Document:

f10k2011a3ex10xxi_china.htm

Exhibit 10.21

 

Contract on Investment in the Integrated Development Project

of the Ming Dynasty Entertainment World in Bengbu City,

Anhui Province

Party A:      Bengbu Municipal People’s Government, Anhui Province

Party B:      Yida (Fujian) Tourism Group Limited.

 Anhui Xingguang Investment (Group) Co., Ltd.

In accordance with the Contract Law of the People’s Republic of China and other applicable national and local laws and regulations, and on the basis of the principles of equality, voluntariness and mutual benefit, Party A and Party B hereby agree as follows regarding the Contract on Investment in the Integrated Development Project of the Ming Dynasty Entertainment World in Bengbu City, Anhui Province:

	
I.

	
Name and Scope of the Investment Project

	
  

	
1.

	
Name of the Project: Contract on Investment in the Integrated Development Project of the Ming Dynasty Entertainment World in Bengbu City, Anhui Province

	
  

	
2.

	
Scope of the Project:

 Industrial Work – A leisure and holiday resort (including the Royal Hot-spring Water World, Royal Blissful and Filial Garden, and the Royal Hunting Field)

 Commercial Work – Supporting commercial zones (Royal Native Town and the Villa Zone)

	
II.

	
Total Investment, Land Size and Schedule

	
  

	
1.

	
Party B shall set up a new company in the locale where the project is situated. The new company shall have a registered capital of RMB 100 million, which shall be entirely contributed by Party B.

	
  

	
2.

	
The project site covers an area of 5,000 mu (approximately 333.33 hectares).

	
  

	
3.

	
The project shall be executed in two or three phases and investment shall be made on a continuous basis.

 

  

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III.

	
Purpose, Nature, Price, Extent and Payment Term of the Land Use Rights

	
  

	
1.

	
Purpose: Within the project site, a land plot of 500 mu (approximately 33.33 hectares) (excluding the land plot for the golf course) will be devoted to industrial purposes, and another land plot of 250 mu (approximately 16.67 hectares) will be devoted to commercial development purposes. The rest is intended for eco-tourism.

	
  

	
2.

	
Nature: The nature of the use rights of the land plots for industrial and commercial development purposes is state-owned transferred land. The term of the use rights of the land plots is the maximum term allowed by law. The use rights of the land plots for industrial and commercial development purposes are obtained through a transfer of state-owned land, while the land plot for eco-tourism is leased collectively- or privately-owned land whose use rights are obtained through a lease.

	
  

	
3.

	
The land plot for the first phase of the project is centered on the Xilu Hill.

	
  

	
4.

	
Payment Term: Party B shall pay the price of the transferred state-owned land plot in one lump sump according to the relevant state regulations. The rents for the lease of collectively- or privately-owned land shall be paid according to the provisions of the lease contract.

	
  

	
5.

	
The Contract on the Transfer of the Use Rights of State-owned Land for the land plot shall be signed by and between Party B or its company incorporated in the locale where the project is situated and the Municipal Land Resources Bureau according to the relevant regulations.

	
  

	
6.

	
The price of the land plots for industrial and commercial development purposes shall be determined in accordance with the relevant regulations and handled on the basis of the prescribed rules.

	
IV.

	
Rights and Obligations of Party A and Party B

 (I)        Rights and Obligations of Party A

	
  

	
1.

	
Party A shall assist Party B in completing the environmental impact assessment and obtaining approvals, permits and registration within the prescribed time frame to ensure the smooth commencement of this investment project.

	
  

	
2.

	
Party B shall submit itself to the zoning and construction management of Party A, and provide all documents required for the obtainment of a Certificate of the Use Rights of State Owned Land, a Planning Permit for Land Plot for Construction, a Zoning Certificate of Engineering and Construction, a Construction Permit, and a Site Selection Statement.

 

  

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3.

	
The project land plot provided by Party A for Party B shall conform to urban zoning and industrial park construction requirements. Supporting infrastructure facilities shall be built to the red lines of the project land plot.

	
  

	
4.

	
Party A shall arrange for the relocation of the tombs on the project site, compensation for the removed young crops of the farmers, and demotion of structures on the ground.

	
  

	
5.

	
Party A shall coordinate relations with villages, residents and entities located in the project zone.

	
  

	
6.

	
Party A shall arrange for the land requisition (demolition and relocation) and obtainment of approval. Where the land requisition involves farmland, woodland and eco-woodland, Party A shall arrange for adjustment and obtainment of approval, and Party B shall provide active assistance.

	
  

	
7.

	
Party A shall support Party B’s autonomy in business administration and take solid steps to protect Party B’s legitimate rights and interests under this Contract.

