Document:

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                                                                     EXHIBIT 4.8

                      ARENA SOFTWARE I LICENSING AGREEMENT

     This Software Licensing Agreement (this "Agreement") is entered into by and
between the following Parties on May 1, 2006 ("Effective Date") in Shanghai:

     GRANDPRO INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD., a corporation
     organized and existing under the laws of the People's Republic of China
     (the "PRC") and having its registered address at No.1 Office Building,
     No.690 Bibo Road, Pudong New Area, Shanghai, the PRC ("Grandpro" or the
     "Licensor"); and

     SHANGHAI HAOFANG ONLINE INFORMATION TECHNOLOGY CO., LTD., a corporation
     organized and existing under the laws of the PRC and having its registered
     address at No. 2758 Huyi Road, Jiading Area, Shanghai, the PRC ("Haofang
     Online").

     Grandpro and Haofang Online shall be referred to individually as a "Party"
     and collectively as the "Parties".

                                    RECITALS

     WHEREAS, The Licensor owns the software program of Licensed Software (as
defined below);

     WHEREAS, Haofang Online desires to license the Licensed Software;

     WHEREAS, The Licensor is willing to license the Licensed Software to
Haofang Online.

     NOW AND THEREFORE, the parties through consultations agree as the follows:

1    DEFINITIONS

The terms concerned used in this Agreement are hereby defined as follows:

1.1  "Licensed Program" means the executable processing programs of licensed
     information, which is composed of various modules in the Licensed Software
     package provided by the Licensor.

1.2  "Licensed Information" means any information concerning the Licensed
     Program, which is owned by the Licensor and is licensed to Haofang Online
     together with the Licensed Program. Licensed Information includes such
     information as input form, user manual, interface format and input/output
     format and is delivered to and used by Haofang Online as confidential
     information or proprietary property of the Licensor.

1.3  "Licensed Software" mean the Arena Software I, which include the Licensed
     Program and Licensed Information.

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1.4  "Authorized Personnel" means the employees of Haofang Online and personnel
     from third parties who work on behalf of Haofang Online under a contract
     (which shall include confidentiality clause) entered into and between
     Haofang Online and the third party.

1.5  "Upgrade Version" means the Licensed Software comprising of Licensed
     Program and/or the Licensed Information to which updating, enhancements,
     corrections, additions of BUG patches or other changes have been made. The
     exterior form of the Update Version is reflected by changes to the version
     numbers. For an example, in the version number 2.1.3, a change in the first
     number from left to right means the occurrence of a bigger version of the
     software, a change in the second number means substantial improvements to
     the software performance, and a change in the third number means slight
     improvements to the software performance.

1.6  "Designated Computer" means the computers and the upgraded computers
     thereof installed in the offices of Haofang Online.

1.7  "Confidential Information" means the technical information and management
     information which have not been publicly disclosed, can bring economic
     benefits to obligees, have practicability and are subject to the
     confidential measures adopted by the obligees, including but not limited to
     computer software, technical parameter, price list, design, software
     documentation, manuals, models and account tables.

2    GRANT OF LICENSE AND LIMITATIONS

     License to Use the Licensed Software. In accordance with the terms and
     conditions hereof, the Licensor agrees to grant to Haofang Online and
     Haofang Online agree to accept a nontransferable and non-exclusive license
     of the Licensed Software, pursuant to which Haofang Online shall be allowed
     to install and operate the Licensed Software on the Designated Computers
     and to grant to its customers the right to use such software system.

3    ROYALTY FEES

3.1  In consideration of the license granted by the Licensor of the Licensed
     Software, from the first month after the installation of the Licensed
     Software on the Designated Computer, Haofang Online shall in addition pay
     the Licensor a revenue sharing fee, the calculation formula of which is:
     revenue sharing fee = sales revenue realized by Haofang Online through the
     use of computers which have installed the Licensed Software x 35%.

