliate or such other person having control over the Bondholder or otherwise. In this Condition, a reference to “transferor” shall (where the context permits or
requires) include joint transferors and be construed accordingly. 

  

	 	(b)	The transferor of the Bond shall be deemed to remain the holder of the Bond until the name of the transferee is entered in the Register as the holder thereof. Registration of a transfer of the Bond shall be effected
without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of any costs, taxes or other governmental
charges which may be imposed in relation to it. 

  

	 	(c)	The Certificate issued in respect of the Bond to be transferred must be delivered for registration to the Issuer accompanied by such other evidence as the Issuer may reasonably require to prove the title of the
transferor or his right to transfer the Bond and his identity and, if the form of transfer is executed by some other person on behalf of the transferor or in the case of the execution of a form of transfer on behalf of a corporation by its officers,
the authority of that person or those persons to do so. The signature of the person effecting a transfer of the Bond shall conform to any list of duly authorised specimen signatures supplied by the holder of the Bond. 

 

	 	(d)	The new Certificate to be issued upon a transfer of Bond shall, within five (5) Business Days of receipt by the Issuer of the Certificate and form of transfer complying with the requirements of this Condition 16.1,
be made available for collection at the principal place of business of the Issuer in Hong Kong, or if so requested in the form of transfer, be mailed by uninsured mail (at the risk of the transferee) to the address specified in the form of transfer.

  

	 	(e)	Subject to the other provisions of this Condition 0, the Issuer shall register the transfer of the Bond only upon presentation of an executed and duly completed form of transfer together with the Certificate and any
other documents thereby required. 

  

	16.2	Entitlement to Certificate 

  

	 	(a)	The executors or administrators of a deceased Bondholder (not being one of several joint holders) and, in the case of the death of one or more of joint holders, the survivor or survivors of such joint holders, shall be
the only persons recognised by the Issuer as having any title to the Bond. 

  

	 	(b)	 Any person becoming entitled to the Bond in consequence of the death or bankruptcy of the Bondholder may, upon producing such evidence that he holds
the 

  
 14 

	 	
position in respect of which he proposes to act under this Condition or of his title as the Issuer shall reasonably require (including certificates and/or legal opinions), be registered himself
as the holder of the Bond or, subject to this Condition and with the written consent of the Issuer, may transfer the Bond. The Issuer may retain any amount payable upon the Bond to which any person is so entitled until such person shall be so
registered or shall duly transfer the Bond. 

  

	 	(c)	Unless otherwise requested by it, a holder of Bond shall receive only one (1) Certificate in respect of his holding. 

  

	 	(d)	The joint holders of a Bond shall be entitled to one (1) Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first
in the Register in respect of the joint holding. 

  

	16.3	Transfer and formalities free of charge 

 Registration of the holding of the Bond or any
transfer of the Bond shall be effected without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of
any costs, taxes or other governmental charges which may be imposed in relation to it. If the Bondholder entitled to receive the Certificate wishes to have it delivered to him otherwise than at the specified office of the Issuer, such delivery shall
be made upon his written request to the Issuer, at his risk and at his expense. 
  

	16.4	Closed Period 

 The Bondholder may not require the transfer of the Bond to be registered:
(a) during the period of fifteen (15) days ending on (and including) the dates for payment of any principal or any other amounts pursuant to these Conditions; (b) during the period of fifteen (15) days ending on (and including)
any Interest Payment Date; (c) after a Conversion Notice has been delivered with respect to the Bond pursuant to these Conditions; or (d) after a Redemption Notice has been delivered with respect to the Bond pursuant to these Conditions.

  

	17	REPLACEMENT OF CERTIFICATES 

 If the Certificate is mutilated, defaced, destroyed, stolen
or lost, it shall be replaced at the principal place of business of the Issuer in Hong Kong upon payment by the claimant of costs and expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer
may require. A mutilated or defaced Certificate must be surrendered before a replacement will be issued. 
  

	18	NOTICES 

  

	18.1	Notices to Issuer 

  

	 	(a)	All notices to the Issuer shall be validly given if delivered in person or sent by letter or facsimile transmission addressed to the Issuer at: 

 

			
	Address:	  	Suite 2204, 22/F, Sun Life Tower
		  	The Gateway, 15 Canton Road
		  	Tsimshatsui, Kowloon, Hong Kong
		
	Fax:	  	+852 2111 1890
		
	Attention:	  	Ms. Chris Fan

 or any substitute address or fax number which the Issuer may notify to the Bondholder by not less than ten
(10) Business Days’ notice. 

  
 15 

	 	(b)	Any communication or notice made to the Issuer under or in connection with these Conditions will only be effective: 

  

	 	(i)	if by way of fax, at the time of its despatch (subject to confirmation of uninterrupted transmission by the sender by a transmission report); 

 

	 	(ii)	if by personal delivery by hand or courier, at the time of delivery at the address referred to in Condition 18.1(a); 

  

	 	(iii)	if by local post (other than airmail) or registered mail, at 10:00 am on the second Business Day after posting; and 

  

	 	(iv)	if by airmail, at 10:00 am on the fifth (5th) Business Day after posting. 

  

	18.2	Notices to the Bondholder 

 All notices to the Bondholder under or in connection with these
Conditions shall be validly given if mailed to him at his address in the Register. Condition 18.1(b) shall apply mutatis mutandis to notices given by the Issuer to the Bondholder under or in connection with these Conditions. 

 

	19	LANGUAGE 

 These Conditions are in English. If a translation is prepared, the English
version shall prevail and the translation shall be for information purposes only. 
  

	20	GOVERNING LAW AND ARBITRATION 

  

	 	(a)	The Bond and any dispute or claim arising out of or in connection with it or these Conditions or any Bond Document shall be governed by, and construed in accordance with, Hong Kong law. 

 

	 	(b)	Any dispute, controversy or claim arising out of or in connection with the Bond or these Conditions or any Bond Document (including a dispute regarding the existence, validity, formation, effect, interpretation,
performance or termination of the Bond or these Conditions) shall be settled by arbitration. 

  

	 	(c)	The arbitral proceedings shall be conducted as follows: 

  

	 	(i)	the place of arbitration shall be in Hong Kong at the Hong Kong International Arbitration Center (“HKIAC”); 

  

	 	(ii)	the arbitration proceedings shall be conducted in English; 

  

	 	(iii)	the UNCITRAL Arbitration Rules in force as at the Issue Date (as may be amended by these Conditions) shall apply; 

  

	 	(iv)	there shall be three (3) arbitrators to be mutually agreed upon by the Issuer and the Bondholder or, in absence of mutual agreement, each of (A) the Issuer (on the one hand) and (B) the Bondholder (on the
other hand) may nominate one (1) arbitrator and the third arbitrator shall be appointed by the Chairman for the time being of the HKIAC; 

  
 16 

	 	(v)	the arbitration proceedings shall be administered by the HKIAC in accordance with the HKIAC Procedures for Arbitration in force as at the Issue Date; 

 

	 	(vi)	an award by the arbitrators shall be final and conclusive and binding upon the Issuer and the Bondholder and shall not be subject to further appeal; and 

 

	 	(vii)	judgment upon the award rendered may be entered in any court having jurisdiction and each of the Issuer and the Bondholder submits to the non-exclusive jurisdiction of the Hong Kong courts for this purpose.

  

	21	TERMINATION OF CONDITIONS 

 Notwithstanding anything to the contrary in any Bond
Document, the Issuer’s covenants, obligations and conditions, and the Bondholder’s rights, benefits and claims under the Bond Documents, at law and/or in equity, insofar as the Bondholder’s Bond is concerned, shall terminate and have
no force and effect upon the earlier of the date on which the Bond is converted or redeemed (as the case may be). 

  
 17 

 ANNEXURE 1 

FORM OF TRANSFER 
 CHINA
METRO-RURAL HOLDINGS LIMITED 
 (a company limited by shares incorporated in the British Virgin Islands) 

US$1,000,000 10% CONVERTIBLE BOND DUE 2016 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 I am/We are* the holder of US$1,000,000 in
aggregate principal amount of the Bond issued by the Issuer on December 20, 2013 with Certificate number 1. 
 References in this Transfer Form to
“Conditions” are to the terms and conditions on which the Bond was issued, as may have been amended from time to time. Terms defined in the Conditions shall have the same meaning in this Transfer Form, save where the context
otherwise requires. 
  

	1.	I/We* hereby transfer the Bond registered in my/our* name in the register of bondholders to: 

  

	
	  

	
	of/whose registered office address is at:
	
	  

	
	  

	
	  

	
	(the “Transferee”)

  

	2.	I/We* hereby request that a Certificate in respect of the transferred Bond be issued to the person whose name and address are set out in paragraph 1 above and that such Certificate: 

 

	 	* (a)	be despatched to the person whose name and address is given below and in the manner specified below: 

  

							
	Name	  	:	  	  
	  	
				
	Address	  	:	  	  
	  	
				
		  		  	  
	  	
				
		  		  	  
	  	

 Manner of despatch: [Registered mail/recorded mail/courier]* 

 

	 	* (b)	if no name and address is given in (a) above, be made available for collection at the office of the Issuer referred to for that purpose in the Conditions. 

  
 18 

									
	3.	 	The Certificate in respect of the transferred Bond is enclosed with this Transfer Form.
		
	4.	 	The registered account of the Transferee (being a US$ account) for the purposes of receipt of principal, interest and any other amounts in respect of the Bond is (unless otherwise instructed by the Transferee) as
follows:
					
		 	Name of Account	 	:	 	  
	  	
					
		 	Account No.	 	:	 	  
	  	
					
		 	Sort Code	 	:	 	  
	  	
					
		 	Name of Bank	 	:	 	  
	  	
					
		 	Address of Bank	 	:	 	  
	  	
					
		 		 		 	  
	  	
	
	 *  delete as appropriate

  

									
	Name of Transferor	 	:	 	  
	 	
				
	Signature of Transferor	 	:	 	  
	 	
				
	Date	 	:	 	  
	 	

 Notes: 
  

	(i)	A representative of the holder should state the capacity in which he signs. 

  

	(ii)	The signature of the person effecting a transfer shall conform to any list of duly authorized specimen signatures supplied by the holder or be certified by a recognized bank, notary public, commissioner of oaths,
solicitor or in such other manner as the Issuer may reasonably require. 

	

  
 19 

 ANNEXURE 2 

FORM OF CONVERSION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$1,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its related terms and conditions (the “Conditions”), [I/we] the holder(s) of the Bond hereby give notice of
[my/our] desire to exercise the conversion right attached to the Bond at the conversion price in accordance with the Conditions in respect of US$1,000,000 of the principal amount outstanding. 

[I/we] agree to accept all the fully paid ordinary shares in the capital of the Issuer (the “Conversion Shares”) to be issued pursuant to
this exercise of the conversion right attached to the Bond, subject to the constitutional documents of the Issuer. [I/we] desire the Conversion Shares to be registered in [my/our] name and hereby authorise the entry of [my/our] name in the register
of members of the Issuer in respect of the Conversion Shares and the despatch of the related share certificate to [name] at [address]. 
 The
Certificate in respect of the converted Bond is enclosed with this Conversion Notice. 
 Signature of the holder of the Bond: 

 

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 20 

 ANNEXURE 3 

FORM OF REDEMPTION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$1,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its terms and conditions (the “Conditions”), [I/we] the holder of the Bond refer to Condition [12.1/13.2] and
hereby require the Issuer to redeem the Bond in the aggregate principal amount of US$1,000,000 pursuant to the said Condition and otherwise in accordance with the terms and conditions contained in the Certificate. 

The Certificate in respect of the Bond which [I/we] require the Issuer to redeem is enclosed with this Redemption Notice. 

Signature of the holder of the Bond: 
  

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 21 

 Exhibit 4.49.4 

BOND CERTIFICATE WITH TERMS AND CONDITIONS 

CHINA METRO-RURAL HOLDINGS LIMITED 

(a company limited by shares incorporated in the British Virgin Islands) 

US$4,000,000 10% CONVERTIBLE BOND DUE 2016 

Certificate number: 1 
 Issued pursuant to a
resolution of the board of directors of China Metro-Rural Holdings Limited (the “Issuer”) passed on December 9, 2013. 
 THE ISSUER
HEREBY CERTIFIES that [not disclosed] is the registered holder of US$4,000,000 in principal amount of the above-mentioned convertible bond (the “Bond”). The Bond is issued with the benefit of and subject to the
provisions of the terms and conditions (the “Conditions”) attached hereto, as the same may be amended from time to time, which shall form an integral part of this Certificate. 

For value received, the Issuer promises to pay the person who appears at the relevant time on the register of bondholders as the holder of the Bond in respect
of which this Certificate is issued such amount or amounts as shall become due in respect of the Bond and otherwise to comply with the Conditions. 
 Any
reference herein to the Conditions is to the terms and conditions of the Bond attached hereto and any reference to a numbered Condition is to the correspondingly numbered provision thereof. 

This Certificate is evidence of entitlement only. Title to the Bond passes only on due registration in the register of bondholders and only the duly
registered holder is entitled to payment on the Bond in respect of which this Certificate is issued. 
 This Certificate shall not be valid for any purpose
until executed by the Issuer. 
 This Certificate and the Bond are governed by and shall be construed in accordance with the laws of the Hong Kong Special
Administrative Region of the People’s Republic of China. 
 Issued by and under the common seal of the Issuer this 20th day of December, 2013. 
  

			
	 THE COMMON SEAL of
 CHINA
METRO-RURAL HOLDINGS LIMITED
 was affixed hereto in the presence of:
	 	 )
 )

)

  

	
	  

	Name: Sio Kam Seng
	Director

 Notes: The Bond cannot be transferred to bearer on delivery and is only transferable to the extent permitted by Condition
16. This Certificate must be delivered to the specified office of the Issuer for cancellation and reissue of an appropriate Certificate in the event of any such transfer. 

 TERMS AND CONDITIONS OF THE BOND 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In these Conditions, the following terms and expressions shall, unless the context
otherwise requires, have the following meanings. 
 “Act” has the meaning specified in Condition 10.1. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration (in each case whether preliminary, interim, conditional or otherwise). 
 “Authority” means any competent
governmental, administrative, supervisory, regulatory, judicial, determinative, disciplinary, enforcement or tax raising body, authority, agency, board, department, court or tribunal of any jurisdiction (including any relevant securities exchange)
and whether supranational, national, regional or local. 
 “Bond” means this US$4,000,000 10% convertible bond due 2016 of
the Issuer. 
 “Bond Documents” means the Certificate, these Conditions and any other document designated as a Bond Document
by the Bondholder and the Issuer. 
 “Bondholder” and “holder” means [not disclosed] or any
other person to whom the Bond is transferred pursuant to Condition 16.1 and in whose name the Bond is registered. 
 “Business
Day” means a day on which banks are open for business in Hong Kong, the PRC and the State of New York (other than a Saturday, Sunday or public holiday or a day on which a tropical cyclone warning No. 8 or above or a “black
rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9:00 a.m. and 5:00 p.m.) and, in the case of the surrender of the Certificate, in the place where the Certificate is surrendered. 

“Certificate” has the meaning specified in Condition 3. 

“Conditions” means these Terms and Conditions of the Bond as set forth herein. 

“Conversion Date” has the meaning specified in Condition 8.4(b). 

“Conversion Notice” means a written notice of conversion in substantially the form set out in Annexure 2. 

“Conversion Period” has the meaning specified in Condition 8.1. 

“Conversion Price” means the price per Conversion Share at which Conversion Shares will be issued upon the exercise of the
Conversion Right attached to the Bond, which price being initially US$1.30, subject to adjustment as provided in these Conditions. 

“Conversion Right” means a right to convert the Bond into Conversion Shares pursuant to Condition 8.1. 

“Conversion Shares” mean the Shares to be issued to the Bondholder upon the exercise of the Conversion Right attached to the
Bond. 

  
 1 

 “Equivalent Amount” has the meaning specified in Condition 8.4(c)(iv). 

“Event of Default” means any event or circumstance described as such in Condition 13.1. 

“Group” means the Issuer and its Subsidiaries, namely, M.S. Electronic Emporium Limited, China Metro-Rural Limited, China
Metro-Rural Exchange Limited, China Northeast Logistics City Co., Ltd. 

, Tieling North Asia Development Co., Ltd. 

, Tieling Northeast City Advertising Co., Ltd. 

, Tieling North Asia Property Management Co., Ltd. 

, Tieling Northeast City Motor Vehicle Trading Co., Ltd. 

, China Metro-Rural Development Limited, China Northeast Logistics City Dezhou Co., Ltd. 

, Dezhou Northeast City Property Co., Ltd. 

, Dezhou North Asia Property Management Co., Ltd. 

, China Northeast Logistics City Shenzhen Co., Ltd. 

, China Glorious City Strategic Limited, China Glorious City Investments Limited, China Glorious City Construction Limited, China Glorious City Development Limited, China Glorious City (Hengyang) Co., Ltd. 

, Shenyang Jiataihe Investments Co., Ltd. 

, China Glorious City Strategic(Zhoukou) Co., Ltd

, China Glorious City Investments (Zhoukou) Co., Ltd.

, Hengyang China Glorious City Business Co., Ltd.

, Hengyang China Glorious City Logistics Co., Ltd.

, Hengyang China Glorious Property Co., Ltd.

, Hengyang Huayan Property Co., Ltd.

 and Hengyang Huaqian Property Co., Ltd.

, and “Group Member” means any of those persons. 
 “HKIAC” has the
meaning specified in Condition 20(c)(i). 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“Issue Date” means the date on which the Bond is issued. 

“Issuer” means China Metro-Rural Holdings Limited, a company limited by shares incorporated in the British Virgin Islands.

 “Interest Payment Date” has the meaning specified in Condition 7.1. 

“Interest Record Date” has the meaning specified in Condition 11.1(b). 

“Law” means, in respect of a person, all civil and common law, statute, subordinate legislation, treaty, regulation,
directive, decision, by-law, ordinance, circular, code, order, notice, demand, decree, injunction, resolution or judgment of any Authority (including the rules and regulations of the NYSE MKT or any other applicable stock exchange) applicable to or
affecting such person, its business, employees or assets in any jurisdiction. 
 “Maturity Date” means December 19,
2016. 
 “Maturity Redemption Amount” has the meaning specified in Condition 14. 

“NYSE MKT” means NYSE MKT LLC. 

“PRC” means the People’s Republic of China excluding, for the purpose of these Conditions, Hong Kong, Macau Special
Administrative Region and Taiwan. 
 “Redemption Amount” has the meaning specified in Condition 12.1. 

  
 2 

 “Redemption Notice” means any notice of redemption delivered by the Bondholder
to the Issuer in accordance with these Conditions and substantially in the form set out in Annexure 3. 
 “Register” has the
meaning specified in Condition 5. 
 “Registration Date” has the meaning specified in Condition 8.4(c)(ii). 

“Security” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, third party claim, debenture, option,
right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security or security interests of any kind (including retention arrangements or other encumbrances and any agreement to create any
of the foregoing). 
 “Shareholder” means a registered holder of Shares. 

“Shares” means ordinary shares in the capital of the Issuer. 

“Subsidiary” means, as of the relevant date of determination, with respect to any person (the “subject entity”),
(a) any person: (i) more than 50% of whose shares or other interests entitled to vote in the election of directors or (ii) more than 50% of whose interest in the profits or capital are owned or controlled directly or indirectly by the
subject entity or through one (1) or more Subsidiaries of the subject entity, or (b) any person with respect to which the subject entity has the power to otherwise direct the business and policies of that person directly or indirectly
through another Subsidiary. 
 “U.S.” means the United States of America. 

“US$” means U.S. dollars, the lawful currency of the U.S. 

 

	1.2	Interpretation 

  

	 	(a)	Unless a contrary indication appears, any reference in these Conditions to: 

  

	 	(i)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(ii)	the Bondholder, any Group Member or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(iii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(iv)	a reference to any Hong Kong legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than
Hong Kong, be deemed to include what most nearly approximates the Hong Kong legal term in that jurisdiction and references to any Hong Kong statute or enactment shall be deemed to include any equivalent or analogous laws or rules in any other
jurisdiction; 

  

	 	(v)	 a reference to any law or enactment includes references to: (A) that law or enactment as re-enacted, amended, extended or applied by or under any
other enactment (before or after the Issue Date); (B) any law or 

  
 3 

	 	
enactment which that law or enactment re-enacts (with or without modification); and (C) any subordinate legislation made under any law or enactment, as re-enacted, amended, extended or
applied, as described in paragraph (A) above, or under any law or enactment referred to in paragraph (B) above, and “law” and “enactment” includes any legislation in any jurisdiction; 

 

	 	(vi)	a “Bond Document” or any other agreement or instrument is a reference to that Bond Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(vii)	words importing the singular include the plural and vice versa, and words importing a gender include every gender; 

  

	 	(viii)	a time of day is a reference to Hong Kong time; and 

  

	 	(ix)	the words “include” and “including” shall be construed without limitation. 

  

	 	(b)	The headings in these Conditions are inserted for convenience only and shall not affect the construction of these Conditions. 

  

	2	STATUS 

 The Bond constitutes the direct, unsecured, unconditional and unsubordinated
obligations of the Issuer and is issued with the benefits of these Conditions. The payment obligations of the Issuer under the Bond shall (save for such exceptions as may be provided by mandatory provisions of Law) at all times rank at least equally
with all other present and future unsecured, unconditional and unsubordinated obligations of the Issuer. No application will be made for a listing of the Bond. 
  

