Document:

<PAGE>
                                                                EXHIBIT 10.33

                    LEASE CONTRACT ON HOUSING AND VACANT LAND
            AT YUNSHAN POST AND TELECOMMUNICATION INDUSTRIAL VILLAGE

Lessor:        Guangdong Nanfang Communication Group, Huizhou Co. (hereinafter
               referred to as "Party A")

Lessee:        Guangdong UTStarcom Telecom Co. Ltd. (hereinafter referred to as
               "Party B")

         In accordance with the "Law of People's Republic of China on Economic
Contracts" and other relevant provisions, and also based on the principle of
equality, fairness, rationality and reaching a unanimity through consultation,
this contract is made by and between Party A and Party B to define the their
rights and obligations:

     I.       Location and address of the leased housing:  No. 4, Yunshan Road

     II.      Name, area, unit price and monthly rent of the leased properties
              (see the chart below)
<TABLE>
<CAPTION>
<S>                         <C>         <C>             <C>                  <C>
--------------------------- ----------- --------------- -------------------- ----------------------------------
    NAME OF THE LEASED         AREA       UNIT PRICE       MONTHLY RENT              REMARKS
        PROPERTIES             (M(2))    (YUAN/ M(2))         (YUAN)
--------------------------- ----------- --------------- -------------------- ----------------------------------
1st to 4th floors of          4,293          9.00            38,637.00
Building No. 2
--------------------------- ----------- --------------- -------------------- ----------------------------------
Suites of Building No. 4       743           9.00            6,687.00        of which the lease of 93 M(2)
                                                                             shall start as of February
--------------------------- ----------- --------------- -------------------- ----------------------------------
Staff and Workers'             1766          9.00            15,894.00
Dormitories of Building
No. 6
--------------------------- ----------- --------------- -------------------- ----------------------------------

--------------------------- ----------- --------------- -------------------- ----------------------------------
Total:  the total housing area comes to 680 M(2); there is no vacant land, and the total amount of rent is
61,218.00 yuan.
---------------------------------------------------------------------------------------------------------------
</TABLE>

     III.     Use of the Leased Housing: Factory premises and staff and
              workers' dormitories.

     IV.      Lease Term:
              The lease term is set for one (1) year, from January 1, 2000
              to December 31, 2000.

         Party A shall turn over the leased housing to Party B for use in a
timely manner pursuant to the schedule set forth in the Contract.

         If any of the following circumstances occurs on the part of the Lessee,
the Lessor may cancel the Contract and take back the housing:

<PAGE>

     1.   when the Lessee subleases, transfers or sub-loans the housing or
          vacant land without authorization;

     2.   when the Lessee uses the leased housing to conduct illegal activities
          detrimental to the public interests;

     3.   when the Lessee delays payment of rent for two (2) consecutive months;

     4.   when the Lessee demolishes or remodels the structure or changes the
          use of the leased housing without authorization; and

     5.   when the authorities in charge of Party A are, for some special
          reasons, in need of the housing or vacant land leased to Party B.

     If Party B fails to move out when the term of this lease contract
expires, Party A has the right to bring an action against Party B at the
people's court and apply for enforcement, and Party B shall be liable for
any losses sustained by Party A therefore.

     Upon expiration of the Contract, Party B shall have the right of first
refusal under the same terms on the ground that Party A will continue to lease
the said housing.

V.       Rent and Term of Payment:

         Party B shall pay rent to Party A once a month, and the monthly rent
is set at RMB61,218.00 yuan. Party B shall make one-time payment of the month
before the 10th of each month. If it fails to pay in time or in full amount,
a fine will be imposed on Party B at an interest rate of 1% per day for the
due amount. Party A shall present a receipt of payment. The place for such
payment is at Party A's office.

VI.      Replacement of Lessor or Lessee

     1.           If Party A transfers its ownership of the housing to a third
                  party during the lease period, it does not require consent
                  from Party B; however, Party B should be notified. After the
                  transfer of the ownership of the housing to the third party,
                  the said party will automatically replace Party A of this
                  Contract, enjoy the rights and undertake the obligations of
                  the former Party A under the Contract.

     2.           If, subject to Party A's approval, Party B subleases the
                  housing to a third party during the lease period, the third
                  party will automatically replace Party B of this Contract,
                  enjoy the rights and undertake the obligations of the former
                  Party B under the Contract.

VII.     Party A's Responsibilities:

<PAGE>

     1.           If, during the lease period, the leased housing appears to
                  have the danger of inclination or collapse because of natural
                  conditions, Party A shall be responsible to repair or maintain
                  it. If natural calamities cause leakage or cracks on the roofs
                  of the leased  housing, Party A shall be responsible for such
                  repair.