3.2  Subsequent to the installation and formal operation of the Licensed
     Software, Haofang Online shall pay the Licensor revenue sharing fee on a
     monthly basis, and payment of

                                       2

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     the revenue sharing fee of each month shall be made within fifteen (15)
     days of the end of such month.

3.3  Grandpro shall deliver the invoice to Haofang Online within fifteen (15)
     days after the receipt of such installation fees.

4    ORIGINALITY WARRANTY

4.1  The Licensor warrants that the Licensed Software does not infringe any
     copyright, patent or trademark or proprietary information of any third
     Party.

4.2  In the event of any legal proceedings or claims by a third party against
     Haofang Online alleging an infringement of any PRC copyright, patent or
     trade secrets owned by such third party in connection with the use of the
     Licensed Software or any part thereof within the scope of the license
     hereunder, the Licensor will reimburse Haofang Online for any cost, expense
     and loss and the litigation fees and attorney fees payable by Haofang
     Online according to the final court, provided that (a) Haofang Online
     promptly inform the Licensor of the claims relating to said infringements,
     (b) Haofang Online grants the Licensor full authorization and provide the
     Licensor with all information and assistance necessary for enabling the
     Licensor to defend the claims, and (c) the Licensor has full control over
     the defending of the claims and the negations relating to the compromise
     and settlement of the claims.

4.3  If Haofang Online's use of the Licensed Software will infringe or in the
     Licensor's opinion is likely to infringe the copyright, patent or trade
     secrets alleged by the third party in the above mentioned claims, the
     Licensor shall be entitled to adopt any measures to enable Haofang Online
     to continue to use the Licensed Software, or the Licensor may replace it
     with substitutes or modify the Licensed Software so that it will be free of
     infringement and at the same time it can achieve the equivalent function as
     the Licensed Software.

4.4  Notwithstanding anything provided herein, the Licensor shall not be liable
     for infringement of copyright, patent or trade secret arising out of any of
     the following circumstances:

     (a)  the latest version of the Licensed Software, which is free of said
          infringement, has been provided to Haofang Online for free without any
          changes, and Haofang Online still uses other versions;

     (b)  the program and data of the Licensed Software has been provided to
          Haofang Online based on thorough studying. Haofang Online use the
          Licensed Software together with other program or dada, and had Haofang
          Online not done so, said infringement would have been avoided.
          However, Haofang Online fails to avoid the use of the Licensed
          Software together with other program and data;

                                       3

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     (c)  Haofang Online use the Licensed Software on computers other than the
          Designated Computer.

5    TERM AND TERMINATION

     The term of this Agreement shall commence on the Effective Date and shall
     expire on the first anniversary of the Effective Date. During the term of
     this Agreement Haofang Online shall not unanimously terminate this
     Agreement.

6    APPLICABLE LAWS

     This Agreement shall be governed by the laws of the People's Republic of
     China.

7    GENERAL PROVISIONS

     This Agreement and the exhibits hereof signed by the Parties constitutes
     the entire agreement between the Parties hereto with respect to the subject
     matter hereof, merges all discussions between them and supersedes and
     replaces any and every other prior or contemporaneous agreement,
     understanding or negotiation that may have existed between the Parties. No
     amendment to this Agreement shall be effective until the Parties mutually
     agree in the form of a written instrument.

              [The remainder of the Page Intentionally Left Blank]

                                       4
<PAGE>

IN WITNESS WHEREOF, the Parties have each caused this Agreement to be executed
and delivered by a duly authorized representative as of the date first above
written.

GRANDPRO INFORMATION TECHNOLOGY
(SHANGHAI) CO., LTD.

By:
    ---------------------------------
Name: Chen Tianqiao
Title: Chief Executive Officer

SHANGHAI HAOFANG ONLINE INFORMATION
TECHNOLOGY CO., LTD.