	3	FORM AND DENOMINATION 

 The Bond is issued in registered form. On the Issue Date, a
definitive bond certificate (the “Certificate”) shall be issued to the Bondholder in respect of its registered holding of the Bond. The Bond and the Certificate shall be numbered serially with an identifying number which shall be
recorded on the Certificate and in the Register. 
  

	4	TITLE 

 Title to the Bond passes only by transfer and registration in the Register
pursuant to Condition 16.1. The Bondholder shall (except as otherwise required by Law) be treated as the absolute owner of the Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person shall be liable for so treating the holder. 
  

	5	REGISTER 

 The Issuer shall maintain a register of bondholders (the
“Register”) on which shall be entered the name, address and bank account details of the Bondholder and the particulars of the Bond held by the Bondholder. 

  
 4 

	6	COVENANTS 

  

	6.1	Authorisations 

 The Issuer shall promptly obtain, comply with and do all that is necessary to
maintain in full force and effect any Authorisation required under Law to enable it to perform its obligations under the Bond Documents. 
  

	6.2	Other Covenants in relation to Conversion Right 

 For so long as the Bond shall remain
outstanding, unless with the Bondholder’s consent, the Issuer shall pay the expenses of the issue of, and all expenses of obtaining and maintaining a listing on the NYSE MKT for, the Conversion Shares. 

 

	7	INTEREST 

  

	7.1	Interest Rate and Interest Payment Dates 

 The Bond bears interest on its outstanding principal
amount from and including the Issue Date at the rate of 10% per annum. Interest is payable semi-annually in arrears on the last day of every six months from the Issue Date (each an “Interest Payment Date”). If an Interest
Payment Date would otherwise fall on a day which is not a Business Day, it shall be postponed to the next day which is a Business Day. 
  

	7.2	Interest Accrual and Payment 

  

	 	(a)	Interest on the Bond shall accrue from the Issue Date on a daily basis and shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, including the first day of the period during which
it accrues and including the last day of the period. Interest on the Bond not held for the whole of the period between any two successive Interest Payment Dates shall be calculated on a pro rata basis. 

 

	 	(b)	The Bond shall cease to bear interest: 

  

	 	(i)	where the Conversion Right attached to it shall have been exercised, from and including the Conversion Date; or 

  

	 	(ii)	from the Maturity Date or the due date for redemption of the Bond, unless payment of the full amount due is improperly withheld or refused or default is otherwise made in respect of any such payment, and in such event,
interest shall continue to accrue at the rate provided in Condition 7.1, up to but excluding the date on which all sums due in respect of the Bond are received by or on behalf of the holder thereof. If interest is required to be calculated for a
period of less than one year, it shall be calculated on the basis of the actual number of days elapsed in a year of 365 days. 

  

	 	(c)	Save as provided in Conditions 8.4(c)(iii), 12, 13 and 14 the Issuer shall pay interest due in respect of the Bond on each Interest Payment Date. 

 

	8	CONVERSION 

  

	8.1	Conversion Right and Conversion Period 

 The Bondholder has the right to convert all but not
part of the Bond for Conversion Shares at any time during the Conversion Period; provided that such conversion would not result in the Bondholder, the Issuer or any other person contravening any applicable Law. Such Conversion Right shall be
exercised in accordance with Condition 8.4(a)(i). Subject to compliance with these Conditions (including Condition 8.4(a)(i)), the “Conversion Period” shall be the period commencing on the Issue Date and expiring on the close of
business (at the place where the Certificate representing the Bond is deposited for conversion) on the earlier of: 
  

	 	(a)	the date which falls five (5) Business Days prior to the Maturity Date; or 

  

	 	(b)	if the Bond shall have been called for redemption prior to the Maturity Date, the close of business (at the place aforesaid) on the date of the Redemption Notice. 

  
 5 

	8.2	Number of Conversion Shares and Fractions Arising on Conversion 

  

	 	(a)	The number of Conversion Shares to be issued on a conversion of the Bond pursuant to this Condition 8 shall be determined by dividing the principal amount of the Bond by the Conversion Price in effect at the Conversion
Date. 

  

	 	(b)	Fractions of Conversion Shares shall not be issued on the conversion of the Bond but rounded down to the nearest whole number of Conversion Shares and no cash adjustments shall be made in respect thereof.

  

	8.3	Revival After Default 

 Notwithstanding the provisions of Condition 8.1, if: 

 

	 	(a)	the Issuer shall default in making payment in full in respect of the Bond which shall have been called for redemption on the date fixed for redemption thereof; or 

 

	 	(b)	the Bond has become due and payable prior to the Maturity Date by reason of the occurrence of an Event of Default; or 

  

	 	(c)	the Bond is not redeemed on the Maturity Date in accordance with Condition 12.2, 

 the
Conversion Right attaching to the Bond shall revive and/or shall continue to be exercisable up to (and including) the close of business (at the place where the Certificate evidencing the Bond is deposited for conversion) on the date upon which the
full amount of the moneys payable in respect of the Bond has been duly received by the Bondholder. If the Certificate and the Conversion Notice are deposited for conversion prior to such date, the Bond shall be converted on the relevant Conversion
Date notwithstanding that the Conversion Period may have expired before such Conversion Date. 
  

	8.4	Conversion Procedure 

  

	 	(a)	Conversion Notice 

  

	 	(i)	To exercise the Conversion Right attaching to the Bond pursuant to Condition 8.1 the holder thereof must complete, execute and deposit at its own expense during normal business hours at the principal office of the
Issuer in Hong Kong: 

  

	 	(A)	a Conversion Notice; and 

  

	 	(B)	the Certificate. 

 Except as expressly provided herein, a Conversion Notice once delivered
shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 

  
 6 

	 	(b)	Conversion Date 

  

	 	(i)	Subject to Condition 8.4(b)(ii), the conversion date in respect of the Bond (the “Conversion Date”) must fall at a time when the Conversion Right attaching to that Bond is expressed in these Conditions
to be exercisable (subject to Conditions 8.1 and 8.3), and shall be deemed to be the fifth (5th) Business Day following the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be
made or indemnity given under these Conditions in connection with the exercise of such Conversion Right. 

  

	 	(ii)	In the event the conversion would result in the Bondholder, Issuer or any other person contravening any applicable Law, then for that particular conversion only and in respect of only those Conversion Shares which
result in that contravention, the Conversion Date will be the fifth (5th) Business Day after the later of: 

  

	 	(A)	the date the issue of those Conversion Shares would no longer result in that contravention; and 

  

	 	(B)	the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be made or indemnity given under these Conditions in connection with the exercise of such Conversion
Right. 

  

	 	(c)	Issue of Shares and Registration 

  

	 	(i)	As soon as practicable on the Conversion Date, the Issuer shall, upon exercise by the Bondholder of the Conversion Right pursuant to Condition 8.1 and in respect of which a duly completed Conversion Notice and the
Certificate having been delivered as required by this Condition 8.4, issue to the Bondholder the relevant number of Conversion Shares and shall immediately upon the issue of those Conversion Shares: 

 

	 	(A)	instruct the Issuer’s share registry to as soon as practicable: 

  

	 	(I)	enter the Bondholder in the register of members of the Issuer (if any) as the holder of those Conversion Shares; and 

  

	 	(II)	despatch a single share certificate in respect of all of those Conversion Shares issued on conversion of the Bond subject to the same Conversion Notice and which are to be registered in the same name. 

 

	 	(ii)	The Bondholder shall become the holder of record of the number of Conversion Shares issuable upon conversion with effect from the date such person is registered as such in the Issuer’s register of members (the
“Registration Date”). The Conversion Shares shall in all respects (including rights to dividends) rank pari passu with the Shares in issue on the relevant Registration Date. 

 

	 	(iii)	Upon conversion and on the Registration Date, the Issuer shall pay to the Bondholder any interest accruing on the converted Bond since (but excluding) the Interest Payment Date last preceding the relevant Conversion
Date up to (but excluding) the Conversion Date. 

  
 7 

	 	(iv)	If the record date for the payment of any dividend or other distribution in respect of the Shares is on or after the Conversion Date of the Bond, but before the Registration Date, the Issuer shall pay to the converting
Bondholder an amount (the “Equivalent Amount”) in US$ equal to the amount of any such dividend or other distribution to which the Bondholder would have been entitled had it on that record date been a Shareholder on record and shall
make the payment at the same time as it makes payment of the dividend or other distribution to other Shareholders, or as soon as practicable thereafter. The Equivalent Amount shall be paid by means of transfer to the registered account of the
Bondholder or by US$ cheque drawn on a bank in Hong Kong and mailed to the registered address of the Bondholder specified in the relevant Conversion Notice if it does not have a registered account. In these Conditions a “record
date” means a date fixed by the constitutional documents of the Issuer or otherwise specified for the purpose of determining entitlements to dividends or other distributions to, or rights of, Shareholders. 

 

	9	ADJUSTMENTS TO CONVERSION PRICE 

  

	9.1	Conversion Price Adjustment – Consolidation, Subdivision or Reclassification 

 The
Conversion Price shall be subject to adjustment if and whenever the Shares shall be consolidated, subdivided or reclassified. 
 In such an
event, the Conversion Price in force immediately prior thereto shall be adjusted by multiplying it by the following fraction: 
  

	
	A
	B

 where: 
  

	 	A	is the aggregate number of issued Shares immediately before such consolidation, sub-division or reclassification; and 

  

	 	B	is the aggregate number of issued Shares immediately after such consolidation, sub-division or reclassification. 

Such adjustment shall become effective on the date the consolidation, sub-division or reclassification (as the case may be) takes effect. 

 

	9.2	Rounding and Minor Adjustments 

 On any adjustment, the resultant Conversion Price, if not an
integral multiple of US$0.01, shall be rounded down to the nearest US$0.01. No adjustment shall be made to the Conversion Price if such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any
adjustment not required to be made, and any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment. 

 

	9.3	Employee Share Scheme 

 No adjustment shall be made to the Conversion Price where Shares or
other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted to or for the benefit of employees or former employees (including directors holding or formerly holding executive
office) of the Issuer or any Group Member pursuant to any employee share scheme or plan (including a dividend reinvestment plan). 

  
 8 

	9.4	Notice of Change in Conversion Price 

 The Issuer shall give notice to the Bondholder in
accordance with Condition 18 of any change in the Conversion Price. Any such notice relating to a change in the Conversion Price shall set forth: (i) the event giving rise to the adjustment; (ii) the Conversion Price prior to such
adjustment; (iii) the adjusted Conversion Price; and (iv) the effective date of such adjustment. 
  

	10	REPRESENTATIONS AND WARRANTIES OF THE BONDHOLDER 

  

	10.1	The Bondholder hereby acknowledges and represents and agrees that (i) neither the Bond nor the Conversion Shares has been or will be registered under the U.S. Securities Act of 1933, as amended from time to time
(the “Act”), or any other U.S. federal or state securities or “Blue Sky” laws, and may be resold within the jurisdiction of the United States or to U.S. Persons as defined in Rule 902(o) of Regulation S only if registered
pursuant to the provisions of the Act and all applicable U.S. federal and state securities laws or if an exemption from such registration is available; (ii) the Issuer is not required and has no present intention to register the Bond or the
Conversion Shares under the Act or any other securities laws; and (iii) any transfer of the Bond or any Conversion Shares must comply with the constitutional documents of the Issuer and all applicable U.S. federal and state securities laws. The
Bondholder further acknowledges that if an exemption from registration of the Bond or the Conversion Shares is available under the Act or any other applicable securities law, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Bond or Conversion Shares and requirements relating to the Issuer that are outside of the Bondholder’s control and that the Issuer is under no obligation, and may not be able, to
satisfy. 

  

	10.2	The Bondholder hereby represents and warrants to the Issuer that it (i) is a sophisticated entity that is an accredited investor within the meaning of Rule 501 under the Act, (ii) is able to protect its own
interests and bear the economic risk associated with the purchase of the Bond or the Conversion Shares, (iii) has received such information as it deems necessary and appropriate to make an informed decision regarding the purchase of the Bond or
the Conversion Shares, (iv) has such knowledge and experience, and has made investments of a similar nature, so as to be aware of the risks and uncertainties inherent in the purchase of investments of the type contemplated by the Bond
Documents, and (v) has independently and without reliance upon the Issuer, and based on such information as the Bondholder has deemed appropriate, made its own analysis and decision to subscribe for the Bond and/or the Conversion Shares. It
acknowledges that the Issuer has not given, and is not required to give, the Bondholder any investment advice, credit information or opinion on whether the subscription of the Bond or the Conversion Shares is prudent. 

 

	10.3	The Bondholder hereby represents and warrants to the Issuer that either it has been duly formed and is validly existing as a corporation or other legal entity in good standing under the laws of its jurisdiction of
incorporation or is an individual who is not a citizen or resident of the U.S. The Bondholder is not organized under the laws of the U.S. and is not a “U.S. Person” as that term is defined in Rule 902(o) of Regulation S under the Act.

  

	10.4	The Bondholder hereby represents and warrants that it is not registered as an issuer under the Act and is not required to be registered with the U.S. Securities and Exchange Commission under the Investment Company Act
of 1940, as amended. 

  

	10.5	 The Bondholder hereby represents and warrants to the Issuer that it was not formed for the purpose of investing in Regulation S securities or for the
purpose of investing in the Bond or 

  
 9 

	 	
the Conversion Shares under the Bond Documents. The Bondholder is not registered as an issuer under the Act and is not required to be registered with the US Securities and Exchange Commission
under the Investment Company Act of 1940, as amended. 

  

	10.6	The Bondholder hereby represents and warrants to the Issuer that the Bond and any Conversion Shares are being acquired for investment for the Bondholder’s own account, not as nominee or agent or on behalf of any
U.S. Person as defined in Rule 902(o) of Regulation S, and the Bondholder has no intention of distributing or reselling, or granting any participation in, the Bond or the Conversion Shares, or any part thereof, except in accordance with the Act, the
rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder and all other applicable securities laws, rules and regulations. 

  

	10.7	The Bondholder hereby represents and warrants to the Issuer that to the best knowledge of the Bondholder, the Bond, the Bond Documents and the transactions contemplated by them are not part of a plan or scheme to evade
the registration provisions of the Act. 

  

	10.8	The Bondholder hereby acknowledges, represents and warrants that the Issuer has not made an offer to issue the Bond to the Bondholder in the U.S. other than as permitted in the case of an account managed by a
professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of Regulation S. At the time of the issue of the Bond and the execution of the Bond Documents and, to the best knowledge of the Bondholder, at the time the
issue of the Bond originated, the Bondholder was located and resident outside the U.S., other than as permitted in the case of an account managed by a professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of
Regulation S. 

  

	10.9	The Bondholder hereby acknowledges that no public market now exists for the Bond or the Conversion Shares and that the Issuer has not provided any assurance that a public market will ever exist for the Bond or the
Conversion Shares. 

  

	10.10	The Bondholder hereby acknowledges, represents and warrants that it has had an opportunity to (i) review the terms and conditions of the Bond Documents, the constitutional documents of the Issuer and any other
documents related to the transactions contemplated under the Bond Documents, (ii) to secure all such information as it deems necessary regarding the business, management, properties, prospects and financial condition of each Group Member and
(iii) to consult with counsel regarding the subject matter of the Bond Documents. The Bondholder hereby further acknowledges that the Issuer has not made or given any implied or express representations or warranties. In particular, no
representations are made and no warranties are given by the Issuer in respect of the business, management, properties, prospects and financial condition of each Group Member. 

 

	10.11	The Bondholder hereby acknowledges and understands that the Bond, the Conversion Shares, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends:

 “THE SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.” 

“TRANSFER OF THESE SHARES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE
SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.” 
  

	10.12	The Bondholder hereby consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order to implement the restrictions on transfer of the Bond or Shares set forth
in these Conditions. 

  
 10 

	11	PAYMENTS 

  

	11.1	Principal and interest 

 Payment of principal and interest due: 

 

	 	(a)	other than on an Interest Payment Date shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the Bondholder if it does
not have a registered account. Payment of principal shall only be made after surrender of the Certificate at the principal place of business of the Issuer in Hong Kong; and 

 

	 	(b)	on an Interest Payment Date shall be paid on the due date for the payment of interest to the holder shown on the Register at the close of business on the fifth (5th) day before the due date for the payment of
interest (the “Interest Record Date”). Payments of interest on the Bond shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the
Bondholder if it does not have a registered account. 

  

	11.2	Rounding 

 When making payments to or for the benefit of the Bondholder, fractions of one cent
shall be rounded down to the nearest cent. 
  

	11.3	Registered Accounts 

 For the purposes of this Condition, the Bondholder’s registered
account means the US$ account maintained by or on behalf of the Bondholder with a bank in Hong Kong or any other jurisdiction, details of which appear on the Register at the close of business on the second Business Day before the due date for
payment, and the Bondholder’s registered address means its address appearing on the Register at that time. 
  

	11.4	Fiscal Laws 

 All payments are subject in all cases to Law. No commissions or expenses shall be
charged to the Bondholder in respect of such payments. 
  

	11.5	Payment Initiation 

  

	 	(a)	Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business Day, for value on the first following day which is a Business Day) shall be
initiated and, where payment is to be made by cheque, the cheque shall be mailed (at the risk and, if mailed at the request of the holder otherwise than by ordinary mail, expense of the holder) on the due date for payment (or, if it is not a
Business Day, the immediately following Business Day) or, in the case of a payment of principal, if later, on the Business Day on which the Certificate is surrendered at the principal place of business of the Issuer in Hong Kong. 

 

	 	(b)	If any date for payment is not a Business Day, the Bondholder shall not be entitled to payment until the next following Business Day nor to any interest or other payment for any delay after the due date in receiving the
amount due, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in accordance with this Condition arrives after the due date for payment. 

  
 11 

	12	REDEMPTION AND CANCELLATION 

  

	12.1	Redemption by the Bondholder 

 The Bondholder shall have the right to require the Issuer to
redeem the Bond at any time on or after the date which is eighteen (18) months after the Issue Date by delivering a Redemption Notice together with the Certificate to the Issuer and the Issuer shall redeem the Bond no later than ninety
(90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. For the purpose of these Conditions, the “Redemption Amount” means the outstanding principal amount of the Bond elected to be
redeemed pursuant to this Condition 12, together with any unpaid interest accruing on such outstanding principal amount of the Bond to be redeemed since (but excluding) the Interest Payment Date last preceding the relevant date of redemption up to
(but excluding) such date of redemption. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 

 

	12.2	Maturity 

  

	 	(a)	Unless previously redeemed or converted and cancelled as provided in these Conditions, the Issuer shall redeem the Bond by payment of the Maturity Redemption Amount in respect of the Bond on the Maturity Date in
accordance with these Conditions. 

  

	 	(b)	Except as provided in these Conditions (including Conditions 12 and 13), neither the Issuer nor the Bondholder may redeem the Bond at its option prior to the Maturity Date. 

 

	12.3	Cancellation 

 The Bond shall be cancelled upon redemption or conversion and the Issuer is
entitled to update the Register accordingly to reflect such redemption or conversion. 
  

	12.4	Notices 

 All notices given pursuant to this Condition 12 shall be given in accordance with
Condition 18. 
  

	13	EVENTS OF DEFAULT 

  

	13.1	Events or Circumstances Constituting Events of Default 

 Each of the following events or
circumstances is an Event of Default for the purposes of Condition 13.2, unless otherwise agreed by the Bondholder or otherwise expressly permitted under any Bond Document: 
  

	 	(a)	If the Issuer fails to make a payment, whether of principal, interest or otherwise, in accordance with the Bond Documents and such default continues for a period of ten (10) Business Days after the due date for
such payment. 

  

	 	(b)	Any failure by the Issuer to deliver any Conversion Shares as and when the Conversion Shares are required to be delivered following conversion of the Bond and such failure continues for more than ten (10) Business
Days. 

  
 12 

	13.2	Bondholder Rights Upon Event of Default 

 Upon the occurrence of an Event of Default which is
continuing, the Bondholder shall have the right to require the Issuer to redeem the Bond by delivering a Redemption Notice together with the Certificate to the Issuer. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn
unless the Issuer consents in writing to such withdrawal. The Issuer shall redeem the Bond no later than ninety (90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. 

 

	14	MATURITY REDEMPTION AMOUNT 

 Unless previously redeemed or converted and cancelled as
provided in these Conditions, the Issuer shall on the Maturity Date redeem the Bond at the Maturity Redemption Amount. For the purpose of these Conditions, the “Maturity Redemption Amount” means the outstanding principal amount of
the Bond, together with any unpaid interest accruing on such outstanding principal amount of the Bond since (but excluding) the Interest Payment Date last preceding the Maturity Date up to (but excluding) the Maturity Date. Except as provided in
these Conditions (including Conditions 12 and 13), the Bond shall not be redeemed or repaid prior to the Maturity Date. 
  

	15	MODIFICATION AND WAIVER 

  

	15.1	Agreement in writing 

 The Bond and these Conditions may only be varied by agreement in writing
between the Issuer and the Bondholder. 
  