	
  

	
8.

	
Party A shall actively assist Party B in securing the understanding of local villagers for the project and in maintaining harmony with them.

	
  

	
9.

	
Party A shall prohibit illegal logging, reclamation, quarrying, mining and acts that may damage the riverbed, lake surface or water body.

	
  

	
10.

	
When all basic conditions are in place, construction shall be commenced as early as possible so that the product can start produce benefits at the earliest date possible.

 (II)       Rights and Obligations of Party B

	
  

	
1.

	
Party B shall incorporate a company within one month of Party A’s completion of its adjustment of certain parts of the master plan for the Longzi Lake scenic area.

	
  

	
2.

	
Party B’s project zoning and design shall conform to related regulations.

	
  

	
3.

	
Party B shall build a leisure and holiday resort and a supporting commercial zone along with the construction of the project to ensure synchronized development of the overall project.

	
  

	
4.

	
Party B shall have the right to operate the project independently according to the law and to decide on franchising projects and the development modes of other tourism service projects within the project site and with other partners.

 

  

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5.

	
After paying the price of the transferred land plot and rents specified in this Contract and all taxes, Party B may retain the remaining operating revenue.

	
  

	
6.

	
Party B shall abide by all applicable State laws and regulations and submit itself to the administration and supervision of regulatory authorities.

	
  

	
7.

	
Party B shall use its best endeavors to preserve the ecosystem and natural environment of the project site.

	
  

	
8.

	
Party B shall strictly comply with all production and operation safety regulations and take solid steps to ensure the personal and property safety of tourists.

	
V.

	
Provisions for Inability to Execute the Project or Any Part Thereof It Due to Statutory or Regulatory Factors

 

	
 

	

Party A agrees that, if any statutory or regulatory factors lead to the termination of or inability to execute this project or any part thereof, it will compensate Party B for its actual investment and reasonable expenses after consultations with each other in order to minimize the impact on the investor’s fundamental rights and its losses.

	
VI.

	
Liability for Breach of Contract

	
  

	
1.

	
After the construction project is finalized, if Party B furnishes Party A with all documents required for administrative review and approval and Party A fails to complete the formalities for Party B on time, thereby preventing Party B from starting the construction and production as scheduled, Party B shall have the right to withdraw its investment from the entire project or any part thereof, and Party A shall unconditionally refund all payments which have been made by Party B and compensate Party B for expenses incurred.

	
  

	
2.

	
Party B shall commence the construction of the project in strict accordance with the relevant regulations after Party A delivers the land plot.

	
VII.

	
Miscellaneous

	
  

	
1.

	
To perform this Contract, Party B shall incorporate one or more new companies in the locale where Party A is domiciled for the purpose of executing the project under this Contract. Both parties hereby agree that Party B’s rights and obligations will be inherited and exercised its newly incorporated companies.

	
  

	
2.

	
In the event of changes of a party to the Contract, including but not limited to changes of name, legal representative, amalgamation, spin-off, and adjustment of administrative division, after being approved by Party A, this Contract shall be binding upon the new entity, heir, assignee or the new entity that continue to exit under the amalgamation or spin-off.

 

  

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3.

	
The execution, effectiveness, interpretation, performance and dispute resolution are protected and governed by the laws of the People’s Republic of China.

	
  

	
4.

	
Any dispute arising out of or in connection with this Contract shall be resolved through amicable consultations. If such consultations fail to resolve the dispute, either party may file a lawsuit with the People’s Court in Hefei City.

	
  

	
5.

	
This Contract shall be executed in two counterparts, with each party retaining two. All counterparts are equally authentic. This Contract consists of nine pages and is written in Chinese.

	
  

	
6.

	
This Contract was executed in Xiamen City, Fujian Province, the People’s Republic of China on April 15, 2010.

	
  

	
7.

	
For any matters not covered in this Contract, both parties may consult with each other to work out supplemental agreements. Such supplemental agreements shall be appended to this Contract and have the same legal binding force as this Contract.

(Signature page to follow)

 

  

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	Party A:	Bengbu Municipal People’s Government, Anhui Province

Representative (Signature):  Zhang Xuequn

 

	Party B:	Yida (Fujian) Tourism Group Limited.
	 	

Anhui Xingguang Investment (Group) Co., Ltd.