     2.           Party A shall be  responsible  for the  property tax and the
                  land use fees of the leased housing.

     3.           If, during the lease period, Party A, indeed, needs to take
                  back the housing, it shall notify Party B in writing for the
                  cancellation of the Contract two months ahead of time, and a
                  fine shall be paid by Party A to Party B, which is  calculated
                  at 20% of the total rent for the remaining period.

     4.           During the lease period, Party A shall do a good job of the
                  security at the entrance gate, conduct security checkup
                  periodically, keep on guard and maintain security.

     5.           During the lease period, Party A shall be responsible for the
                  supply of water and electricity other than water and
                  electricity meters, maintain the equipment of public utilities
                  and make repairs of those parts damaged by natural elements.

VIII.    Party B's Responsibilities:

     1.           Party B shall not change the use of the leased housing, which
                  would be regard as breach of the  Contract. In case of such
                  breach, a fine equal to 20% of the rent during the period of
                  breach will be imposed on Party B.

     2.           During the lease period, Party B shall bear the  management
                  fees as well as water and electricity cost. Party B shall make
                  monthly payment in time and in full amount.

     3.           If, during the lease period, Party B is, indeed, in need of
                  returning the leased housing on certain special circumstances,
                  it shall  notify Party A in writing to cancel the Contract two
                  months ahead  of time, and a fine  shall be paid to Party A,
                  which is calculated at 20% of the  total sum of rent for the
                  remaining period.

     4.           If, during the lease period, it changes the structure and the
                  use of the housing  without authorization, such as causing
                  damages to the leased housing or equipment intentionally or by
                  negligence, Party B shall be responsible to restore the status
                  quo ante and compensate for the economic losses; if Party B
                  needs to fix up or modify water or electricity supply
                  equipment, it needs to obtain Party A's prior approval and
                  complete all the

<PAGE>

                  necessary formalities before such construction begins.
                  Party B shall not remove the fixtures made during the
                  leased period when it moves out. Party B shall be
                  responsible for the interior renovation of the housing and
                  maintenance of the water and electricity supply equipment.

     5.           Party B shall remove all its belongings in a timely manner
                  when the lease expires or the Contract is terminated. Any
                  leftover ten days after it moves out, Party B shall be
                  regarded as having waived its right of ownership over such
                  leftover, which will be up to Party A for disposal.

     6.           If, during the lease period, Party B's personnel are found to
                  have damaged public utilities within the industrial village,
                  Party B shall be responsible to provide fund to repair them.

IX.               In case of force majeure  resulting in the destruction of the
                  leased housing, this Contract will be terminated
                  automatically, and no party shall be held liable.

X.                Any dispute arising out of or in connection with the
                  performance of this Contract shall be solved through
                  consultations. In case such consultations cannot resolve the
                  dispute, any party may apply for an arbitration  at  Huizhou
                  Arbitration Committee.

XI.               Supplementary agreements shall be concluded through
                  consultations for matters that are not dealt with in this
                  Contract. The supplementary agreements shall be equally
                  authentic as this Contract.

         Supplementary Provisions: This Contract is executed in four (4)
originals, with each party in possession of one copy, and the remaining two
originals shall be handed over to the Housing Administration Bureau for
records and to the authorities in charge of Party A, respectively. Each
original has the same legal power.

         This lease contract is executed on January 3, 2000 in Huizhou.

         Party A:                                 Party B:

         Representative: /s/ signature            Representative: /s/ signature

<PAGE>

                       CERTIFICATE OF HOUSING LEASE PERMIT

                                         Huizhou Housing Rent Permit No. 00083

Lessor:           Guangdong Nanfang Communication Group, Huizhou Co.

Location of the Housing:   No. 4 Shandong Road, Huizhou, Inside Yunshan
                           Industrial Village

Lessee:           Guangdong UTStarcom Telecom Co. Ltd.

Purpose of the Leased Housing:    Factory Premises and Dormitories (a total of
                                  6,802 M(2))

         Upon review and examination, the said housing is in compliance with the
housing lease standards and lease terms as set forth in "the Implementing Rules
of Huizhou for Housing Lease and Administration"; therefore, this certificate of
permit is hereby issued for such lease.

                                 Authorities of Issuance:

                                 Huizhou Housing Administration Bureau

                                 Date:    January 1, 2000

         Term of Validity:  From January 1, 2000 to December 31, 2000

         Annual Review and Examination Date: December, 2000<PAGE>

                                                                     Exhibit 4.1

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                                 FIRST AMENDMENT

                                       to

                                RIGHTS AGREEMENT

                                     between

                                  STROUDS, INC.