	15.2	Modification and Waiver 

 The Bondholder may agree in writing with the Issuer to the waiver or
authorisation of any breach, or proposed breach, of the Bond and these Conditions. The Bond and these Conditions may be amended without the consent of the Bondholder to correct a manifest or proven error or to comply with mandatory provisions of
Law. Any such modification, waiver or authorisation shall be binding on the Bondholder and any such modification shall be notified by the Issuer to the Bondholder as soon as practicable thereafter. 

 

	16	TRANSFER AND REGISTRATION OF THE BOND; ISSUE OF CERTIFICATES 

  

	16.1	Procedure for transfer 

  

	 	(a)	Notwithstanding any provision to the contrary in the Bond Documents, the Bond cannot be transferred unless with the written consent of the Issuer and upon the execution of the form of transfer substantially in the form
set forth in Annexure 1 endorsed under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of a director or a duly authorised officer in writing. The Bondholder shall cause its shareholders,
affiliates, or any other person controlling the Bondholder to abide by this Condition 16 and procure that restrictions set forth in this Condition 16 shall not be avoided by the direct or indirect sale, transfer, disposal, issuance or redemption of
any shares (or other interest) in the Bondholder or in a shareholder, affiliate or such other person having control over the Bondholder or otherwise. In this Condition, a reference to “transferor” shall (where the context permits or
requires) include joint transferors and be construed accordingly. 

  
 13 

	 	(b)	The transferor of the Bond shall be deemed to remain the holder of the Bond until the name of the transferee is entered in the Register as the holder thereof. Registration of a transfer of the Bond shall be effected
without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of any costs, taxes or other governmental
charges which may be imposed in relation to it. 

  

	 	(c)	The Certificate issued in respect of the Bond to be transferred must be delivered for registration to the Issuer accompanied by such other evidence as the Issuer may reasonably require to prove the title of the
transferor or its right to transfer the Bond and its identity and, if the form of transfer is executed by some other person on behalf of the transferor or in the case of the execution of a form of transfer on behalf of a corporation by its officers,
the authority of that person or those persons to do so. The signature of the person effecting a transfer of the Bond shall conform to any list of duly authorised specimen signatures supplied by the holder of the Bond. 

 

	 	(d)	The new Certificate to be issued upon a transfer of Bond shall, within five (5) Business Days of receipt by the Issuer of the Certificate and form of transfer complying with the requirements of this Condition 16.1,
be made available for collection at the principal place of business of the Issuer in Hong Kong, or if so requested in the form of transfer, be mailed by uninsured mail (at the risk of the transferee) to the address specified in the form of transfer.

  

	 	(e)	Subject to the other provisions of this Condition 16, the Issuer shall register the transfer of the Bond only upon presentation of an executed and duly completed form of transfer together with the Certificate and any
other documents thereby required. 

  

	16.2	Entitlement to Certificate 

  

	 	(a)	The executors or administrators of a deceased Bondholder (not being one of several joint holders) and, in the case of the death of one or more of joint holders, the survivor or survivors of such joint holders, shall be
the only persons recognised by the Issuer as having any title to the Bond. 

  

	 	(b)	Any person becoming entitled to the Bond in consequence of the death or bankruptcy of the Bondholder may, upon producing such evidence that he holds the position in respect of which he proposes to act under this
Condition or of his title as the Issuer shall reasonably require (including certificates and/or legal opinions), be registered himself as the holder of the Bond or, subject to this Condition and with the written consent of the Issuer, may transfer
the Bond. The Issuer may retain any amount payable upon the Bond to which any person is so entitled until such person shall be so registered or shall duly transfer the Bond. 

 

	 	(c)	Unless otherwise requested by it, a holder of Bond shall receive only one (1) Certificate in respect of its holding. 

  

	 	(d)	The joint holders of a Bond shall be entitled to one (1) Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first
in the Register in respect of the joint holding. 

  
 14 

	16.3	Transfer and formalities free of charge 

 Registration of the holding of the Bond or any
transfer of the Bond shall be effected without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of
any costs, taxes or other governmental charges which may be imposed in relation to it. If the Bondholder entitled to receive the Certificate wishes to have it delivered to it otherwise than at the specified office of the Issuer, such delivery shall
be made upon its written request to the Issuer, at its risk and at its expense. 
  

	16.4	Closed Period 

 The Bondholder may not require the transfer of the Bond to be registered:
(a) during the period of fifteen (15) days ending on (and including) the dates for payment of any principal or any other amounts pursuant to these Conditions; (b) during the period of fifteen (15) days ending on (and including)
any Interest Payment Date; (c) after a Conversion Notice has been delivered with respect to the Bond pursuant to these Conditions; or (d) after a Redemption Notice has been delivered with respect to the Bond pursuant to these Conditions.

  

	17	REPLACEMENT OF CERTIFICATES 

 If the Certificate is mutilated, defaced, destroyed, stolen
or lost, it shall be replaced at the principal place of business of the Issuer in Hong Kong upon payment by the claimant of costs and expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer
may require. A mutilated or defaced Certificate must be surrendered before a replacement will be issued. 
  

	18	NOTICES 

  

	18.1	Notices to Issuer 

  

	 	(a)	All notices to the Issuer shall be validly given if delivered in person or sent by letter or facsimile transmission addressed to the Issuer at: 

 

			
	Address:	  	Suite 2204, 22/F, Sun Life Tower
		  	The Gateway, 15 Canton Road
		  	Tsimshatsui, Kowloon, Hong Kong
		
	Fax:	  	+852 2111 1890
		
	Attention:	  	Ms. Chris Fan

 or any substitute address or fax number which the Issuer may notify to the Bondholder by not less than ten
(10) Business Days’ notice. 
  

	 	(b)	Any communication or notice made to the Issuer under or in connection with these Conditions will only be effective: 

  

	 	(i)	if by way of fax, at the time of its despatch (subject to confirmation of uninterrupted transmission by the sender by a transmission report); 

 

	 	(ii)	if by personal delivery by hand or courier, at the time of delivery at the address referred to in Condition 18.1(a); 

  

	 	(iii)	if by local post (other than airmail) or registered mail, at 10:00 am on the second Business Day after posting; and 

  

	 	(iv)	if by airmail, at 10:00 am on the fifth (5th) Business Day after posting. 

  
 15 

	18.2	Notices to the Bondholder 

 All notices to the Bondholder under or in connection with these
Conditions shall be validly given if mailed to it at its address in the Register. Condition 18.1(b) shall apply mutatis mutandis to notices given by the Issuer to the Bondholder under or in connection with these Conditions. 

 

	19	LANGUAGE 

 These Conditions are in English. If a translation is prepared, the English
version shall prevail and the translation shall be for information purposes only. 
  

	20	GOVERNING LAW AND ARBITRATION 

  

	 	(a)	The Bond and any dispute or claim arising out of or in connection with it or these Conditions or any Bond Document shall be governed by, and construed in accordance with, Hong Kong law. 

 

	 	(b)	Any dispute, controversy or claim arising out of or in connection with the Bond or these Conditions or any Bond Document (including a dispute regarding the existence, validity, formation, effect, interpretation,
performance or termination of the Bond or these Conditions) shall be settled by arbitration. 

  

	 	(c)	The arbitral proceedings shall be conducted as follows: 

  

	 	(i)	the place of arbitration shall be in Hong Kong at the Hong Kong International Arbitration Center (“HKIAC”); 

  

	 	(ii)	the arbitration proceedings shall be conducted in English; 

  

	 	(iii)	the UNCITRAL Arbitration Rules in force as at the Issue Date (as may be amended by these Conditions) shall apply; 

  

	 	(iv)	there shall be three (3) arbitrators to be mutually agreed upon by the Issuer and the Bondholder or, in absence of mutual agreement, each of (A) the Issuer (on the one hand) and (B) the Bondholder (on the
other hand) may nominate one (1) arbitrator and the third arbitrator shall be appointed by the Chairman for the time being of the HKIAC; 

  

	 	(v)	the arbitration proceedings shall be administered by the HKIAC in accordance with the HKIAC Procedures for Arbitration in force as at the Issue Date; 

 

	 	(vi)	an award by the arbitrators shall be final and conclusive and binding upon the Issuer and the Bondholder and shall not be subject to further appeal; and 

 

	 	(vii)	judgment upon the award rendered may be entered in any court having jurisdiction and each of the Issuer and the Bondholder submits to the non-exclusive jurisdiction of the Hong Kong courts for this purpose.

  

	21	TERMINATION OF CONDITIONS 

 Notwithstanding anything to the contrary in any Bond
Document, the Issuer’s covenants, obligations and conditions, and the Bondholder’s rights, benefits and claims under the Bond 

  
 16 

 
Documents, at law and/or in equity, insofar as the Bondholder’s Bond is concerned, shall terminate and have no force and effect upon the earlier of the date on which the Bond is converted or
redeemed (as the case may be). 

  
 17 

 ANNEXURE 1 

FORM OF TRANSFER 
 CHINA
METRO-RURAL HOLDINGS LIMITED 
 (a company limited by shares incorporated in the British Virgin Islands) 

US$4,000,000 10% CONVERTIBLE BOND DUE 2016 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 I am/We are* the holder of US$4,000,000 in
aggregate principal amount of the Bond issued by the Issuer on December 20, 2013 with Certificate number 1. 
 References in this Transfer Form to
“Conditions” are to the terms and conditions on which the Bond was issued, as may have been amended from time to time. Terms defined in the Conditions shall have the same meaning in this Transfer Form, save where the context
otherwise requires. 
  

	1.	I/We* hereby transfer the Bond registered in my/our* name in the register of bondholders to: 

  

	
	  

	
	of/whose registered office address is at:
	
	  

	
	  

	
	  

	
	(the “Transferee”)

  

	2.	I/We* hereby request that a Certificate in respect of the transferred Bond be issued to the person whose name and address are set out in paragraph 1 above and that such Certificate: 

 

	 	* (a)	be despatched to the person whose name and address is given below and in the manner specified below: 

  

							
	Name	  	:	  	  
	  	
				
	Address	  	:	  	  
	  	
				
		  		  	  
	  	
				
		  		  	  
	  	

 Manner of despatch: [Registered mail/recorded mail/courier]* 

 

	 	* (b)	if no name and address is given in (a) above, be made available for collection at the office of the Issuer referred to for that purpose in the Conditions. 

  
 18 

									
	3.	 	The Certificate in respect of the transferred Bond is enclosed with this Transfer Form.
		
	4.	 	The registered account of the Transferee (being a US$ account) for the purposes of receipt of principal, interest and any other amounts in respect of the Bond is (unless otherwise instructed by the Transferee) as
follows:
					
		 	Name of Account	 	:	 	  
	  	
					
		 	Account No.	 	:	 	  
	  	
					
		 	Sort Code	 	:	 	  
	  	
					
		 	Name of Bank	 	:	 	  
	  	
					
		 	Address of Bank	 	:	 	  
	  	
					
		 		 		 	  
	  	
	
	 *  delete as appropriate

  

									
	Name of Transferor	 	:	 	  
	 	
				
	Signature of Transferor	 	:	 	  
	 	
				
	Date	 	:	 	  
	 	

 Notes: 
  

	(i)	A representative of the holder should state the capacity in which he signs. 

  

	(ii)	The signature of the person effecting a transfer shall conform to any list of duly authorized specimen signatures supplied by the holder or be certified by a recognized bank, notary public, commissioner of oaths,
solicitor or in such other manner as the Issuer may reasonably require. 

  
 19 

 ANNEXURE 2 

FORM OF CONVERSION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$4,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its related terms and conditions (the “Conditions”), [I/we] the holder(s) of the Bond hereby give notice of
[my/our] desire to exercise the conversion right attached to the Bond at the conversion price in accordance with the Conditions in respect of US$4,000,000 of the principal amount outstanding. 

[I/we] agree to accept all the fully paid ordinary shares in the capital of the Issuer (the “Conversion Shares”) to be issued pursuant to
this exercise of the conversion right attached to the Bond, subject to the constitutional documents of the Issuer. [I/we] desire the Conversion Shares to be registered in [my/our] name and hereby authorise the entry of [my/our] name in the register
of members of the Issuer in respect of the Conversion Shares and the despatch of the related share certificate to [name] at [address]. 
 The
Certificate in respect of the converted Bond is enclosed with this Conversion Notice. 
 Signature of the holder of the Bond: 

 

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 20 

 ANNEXURE 3 

FORM OF REDEMPTION NOTICE 
 To: CHINA
METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 
 In respect of the issue of US$4,000,000 10% convertible bond due 2016 (the
“Bond”) issued by the Issuer to [me/us] on December 20, 2013 and its terms and conditions (the “Conditions”), [I/we] the holder of the Bond refer to Condition [12.1/13.2] and hereby require the Issuer to redeem
the Bond in the aggregate principal amount of US$4,000,000 pursuant to the said Condition and otherwise in accordance with the terms and conditions contained in the Certificate. 

The Certificate in respect of the Bond which [I/we] require the Issuer to redeem is enclosed with this Redemption Notice. 

Signature of the holder of the Bond: 
  

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 21 

 Exhibit 4.49.5 

BOND CERTIFICATE WITH TERMS AND CONDITIONS 

CHINA METRO-RURAL HOLDINGS LIMITED 

(a company limited by shares incorporated in the British Virgin Islands) 

US$5,000,000 10% CONVERTIBLE BOND DUE 2016 

Certificate number: 1 
 Issued pursuant to a
resolution of the board of directors of China Metro-Rural Holdings Limited (the “Issuer”) passed on December 9, 2013. 
 THE ISSUER
HEREBY CERTIFIES that [not disclosed] is the registered holder of US$5,000,000 in principal amount of the above-mentioned convertible bond (the “Bond”). The Bond is issued with the benefit of and subject to the
provisions of the terms and conditions (the “Conditions”) attached hereto, as the same may be amended from time to time, which shall form an integral part of this Certificate. 

For value received, the Issuer promises to pay the person who appears at the relevant time on the register of bondholders as the holder of the Bond in respect
of which this Certificate is issued such amount or amounts as shall become due in respect of the Bond and otherwise to comply with the Conditions. 
 Any
reference herein to the Conditions is to the terms and conditions of the Bond attached hereto and any reference to a numbered Condition is to the correspondingly numbered provision thereof. 

This Certificate is evidence of entitlement only. Title to the Bond passes only on due registration in the register of bondholders and only the duly
registered holder is entitled to payment on the Bond in respect of which this Certificate is issued. 
 This Certificate shall not be valid for any purpose
until executed by the Issuer. 
 This Certificate and the Bond are governed by and shall be construed in accordance with the laws of the Hong Kong Special
Administrative Region of the People’s Republic of China. 
 Issued by and under the common seal of the Issuer this 27 day of January 2014. 

 

			
	THE COMMON SEAL of	  	)
	CHINA METRO-RURAL HOLDINGS LIMITED	  	)
	was affixed hereto in the presence of:	  	)

  

	
	  

	Name: Sio Kam Seng
	Chairman

 Notes: The Bond cannot be transferred to bearer on delivery and is only transferable to the extent permitted by Condition
16. This Certificate must be delivered to the specified office of the Issuer for cancellation and reissue of an appropriate Certificate in the event of any such transfer. 

 TERMS AND CONDITIONS OF THE BOND 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In these Conditions, the following terms and expressions shall, unless the context
otherwise requires, have the following meanings. 
 “Act” has the meaning specified in Condition 10.1. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration (in each case whether preliminary, interim, conditional or otherwise). 
 “Authority” means any competent
governmental, administrative, supervisory, regulatory, judicial, determinative, disciplinary, enforcement or tax raising body, authority, agency, board, department, court or tribunal of any jurisdiction (including any relevant securities exchange)
and whether supranational, national, regional or local. 
 “Bond” means this US$5,000,000 10% convertible bond due 2016 of
the Issuer. 
 “Bond Documents” means the Certificate, these Conditions and any other document designated as a Bond Document
by the Bondholder and the Issuer. 
 “Bondholder” and “holder” means [not disclosed] or any
other person to whom the Bond is transferred pursuant to Condition 16.1 and in whose name the Bond is registered. 
 “Business
Day” means a day on which banks are open for business in Hong Kong, the PRC and the State of New York (other than a Saturday, Sunday or public holiday or a day on which a tropical cyclone warning No. 8 or above or a “black
rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9:00 a.m. and 5:00 p.m.) and, in the case of the surrender of the Certificate, in the place where the Certificate is surrendered. 

“Certificate” has the meaning specified in Condition 3. 

“Conditions” means these Terms and Conditions of the Bond as set forth herein. 

“Conversion Date” has the meaning specified in Condition 8.4(b). 

“Conversion Notice” means a written notice of conversion in substantially the form set out in Annexure 2. 

“Conversion Period” has the meaning specified in Condition 8.1. 

“Conversion Price” means the price per Conversion Share at which Conversion Shares will be issued upon the exercise of the
Conversion Right attached to the Bond, which price being initially US$1.30, subject to adjustment as provided in these Conditions. 

“Conversion Right” means a right to convert the Bond into Conversion Shares pursuant to Condition 8.1. 

“Conversion Shares” mean the Shares to be issued to the Bondholder upon the exercise of the Conversion Right attached to the
Bond. 

  
 1 

 “Equivalent Amount” has the meaning specified in Condition 8.4(c)(iv). 

“Event of Default” means any event or circumstance described as such in Condition 13.1. 

“First Interest Date” has the meaning specified in Condition 7.1. 

“Group” means the Issuer and its Subsidiaries, namely, M.S. Electronic Emporium Limited, China Metro-Rural Limited, China
Metro-Rural Exchange Limited, China Northeast Logistics City Co., Ltd. 

, Tieling North Asia Development Co., Ltd. 

, Tieling Northeast City Advertising Co., Ltd. 

, Tieling North Asia Property Management Co., Ltd.

, Tieling Northeast City Motor Vehicle Trading Co., Ltd. 

, China Metro-Rural Development Limited, China Northeast Logistics City Dezhou Co., Ltd. 

, Dezhou Northeast City Property Co., Ltd. 

, Dezhou North Asia Property Management Co., Ltd. 

, China Northeast Logistics City Shenzhen Co., Ltd. 

, China Glorious City Strategic Limited, China Glorious City Investments Limited, China Glorious City Construction Limited, China Glorious City Development Limited, China Glorious City (Hengyang) Co., Ltd.

, Shenyang Jiataihe Investments Co., Ltd. 

, China Glorious City Strategic(Zhoukou) Co., Ltd

, China Glorious City Investments (Zhoukou) Co., Ltd.

, Hengyang China Glorious City Business Co., Ltd.

, Hengyang China Glorious City Logistics Co., Ltd.

, Hengyang China Glorious Property Co., Ltd.

, Hengyang Huayan Property Co., Ltd.

 and Hengyang Huaqian Property Co., Ltd.

, and “Group Member” means any of those persons. 
 “HKIAC” has the
meaning specified in Condition 20(c)(i). 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“Issue Date” means the date on which the Bond is issued. 

“Issuer” means China Metro-Rural Holdings Limited, a company limited by shares incorporated in the British Virgin Islands.

 “Interest Payment Date” has the meaning specified in Condition 7.1. 

“Interest Record Date” has the meaning specified in Condition 11.1(b). 

“Law” means, in respect of a person, all civil and common law, statute, subordinate legislation, treaty, regulation,
directive, decision, by-law, ordinance, circular, code, order, notice, demand, decree, injunction, resolution or judgment of any Authority (including the rules and regulations of the NYSE MKT or any other applicable stock exchange) applicable to or
affecting such person, its business, employees or assets in any jurisdiction. 
 “Maturity Date” means December 19,
2016. 
 “Maturity Redemption Amount” has the meaning specified in Condition 14. 

“NYSE MKT” means NYSE MKT LLC. 

“PRC” means the People’s Republic of China excluding, for the purpose of these Conditions, Hong Kong, Macau Special
Administrative Region and Taiwan. 

  
 2 

 “Redemption Amount” has the meaning specified in Condition 12.1. 

“Redemption Notice” means any notice of redemption delivered by the Bondholder to the Issuer in accordance with these
Conditions and substantially in the form set out in Annexure 3. 
 “Register” has the meaning specified in Condition 5. 

“Registration Date” has the meaning specified in Condition 8.4(c)(ii). 

“Security” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, third party claim, debenture, option,
right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security or security interests of any kind (including retention arrangements or other encumbrances and any agreement to create any
of the foregoing). 
 “Shareholder” means a registered holder of Shares. 

“Shares” means ordinary shares in the capital of the Issuer. 

“Subsidiary” means, as of the relevant date of determination, with respect to any person (the “subject entity”),
(a) any person: (i) more than 50% of whose shares or other interests entitled to vote in the election of directors or (ii) more than 50% of whose interest in the profits or capital are owned or controlled directly or indirectly by the
subject entity or through one (1) or more Subsidiaries of the subject entity, or (b) any person with respect to which the subject entity has the power to otherwise direct the business and policies of that person directly or indirectly
through another Subsidiary. 
 “U.S.” means the United States of America. 

“US$” means U.S. dollars, the lawful currency of the U.S. 