By:
    ----------------------------------
Name: Zhang Xiangdong
Title: Vice President

                                       5<PAGE>

                                                                     EXHIBIT 4.9

                    ARENA SOFTWARE II LICENSING AGREEMENT II

     This Software Licensing Agreement (this "Agreement") is entered into by and
between the following Parties on May 1, 2006 ("Effective Date") in Shanghai:

     GRANDPRO INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD., a corporation
     organized and existing under the laws of the People's Republic of China
     (the "PRC") and having its registered address at No.1 Office Building,
     No.690 Bibo Road, Pudong New Area, Shanghai, the PRC ("Grandpro" or the
     "Licensor"); and

     SHANGHAI HAOFANG ONLINE INFORMATION TECHNOLOGY CO., LTD., a corporation
     organized and existing under the laws of the PRC and having its registered
     address at No. 2758 Huyi Road, Jiading Area, Shanghai, the PRC ("Haofang
     Online").

     Grandpro and Haofang Online shall be referred to individually as a "Party"
     and collectively as the "Parties".

                                    RECITALS

     WHEREAS, The Licensor owns the software program of Licensed Software (as
defined below);

     WHEREAS, Haofang Online desires to license the Licensed Software;

     WHEREAS, The Licensor is willing to license the Licensed Software to
Haofang Online.

     NOW AND THEREFORE, the parties through consultations agree as the follows:

1    DEFINITIONS

The terms concerned used in this Agreement are hereby defined as follows:

1.1  "Licensed Program" means the executable processing programs of licensed
     information, which is composed of various modules in the Licensed Software
     package provided by the Licensor.

1.2  "Licensed Information" means any information concerning the Licensed
     Program, which is owned by the Licensor and is licensed to Haofang Online
     together with the Licensed Program. Licensed Information includes such
     information as input form, user manual, interface format and input/output
     format and is delivered to and used by Haofang Online as confidential
     information or proprietary property of the Licensor.

1.3  "Licensed Software" mean the Arena Software II, which include the Licensed
     Program

                                       1

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     and Licensed Information.

1.4  "Authorized Personnel" means the employees of Haofang Online and personnel
     from third parties who work on behalf of Haofang Online under a contract
     (which shall include confidentiality clause) entered into and between
     Haofang Online and the third party.

1.5  "Upgrade Version" means the Licensed Software comprising of Licensed
     Program and/or the Licensed Information to which updating, enhancements,
     corrections, additions of BUG patches or other changes have been made. The
     exterior form of the Update Version is reflected by changes to the version
     numbers. For an example, in the version number 2.1.3, a change in the first
     number from left to right means the occurrence of a bigger version of the
     software, a change in the second number means substantial improvements to
     the software performance, and a change in the third number means slight
     improvements to the software performance.

1.6  "Designated Computer" means the computers and the upgraded computers
     thereof installed in the offices of Haofang Online.

1.7  "Confidential Information" means the technical information and management
     information which have not been publicly disclosed, can bring economic
     benefits to obligees, have practicability and are subject to the
     confidential measures adopted by the obligees, including but not limited to
     computer software, technical parameter, price list, design, software
     documentation, manuals, models and account tables.

2    GRANT OF LICENSE AND LIMITATIONS

     License to Use the Licensed Software. In accordance with the terms and
     conditions hereof, the Licensor agrees to grant to Haofang Online and
     Haofang Online agree to accept a nontransferable and non-exclusive license
     of the Licensed Software, pursuant to which Haofang Online shall be allowed
     to install and operate the Licensed Software on the Designated Computers
     and to grant to its customers the right to use such software system.

3    ROYALTY FEES

3.1  In consideration of the license granted by the Licensor of the Licensed
     Software, from the first month after the installation of the Licensed
     Software on the Designated Computer, Haofang Online shall in addition pay
     the Licensor a revenue sharing fee, the calculation formula of which is:
     revenue sharing fee = sales revenue realized by Haofang Online through the
     use of computers which have installed the Licensed Software x 35%.