                                       and

                     AMERICAN STOCK TRANSFER & TRUST COMPANY

                                 as Rights Agent

                          Dated as of January 31, 2000

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

<PAGE>

                       FIRST AMENDMENT TO RIGHTS AGREEMENT

         FIRST AMENDMENT, dated as of January 31, 2000 ("First Amendment"), to
Rights Agreement dated as of November 17, 1995 (the "Rights Agreement"), between
Strouds, Inc., a Delaware corporation (the "Company"), and American Stock
Transfer & Trust Company, a New York banking corporation, as Rights Agent (the
"Rights Agent"). Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to them in the Rights Agreement.

         WHEREAS, the Company and the Rights Agent previously entered into the
Rights Agreement; and

         WHEREAS, pursuant to Section 26 of the Rights Agreement, the Company
and the Rights Agent may from time to time supplement or amend any provision of
the Rights Agreement in accordance with the terms of such Section 26.

         NOW, THEREFORE, in consideration of the foregoing premises and mutual
agreements set forth in this First Amendment, the parties hereby amend the
Rights Agreement as follows:

         1. Section 1.1 of the Rights Agreement is hereby amended by deleting
the percentage "15%" in each of the first and third (including the proviso
thereto) sentences thereof and substituting the percentage "20%" therefor.

         2. The second sentence of Section 1.11 of the Rights Agreement is
hereby amended by deleting the percentage "15%" and substituting the percentage
"20%" therefor.

         3. The first sentence of Section 3.1 of the Rights Agreement is hereby
amended by deleting the percentage "15%" and substituting the percentage "20%"
therefor.

         4. The second paragraph of Exhibit C to the Rights Agreement ("SUMMARY
OF RIGHTS TO PURCHASE PREFERRED SHARES") is hereby amended and restated in its
entirety as follows:

         "Until the earlier to occur of (i) the 10th day after a public
     announcement that a person or group of affiliated or associated persons (an
     "ACQUIRING PERSON") has acquired, or obtained the right to acquire,
     beneficial ownership of 20% or more of the Common Shares or (ii) the 10th
     day after the commencement or announcement of an intention to make a tender
     offer or exchange offer the consummation of which would result in the
     beneficial ownership by a person or group of 20% or more of the Common
     Shares (the earlier of (i) and (ii) being called the "DISTRIBUTION DATE,"
     whether or not either such date occurs prior to the Record Date), the
     Rights will be evidenced, with respect to any of the Common Share
     certificates outstanding as of the Record Date, by such Common Share
     certificate. Notwithstanding the foregoing, BT Capital Corporation ("BT
     CAPITAL") shall not

<PAGE>

     be an Acquiring Person unless and until BT Capital shall acquire beneficial
     ownership of any Common Shares of the Company on or after November 17,
     1995."

         5. The seventh paragraph of Exhibit C to the Rights Agreement ("SUMMARY
OF RIGHTS TO PURCHASE PREFERRED SHARES") is hereby amended and restated in its
entirety as follows:

              "In the event that a Person becomes an Acquiring Person (except
pursuant to certain cash offers for all outstanding Common Shares approved by
the Board) or if the Company were the surviving corporation in a merger with an
Acquiring Person or any affiliate or associate of an Acquiring Person and the
Common Shares were not changed or exchanged, each holder of a Right, other than
Rights that are or were acquired or beneficially owned by the 20% stockholder
(which Rights will thereafter be void), will thereafter have the right to
receive upon exercise that number of Common Shares having a market value of two
times the then current Purchase Price of the Right. With certain exceptions, in
the event that the Company were acquired in a merger or other business
combination transaction or more than 50% of its assets or earning power were
sold, proper provision shall be made so that each holder of a Right shall
thereafter have the right to receive, upon the exercise thereof at the then
current Purchase Price of the Right, that number of shares of common stock of
the acquiring company which at the time of such transaction would have a market
value of two times the then current Purchase Price of the Right."

         6. This First Amendment shall be effective as of the date hereof and,
except as expressly set forth herein, the Rights Agreement shall remain in full
force and effect and be otherwise unaffected hereby.

         7. This First Amendment may be executed in any number of counterparts,
each of which, when executed, shall be deemed to be an original and all such
counterparts shall together constitute one and the same document.

                                  2
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this First Amendment as
of the date first written above.

                                       STROUDS, INC.

                                       By: /s/ ROBERT M. MENAR
                                           -----------------------------------
                                           Name:  Robert M. Menar
                                           Title: Chief of Operations

                                       AMERICAN STOCK TRANSFER &
                                       TRUST COMPANY

                                       By: /s/ HERBERT J. LEMMER
                                           -----------------------------------
                                           Name:  Herbert J. Lemmer
                                           Title: Vice President

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}]]