 

	1.2	Interpretation 

  

	 	(a)	Unless a contrary indication appears, any reference in these Conditions to: 

  

	 	(i)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(ii)	the Bondholder, any Group Member or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(iii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(iv)	a reference to any Hong Kong legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than
Hong Kong, be deemed to include what most nearly approximates the Hong Kong legal term in that jurisdiction and references to any Hong Kong statute or enactment shall be deemed to include any equivalent or analogous laws or rules in any other
jurisdiction; 

  
 3 

	 	(v)	a reference to any law or enactment includes references to: (A) that law or enactment as re-enacted, amended, extended or applied by or under any other enactment (before or after the Issue Date); (B) any law
or enactment which that law or enactment re-enacts (with or without modification); and (C) any subordinate legislation made under any law or enactment, as re-enacted, amended, extended or applied, as described in paragraph (A) above, or
under any law or enactment referred to in paragraph (B) above, and “law” and “enactment” includes any legislation in any jurisdiction; 

 

	 	(vi)	a “Bond Document” or any other agreement or instrument is a reference to that Bond Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(vii)	words importing the singular include the plural and vice versa, and words importing a gender include every gender; 

  

	 	(viii)	a time of day is a reference to Hong Kong time; and 

  

	 	(ix)	the words “include” and “including” shall be construed without limitation. 

  

	 	(b)	The headings in these Conditions are inserted for convenience only and shall not affect the construction of these Conditions. 

  

	2	STATUS 

 The Bond constitutes the direct, unsecured, unconditional and unsubordinated
obligations of the Issuer and is issued with the benefits of these Conditions. The payment obligations of the Issuer under the Bond shall (save for such exceptions as may be provided by mandatory provisions of Law) at all times rank at least equally
with all other present and future unsecured, unconditional and unsubordinated obligations of the Issuer. No application will be made for a listing of the Bond. 
  

	3	FORM AND DENOMINATION 

 The Bond is issued in registered form. On the Issue Date, a
definitive bond certificate (the “Certificate”) shall be issued to the Bondholder in respect of his registered holding of the Bond. The Bond and the Certificate shall be numbered serially with an identifying number which shall be
recorded on the Certificate and in the Register. 
  

	4	TITLE 

 Title to the Bond passes only by transfer and registration in the Register
pursuant to Condition 16.1. The Bondholder shall (except as otherwise required by Law) be treated as the absolute owner of the Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person shall be liable for so treating the holder. 
  

	5	REGISTER 

 The Issuer shall maintain a register of bondholders (the
“Register”) on which shall be entered the name, address and bank account details of the Bondholder and the particulars of the Bond held by the Bondholder. 

  
 4 

	6	COVENANTS 

  

	6.1	Authorisations 

 The Issuer shall promptly obtain, comply with and do all that is necessary to
maintain in full force and effect any Authorisation required under Law to enable it to perform its obligations under the Bond Documents. 
  

	6.2	Other Covenants in relation to Conversion Right 

 For so long as the Bond shall remain
outstanding, unless with the Bondholder’s consent, the Issuer shall pay the expenses of the issue of, and all expenses of obtaining and maintaining a listing on the NYSE MKT for, the Conversion Shares. 

 

	7	INTEREST 

  

	7.1	Interest Rate and Interest Payment Dates 

 The Bond bears interest on its outstanding principal
amount from and including the Issue Date at the rate of 10% per annum. The first interest payment with respect to the period from the Issue Date to June 19, 2014 is payable on June 19, 2014 (the “First Interest Date”)
and each subsequent interest payment is payable semi-annually in arrears on the last day of every six months from the First Interest Date (such dates, together with the First Interest Date, the “Interest Payment Dates”, and each an
“Interest Payment Date”). If an Interest Payment Date would otherwise fall on a day which is not a Business Day, it shall be postponed to the next day which is a Business Day. 

 

	7.2	Interest Accrual and Payment 

  

	 	(a)	Interest on the Bond shall accrue from the Issue Date on a daily basis and shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, including the first day of the period during which
it accrues and including the last day of the period. Interest on the Bond not held for the whole of the period between any two successive Interest Payment Dates shall be calculated on a pro rata basis. 

 

	 	(b)	The Bond shall cease to bear interest: 

  

	 	(i)	where the Conversion Right attached to it shall have been exercised, from and including the Conversion Date; or 

  

	 	(ii)	from the Maturity Date or the due date for redemption of the Bond, unless payment of the full amount due is improperly withheld or refused or default is otherwise made in respect of any such payment, and in such event,
interest shall continue to accrue at the rate provided in Condition 7.1, up to but excluding the date on which all sums due in respect of the Bond are received by or on behalf of the holder thereof. If interest is required to be calculated for a
period of less than one year, it shall be calculated on the basis of the actual number of days elapsed in a year of 365 days. 

  

	 	(c)	Save as provided in Conditions 8.4(c)(iii), 12, 13 and 14 the Issuer shall pay interest due in respect of the Bond on each Interest Payment Date. 

  
 5 

	8	CONVERSION 

  

	8.1	Conversion Right and Conversion Period 

 The Bondholder has the right to convert all but not
part of the Bond for Conversion Shares at any time during the Conversion Period; provided that such conversion would not result in the Bondholder, the Issuer or any other person contravening any applicable Law. Such Conversion Right shall be
exercised in accordance with Condition 8.4(a)(i). Subject to compliance with these Conditions (including Condition 8.4(a)(i)), the “Conversion Period” shall be the period commencing on the Issue Date and expiring on the close of
business (at the place where the Certificate representing the Bond is deposited for conversion) on the earlier of: 
  

	 	(a)	the date which falls five (5) Business Days prior to the Maturity Date; or 

  

	 	(b)	if the Bond shall have been called for redemption prior to the Maturity Date, the close of business (at the place aforesaid) on the date of the Redemption Notice. 

 

	8.2	Number of Conversion Shares and Fractions Arising on Conversion 

  

	 	(a)	The number of Conversion Shares to be issued on a conversion of the Bond pursuant to this Condition 8 shall be determined by dividing the principal amount of the Bond by the Conversion Price in effect at the Conversion
Date. 

  

	 	(b)	Fractions of Conversion Shares shall not be issued on the conversion of the Bond but rounded down to the nearest whole number of Conversion Shares and no cash adjustments shall be made in respect thereof.

  

	8.3	Revival After Default 

 Notwithstanding the provisions of Condition 8.1, if: 

 

	 	(a)	the Issuer shall default in making payment in full in respect of the Bond which shall have been called for redemption on the date fixed for redemption thereof; or 

 

	 	(b)	the Bond has become due and payable prior to the Maturity Date by reason of the occurrence of an Event of Default; or 

  

	 	(c)	the Bond is not redeemed on the Maturity Date in accordance with Condition 12.2, 

 the
Conversion Right attaching to the Bond shall revive and/or shall continue to be exercisable up to (and including) the close of business (at the place where the Certificate evidencing the Bond is deposited for conversion) on the date upon which the
full amount of the moneys payable in respect of the Bond has been duly received by the Bondholder. If the Certificate and the Conversion Notice are deposited for conversion prior to such date, the Bond shall be converted on the relevant Conversion
Date notwithstanding that the Conversion Period may have expired before such Conversion Date. 

  
 6 

	8.4	Conversion Procedure 

  

	 	(a)	Conversion Notice 

  

	 	(i)	To exercise the Conversion Right attaching to the Bond pursuant to Condition 8.1 the holder thereof must complete, execute and deposit at his own expense during normal business hours at the principal office of the
Issuer in Hong Kong: 

  

	 	(A)	a Conversion Notice; and 

  

	 	(B)	the Certificate. 

 Except as expressly provided herein, a Conversion Notice once delivered
shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 
  

	 	(b)	Conversion Date 

  

	 	(i)	Subject to Condition 8.4(b)(ii), the conversion date in respect of the Bond (the “Conversion Date”) must fall at a time when the Conversion Right attaching to that Bond is expressed in these Conditions
to be exercisable (subject to Conditions 8.1 and 8.3), and shall be deemed to be the fifth (5th) Business Day following the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be
made or indemnity given under these Conditions in connection with the exercise of such Conversion Right. 

  

	 	(ii)	In the event the conversion would result in the Bondholder, Issuer or any other person contravening any applicable Law, then for that particular conversion only and in respect of only those Conversion Shares which
result in that contravention, the Conversion Date will be the fifth (5th) Business Day after the later of: 

  

	 	(A)	the date the issue of those Conversion Shares would no longer result in that contravention; and 

  

	 	(B)	the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be made or indemnity given under these Conditions in connection with the exercise of such Conversion
Right. 

  

	 	(c)	Issue of Shares and Registration 

  

	 	(i)	As soon as practicable on the Conversion Date, the Issuer shall, upon exercise by the Bondholder of the Conversion Right pursuant to Condition 8.1 and in respect of which a duly completed Conversion Notice and the
Certificate having been delivered as required by this Condition 8.4, issue to the Bondholder the relevant number of Conversion Shares and shall immediately upon the issue of those Conversion Shares: 

 

	 	(A)	instruct the Issuer’s share registry to as soon as practicable: 

  

	 	(I)	enter the Bondholder in the register of members of the Issuer (if any) as the holder of those Conversion Shares; and 

  

	 	(II)	despatch a single share certificate in respect of all of those Conversion Shares issued on conversion of the Bond subject to the same Conversion Notice and which are to be registered in the same name. 

  
 7 

	 	(ii)	The Bondholder shall become the holder of record of the number of Conversion Shares issuable upon conversion with effect from the date such person is registered as such in the Issuer’s register of members (the
“Registration Date”). The Conversion Shares shall in all respects (including rights to dividends) rank pari passu with the Shares in issue on the relevant Registration Date. 

 

	 	(iii)	Upon conversion and on the Registration Date, the Issuer shall pay to the Bondholder any interest accruing on the converted Bond since (but excluding) the Interest Payment Date last preceding the relevant Conversion
Date up to (but excluding) the Conversion Date. 

  

	 	(iv)	If the record date for the payment of any dividend or other distribution in respect of the Shares is on or after the Conversion Date of the Bond, but before the Registration Date, the Issuer shall pay to the converting
Bondholder an amount (the “Equivalent Amount”) in US$ equal to the amount of any such dividend or other distribution to which the Bondholder would have been entitled had it on that record date been a Shareholder on record and shall
make the payment at the same time as it makes payment of the dividend or other distribution to other Shareholders, or as soon as practicable thereafter. The Equivalent Amount shall be paid by means of transfer to the registered account of the
Bondholder or by US$ cheque drawn on a bank in Hong Kong and mailed to the registered address of the Bondholder specified in the relevant Conversion Notice if he does not have a registered account. In these Conditions a “record
date” means a date fixed by the constitutional documents of the Issuer or otherwise specified for the purpose of determining entitlements to dividends or other distributions to, or rights of, Shareholders. 

 

	9	ADJUSTMENTS TO CONVERSION PRICE 

  

	9.1	Conversion Price Adjustment – Consolidation, Subdivision or Reclassification 

 The
Conversion Price shall be subject to adjustment if and whenever the Shares shall be consolidated, subdivided or reclassified. 
 In such an
event, the Conversion Price in force immediately prior thereto shall be adjusted by multiplying it by the following fraction: 
  

			
	A
	B

 where: 
  

	 	A	is the aggregate number of issued Shares immediately before such consolidation, sub-division or reclassification; and 

  

	 	B	is the aggregate number of issued Shares immediately after such consolidation, sub-division or reclassification. 

Such adjustment shall become effective on the date the consolidation, sub-division or reclassification (as the case may be) takes effect. 

  
 8 

	9.2	Rounding and Minor Adjustments 

 On any adjustment, the resultant Conversion Price, if not an
integral multiple of US$0.01, shall be rounded down to the nearest US$0.01. No adjustment shall be made to the Conversion Price if such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any
adjustment not required to be made, and any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment. 

 

	9.3	Employee Share Scheme 

 No adjustment shall be made to the Conversion Price where Shares or
other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted to or for the benefit of employees or former employees (including directors holding or formerly holding executive
office) of the Issuer or any Group Member pursuant to any employee share scheme or plan (including a dividend reinvestment plan). 
  

	9.4	Notice of Change in Conversion Price 

 The Issuer shall give notice to the Bondholder in
accordance with Condition 18 of any change in the Conversion Price. Any such notice relating to a change in the Conversion Price shall set forth: (i) the event giving rise to the adjustment; (ii) the Conversion Price prior to such
adjustment; (iii) the adjusted Conversion Price; and (iv) the effective date of such adjustment. 
  

	10	REPRESENTATIONS AND WARRANTIES OF THE BONDHOLDER 

  

	10.1	The Bondholder hereby acknowledges and represents and agrees that (i) neither the Bond nor the Conversion Shares has been or will be registered under the U.S. Securities Act of 1933, as amended from time to time
(the “Act”), or any other U.S. federal or state securities or “Blue Sky” laws, and may be resold within the jurisdiction of the United States or to U.S. Persons as defined in Rule 902(o) of Regulation S only if registered
pursuant to the provisions of the Act and all applicable U.S. federal and state securities laws or if an exemption from such registration is available; (ii) the Issuer is not required and has no present intention to register the Bond or the
Conversion Shares under the Act or any other securities laws; and (iii) any transfer of the Bond or any Conversion Shares must comply with the constitutional documents of the Issuer and all applicable U.S. federal and state securities laws. The
Bondholder further acknowledges that if an exemption from registration of the Bond or the Conversion Shares is available under the Act or any other applicable securities law, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Bond or Conversion Shares and requirements relating to the Issuer that are outside of the Bondholder’s control and that the Issuer is under no obligation, and may not be able, to
satisfy. 

  

	10.2	The Bondholder hereby represents and warrants to the Issuer that he (i) is a sophisticated individual that is an accredited investor within the meaning of Rule 501 under the Act, (ii) is able to protect his
own interests and bear the economic risk associated with the purchase of the Bond or the Conversion Shares, (iii) has received such information as he deems necessary and appropriate to make an informed decision regarding the purchase of the
Bond or the Conversion Shares, (iv) has such knowledge and experience, and has made investments of a similar nature, so as to be aware of the risks and uncertainties inherent in the purchase of investments of the type contemplated by the Bond
Documents, and (v) has independently and without reliance upon the Issuer, and based on such information as the Bondholder has deemed appropriate, made his own analysis and decision to subscribe for the Bond and/or the Conversion Shares. He
acknowledges that the Issuer has not given, and is not required to give, the Bondholder any investment advice, credit information or opinion on whether the subscription of the Bond or the Conversion Shares is prudent. 

  
 9 

	10.3	The Bondholder hereby represents and warrants to the Issuer that either it has been duly formed and is validly existing as a corporation or other legal entity in good standing under the laws of its jurisdiction of
incorporation or is an individual who is not a citizen or resident of the U.S. The Bondholder is not organized under the laws of the U.S. and is not a “U.S. Person” as that term is defined in Rule 902(o) of Regulation S under the Act.

  

	10.4	The Bondholder hereby represents and warrants to the Issuer that the Bond and any Conversion Shares are being acquired for investment for the Bondholder’s own account, not as nominee or agent or on behalf of any
U.S. Person as defined in Rule 902(o) of Regulation S, and the Bondholder has no intention of distributing or reselling, or granting any participation in, the Bond or the Conversion Shares, or any part thereof, except in accordance with the Act, the
rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder and all other applicable securities laws, rules and regulations. 

  

	10.5	The Bondholder hereby represents and warrants to the Issuer that to the best knowledge of the Bondholder, the Bond, the Bond Documents and the transactions contemplated by them are not part of a plan or scheme to evade
the registration provisions of the Act. 

  

	10.6	The Bondholder hereby acknowledges, represents and warrants that the Issuer has not made an offer to issue the Bond to the Bondholder in the U.S. other than as permitted in the case of an account managed by a
professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of Regulation S. At the time of the issue of the Bond and the execution of the Bond Documents and, to the best knowledge of the Bondholder, at the time the
issue of the Bond originated, the Bondholder was located and resident outside the U.S., other than as permitted in the case of an account managed by a professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of
Regulation S. 

  

	10.7	The Bondholder hereby acknowledges that no public market now exists for the Bond or the Conversion Shares and that the Issuer has not provided any assurance that a public market will ever exist for the Bond or the
Conversion Shares. 

  

	10.8	The Bondholder hereby acknowledges, represents and warrants that he has had an opportunity to (i) review the terms and conditions of the Bond Documents, the constitutional documents of the Issuer and any other
documents related to the transactions contemplated under the Bond Documents, (ii) to secure all such information as he deems necessary regarding the business, management, properties, prospects and financial condition of each Group Member and
(iii) to consult with counsel regarding the subject matter of the Bond Documents. The Bondholder hereby further acknowledges that the Issuer has not made or given any implied or express representations or warranties. In particular, no
representations are made and no warranties are given by the Issuer in respect of the business, management, properties, prospects and financial condition of each Group Member. 

 

	10.9	The Bondholder hereby acknowledges and understands that the Bond, the Conversion Shares, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends:

 “THE SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.” 

  
 10 

 “TRANSFER OF THESE SHARES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.” 

 

	10.10	The Bondholder hereby consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order to implement the restrictions on transfer of the Bond or Shares set forth
in these Conditions. 

  

	11	PAYMENTS 

  

	11.1	Principal and interest 

 Payment of principal and interest due: 

 

	 	(a)	other than on an Interest Payment Date shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the Bondholder if he does
not have a registered account. Payment of principal shall only be made after surrender of the Certificate at the principal place of business of the Issuer in Hong Kong; and 

 

	 	(b)	on an Interest Payment Date shall be paid on the due date for the payment of interest to the holder shown on the Register at the close of business on the fifth (5th) day before the due date for the payment of
interest (the “Interest Record Date”). Payments of interest on the Bond shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the
Bondholder if he does not have a registered account. 

  

	11.2	Rounding 

 When making payments to or for the benefit of the Bondholder, fractions of one cent
shall be rounded down to the nearest cent. 
  

	11.3	Registered Accounts 

 For the purposes of this Condition, the Bondholder’s registered
account means the US$ account maintained by or on behalf of the Bondholder with a bank in Hong Kong or any other jurisdiction, details of which appear on the Register at the close of business on the second Business Day before the due date for
payment, and the Bondholder’s registered address means his address appearing on the Register at that time. 
  

	11.4	Fiscal Laws 

 All payments are subject in all cases to Law. No commissions or expenses shall be
charged to the Bondholder in respect of such payments. 
  

	11.5	Payment Initiation 

  

	 	(a)	 Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business Day,
for value on the first following day which is a Business Day) shall be initiated and, where payment is to be made by cheque, the cheque shall be mailed (at the risk and, if mailed at the request of the holder otherwise than by ordinary mail, expense
of the holder) on the due date for payment (or, if it is not a Business Day, the immediately 

  
 11 

	 	
following Business Day) or, in the case of a payment of principal, if later, on the Business Day on which the Certificate is surrendered at the principal place of business of the Issuer in Hong
Kong. 

  

	 	(b)	If any date for payment is not a Business Day, the Bondholder shall not be entitled to payment until the next following Business Day nor to any interest or other payment for any delay after the due date in receiving the
amount due, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in accordance with this Condition arrives after the due date for payment. 

 

	12	REDEMPTION AND CANCELLATION 

  

	12.1	Redemption by the Bondholder 

 The Bondholder shall have the right to require the Issuer to
redeem the Bond at any time on or after the date which is eighteen (18) months after the Issue Date by delivering a Redemption Notice together with the Certificate to the Issuer and the Issuer shall redeem the Bond no later than ninety
(90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. For the purpose of these Conditions, the “Redemption Amount” means the outstanding principal amount of the Bond elected to be
redeemed pursuant to this Condition 12, together with any unpaid interest accruing on such outstanding principal amount of the Bond to be redeemed since (but excluding) the Interest Payment Date last preceding the relevant date of redemption up to
(but excluding) such date of redemption. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 

 

	12.2	Maturity 

  

	 	(a)	Unless previously redeemed or converted and cancelled as provided in these Conditions, the Issuer shall redeem the Bond by payment of the Maturity Redemption Amount in respect of the Bond on the Maturity Date in
accordance with these Conditions. 

  

	 	(b)	Except as provided in these Conditions (including Conditions 12 and 13), neither the Issuer nor the Bondholder may redeem the Bond at his option prior to the Maturity Date. 

 

	12.3	Cancellation 

 The Bond shall be cancelled upon redemption or conversion and the Issuer is
entitled to update the Register accordingly to reflect such redemption or conversion. 
  

	12.4	Notices 

 All notices given pursuant to this Condition 12 shall be given in accordance with
Condition 18. 

  
 12 

	13	EVENTS OF DEFAULT 

  

	13.1	Events or Circumstances Constituting Events of Default 

 Each of the following events or
circumstances is an Event of Default for the purposes of Condition 13.2, unless otherwise agreed by the Bondholder or otherwise expressly permitted under any Bond Document: 
  

	 	(a)	If the Issuer fails to make a payment, whether of principal, interest or otherwise, in accordance with the Bond Documents and such default continues for a period of ten (10) Business Days after the due date for
such payment. 

  

	 	(b)	Any failure by the Issuer to deliver any Conversion Shares as and when the Conversion Shares are required to be delivered following conversion of the Bond and such failure continues for more than ten (10) Business
Days. 

  

	13.2	Bondholder Rights Upon Event of Default 

 Upon the occurrence of an Event of Default which is
continuing, the Bondholder shall have the right to require the Issuer to redeem the Bond by delivering a Redemption Notice together with the Certificate to the Issuer. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn
unless the Issuer consents in writing to such withdrawal. The Issuer shall redeem the Bond no later than ninety (90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. 