                                       2
<PAGE>

3.2  Subsequent to the installation and formal operation of the Licensed
     Software, Haofang Online shall pay the Licensor revenue sharing fee on a
     monthly basis, and payment of the revenue sharing fee of each month shall
     be made within fifteen (15) days of the end of such month.

3.3  Grandpro shall deliver the invoice to Haofang Online within fifteen (15)
     days after the receipt of such installation fees.

4    ORIGINALITY WARRANTY

4.1  The Licensor warrants that the Licensed Software does not infringe any
     copyright, patent or trademark or proprietary information of any third
     Party.

4.2  In the event of any legal proceedings or claims by a third party against
     Haofang Online alleging an infringement of any PRC copyright, patent or
     trade secrets owned by such third party in connection with the use of the
     Licensed Software or any part thereof within the scope of the license
     hereunder, the Licensor will reimburse Haofang Online for any cost, expense
     and loss and the litigation fees and attorney fees payable by Haofang
     Online according to the final court, provided that (a) Haofang Online
     promptly inform the Licensor of the claims relating to said infringements,
     (b) Haofang Online grants the Licensor full authorization and provide the
     Licensor with all information and assistance necessary for enabling the
     Licensor to defend the claims, and (c) the Licensor has full control over
     the defending of the claims and the negations relating to the compromise
     and settlement of the claims.

4.3  If Haofang Online's use of the Licensed Software will infringe or in the
     Licensor's opinion is likely to infringe the copyright, patent or trade
     secrets alleged by the third party in the above mentioned claims, the
     Licensor shall be entitled to adopt any measures to enable Haofang Online
     to continue to use the Licensed Software, or the Licensor may replace it
     with substitutes or modify the Licensed Software so that it will be free of
     infringement and at the same time it can achieve the equivalent function as
     the Licensed Software.

4.4  Notwithstanding anything provided herein, the Licensor shall not be liable
     for infringement of copyright, patent or trade secret arising out of any of
     the following circumstances:

     (a)  the latest version of the Licensed Software, which is free of said
          infringement, has been provided to Haofang Online for free without any
          changes, and Haofang Online still uses other versions;

     (b)  the program and data of the Licensed Software has been provided to
          Haofang Online based on thorough studying. Haofang Online use the
          Licensed Software together with other program or dada, and had Haofang
          Online not done so, said

                                       3

<PAGE>

          infringement would have been avoided. However, Haofang Online fails to
          avoid the use of the Licensed Software together with other program and
          data;

     (c)  Haofang Online use the Licensed Software on computers other than the
          Designated Computer.

5    TERM AND TERMINATION

     The term of this Agreement shall commence on the Effective Date and shall
     expire on the first anniversary of the Effective Date. During the term of
     this Agreement Haofang Online shall not unanimously terminate this
     Agreement.

6    APPLICABLE LAWS

     This Agreement shall be governed by the laws of the People's Republic of
     China.

7    GENERAL PROVISIONS

     This Agreement and the exhibits hereof signed by the Parties constitutes
     the entire agreement between the Parties hereto with respect to the subject
     matter hereof, merges all discussions between them and supersedes and
     replaces any and every other prior or contemporaneous agreement,
     understanding or negotiation that may have existed between the Parties. No
     amendment to this Agreement shall be effective until the Parties mutually
     agree in the form of a written instrument.

              [The remainder of the Page Intentionally Left Blank]

                                       4

<PAGE>

IN WITNESS WHEREOF, the Parties have each caused this Agreement to be executed
and delivered by a duly authorized representative as of the date first above
written.

GRANDPRO INFORMATION TECHNOLOGY
(SHANGHAI) CO., LTD.

By:
    ------------------------------------
Name: Chen Tianqiao
Title: Chief Executive Officer

SHANGHAI HAOFANG ONLINE INFORMATION
TECHNOLOGY CO., LTD.

By:
    ------------------------------------
Name: Zhang Xiangdong
Title: Vice President

                                       5

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