 

	14	MATURITY REDEMPTION AMOUNT 

 Unless previously redeemed or converted and cancelled as
provided in these Conditions, the Issuer shall on the Maturity Date redeem the Bond at the Maturity Redemption Amount. For the purpose of these Conditions, the “Maturity Redemption Amount” means the outstanding principal amount of
the Bond, together with any unpaid interest accruing on such outstanding principal amount of the Bond since (but excluding) the Interest Payment Date last preceding the Maturity Date up to (but excluding) the Maturity Date. Except as provided in
these Conditions (including Conditions 12 and 13), the Bond shall not be redeemed or repaid prior to the Maturity Date. 
  

	15	MODIFICATION AND WAIVER 

  

	15.1	Agreement in writing 

 The Bond and these Conditions may only be varied by agreement in writing
between the Issuer and the Bondholder. 
  

	15.2	Modification and Waiver 

 The Bondholder may agree in writing with the Issuer to the waiver or
authorisation of any breach, or proposed breach, of the Bond and these Conditions. The Bond and these Conditions may be amended without the consent of the Bondholder to correct a manifest or proven error or to comply with mandatory provisions of
Law. Any such modification, waiver or authorisation shall be binding on the Bondholder and any such modification shall be notified by the Issuer to the Bondholder as soon as practicable thereafter. 

 

	16	TRANSFER AND REGISTRATION OF THE BOND; ISSUE OF CERTIFICATES 

  

	16.1	Procedure for transfer 

  

	 	(a)	 Notwithstanding any provision to the contrary in the Bond Documents, the Bond cannot be transferred unless with the written consent of the Issuer and
upon the execution of the form of transfer substantially in the form set forth in Annexure 1 endorsed under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of a director or a duly
authorised officer in writing. The Bondholder shall cause its shareholders, affiliates, or any other person controlling the Bondholder to abide by this Condition 16 and procure that

  
 13 

	 	
restrictions set forth in this Condition 16 shall not be avoided by the direct or indirect sale, transfer, disposal, issuance or redemption of any shares (or other interest) in the Bondholder or
in a shareholder, affiliate or such other person having control over the Bondholder or otherwise. In this Condition, a reference to “transferor” shall (where the context permits or requires) include joint transferors and be construed
accordingly. 

  

	 	(b)	The transferor of the Bond shall be deemed to remain the holder of the Bond until the name of the transferee is entered in the Register as the holder thereof. Registration of a transfer of the Bond shall be effected
without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of any costs, taxes or other governmental
charges which may be imposed in relation to it. 

  

	 	(c)	The Certificate issued in respect of the Bond to be transferred must be delivered for registration to the Issuer accompanied by such other evidence as the Issuer may reasonably require to prove the title of the
transferor or his right to transfer the Bond and his identity and, if the form of transfer is executed by some other person on behalf of the transferor or in the case of the execution of a form of transfer on behalf of a corporation by its officers,
the authority of that person or those persons to do so. The signature of the person effecting a transfer of the Bond shall conform to any list of duly authorised specimen signatures supplied by the holder of the Bond. 

 

	 	(d)	The new Certificate to be issued upon a transfer of Bond shall, within five (5) Business Days of receipt by the Issuer of the Certificate and form of transfer complying with the requirements of this Condition 16.1,
be made available for collection at the principal place of business of the Issuer in Hong Kong, or if so requested in the form of transfer, be mailed by uninsured mail (at the risk of the transferee) to the address specified in the form of transfer.

  

	 	(e)	Subject to the other provisions of this Condition 16, the Issuer shall register the transfer of the Bond only upon presentation of an executed and duly completed form of transfer together with the Certificate and any
other documents thereby required. 

  

	16.2	Entitlement to Certificate 

  

	 	(a)	The executors or administrators of a deceased Bondholder (not being one of several joint holders) and, in the case of the death of one or more of joint holders, the survivor or survivors of such joint holders, shall be
the only persons recognised by the Issuer as having any title to the Bond. 

  

	 	(b)	Any person becoming entitled to the Bond in consequence of the death or bankruptcy of the Bondholder may, upon producing such evidence that he holds the position in respect of which he proposes to act under this
Condition or of his title as the Issuer shall reasonably require (including certificates and/or legal opinions), be registered himself as the holder of the Bond or, subject to this Condition and with the written consent of the Issuer, may transfer
the Bond. The Issuer may retain any amount payable upon the Bond to which any person is so entitled until such person shall be so registered or shall duly transfer the Bond. 

 

	 	(c)	Unless otherwise requested by it, a holder of Bond shall receive only one (1) Certificate in respect of his holding. 

  

	 	(d)	The joint holders of a Bond shall be entitled to one (1) Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first
in the Register in respect of the joint holding. 

  
 14 

	16.3	Transfer and formalities free of charge 

 Registration of the holding of the Bond or any
transfer of the Bond shall be effected without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of
any costs, taxes or other governmental charges which may be imposed in relation to it. If the Bondholder entitled to receive the Certificate wishes to have it delivered to him otherwise than at the specified office of the Issuer, such delivery shall
be made upon his written request to the Issuer, at his risk and at his expense. 
  

	16.4	Closed Period 

 The Bondholder may not require the transfer of the Bond to be registered:
(a) during the period of fifteen (15) days ending on (and including) the dates for payment of any principal or any other amounts pursuant to these Conditions; (b) during the period of fifteen (15) days ending on (and including)
any Interest Payment Date; (c) after a Conversion Notice has been delivered with respect to the Bond pursuant to these Conditions; or (d) after a Redemption Notice has been delivered with respect to the Bond pursuant to these Conditions.

  

	17	REPLACEMENT OF CERTIFICATES 

 If the Certificate is mutilated, defaced, destroyed, stolen
or lost, it shall be replaced at the principal place of business of the Issuer in Hong Kong upon payment by the claimant of costs and expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer
may require. A mutilated or defaced Certificate must be surrendered before a replacement will be issued. 
  

	18	NOTICES 

  

	18.1	Notices to Issuer 

  

	 	(a)	All notices to the Issuer shall be validly given if delivered in person or sent by letter or facsimile transmission addressed to the Issuer at: 

 

			
	Address:	  	Suite 2204, 22/F, Sun Life Tower
		  	The Gateway, 15 Canton Road
		  	Tsimshatsui, Kowloon, Hong Kong
		
	Fax:	  	+852 2111 1890
		
	Attention:	  	Ms. Chris Fan

 or any substitute address or fax number which the Issuer may notify to the Bondholder by not less than ten
(10) Business Days’ notice. 
  

	 	(b)	Any communication or notice made to the Issuer under or in connection with these Conditions will only be effective: 

  

	 	(i)	if by way of fax, at the time of its despatch (subject to confirmation of uninterrupted transmission by the sender by a transmission report); 

  
 15 

	 	(ii)	if by personal delivery by hand or courier, at the time of delivery at the address referred to in Condition 18.1(a); 

  

	 	(iii)	if by local post (other than airmail) or registered mail, at 10:00 am on the second Business Day after posting; and 

  

	 	(iv)	if by airmail, at 10:00 am on the fifth (5th) Business Day after posting. 

  

	18.2	Notices to the Bondholder 

 All notices to the Bondholder under or in connection with these
Conditions shall be validly given if mailed to him at his address in the Register. Condition 18.1(b) shall apply mutatis mutandis to notices given by the Issuer to the Bondholder under or in connection with these Conditions. 

 

	19	LANGUAGE 

 These Conditions are in English. If a translation is prepared, the English
version shall prevail and the translation shall be for information purposes only. 
  

	20	GOVERNING LAW AND ARBITRATION 

  

	 	(a)	The Bond and any dispute or claim arising out of or in connection with it or these Conditions or any Bond Document shall be governed by, and construed in accordance with, Hong Kong law. 

 

	 	(b)	Any dispute, controversy or claim arising out of or in connection with the Bond or these Conditions or any Bond Document (including a dispute regarding the existence, validity, formation, effect, interpretation,
performance or termination of the Bond or these Conditions) shall be settled by arbitration. 

  

	 	(c)	The arbitral proceedings shall be conducted as follows: 

  

	 	(i)	the place of arbitration shall be in Hong Kong at the Hong Kong International Arbitration Center (“HKIAC”); 

  

	 	(ii)	the arbitration proceedings shall be conducted in English; 

  

	 	(iii)	the UNCITRAL Arbitration Rules in force as at the Issue Date (as may be amended by these Conditions) shall apply; 

  

	 	(iv)	there shall be three (3) arbitrators to be mutually agreed upon by the Issuer and the Bondholder or, in absence of mutual agreement, each of (A) the Issuer (on the one hand) and (B) the Bondholder (on the
other hand) may nominate one (1) arbitrator and the third arbitrator shall be appointed by the Chairman for the time being of the HKIAC; 

  

	 	(v)	the arbitration proceedings shall be administered by the HKIAC in accordance with the HKIAC Procedures for Arbitration in force as at the Issue Date; 

 

	 	(vi)	an award by the arbitrators shall be final and conclusive and binding upon the Issuer and the Bondholder and shall not be subject to further appeal; and 

 

	 	(vii)	judgment upon the award rendered may be entered in any court having jurisdiction and each of the Issuer and the Bondholder submits to the non-exclusive jurisdiction of the Hong Kong courts for this purpose.

  
 16 

	21	TERMINATION OF CONDITIONS 

 Notwithstanding anything to the contrary in any Bond
Document, the Issuer’s covenants, obligations and conditions, and the Bondholder’s rights, benefits and claims under the Bond Documents, at law and/or in equity, insofar as the Bondholder’s Bond is concerned, shall terminate and have
no force and effect upon the earlier of the date on which the Bond is converted or redeemed (as the case may be). 

  
 17 

 ANNEXURE 1 

FORM OF TRANSFER 
 CHINA
METRO-RURAL HOLDINGS LIMITED 
 (a company limited by shares incorporated in the British Virgin Islands) 

US$5,000,000 10% CONVERTIBLE BOND DUE 2016 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 I am/We are* the holder of US$5,000,000 in
aggregate principal amount of the Bond issued by the Issuer on January 27, 2014 with Certificate number 1. 
 References in this Transfer Form to
“Conditions” are to the terms and conditions on which the Bond was issued, as may have been amended from time to time. Terms defined in the Conditions shall have the same meaning in this Transfer Form, save where the context
otherwise requires. 
  

	1.	I/We* hereby transfer the Bond registered in my/our* name in the register of bondholders to: 

  

			
		 	  

		
		 	of/whose registered office address is at:
		
		 	  

		
		 	  

		
		 	  

 (the “Transferee”) 

 

	2.	I/We* hereby request that a Certificate in respect of the transferred Bond be issued to the person whose name and address are set out in paragraph 1 above and that such Certificate: 

 

	 	* (a)	be despatched to the person whose name and address is given below and in the manner specified below: 

  

									
					
		 	 Name	  	:	  	  
	 	
					
		 	  Address
	  	 :
	  	  
	 	
					
		 		  		  	  
	 	
					
		 		  		  	  
	 	

 Manner of despatch: [Registered mail/recorded mail/courier]* 

 

	 	* (b)	if no name and address is given in (a) above, be made available for collection at the office of the Issuer referred to for that purpose in the Conditions. 

	 	

  
 18 

									
	3.	 	The Certificate in respect of the transferred Bond is enclosed with this Transfer Form.
		
	4.	 	The registered account of the Transferee (being a US$ account) for the purposes of receipt of principal, interest and any other amounts in respect of the Bond is (unless otherwise instructed by the Transferee) as
follows:
					
		 	Name of Account	 	:	 	  
	  	
					
		 	Account No.	 	:	 	  
	  	
					
		 	Sort Code	 	:	 	  
	  	
					
		 	Name of Bank	 	:	 	  
	  	
					
		 	Address of Bank	 	:	 	  
	  	
					
		 		 		 	  
	  	

  

	*	delete as appropriate 

  

									
	Name of Transferor	 	:	 	  
	  	
				
	Signature of Transferor	 	:	 	  
	  	
				
	Date	 	:	 	  
	  	

 Notes: 
  

	(i)	A representative of the holder should state the capacity in which he signs. 

  

	(ii)	The signature of the person effecting a transfer shall conform to any list of duly authorized specimen signatures supplied by the holder or be certified by a recognized bank, notary public, commissioner of oaths,
solicitor or in such other manner as the Issuer may reasonably require. 

  
 19 

 ANNEXURE 2 

FORM OF CONVERSION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$5,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on January 27, 2014 and its related terms and conditions (the “Conditions”), [I/we] the holder(s) of the Bond hereby give notice of
[my/our] desire to exercise the conversion right attached to the Bond at the conversion price in accordance with the Conditions in respect of US$5,000,000 of the principal amount outstanding. 

[I/we] agree to accept all the fully paid ordinary shares in the capital of the Issuer (the “Conversion Shares”) to be issued pursuant to
this exercise of the conversion right attached to the Bond, subject to the constitutional documents of the Issuer. [I/we] desire the Conversion Shares to be registered in [my/our] name and hereby authorise the entry of [my/our] name in the register
of members of the Issuer in respect of the Conversion Shares and the despatch of the related share certificate to [name] at [address]. 
 The
Certificate in respect of the converted Bond is enclosed with this Conversion Notice. 
 Signature of the holder of the Bond: 

 

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 20 

 ANNEXURE 3 

FORM OF REDEMPTION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$5,000,000 10%
convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on January 27, 2014 and its terms and conditions (the “Conditions”), [I/we] the holder of the Bond refer to Condition [12.1/13.2] and
hereby require the Issuer to redeem the Bond in the aggregate principal amount of US$5,000,000 pursuant to the said Condition and otherwise in accordance with the terms and conditions contained in the Certificate. 

The Certificate in respect of the Bond which [I/we] require the Issuer to redeem is enclosed with this Redemption Notice. 

Signature of the holder of the Bond: 
  

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 21 

 Exhibit 4.49.6 

BOND CERTIFICATE WITH TERMS AND CONDITIONS 

CHINA METRO-RURAL HOLDINGS LIMITED 

(a company limited by shares incorporated in the British Virgin Islands) 

US$10,000,000 10% CONVERTIBLE BOND DUE 2016 

Certificate number: 1 
 Issued pursuant to a
resolution of the board of directors of China Metro-Rural Holdings Limited (the “Issuer”) passed on December 9, 2013. 
 THE ISSUER
HEREBY CERTIFIES that Cheng Chung Hing is the registered holder of US$10,000,000 in principal amount of the above-mentioned convertible bond (the “Bond”). The Bond is issued with the benefit of and subject to the provisions
of the terms and conditions (the “Conditions”) attached hereto, as the same may be amended from time to time, which shall form an integral part of this Certificate. 

For value received, the Issuer promises to pay the person who appears at the relevant time on the register of bondholders as the holder of the Bond in respect
of which this Certificate is issued such amount or amounts as shall become due in respect of the Bond and otherwise to comply with the Conditions. 
 Any
reference herein to the Conditions is to the terms and conditions of the Bond attached hereto and any reference to a numbered Condition is to the correspondingly numbered provision thereof. 

This Certificate is evidence of entitlement only. Title to the Bond passes only on due registration in the register of bondholders and only the duly
registered holder is entitled to payment on the Bond in respect of which this Certificate is issued. 
 This Certificate shall not be valid for any purpose
until executed by the Issuer. 
 This Certificate and the Bond are governed by and shall be construed in accordance with the laws of the Hong Kong Special
Administrative Region of the People’s Republic of China. 
 Issued by and under the common seal of the Issuer this 20th day of March, 2014. 

 

			
	THE COMMON SEAL of	  	    )
	CHINA METRO-RURAL HOLDINGS LIMITED	  	    )
	was affixed hereto in the presence of:	  	    )

  

			
	  

	Name:	 	Sio Kam Seng
	Director	 	

 Notes: The Bond cannot be transferred to bearer on delivery and is only transferable to the extent permitted by Condition
16. This Certificate must be delivered to the specified office of the Issuer for cancellation and reissue of an appropriate Certificate in the event of any such transfer. 

 TERMS AND CONDITIONS OF THE BOND 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In these Conditions, the following terms and expressions shall, unless the context
otherwise requires, have the following meanings. 
 “Act” has the meaning specified in Condition 10.1. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration (in each case whether preliminary, interim, conditional or otherwise). 
 “Authority” means any competent
governmental, administrative, supervisory, regulatory, judicial, determinative, disciplinary, enforcement or tax raising body, authority, agency, board, department, court or tribunal of any jurisdiction (including any relevant securities exchange)
and whether supranational, national, regional or local. 
 “Bond” means this US$10,000,000 10% convertible bond due 2016 of
the Issuer. 
 “Bond Documents” means the Certificate, these Conditions and any other document designated as a Bond Document
by the Bondholder and the Issuer. 
 “Bondholder” and “holder” means Cheng Chung Hing or any other person
to whom the Bond is transferred pursuant to Condition 16.1 and in whose name the Bond is registered. 
 “Business Day” means
a day on which banks are open for business in Hong Kong, the PRC and the State of New York (other than a Saturday, Sunday or public holiday or a day on which a tropical cyclone warning No. 8 or above or a “black rainstorm warning
signal” is hoisted or remains hoisted in Hong Kong at any time between 9:00 a.m. and 5:00 p.m.) and, in the case of the surrender of the Certificate, in the place where the Certificate is surrendered. 

“Certificate” has the meaning specified in Condition 3. 

“Conditions” means these Terms and Conditions of the Bond as set forth herein. 

“Conversion Date” has the meaning specified in Condition 8.4(b). 

“Conversion Notice” means a written notice of conversion in substantially the form set out in Annexure 2. 

“Conversion Period” has the meaning specified in Condition 8.1. 

“Conversion Price” means the price per Conversion Share at which Conversion Shares will be issued upon the exercise of the
Conversion Right attached to the Bond, which price being initially US$1.30, subject to adjustment as provided in these Conditions. 

“Conversion Right” means a right to convert the Bond into Conversion Shares pursuant to Condition 8.1. 

“Conversion Shares” mean the Shares to be issued to the Bondholder upon the exercise of the Conversion Right attached to the
Bond. 

  
 1 

 “Equivalent Amount” has the meaning specified in Condition 8.4(c)(iv). 

“Event of Default” means any event or circumstance described as such in Condition 13.1. 

“First Interest Date” has the meaning specified in Condition 7.1. 

“Group” means the Issuer and its Subsidiaries, namely, M.S. Electronic Emporium Limited, China Metro-Rural Limited, China
Metro-Rural Exchange Limited, China Northeast Logistics City Co., Ltd. 

, Tieling North Asia Development Co., Ltd. 

, Tieling Northeast City Advertising Co., Ltd. 

 Tieling North Asia Property Management Co., Ltd. 

, Tieling Northeast City Motor Vehicle Trading Co., Ltd. 

 China Metro-Rural Development Limited, China Northeast Logistics City Dezhou Co., Ltd. 

, Dezhou Northeast City Property Co., Ltd. 

, Dezhou North Asia Property Management Co., Ltd. 

, China Northeast Logistics City Shenzhen Co., Ltd. 

, China Glorious City Strategic Limited, China Glorious City Investments Limited, China Glorious City Construction Limited, China Glorious City Development Limited, China Glorious City (Hengyang) Co., Ltd. 

, Shenyang Jiataihe Investments Co., Ltd. 

, China Glorious City Strategic(Zhoukou) Co., Ltd

, China Glorious City Investments (Zhoukou) Co., Ltd.

, Hengyang China Glorious City Business Co., Ltd.

, Hengyang China Glorious City Logistics Co., Ltd.

, Hengyang China Glorious Property Co., Ltd.

, Hengyang Huayan Property Co., Ltd.

 and Hengyang Huaqian Property Co., Ltd.

, and “Group Member” means any of those persons. 
 “HKIAC” has the
meaning specified in Condition 20(c)(i). 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“Issue Date” means the date on which the Bond is issued. 

“Issuer” means China Metro-Rural Holdings Limited, a company limited by shares incorporated in the British Virgin Islands.

 “Interest Payment Date” has the meaning specified in Condition 7.1. 

“Interest Record Date” has the meaning specified in Condition 11.1(b). 

“Law” means, in respect of a person, all civil and common law, statute, subordinate legislation, treaty, regulation,
directive, decision, by-law, ordinance, circular, code, order, notice, demand, decree, injunction, resolution or judgment of any Authority (including the rules and regulations of the NYSE MKT or any other applicable stock exchange) applicable to or
affecting such person, its business, employees or assets in any jurisdiction. 
 “Maturity Date” means December 19,
2016. 
 “Maturity Redemption Amount” has the meaning specified in Condition 14. 

“NYSE MKT” means NYSE MKT LLC. 

“PRC” means the People’s Republic of China excluding, for the purpose of these Conditions, Hong Kong, Macau Special
Administrative Region and Taiwan. 

  
 2 

 “Redemption Amount” has the meaning specified in Condition 12.1. 

“Redemption Notice” means any notice of redemption delivered by the Bondholder to the Issuer in accordance with these
Conditions and substantially in the form set out in Annexure 3. 
 “Register” has the meaning specified in Condition 5. 

“Registration Date” has the meaning specified in Condition 8.4(c)(ii). 

“Security” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, third party claim, debenture, option,
right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security or security interests of any kind (including retention arrangements or other encumbrances and any agreement to create any
of the foregoing). 
 “Shareholder” means a registered holder of Shares. 

“Shares” means ordinary shares in the capital of the Issuer. 

“Subsidiary” means, as of the relevant date of determination, with respect to any person (the “subject entity”),
(a) any person: (i) more than 50% of whose shares or other interests entitled to vote in the election of directors or (ii) more than 50% of whose interest in the profits or capital are owned or controlled directly or indirectly by the
subject entity or through one (1) or more Subsidiaries of the subject entity, or (b) any person with respect to which the subject entity has the power to otherwise direct the business and policies of that person directly or indirectly
through another Subsidiary. 
 “U.S.” means the United States of America. 

“US$” means U.S. dollars, the lawful currency of the U.S. 

 

	1.2	Interpretation 

  

	 	(a)	Unless a contrary indication appears, any reference in these Conditions to: 

  

	 	(i)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(ii)	the Bondholder, any Group Member or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(iii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(iv)	a reference to any Hong Kong legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than
Hong Kong, be deemed to include what most nearly approximates the Hong Kong legal term in that jurisdiction and references to any Hong Kong statute or enactment shall be deemed to include any equivalent or analogous laws or rules in any other
jurisdiction; 

  
 3 

	 	(v)	a reference to any law or enactment includes references to: (A) that law or enactment as re-enacted, amended, extended or applied by or under any other enactment (before or after the Issue Date); (B) any law
or enactment which that law or enactment re-enacts (with or without modification); and (C) any subordinate legislation made under any law or enactment, as re-enacted, amended, extended or applied, as described in paragraph (A) above, or
under any law or enactment referred to in paragraph (B) above, and “law” and “enactment” includes any legislation in any jurisdiction; 

 

	 	(vi)	a “Bond Document” or any other agreement or instrument is a reference to that Bond Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(vii)	words importing the singular include the plural and vice versa, and words importing a gender include every gender; 

  

	 	(viii)	a time of day is a reference to Hong Kong time; and 

  

	 	(ix)	the words “include” and “including” shall be construed without limitation. 

  

	 	(b)	The headings in these Conditions are inserted for convenience only and shall not affect the construction of these Conditions. 

  

	2	STATUS 

 The Bond constitutes the direct, unsecured, unconditional and unsubordinated
obligations of the Issuer and is issued with the benefits of these Conditions. The payment obligations of the Issuer under the Bond shall (save for such exceptions as may be provided by mandatory provisions of Law) at all times rank at least equally
with all other present and future unsecured, unconditional and unsubordinated obligations of the Issuer. No application will be made for a listing of the Bond. 
  

	3	FORM AND DENOMINATION 

 The Bond is issued in registered form. On the Issue Date, a
definitive bond certificate (the “Certificate”) shall be issued to the Bondholder in respect of his registered holding of the Bond. The Bond and the Certificate shall be numbered serially with an identifying number which shall be
recorded on the Certificate and in the Register. 
  

	4	TITLE 

 Title to the Bond passes only by transfer and registration in the Register
pursuant to Condition 16.1. The Bondholder shall (except as otherwise required by Law) be treated as the absolute owner of the Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person shall be liable for so treating the holder. 
  

	5	REGISTER 

 The Issuer shall maintain a register of bondholders (the
“Register”) on which shall be entered the name, address and bank account details of the Bondholder and the particulars of the Bond held by the Bondholder. 

  
 4 

	6	COVENANTS 

  

	6.1	Authorisations 

 The Issuer shall promptly obtain, comply with and do all that is necessary to
maintain in full force and effect any Authorisation required under Law to enable it to perform its obligations under the Bond Documents. 
  

	6.2	Other Covenants in relation to Conversion Right 

 For so long as the Bond shall remain
outstanding, unless with the Bondholder’s consent, the Issuer shall pay the expenses of the issue of, and all expenses of obtaining and maintaining a listing on the NYSE MKT for, the Conversion Shares. 

 

	7	INTEREST 

  

	7.1	Interest Rate and Interest Payment Dates 

 The Bond bears interest on its outstanding principal
amount from and including the Issue Date at the rate of 10% per annum. The first interest payment with respect to the period from the Issue Date to June 19, 2014 is payable on June 19, 2014 (the “First Interest Date”)
and each subsequent interest payment is payable semi-annually in arrears on the last day of every six months from the First Interest Date (such dates, together with the First Interest Date, the “Interest Payment Dates”, and each an
“Interest Payment Date”). If an Interest Payment Date would otherwise fall on a day which is not a Business Day, it shall be postponed to the next day which is a Business Day. 

 

	7.2	Interest Accrual and Payment 

  

	 	(a)	Interest on the Bond shall accrue from the Issue Date on a daily basis and shall be calculated on the basis of the actual number of days elapsed in a year of 365 days, including the first day of the period during which
it accrues and including the last day of the period. Interest on the Bond not held for the whole of the period between any two successive Interest Payment Dates shall be calculated on a pro rata basis. 

 

	 	(b)	The Bond shall cease to bear interest: 

  

	 	(i)	where the Conversion Right attached to it shall have been exercised, from and including the Conversion Date; or 

  

	 	(ii)	from the Maturity Date or the due date for redemption of the Bond, unless payment of the full amount due is improperly withheld or refused or default is otherwise made in respect of any such payment, and in such event,
interest shall continue to accrue at the rate provided in Condition 7.1, up to but excluding the date on which all sums due in respect of the Bond are received by or on behalf of the holder thereof. If interest is required to be calculated for a
period of less than one year, it shall be calculated on the basis of the actual number of days elapsed in a year of 365 days. 

  

	 	(c)	Save as provided in Conditions 8.4(c)(iii), 12, 13 and 14 the Issuer shall pay interest due in respect of the Bond on each Interest Payment Date. 

  
 5 

	8	CONVERSION 

  

	8.1	Conversion Right and Conversion Period 

 The Bondholder has the right to convert all but not
part of the Bond for Conversion Shares at any time during the Conversion Period; provided that such conversion would not result in the Bondholder, the Issuer or any other person contravening any applicable Law. Such Conversion Right shall be
exercised in accordance with Condition 8.4(a)(i). Subject to compliance with these Conditions (including Condition 8.4(a)(i)), the “Conversion Period” shall be the period commencing on the Issue Date and expiring on the close of
business (at the place where the Certificate representing the Bond is deposited for conversion) on the earlier of: 
  

	 	(a)	the date which falls five (5) Business Days prior to the Maturity Date; or 

  

	 	(b)	if the Bond shall have been called for redemption prior to the Maturity Date, the close of business (at the place aforesaid) on the date of the Redemption Notice. 

 

	8.2	Number of Conversion Shares and Fractions Arising on Conversion 

  

	 	(a)	The number of Conversion Shares to be issued on a conversion of the Bond pursuant to this Condition 8 shall be determined by dividing the principal amount of the Bond by the Conversion Price in effect at the Conversion
Date. 

  

	 	(b)	Fractions of Conversion Shares shall not be issued on the conversion of the Bond but rounded down to the nearest whole number of Conversion Shares and no cash adjustments shall be made in respect thereof.

  

	8.3	Revival After Default 

 Notwithstanding the provisions of Condition 8.1, if: 

 

	 	(a)	the Issuer shall default in making payment in full in respect of the Bond which shall have been called for redemption on the date fixed for redemption thereof; or 

 

	 	(b)	the Bond has become due and payable prior to the Maturity Date by reason of the occurrence of an Event of Default; or 

  

	 	(c)	the Bond is not redeemed on the Maturity Date in accordance with Condition 12.2, 

 the
Conversion Right attaching to the Bond shall revive and/or shall continue to be exercisable up to (and including) the close of business (at the place where the Certificate evidencing the Bond is deposited for conversion) on the date upon which the
full amount of the moneys payable in respect of the Bond has been duly received by the Bondholder. If the Certificate and the Conversion Notice are deposited for conversion prior to such date, the Bond shall be converted on the relevant Conversion
Date notwithstanding that the Conversion Period may have expired before such Conversion Date. 
  

	8.4	Conversion Procedure 

  

	 	(a)	Conversion Notice 

  

	 	(i)	To exercise the Conversion Right attaching to the Bond pursuant to Condition 8.1 the holder thereof must complete, execute and deposit at his own expense during normal business hours at the principal office of the
Issuer in Hong Kong: 

  

	 	(A)	a Conversion Notice; and 

  

	 	(B)	the Certificate. 

  
 6 

 Except as expressly provided herein, a Conversion Notice once delivered shall be irrevocable and
may not be withdrawn unless the Issuer consents in writing to such withdrawal. 
  

	 	(b)	Conversion Date 

  

	 	(i)	Subject to Condition 8.4(b)(ii), the conversion date in respect of the Bond (the “Conversion Date”) must fall at a time when the Conversion Right attaching to that Bond is expressed in these Conditions
to be exercisable (subject to Conditions 8.1 and 8.3), and shall be deemed to be the fifth (5th) Business Day following the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be
made or indemnity given under these Conditions in connection with the exercise of such Conversion Right. 

  

	 	(ii)	In the event the conversion would result in the Bondholder, Issuer or any other person contravening any applicable Law, then for that particular conversion only and in respect of only those Conversion Shares which
result in that contravention, the Conversion Date will be the fifth (5th) Business Day after the later of: 

  

	 	(A)	the date the issue of those Conversion Shares would no longer result in that contravention; and 

  

	 	(B)	the date of the surrender of the Certificate and delivery of such Conversion Notice and, if applicable, any payment to be made or indemnity given under these Conditions in connection with the exercise of such Conversion
Right. 

  

	 	(c)	Issue of Shares and Registration 

  

	 	(i)	As soon as practicable on the Conversion Date, the Issuer shall, upon exercise by the Bondholder of the Conversion Right pursuant to Condition 8.1 and in respect of which a duly completed Conversion Notice and the
Certificate having been delivered as required by this Condition 8.4, issue to the Bondholder the relevant number of Conversion Shares and shall immediately upon the issue of those Conversion Shares: 

 

	 	(A)	instruct the Issuer’s share registry to as soon as practicable: 

  

	 	(I)	enter the Bondholder in the register of members of the Issuer (if any) as the holder of those Conversion Shares; and 

  

	 	(II)	despatch a single share certificate in respect of all of those Conversion Shares issued on conversion of the Bond subject to the same Conversion Notice and which are to be registered in the same name. 

  
 7 

	 	(ii)	The Bondholder shall become the holder of record of the number of Conversion Shares issuable upon conversion with effect from the date such person is registered as such in the Issuer’s register of members (the
“Registration Date”). The Conversion Shares shall in all respects (including rights to dividends) rank pari passu with the Shares in issue on the relevant Registration Date. 

 

	 	(iii)	Upon conversion and on the Registration Date, the Issuer shall pay to the Bondholder any interest accruing on the converted Bond since (but excluding) the Interest Payment Date last preceding the relevant Conversion
Date up to (but excluding) the Conversion Date. 

  

	 	(iv)	If the record date for the payment of any dividend or other distribution in respect of the Shares is on or after the Conversion Date of the Bond, but before the Registration Date, the Issuer shall pay to the converting
Bondholder an amount (the “Equivalent Amount”) in US$ equal to the amount of any such dividend or other distribution to which the Bondholder would have been entitled had it on that record date been a Shareholder on record and shall
make the payment at the same time as it makes payment of the dividend or other distribution to other Shareholders, or as soon as practicable thereafter. The Equivalent Amount shall be paid by means of transfer to the registered account of the
Bondholder or by US$ cheque drawn on a bank in Hong Kong and mailed to the registered address of the Bondholder specified in the relevant Conversion Notice if he does not have a registered account. In these Conditions a “record
date” means a date fixed by the constitutional documents of the Issuer or otherwise specified for the purpose of determining entitlements to dividends or other distributions to, or rights of, Shareholders. 

 

	9	ADJUSTMENTS TO CONVERSION PRICE 

  

	9.1	Conversion Price Adjustment – Consolidation, Subdivision or Reclassification 

 The
Conversion Price shall be subject to adjustment if and whenever the Shares shall be consolidated, subdivided or reclassified. 
 In such an
event, the Conversion Price in force immediately prior thereto shall be adjusted by multiplying it by the following fraction: 
  

					
		 	 A
	 	
		 	B	 	
		 		 	

 where: 
  

	 	A	is the aggregate number of issued Shares immediately before such consolidation, sub-division or reclassification; and 

  

	 	B	is the aggregate number of issued Shares immediately after such consolidation, sub-division or reclassification. 

Such adjustment shall become effective on the date the consolidation, sub-division or reclassification (as the case may be) takes effect. 

  
 8 

	9.2	Rounding and Minor Adjustments 

 On any adjustment, the resultant Conversion Price, if not an
integral multiple of US$0.01, shall be rounded down to the nearest US$0.01. No adjustment shall be made to the Conversion Price if such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any
adjustment not required to be made, and any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment. 

 

	9.3	Employee Share Scheme 

 No adjustment shall be made to the Conversion Price where Shares or
other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted to or for the benefit of employees or former employees (including directors holding or formerly holding executive
office) of the Issuer or any Group Member pursuant to any employee share scheme or plan (including a dividend reinvestment plan). 
  

	9.4	Notice of Change in Conversion Price 

 The Issuer shall give notice to the Bondholder in
accordance with Condition 18 of any change in the Conversion Price. Any such notice relating to a change in the Conversion Price shall set forth: (i) the event giving rise to the adjustment; (ii) the Conversion Price prior to such
adjustment; (iii) the adjusted Conversion Price; and (iv) the effective date of such adjustment. 
  

	10	REPRESENTATIONS AND WARRANTIES OF THE BONDHOLDER 

  

	10.1	The Bondholder hereby acknowledges and represents and agrees that (i) neither the Bond nor the Conversion Shares has been or will be registered under the U.S. Securities Act of 1933, as amended from time to time
(the “Act”), or any other U.S. federal or state securities or “Blue Sky” laws, and may be resold within the jurisdiction of the United States or to U.S. Persons as defined in Rule 902(o) of Regulation S only if registered
pursuant to the provisions of the Act and all applicable U.S. federal and state securities laws or if an exemption from such registration is available; (ii) the Issuer is not required and has no present intention to register the Bond or the
Conversion Shares under the Act or any other securities laws; and (iii) any transfer of the Bond or any Conversion Shares must comply with the constitutional documents of the Issuer and all applicable U.S. federal and state securities laws. The
Bondholder further acknowledges that if an exemption from registration of the Bond or the Conversion Shares is available under the Act or any other applicable securities law, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Bond or Conversion Shares and requirements relating to the Issuer that are outside of the Bondholder’s control and that the Issuer is under no obligation, and may not be able, to
satisfy. 

  

	10.2	The Bondholder hereby represents and warrants to the Issuer that he (i) is a sophisticated individual that is an accredited investor within the meaning of Rule 501 under the Act, (ii) is able to protect his
own interests and bear the economic risk associated with the purchase of the Bond or the Conversion Shares, (iii) has received such information as he deems necessary and appropriate to make an informed decision regarding the purchase of the
Bond or the Conversion Shares, (iv) has such knowledge and experience, and has made investments of a similar nature, so as to be aware of the risks and uncertainties inherent in the purchase of investments of the type contemplated by the Bond
Documents, and (v) has independently and without reliance upon the Issuer, and based on such information as the Bondholder has deemed appropriate, made his own analysis and decision to subscribe for the Bond and/or the Conversion Shares. He
acknowledges that the Issuer has not given, and is not required to give, the Bondholder any investment advice, credit information or opinion on whether the subscription of the Bond or the Conversion Shares is prudent. 

  
 9 

	10.3	The Bondholder hereby represents and warrants to the Issuer that either it has been duly formed and is validly existing as a corporation or other legal entity in good standing under the laws of its jurisdiction of
incorporation or is an individual who is not a citizen or resident of the U.S. The Bondholder is not organized under the laws of the U.S. and is not a “U.S. Person” as that term is defined in Rule 902(o) of Regulation S under the Act.

  

	10.4	The Bondholder hereby represents and warrants to the Issuer that the Bond and any Conversion Shares are being acquired for investment for the Bondholder’s own account, not as nominee or agent or on behalf of any
U.S. Person as defined in Rule 902(o) of Regulation S, and the Bondholder has no intention of distributing or reselling, or granting any participation in, the Bond or the Conversion Shares, or any part thereof, except in accordance with the Act, the
rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder and all other applicable securities laws, rules and regulations. 

  

	10.5	The Bondholder hereby represents and warrants to the Issuer that to the best knowledge of the Bondholder, the Bond, the Bond Documents and the transactions contemplated by them are not part of a plan or scheme to evade
the registration provisions of the Act. 

  

	10.6	The Bondholder hereby acknowledges, represents and warrants that the Issuer has not made an offer to issue the Bond to the Bondholder in the U.S. other than as permitted in the case of an account managed by a
professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of Regulation S. At the time of the issue of the Bond and the execution of the Bond Documents and, to the best knowledge of the Bondholder, at the time the
issue of the Bond originated, the Bondholder was located and resident outside the U.S., other than as permitted in the case of an account managed by a professional fiduciary resident in the U.S. within the meaning of Section 902(o)(2) of
Regulation S. 

  

	10.7	The Bondholder hereby acknowledges that no public market now exists for the Bond or the Conversion Shares and that the Issuer has not provided any assurance that a public market will ever exist for the Bond or the
Conversion Shares. 

  

	10.8	The Bondholder hereby acknowledges, represents and warrants that he has had an opportunity to (i) review the terms and conditions of the Bond Documents, the constitutional documents of the Issuer and any other
documents related to the transactions contemplated under the Bond Documents, (ii) to secure all such information as he deems necessary regarding the business, management, properties, prospects and financial condition of each Group Member and
(iii) to consult with counsel regarding the subject matter of the Bond Documents. The Bondholder hereby further acknowledges that the Issuer has not made or given any implied or express representations or warranties. In particular, no
representations are made and no warranties are given by the Issuer in respect of the business, management, properties, prospects and financial condition of each Group Member. 

 

	10.9	The Bondholder hereby acknowledges and understands that the Bond, the Conversion Shares, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends:

 “THE SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.” 

  
 10 

 “TRANSFER OF THESE SHARES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.” 

 

	10.10	The Bondholder hereby consents to the Issuer making a notation on its records or giving instructions to any transfer agent of the Issuer in order to implement the restrictions on transfer of the Bond or Shares set forth
in these Conditions. 

  

	11	PAYMENTS 

  

	11.1	Principal and interest 

 Payment of principal and interest due: 

 

	 	(a)	other than on an Interest Payment Date shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the Bondholder if he does
not have a registered account. Payment of principal shall only be made after surrender of the Certificate at the principal place of business of the Issuer in Hong Kong; and 

 

	 	(b)	on an Interest Payment Date shall be paid on the due date for the payment of interest to the holder shown on the Register at the close of business on the fifth (5th) day before the due date for the payment of
interest (the “Interest Record Date”). Payments of interest on the Bond shall be made by transfer to the registered account of the Bondholder or by US$ cheque drawn on a bank in Hong Kong mailed to the registered address of the
Bondholder if he does not have a registered account. 

  

	11.2	Rounding 

 When making payments to or for the benefit of the Bondholder, fractions of one cent
shall be rounded down to the nearest cent. 
  

	11.3	Registered Accounts 

 For the purposes of this Condition, the Bondholder’s registered
account means the US$ account maintained by or on behalf of the Bondholder with a bank in Hong Kong or any other jurisdiction, details of which appear on the Register at the close of business on the second Business Day before the due date for
payment, and the Bondholder’s registered address means his address appearing on the Register at that time. 
  

	11.4	Fiscal Laws 

 All payments are subject in all cases to Law. No commissions or expenses shall be
charged to the Bondholder in respect of such payments. 
  

	11.5	Payment Initiation 

  

	 	(a)	 Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business Day,
for value on the first following day which is a Business Day) shall be initiated and, where payment is to be made by cheque, the cheque shall be mailed (at the risk and, if mailed at the request of the holder otherwise than by ordinary mail, expense
of the holder) on the due date for payment (or, if it is not a Business Day, the immediately 

  
 11 

	 	
following Business Day) or, in the case of a payment of principal, if later, on the Business Day on which the Certificate is surrendered at the principal place of business of the Issuer in Hong
Kong. 

  

	 	(b)	If any date for payment is not a Business Day, the Bondholder shall not be entitled to payment until the next following Business Day nor to any interest or other payment for any delay after the due date in receiving the
amount due, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in accordance with this Condition arrives after the due date for payment. 

 

	12	REDEMPTION AND CANCELLATION 

  

	12.1	Redemption by the Bondholder 

 The Bondholder shall have the right to require the Issuer to
redeem the Bond at any time on or after the date which is eighteen (18) months after the Issue Date by delivering a Redemption Notice together with the Certificate to the Issuer and the Issuer shall redeem the Bond no later than ninety
(90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. For the purpose of these Conditions, the “Redemption Amount” means the outstanding principal amount of the Bond elected to be
redeemed pursuant to this Condition 12, together with any unpaid interest accruing on such outstanding principal amount of the Bond to be redeemed since (but excluding) the Interest Payment Date last preceding the relevant date of redemption up to
(but excluding) such date of redemption. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal. 

 

	12.2	Maturity 

  

	 	(a)	Unless previously redeemed or converted and cancelled as provided in these Conditions, the Issuer shall redeem the Bond by payment of the Maturity Redemption Amount in respect of the Bond on the Maturity Date in
accordance with these Conditions. 

  

	 	(b)	Except as provided in these Conditions (including Conditions 12 and 13), neither the Issuer nor the Bondholder may redeem the Bond at his option prior to the Maturity Date. 

 

	12.3	Cancellation 

 The Bond shall be cancelled upon redemption or conversion and the Issuer is
entitled to update the Register accordingly to reflect such redemption or conversion. 
  

	12.4	Notices 

 All notices given pursuant to this Condition 12 shall be given in accordance with
Condition 18. 
  

	13	EVENTS OF DEFAULT 

  

	13.1	Events or Circumstances Constituting Events of Default 

 Each of the following events or
circumstances is an Event of Default for the purposes of Condition 13.2, unless otherwise agreed by the Bondholder or otherwise expressly permitted under any Bond Document: 
  

	 	(a)	If the Issuer fails to make a payment, whether of principal, interest or otherwise, in accordance with the Bond Documents and such default continues for a period of ten (10) Business Days after the due date for
such payment. 

  

	 	(b)	Any failure by the Issuer to deliver any Conversion Shares as and when the Conversion Shares are required to be delivered following conversion of the Bond and such failure continues for more than ten (10) Business
Days. 

  
 12 

	13.2	Bondholder Rights Upon Event of Default 

 Upon the occurrence of an Event of Default which is
continuing, the Bondholder shall have the right to require the Issuer to redeem the Bond by delivering a Redemption Notice together with the Certificate to the Issuer. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn
unless the Issuer consents in writing to such withdrawal. The Issuer shall redeem the Bond no later than ninety (90) days after receipt of such Redemption Notice and the Certificate at the Redemption Amount. 

 

	14	MATURITY REDEMPTION AMOUNT 

 Unless previously redeemed or converted and cancelled as
provided in these Conditions, the Issuer shall on the Maturity Date redeem the Bond at the Maturity Redemption Amount. For the purpose of these Conditions, the “Maturity Redemption Amount” means the outstanding principal amount of
the Bond, together with any unpaid interest accruing on such outstanding principal amount of the Bond since (but excluding) the Interest Payment Date last preceding the Maturity Date up to (but excluding) the Maturity Date. Except as provided in
these Conditions (including Conditions 12 and 13), the Bond shall not be redeemed or repaid prior to the Maturity Date. 
  

	15	MODIFICATION AND WAIVER 

  

	15.1	Agreement in writing 

 The Bond and these Conditions may only be varied by agreement in writing
between the Issuer and the Bondholder. 
  

	15.2	Modification and Waiver 

 The Bondholder may agree in writing with the Issuer to the waiver or
authorisation of any breach, or proposed breach, of the Bond and these Conditions. The Bond and these Conditions may be amended without the consent of the Bondholder to correct a manifest or proven error or to comply with mandatory provisions of
Law. Any such modification, waiver or authorisation shall be binding on the Bondholder and any such modification shall be notified by the Issuer to the Bondholder as soon as practicable thereafter. 

 

	16	TRANSFER AND REGISTRATION OF THE BOND; ISSUE OF CERTIFICATES 

  

	16.1	Procedure for transfer 

  

	 	(a)	 Notwithstanding any provision to the contrary in the Bond Documents, the Bond cannot be transferred unless with the written consent of the Issuer and
upon the execution of the form of transfer substantially in the form set forth in Annexure 1 endorsed under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of a director or a duly
authorised officer in writing. The Bondholder shall cause its shareholders, affiliates, or any other person controlling the Bondholder to abide by this Condition 16 and procure that

  
 13 

	 	
restrictions set forth in this Condition 16 shall not be avoided by the direct or indirect sale, transfer, disposal, issuance or redemption of any shares (or other interest) in the Bondholder or
in a shareholder, affiliate or such other person having control over the Bondholder or otherwise. In this Condition, a reference to “transferor” shall (where the context permits or requires) include joint transferors and be construed
accordingly. 

  

	 	(b)	The transferor of the Bond shall be deemed to remain the holder of the Bond until the name of the transferee is entered in the Register as the holder thereof. Registration of a transfer of the Bond shall be effected
without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of any costs, taxes or other governmental
charges which may be imposed in relation to it. 

  

	 	(c)	The Certificate issued in respect of the Bond to be transferred must be delivered for registration to the Issuer accompanied by such other evidence as the Issuer may reasonably require to prove the title of the
transferor or his right to transfer the Bond and his identity and, if the form of transfer is executed by some other person on behalf of the transferor or in the case of the execution of a form of transfer on behalf of a corporation by its officers,
the authority of that person or those persons to do so. The signature of the person effecting a transfer of the Bond shall conform to any list of duly authorised specimen signatures supplied by the holder of the Bond. 

 

	 	(d)	The new Certificate to be issued upon a transfer of Bond shall, within five (5) Business Days of receipt by the Issuer of the Certificate and form of transfer complying with the requirements of this Condition 16.1,
be made available for collection at the principal place of business of the Issuer in Hong Kong, or if so requested in the form of transfer, be mailed by uninsured mail (at the risk of the transferee) to the address specified in the form of transfer.

  

	 	(e)	Subject to the other provisions of this Condition 16, the Issuer shall register the transfer of the Bond only upon presentation of an executed and duly completed form of transfer together with the Certificate and any
other documents thereby required. 

  

	16.2	Entitlement to Certificate 

  

	 	(a)	The executors or administrators of a deceased Bondholder (not being one of several joint holders) and, in the case of the death of one or more of joint holders, the survivor or survivors of such joint holders, shall be
the only persons recognised by the Issuer as having any title to the Bond. 

  

	 	(b)	Any person becoming entitled to the Bond in consequence of the death or bankruptcy of the Bondholder may, upon producing such evidence that he holds the position in respect of which he proposes to act under this
Condition or of his title as the Issuer shall reasonably require (including certificates and/or legal opinions), be registered himself as the holder of the Bond or, subject to this Condition and with the written consent of the Issuer, may transfer
the Bond. The Issuer may retain any amount payable upon the Bond to which any person is so entitled until such person shall be so registered or shall duly transfer the Bond. 

 

	 	(c)	Unless otherwise requested by it, a holder of Bond shall receive only one (1) Certificate in respect of his holding. 

  

	 	(d)	The joint holders of a Bond shall be entitled to one (1) Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first
in the Register in respect of the joint holding. 

  
 14 

	16.3	Transfer and formalities free of charge 

 Registration of the holding of the Bond or any
transfer of the Bond shall be effected without charge by or on behalf of the Issuer, or any registrar of the Issuer, but upon payment by the transferor (or the giving of such indemnity as the Issuer, or any such registrar, may require) in respect of
any costs, taxes or other governmental charges which may be imposed in relation to it. If the Bondholder entitled to receive the Certificate wishes to have it delivered to him otherwise than at the specified office of the Issuer, such delivery shall
be made upon his written request to the Issuer, at his risk and at his expense. 
  

	16.4	Closed Period 

 The Bondholder may not require the transfer of the Bond to be registered:
(a) during the period of fifteen (15) days ending on (and including) the dates for payment of any principal or any other amounts pursuant to these Conditions; (b) during the period of fifteen (15) days ending on (and including)
any Interest Payment Date; (c) after a Conversion Notice has been delivered with respect to the Bond pursuant to these Conditions; or (d) after a Redemption Notice has been delivered with respect to the Bond pursuant to these Conditions.

  

	17	REPLACEMENT OF CERTIFICATES 

 If the Certificate is mutilated, defaced, destroyed, stolen
or lost, it shall be replaced at the principal place of business of the Issuer in Hong Kong upon payment by the claimant of costs and expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer
may require. A mutilated or defaced Certificate must be surrendered before a replacement will be issued. 
  

	18	NOTICES 

  

	18.1	Notices to Issuer 

  

	 	(a)	All notices to the Issuer shall be validly given if delivered in person or sent by letter or facsimile transmission addressed to the Issuer at: 

 

			
	Address:	  	Suite 2204, 22/F, Sun Life Tower
		  	The Gateway, 15 Canton Road
		  	Tsimshatsui, Kowloon, Hong Kong
		
	Fax:	  	+852 2111 1890
		
	Attention:	  	Ms. Chris Fan

 or any substitute address or fax number which the Issuer may notify to the Bondholder by not less than ten
(10) Business Days’ notice. 
  

	 	(b)	Any communication or notice made to the Issuer under or in connection with these Conditions will only be effective: 

  

	 	(i)	if by way of fax, at the time of its despatch (subject to confirmation of uninterrupted transmission by the sender by a transmission report); 

  
 15 

	 	(ii)	if by personal delivery by hand or courier, at the time of delivery at the address referred to in Condition 18.1(a); 

  

	 	(iii)	if by local post (other than airmail) or registered mail, at 10:00 am on the second Business Day after posting; and 

  

	 	(iv)	if by airmail, at 10:00 am on the fifth (5th) Business Day after posting. 

  

	18.2	Notices to the Bondholder 

 All notices to the Bondholder under or in connection with these
Conditions shall be validly given if mailed to him at his address in the Register. Condition 18.1(b) shall apply mutatis mutandis to notices given by the Issuer to the Bondholder under or in connection with these Conditions. 

 

	19	LANGUAGE 

 These Conditions are in English. If a translation is prepared, the English
version shall prevail and the translation shall be for information purposes only. 
  

	20	GOVERNING LAW AND ARBITRATION 

  

	 	(a)	The Bond and any dispute or claim arising out of or in connection with it or these Conditions or any Bond Document shall be governed by, and construed in accordance with, Hong Kong law. 

 

	 	(b)	Any dispute, controversy or claim arising out of or in connection with the Bond or these Conditions or any Bond Document (including a dispute regarding the existence, validity, formation, effect, interpretation,
performance or termination of the Bond or these Conditions) shall be settled by arbitration. 

  

	 	(c)	The arbitral proceedings shall be conducted as follows: 

  

	 	(i)	the place of arbitration shall be in Hong Kong at the Hong Kong International Arbitration Center (“HKIAC”); 

  

	 	(ii)	the arbitration proceedings shall be conducted in English; 

  

	 	(iii)	the UNCITRAL Arbitration Rules in force as at the Issue Date (as may be amended by these Conditions) shall apply; 

  

	 	(iv)	there shall be three (3) arbitrators to be mutually agreed upon by the Issuer and the Bondholder or, in absence of mutual agreement, each of (A) the Issuer (on the one hand) and (B) the Bondholder (on the
other hand) may nominate one (1) arbitrator and the third arbitrator shall be appointed by the Chairman for the time being of the HKIAC; 

  

	 	(v)	the arbitration proceedings shall be administered by the HKIAC in accordance with the HKIAC Procedures for Arbitration in force as at the Issue Date; 

 

	 	(vi)	an award by the arbitrators shall be final and conclusive and binding upon the Issuer and the Bondholder and shall not be subject to further appeal; and 

 

	 	(vii)	judgment upon the award rendered may be entered in any court having jurisdiction and each of the Issuer and the Bondholder submits to the non-exclusive jurisdiction of the Hong Kong courts for this purpose.

  
 16 

	21	TERMINATION OF CONDITIONS 

 Notwithstanding anything to the contrary in any Bond
Document, the Issuer’s covenants, obligations and conditions, and the Bondholder’s rights, benefits and claims under the Bond Documents, at law and/or in equity, insofar as the Bondholder’s Bond is concerned, shall terminate and have
no force and effect upon the earlier of the date on which the Bond is converted or redeemed (as the case may be). 

  
 17 

 ANNEXURE 1 

FORM OF TRANSFER 
 CHINA
METRO-RURAL HOLDINGS LIMITED 
 (a company limited by shares incorporated in the British Virgin Islands) 

US$10,000,000 10% CONVERTIBLE BOND DUE 2016 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 I am/We are* the holder of US$10,000,000
in aggregate principal amount of the Bond issued by the Issuer on March 20, 2014, with Certificate number 1. 
 References in this Transfer Form to
“Conditions” are to the terms and conditions on which the Bond was issued, as may have been amended from time to time. Terms defined in the Conditions shall have the same meaning in this Transfer Form, save where the context
otherwise requires. 
  

	1.	I/We* hereby transfer the Bond registered in my/our* name in the register of bondholders to: 

  

			
		 	  

		
		 	of/whose registered office address is at:
		
		 	  

		
		 	  

		
		 	  

 (the “Transferee”) 

 

	2.	I/We* hereby request that a Certificate in respect of the transferred Bond be issued to the person whose name and address are set out in paragraph 1 above and that such Certificate: 

 

	 	* (a)	be despatched to the person whose name and address is given below and in the manner specified below: 

  

									
					
		 	 Name	  	:	  	  
	  	
					
		 	 Address	  	:	  	  
	  	
					
		 		  		  	  
	  	
					
		 		  		  	  
	  	

 Manner of despatch: [Registered mail/recorded mail/courier]* 

 

	 	* (b)	if no name and address is given in (a) above, be made available for collection at the office of the Issuer referred to for that purpose in the Conditions. 

  
 18 

	3.	The Certificate in respect of the transferred Bond is enclosed with this Transfer Form. 

  

	4.	The registered account of the Transferee (being a US$ account) for the purposes of receipt of principal, interest and any other amounts in respect of the Bond is (unless otherwise instructed by the Transferee) as
follows: 

							
				
	           Name of Account	 	:	 	  
	  	
				
	           Account No.	 	:	 	  
	  	
				
	           Sort Code	 	:	 	  
	  	
				
	           Name of Bank	 	:	 	  
	  	
				
	           Address of Bank	 	:	 	  
	  	
				
		 		 	  
	  	

  

	*	delete as appropriate 

  

							
	Name of Transferor	 	:	 	  
	  	
				
	Signature of Transferor	 	:	 	  
	  	
				
	Date	 	:	 	  
	  	

 Notes: 
  

	(i)	A representative of the holder should state the capacity in which he signs. 

  

	(ii)	The signature of the person effecting a transfer shall conform to any list of duly authorized specimen signatures supplied by the holder or be certified by a recognized bank, notary public, commissioner of oaths,
solicitor or in such other manner as the Issuer may reasonably require. 

  
 19 

 ANNEXURE 2 

FORM OF CONVERSION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$10,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on March 20, 2014, and its related terms and conditions (the “Conditions”), [I/we] the holder(s) of the Bond hereby give notice of
[my/our] desire to exercise the conversion right attached to the Bond at the conversion price in accordance with the Conditions in respect of US$10,000,000 of the principal amount outstanding. 

[I/we] agree to accept all the fully paid ordinary shares in the capital of the Issuer (the “Conversion Shares”) to be issued pursuant to
this exercise of the conversion right attached to the Bond, subject to the constitutional documents of the Issuer. [I/we] desire the Conversion Shares to be registered in [my/our] name and hereby authorise the entry of [my/our] name in the register
of members of the Issuer in respect of the Conversion Shares and the despatch of the related share certificate to [name] at [address]. 
 The
Certificate in respect of the converted Bond is enclosed with this Conversion Notice. 
 Signature of the holder of the Bond: 

	
	
	  

	
	Name:
	
	Title:
	
	Date:

  
 20 

 ANNEXURE 3 

FORM OF REDEMPTION NOTICE 
  

	To:	CHINA METRO-RURAL HOLDINGS LIMITED (the “Issuer”) 

 In respect of the issue of US$10,000,000
10% convertible bond due 2016 (the “Bond”) issued by the Issuer to [me/us] on March 20, 2014, and its terms and conditions (the “Conditions”), [I/we] the holder of the Bond refer to Condition [12.1/13.2] and
hereby require the Issuer to redeem the Bond in the aggregate principal amount of US$10,000,000 pursuant to the said Condition and otherwise in accordance with the terms and conditions contained in the Certificate. 

The Certificate in respect of the Bond which [I/we] require the Issuer to redeem is enclosed with this Redemption Notice. 

Signature of the holder of the Bond: 
  

	
	  

	
	Name:
	
	Title:
	
	Date:

  
 21EX-4.50

 Exhibit 4.50 
  

			
	Bank of Tieling	  	Fixed Asset Loan Contract

 Contract Number: [Not disclosed in this translation] 

Loan Contract 
 The Borrower: China Northeast Logistics
City Co., Ltd. 
 The Lender: Bank of Tieling , Development Zone Branch  

The Borrower and the Lender and has entered into this Contract relating to grant of the loan to the Borrower, and is agreed by both parties unanimously. 

Section 1 Terms of the Loan 
  

	1.	Purpose of the Loan 

  

	1.1	Purpose of the Loan shall be used for the following, unless as agreed by the Lender, the Borrower shall not misuse the Loan for other purpose and the Lender shall has the right to supervise the usage of the Loan

 Purpose of the Loan: Refurbishment 
  

	2.	Amount and Tenure of the Loan 

  

	2.1	Amount of the Loan under this Contract shall be Renminbi (Word) Fifteen Million, (Number) RMB15,000.000. 

 

	2.2	The tenure of the Loan under this Contract shall be from 17 March 2014 to 16 March 2015. 

The actual draw down date of the loan shall be based on the date of the draw down letter, which forms an integral part of this Contract, and has equal legal
effect as this Loan Contact. 
  

	3.	Interest Rate, Interest and Expenses 

  

	3.1	The interest rate under this Contract shall calculated based on the method (1) below: 

  

	 	(1)	Fixed rate, interest rate at 7.8% per annum, and shall remain unchanged throughout the tenure of the Loan. 

  

	 	(2)	Floating rate, the Loan interest shall be fixed at [blank]% [above/below] rate of [blank]% per annum (at day of the drawdown) or lending rate for similar loans from time to time
as published by the People’s Bank of China during the tenure of the Loan as agreed under paragraph 2.2 of this Contract. 

  

	3.2	The interest on the Loan borrowed under this Contract shall be calculated, from the date when the funding is released by the Lender, on a daily basis and settled on monthly basis and principal shall be
repaid upon maturity. Daily interest rate = annual interest rate/360 

  

	3.3	The overdue interest shall be subjected to a penalty interest rate of 50% over the interest rate stipulated in this Contract. Misused funds shall be subjected to a penalty interest rate of
100% over the interest rate stipulated in this Contract 

  

	4.	Drawdown 

  

	4.1	The Borrower shall make drawdown of the Loan based on its needs, in particular the first drawdown must be made before [blank] and the last drawdown must be made before [blank], otherwise the
Lender shall has the right to cancel all or part of the Loan. 

  

	5.	Repayment 

  

	5.1	The Borrower shall open an interest payment bank account with the Lender and shall make sufficient funds available for interest payable on or before date of settlement and the Lender shall directly deduct the interest
from such interest payment account. In the case of insufficient funds, the Lender shall have the right to directly deduct and collect the interest payment due from the Borrower from any other bank accounts opened by the Borrower with the Lender.

  

	5.2	Upon the maturity of this Contract, the Borrower shall repay the Loan principal and interest on the due date. In the case where the Borrower fails to repay the principal and interest when due, the Lender shall have the
right to directly deduct the overdue principal and interest from any bank accounts opened by the Borrower with the Lender. 

  
 1 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

	6.	Guarantee 

  

	6.1	The principal, interest, fees arising from penalty and costs arising from the affirmation of the entitlement of the loan under this Contract shall be guaranteed by China Northeast Logistics City Co., Ltd.
(the Guarantors) by way of pledge of assets, which shall be executed under a separate contract. 

  

	6.2	In the case of any event stipulated in the “Guarantee Contracts” occurs, which in the Lender opinion may affect the capacity of Guarantors to act as a guarantor, the Borrower shall have the obligation to
provide new guarantees which satisfy the requirements of the Lender. In case where it is a maximum amount guarantee, the maximum amount shall be: 

Name of maximum amount guarantee: [blank] (Serial No: [blank]) 

Guarantor: [blank] 
  

	7.	Resolution of Disputes 

  

	7.1	All disputes arising from the execution of this Contract shall be resolved using method (2) below: 

  

	 	(1)	to submit the dispute to arbitration committee of [blank] where the arbitration would be carried out according to the rules and regulations applicable to such arbitration at the time. 

 

	 	(2)	to resolve such dispute by taking legal proceedings at the People’s Court in the locality of the Lender. 

  

	8.	Other Terms Agreed by Both Parties 

  

	8.1	[blank]. 

  

	9.	Others 

  

	9.1	This Contract contains 4 copies, with one copy each for the Borrower and the Lender and shall have the same legal effect. 

 

	9.2	The following appendices or other supplements confirmed by other parties form an integral part of this Contract and shall have the same legal effect. 

Appendix 1: Drawdown Notification (Form) 

Appendix 2: Entrusted payment agreement 

Section 2: Fixed Asset Loan Contract Terms 
  

	1	Interest Rate and Interest 

  

	1.1	The interest of the Loan shall be calculated on monthly basis and shall be on the 20th day of the month (or of last month of each quarter). 

 

	1.2	The first interest period is from the day on which the Borrower has drawn down the Loan to the first interest calculation cay. The last interest period is the day after the last interest calculation day to the day of
the repayment. The remaining interest period is from the day after the previous interest calculation day to the next interest calculation day. 

  

	1.3	In the event where the People’s Bank of China has adjusted the way to fix interest rate, the interest would be calculated based on the applicable rules and regulations of the People’s Bank of China without
notifying the Borrower by the Lender. 

  

	2.	Drawdown of the Loan 

  

	2.1	The Borrower must fulfil all the precedents as agreed under this Contract prior to the drawdown of the Loan or the Lender does not has the obligation to grant any of the Loan to the Borrower, unless as otherwise agreed
by the Lender. 

  

	2.2	Precedents before first drawdown: 

  

	 	(1)	Project to which the Loan is granted has been reviewed, approved or put on record by relevant authorities, unless such review, approval and filing is not required; 

 

	 	(2)	Project capital fund or other funding is injected in full in accordance with the required timetable and ratio; 

  
 2 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

	 	(3)	Except in the case of credit loan, the Borrower has completed all relevant pledge procedures as required by the Lender; 

  

	 	(4)	Completed the submission of Drawdown Notification Form to the Lender. 

  

	2.3	Prior to each drawdown, in addition to fulfilment of all the precedents for first drawdown, the Borrower shall also satisfy the following precedents: 

 

	 	(1)	In case where the project capital funds are to be injected by instalments, the capital funds for that period must be injected to the required ratio; 

 

	 	(2)	The budgeted costs for the project has not been exceeded or the has been covered by the Borrower; 

  

	 	(3)	The progress of the project has completed according to plan and the actual progress matches with the investment made; 

  

	 	(4)	There has been no event of the default by the Borrower under the terms of this Contract or contracts with other third parties; 

  

	 	(5)	Supporting documents provided by the Borrower matches the agreed purpose of the Loan; 

  

	2.4	Written documents provided by the Borrower to the Lender for the purpose of drawdown application must be in their original form. In case where the document is not original, consent must be obtained from the Lender and
the copy must be stamped with a company seal of the Borrower. 

  

	2.5	The Borrower shall submit the drawdown notification at least 5 bank business days prior to the drawdown of the Loan. Once submitted, the application shall not be withdrawn unless with the written consent of the Lender.

  

	2.6	In event where the Loan is granted after all precedents are satisfied by the Borrower or waived by the Lender, and the Lender has transfer the Loan into the Borrower’s bank account, it is deemed that the Lender has
granted the Loan to the Borrower pursuant to this Contract. 

  

	2.7	In accordance with the requirements of relevant supervisory regulations and the management of the Lender, in the case where the Loan has exceeded certain amount, entrusted payment method shall be used and the Lender
shall payment to the designated payee according to the drawdown and entrusted payment application. For this purpose, the Borrower and the Lender shall enter into a separate entrusted payment contract as a supplement to this Contract and the Borrower
shall open or designate a bank account to process the entrusted payments. 

  

	3.	Repayment 

  

	3.1	The Borrower shall repay the Loan, interest and other expense payable to the Lender in full as agreed under this Contract on a timely basis. On the day of repayment and 1 bank business day prior to the interest
calculation day, the Borrower shall ensure there is sufficient funds in the bank account opened at the Lender for the interest, principal and other expenses payable for the period and the Lender has the right to deduct directly, or to request the
Borrower to complete all procedures for the deduction, from the Borrower’s bank account. In case where the funds is insufficient to repay all of the amount payable, the Lender has the right to decide the sequence for which of the overdue is
settled. 

  

	3.2	In case where the Lender agreed for the early repayment, the Borrower shall repay in full the principal, interest and other expenses that fall due on the proposed early repayment day, as agreed under this Contract.

  

	3.3	In case where the tenure of the Loan has shortened as a result of agreement between the Borrower and Lender in accordance with this Contract, the interest rate class shall remain in force and unchanged.

  

	4.	Revolving Loan 

  

	4.1	In case where the Loan under this Contract is revolving in nature, the first loan period shall be from the day of first drawdown, the commencement day for second loan period shall be one day after the end of first loan
period. In case where the month in which the commencement day of any of the loan period does not contain a day corresponding to the day of first drawdown, the last day of that month shall be used and so forth. Unless otherwise agreed by the Lender,
a set of loan period shall not be changed once it is confirmed. 

  

	4.2	The loan amount for each of the loan periods subsequent to the first loan period must be less than the previous loan period. Upon maturity of each loan period, the Borrower shall repay the Loan as per agreement. The
loan within a single loan period shall not be revolved. 

  

	4.3	In case where floating rate is used for the RMB revolving loan, the benchmark lending rate shall be determined based on the benchmark lending rate as published by the People’s Bank of China for loans tenure
corresponding to the loan period. 

  
 3 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

	5.	Undertakings 

  

	5.1	Except in the case of credit loan, the Borrower shall provide a legally valid guarantee which is approved by the Lender as its responsibilities under this Contract and to enter into guarantee contract separately.

  

	5.2	In case where assets pledged under this Contract is damaged, depreciated, become subject of ownership dispute, foreclosed or retained, or being disposed of by mortgagor without the consent of the Lender, or event
financially unfavourable guarantor or the Borrower has occurred, the Borrower shall notify the Lender promptly and to provide other undertakings which is approved by the Lender. 

 

	5.3	In case where the Loan under this Contract is secured by trade receivables of the Borrower, during the tenure of this Contract, the Lender has the right to declare early maturity of the Loan in the event of any one of
the following, and to demand for immediate repayment for principal and interest, or to request for additional legally valid, effective and sufficient collateral: 

  

	 	(1)	Bad debts ratio from debtors of the trade receivables provided by mortgagor increase for 2 consecutive months; 

  

	 	(2)	the receivables overdue but remained outstanding of the trade receivables provided by mortgagor exceeded 5% of the total trade receivables of the mortgagor. 

 

	 	(3)	trade dispute (including but not limited to quality, technology and service aspects dispute) between the mortgagor of the trade receivable and its debtors or other third parties which result in receivables fails to
recover on time. 

  

	6.	Representations and Guarantees 

 The Borrower has made to the Lender the following representations, and
shall remain in effect during the tenure of this Contract: 
  

	6.1	The project and matters for which the Loan is related are in compliance with the laws and regulations. 

  

	6.2	The Borrower is legally qualified as a borrower, capable to enter into and execute this Contract. 

  

	6.3	The execution of this Contract has obtained all necessary authorization and approval, and the execution and fulfilment of this Contract does not in breach with the Borrower’s articles of association and relevant
laws and regulations and does not contradict to terms of other contracts of the Borrower. The major shareholders has jointly and severally provided guarantee to the Lender for the Loan. 

 

	6.4	All debts fall due has been settled on time, there is no delay in payment of interest on bank loans with malicious intent. 

  

	6.5	There are sound organization structure and financial management system. There is no event of major violation in the past year of operation. There is no major unhealthy record caused by present senior management.

  

	6.6	Documents and information provided to the Lender are true, accurate, complete and valid, where false records, material omission and misleading representation do not exist. 

 

	6.7	Financial reports provided to the Lender are prepared in accordance with accounting standard of the PRC and are truly, fairly and completely reflect the Borrower’s operating status indebtedness. Since the date of
the latest financial reports, there is no material unfavourable financial change to the Borrower. 

  

	6.8	There is no event of litigations, arbitration or compensation conceal from the Lender. 

  

	7.	The Borrower’s Undertakings 

  

	7.1	To drawdown and use the Loan in accordance to the terms and tenure of this Contract, the Loan shall not be used for the purpose of securities market, futures market or for any other purpose that is prohibited or
restricted by relevant laws and regulations. 

  

	7.2	To fully repay the principal, interest and other expenses payable in accordance with this Contract. 

  

	7.3	To actively cooperate with the Lender to inspect and supervise the usage of the Loan through bank account analysis, voucher inspection, site visit, etc. and to report to the Lender the utilization status of the Loan at
the Lender’s request. 

  

	7.4	To accept the Lender’s credit inspection, to provide to the Lender financial information including balance sheet and profit and loss account and other documents reflecting the Borrower’s repayment ability at
the Lender’s request. To actively assist and cooperate with the Lender in the investigation, understanding and supervision of the operation and financial status of the Borrower. 

  
 4 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

	7.5	Shall not distribute any form of dividends prior to the full repayment of principal, interest and other expenses of the Loan. 

  

	7.6	Prior to proposed consolidation, spin-off, capital reduction, change in ownership, material assets and liabilities transfer, material external investment, increase in debt financing and any other actions that may
negatively affect the Lender’s rights, the Borrower shall obtain the Lender’s written consent or to provide an arrangement for the realization of the Lender’s right that is satisfied by the Lender. 

 

	7.7	In case of occurrence of any one of the following, to notify the Lender immediately: 

  

	 	(1)	Change of articles of association, area of business, registered capital, legal representative, address and form of contact; 

  

	 	(2)	Out of business, dismissal, liquidation, suspension of business, revocation of business licence, being revoked or applied (or being applied) for bankruptcy; 

 

	 	(3)	involvement or potential involvement of material economic dispute, litigation, arbitration, or seizure or retention of assets by laws; 

 

	 	(4)	involvement of material case or economic dispute by shareholders, directors or existing senior management; 

  

	7.8	Prompt disclosure of related parties and their transactions to the Lender. 

  

	7.9	To sign off receipt of the various notifications sent or delivered by the Lender. 

  

	7.10	Shall not dispose of the Borrower’s assets which would reduce the repayment ability of the Borrower; shall not provide guarantee in form of assets under this Contract to third parties without obtaining consent from
the Lender. 

  

	7.11	In case the Loan under this Contract is a credit loan, the Borrower shall completely, truly and accurately report to the Lender all guarantees given, and at the request of the Lender, to execute account supervision
agreement. In case guarantee given may affect the execution of responsibilities under this Contract, prior written consent from the Lender must be obtained. 

  

	7.12	Support the Lender in participation of review of estimation, budgeting and preparation of final accounts for the project, and matters relating to tendering and work inspection upon completion. 

 

	7.13	The Borrower shall bear all expenses relating to the execution and fulfilment of this Contract and all expenses paid or payable by the Lender during the realization of its rights under this Contract, which include but
not limited to litigation and arbitration costs, asset safeguarding costs, legal costs, execution costs, valuation costs, auction costs and publication costs. 

  

	7.14	The Loan under this Contract is senior to the debt the Borrower owe to its shareholders, and shall have the same seniority to other similar debts of the Borrower. 

 

	8.	The Lender’s Undertakings 

  

	8.1	To grant the Loan in accordance with terms under this Contract 

  

	8.2	To maintain confidential the non-public document and information provided by the Borrower, unless as otherwise required under relevant laws and regulations or as agreed under this Contract. 

 

	9.	Default 

  

	9.1	In case where the Borrower fails to comply to any responsibilities under this Contract which constitute a default, the Lender shall has the right to recall the Loan prematurely and the Borrower shall bear all
responsibilities of a default: 

  

	 	(1)	The Borrower fails to repay principal, interest and other expenses payable as agreed under this Contract, or fails to fulfil any of the Borrower’s responsibilities under this Contract, or in breach of any of the
representations, guarantees or undertaking provided under this Contract; 

  

	 	(2)	A change of the guarantee provided under this Contract which has an unfavourable impact to the Lender’s right as a creditor and the Borrower fails to provide other form of guarantees which is approved by the
Lender; 

  

	 	(3)	The Borrower fails to repay any of its other liabilities (including those declared early matured) when they fall due, or fails to fulfil or in breach of its responsibilities under other agreements, which has or may has
affected the Borrower’s ability to fulfil its responsibilities under this Contract; 

  
 5 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

	 	(4)	The Borrower’s profitability, repayment ability, operation ability and cash flows has exceeded target agreed under this Contract, or has deteriorate, which has or may has affected the Borrower’s ability to
fulfil its responsibilities under this Contract; 

  

	 	(5)	A material unfavourable change in the Borrower’s ownership structure, production, external investment which has or may has affected the fulfilment of the responsibilities by the Borrower under this Contract;

  

	 	(6)	The Borrower’s involvement in material economic dispute, litigation, arbitration, or seizure, retention or foreclosure of assets, or investigation carried out or penalty imposed by relevant judicial authorities, or
in violation of the country’s regulations and policies which has been exposed by media, which has or may has affected the fulfilment of the responsibilities of the Borrower’s under this Contract; 

 

	 	(7)	An unusual change, disappearance, or the investigation carried out by judicial authorities or limitation of freedom of major investor or key management, which has or may has affected the fulfilment of the
responsibilities of the Borrower’s under this Contract; 

  

	 	(8)	The creation of false contract between the Borrower and its related parties to obtain the Loan using non-existence transactions, or through related party transactions for the avoidance of debts due to the Lender;

  

	 	(9)	The Borrower has or may has already out of business, dismissal, liquidation, suspension of business, revocation of business licence, being revoked or applied (or being applied) for bankruptcy; 

 

	 	(10)	The violation of relevant laws and regulations, supervisory requirements or industry standards relating to food safety, safety of production, environmental protection, etc., which has or may has affected the fulfilment
of the responsibilities of the Borrower’s under this Contract; 

  

	 	(11)	Project capital funds were not injected according to required plan or ratio, or within the timeframe required by the Lender. 

  

	 	(12)	The project was not complete in accordance with planned progress, or there was a material negative changes in terms of the construction and operating environment and conditions. 

 

	 	(13)	In case where the Loan under this Contract is a credit loan, where the Borrower’s credit rating, profitability level, gearing ratios, cash flows from operations, etc. fails to comply with the Lender’s credit
loan requirements, or the Borrower has provided securities to external parties using its operating assets without the prior written consent from the Lender, which has or may has affected the fulfilment of the responsibilities of the Borrower’s
under this Contract; 

  

	 	(14)	Any other circumstances which may affect the realization of the rights of the Lender under this Contract. 

  

	9.2	In case of an event of default by the Borrower, the Lender may: 

  

	 	(1)	Request for the correction by the Borrower; 

  

	 	(2)	Stop granting the Loan or other financing to the Borrower under this Contract or other contracts, cancel part or all of the Loan that is unused or other financing; 

 

	 	(3)	Declare immediate maturity on the Loan under this Contract or other loans to the Borrower and to recall for the repayment of the Loan; 

 

	 	(4)	Demand for the loss suffered due to default by the Borrower; 

  

	 	(5)	Other procedures as required by the Lender, the Contract or relevant laws and regulations; 

  

	 	(6)	The Borrower shall pay the Lender a compensation for default of 0.05% per day. 

  

	9.3	In case where the Borrower fails to repay the Loan on due day (including loans declared early matured), the Lender has the right to charge penalty interest on the overdue loan from the day of overdue at interest rate as
agreed under this Contract. In case where the Borrower fails to pay penalty interest on time, such overdue penalty interest shall be subject to compound interest. 

 

	9.4	In case where the Borrower misused the Loan for purpose other than those agreed under this Contract, the Lender has the right to charge penalty interest on the misused Loan from the day of the misuse. In case where the
Borrower fails to pay penalty interest on time, such penalty interest shall be subject to compound interest. 

  
 6 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

  

	9.5	In case where the circumstances stated in 10.3 and 10.4 above occurred concurrently, the Borrower shall subject to the more serious penalty interest but not both. 

 

	9.6	In case where the Borrower fails to repay principal, interest (including penalty interest and its compound interest) or other expenses payable to the Lender on time, the Lender may publish notice in the “Tieling
Daily” or “Liao-Shen Nightly Tieling Version” to interrupt the legal time limit for debt chasing. 

  

	9.7	In case where the controlling relationship between related parties of the Borrower and the Borrower has occurred or any of the circumstances (except those stated under 10.1(1) and (2)) has occurred to the related
parties of the Borrower, which has or may has affected the fulfilment of the responsibilities of the Borrower’s under this Contract, the Lender has the right to carry out any of the procedures under this Contract. 

 

	10.	Deductions 

  

	10.1	In case where the Borrower fails to repay the Loan on due day (including loans declared early matured) or committed an event of default, the Lender has the right to deduct the relevant amount from the Borrower’s
bank account at the Lender or any of its branches, until the indebtedness under this Contract is fully repaid. 

  

	10.2	In case where the deductions made by the Lender is insufficient to repay all of the indebtedness payable by the Borrow to the Lender, the Lender has the right to decide the sequence for which of the overdue is settled.

  

	11.	Transfer of Rights and Obligations 

  

	11.1	The Lender has the right to transfer part of all its rights under this Contract to third parties and does not require the consent of the Borrower. Unless otherwise the Borrower has obtained the written consent of the
Lender, the Borrower shall not transfer any of its rights and obligations under this Contract. 

  

	11.2	The Borrower confirms and approves that the Lender may, according its management needs, assign its rights and obligations under this Contract, or the management of the Loan under this Contract, to other branches of Bank
of Tieling and to be carry out by those branches and does not require the consent of the Borrower. Other branches of Bank of Tieling which undertook the rights and obligations under this Contract shall have the rights to exercise all of the
Lender’s rights under this Contract, and shall has to right to act on behalf the Lender for any legal proceedings (include litigations, arbitration, or application for mandatory execution) brought to court. 

 

	12.	Validity, Modifications and Termination 

  

	12.1	This Contract shall become in effect upon execution by all parties, and shall remain in effect until all of the responsibilities under this Contract has been fulfilled. 

 

	12.2	Any proposed modifications to this Contract shall be in written form as negotiated and agreed by all parties. Modifications in clauses or agreement shall form an integral part of this Contract and shall bear the same
legal effect to this Contract. Except for the modified clause, the remainder of this Contract shall remain in effect and the original clause shall remain in effect prior to the effectiveness of the modification. 

 

	12.3	The modification or termination of this Contract does not affect the rights for damages by any party to this Contract. The termination of this Contract does not affect the effectiveness of clauses relating to dispute
resolution. 

  

	13.	Applicable Laws and Dispute Resolution 

  

	13.1	The execution, effectiveness, interpretations, fulfilment and the dispute resolution shall be construed under the laws of the People’s Republic of China. Any disputes so arising under this Contract shall be
resolved through negotiation or otherwise through procedures as agreed under this Contract. 

  

	14.	Delivery 

  

	14.1	The Borrower confirms that the delivery address as agreed under this Contract is correct and in case where there is a change of delivery the Borrower shall notify the Lender promptly. Any written notification delivered
by the Lender to the address as agreed or other address the Borrower provided through written correspondences is deemed to have delivered to the Borrower. The Borrower shall bear all the consequences for failure to notify the Lender of any changes
in address. 

  

	14.2	In case where the Lender delivered a notification to any of the Borrowers, it is deemed to have delivered such notification to all the Borrowers. 

  
 7 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

	15.	Method of Notification 

  

	15.1	In addition to letter, the Borrower agrees to accept phone calls, texts as method of notification and debt chasing, and responsible for the correctness of phone contact made aware to the Lender, and the phone contact
made aware to the Lender shall be deemed as the Borrower. Any change in the phone contact shall be notified to the Lender prior to the day of deduction. 

  

	16.	Others 

  

	16.1	Section 1 “Terms of the Loan” and Section 2 “Fixed Asset Loan Contract Terms” shall form a complete set of loan contract, the terms used in both sections shall have the same meaning. The
Loan obtained by the Borrower shall be binding by both sections above. 

  

	16.2	All notifications under this Contract shall be made in written form. Unless as otherwise agreed, the Borrower’s address stated under this Contract shall be the correspondence address for the purpose of this
Contract. Any change in the Borrower’s address or method of communication shall be notified to the Lender immediately. 

  
 8 

			
	Bank of Tieling	  	Fixed Asset Loan Contract

  

	16.3	In case a party to this Contract refused to accept delivery of the notification or undeliverable of notification, the other party to this Contract may deliver the notification through notary public or in form of public
announcement. 

  

	16.4	The non-execution or delay in the execution on part of all of the rights by the Lender does not deemed as forfeiture of change of such rights by the Lender, and shall not affect the Lender’s right in executing such
or other rights. 

  

	16.5	Any of the clauses under this Contract become void or unenforceable shall not affect the effectiveness and the enforceability of other clauses. 

 

	16.6	The Lender has the right to provide relevant information of this Contract or the Borrower to People’s Bank of China information system or other credit information database set up in accordance with relevant laws so
as to allow enquiries from and use by qualified institutes or individuals. The Lender also has the right, for the purpose of this Contract, enquire from such system and database information relating to the Borrower. 

 

	16.7	The Lender invoices and vouchers prepared and retained by the Lender for the purpose of the Loan under this Contract and for the Lender’s operations practice shall be an evidence of the borrower-lender relationship
between the Borrower and the Lender and shall be legally binding to the Borrower. 

 Both parties confirm: The Borrower and the Lender has
negotiated all the terms and conditions under this Contract. The Lender has reminded the Borrower to pay special attention to the terms relating to the rights and obligations of both parties and to fully understand their meaning and has explained to
the Borrower the meaning and interpretations of those terms. The Borrower has read and fully understood all of the terms (including Sections 1 and 2) under this Contract. Both parties under this Contract fully understand the terms of this Contract
and no objection to those terms. 
 The Borrower: Stamped with a Seal of China Northeast Logistics City Co., Ltd. 

Authorised Signature: Cheng Chung Hing 
 Address: China
Northeast Logistics City, Administration Building, Zuanshi Road, Xincheng District, Tieling City, Liaoning Province, PRC. 
 Name of Bank: Tieling
Commercial Bank Co., Ltd., Guangxin branch 
 Bank Account: [Not disclosed in this translation] 

Phone Number: [Not disclosed in the translation] 
 Fax
Number: [Not disclosed in the translation] 
 Mobile Number: 

Postal Code: 112000 
 The Lender: Stamped with a Seal of Bank of
Tieling, Guangxin branch 
 Authorised Signature: 
 Address:

 Phone Number: [Not disclosed in the translation] 
 Fax
Number: [Not disclosed in the translation] 
 Postal Code: 112000 

Date: 17 March 2014 

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]