	Representative (Signature):	Chen Minhua
	 	Sun Hui

 

Related Parties:

Longzihu District People’s Government

Representative (Signature): Wang Chenxing

Bushan District People’s Government

Representative (Signature): Chen Guangya

Huaishang District People’s Government

Representative (Signature):

April 15, 2010

 

 

 6Unassociated Document

Exhibit 10.22

Contract on Investment in the Integrated Development

Project of the Yang-sheng Paradise in Zhangshu City,

Jiangxi Province

 

April 2010

 

  

1

  

 

Contract on Investment in the Integrated Development Project of the

Yang-sheng Paradise in Zhangshu City, Jiangxi Province

Party A:  Zhangshu Municipal People’s Government, Jiangxi Province

Party B:  Yida (Fujian) Tourism Group Limited

WHEREAS,

	
1.

	
With the steady improvement of living standards and increase of leisure time, tourism is growing by leaps and bounds and often compared to a rising sun for its dynamism and vibrancy. In its 11th Five-Year Plan and 2020 Long-term Plan, the Zhangshu Municipal Government has listed tourism as a new pillar industry for high-priority development.

	
2.

	
In order to fully tap the integrated resource advantages of Zhangshu in developing tourism, an integrated development project focused on salted hot-spring health-nursing and tourism will be built in Zhangshu, and efforts will be made to speed up the development of the local tourism sector.

	
3.

	
This project conforms to the requirement of actively developing and utilizing tourism resources and speeding up the development of tourism as set forth in the State’s 11th Five-Year Plan for National Economic and Social Development.

	
4.

	
Party B is a business conglomerate with success experience in the development and marketing of tourism resources.

	
5.

	
A consensus has been reached on the project among Party A’s leadership and Party B’s management team following multiple mutual visits, meetings and consultations.

NOW THEREFORE,

In accordance with the Contract Law of the People’s Republic of China and other applicable laws and regulations promulgated by the State, and on the basis of the principles of equality, voluntariness and mutual benefit, Party A and Party B hereby agree as follows regarding the Integrated Development Project of the Yang-sheng Paradise in Zhangshu City, Jiangxi Province:

	
I.

	
Name and Scope of the Investment Project

	
  

	
1.

	
Name of the Project (tentative): Integrated Development Project of the Yang-sheng Paradise.

 

  

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2.

	
Scope of the Project (tentative): A Salty Hot-spring SPA Recuperative Center, a World Health-nursing Culture Expo Garden, and health-nursing and holiday manors of various forms.

	
II.

	
Project Investment

 The project shall be solely funded by Party B and investment shall be made in three or four phases.

	
III.

	
Project Land Plot

	
  

	
1.

	
Size of the Land Plot: Party B’s project will be located on a site of approximately 6,000 mu (400 hectares).

	
  

	
2.

	
Purpose of the Land Plot: The specific purpose of the land plot shall be determined in accordance with the zoning plan and the actual layout of each project.

	
  

	
3.

	
Nature of the Land: The land plot for the Salty Hot-spring SPA Recuperative Center and the World Health-nursing Culture Expo Garden is a commercial parcel of land transferred by the State. The land plot for the Millennium-old Medical Capital Ancient Town and the health-nursing and holiday manors of various forms is a commercial/residential parcel of land for tourism purposes which is transferred by the State. Other land plots are intended for general tourism purposes.

	
  

	
4.

	
The Limits of the Land Plot for the Project: The land plot for the project is bounded by Zhangdian Highway on the east, the Qingjiang Base on the south, the Qingjiang Base on the west, and the irrigation ditch of the Yanghu Xiaoxi Villagers’ Committee on the north.

	
  

	
5.

	
Price of the Land Plot and Terms of Payment: Party A will transfer the land plot to Party B through the opening listing system, and the price of the land plot will be the successful bidding price offered by Party B.

	
  

	
6.

	
Other: The Contract on the Transfer of the Use Rights of State-owned Land for the said land plot shall be signed by and between Party B or its company incorporated in the locale where the project is situated and the Municipal Land Resources Bureau according to the relevant regulations.

	
IV.

	
Water Supply for the Project (including the supply of salty hot-spring water)

	
  

	
1.

	
Party A shall be responsible for channeling live water by various means to the project site.

	
  

	
2.

	
Domestic water needed by the project will be supplied in accordance with the “Five Connections” requirements set forth in this Contract.

 

  

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3.

	
Party A shall be responsible for ensuring an adequate supply of salty hot-spring water to the project.

	
V.

	
Project Exclusivity

 Party A shall not introduce, approve or accept any other salty hot-spring tourism project after the project under this Contract is finalized.

	
VI.

	
Rights and Obligations of Party A and Party B

 (I)        Rights and Obligations of Party A

	
  

	
1.

	
Party A shall assist Party B in completing the environmental impact assessment and obtaining approvals, permits and registration within the prescribed time frame to ensure the smooth commencement of this investment project.

	
  

	
2.

	
Party B shall submit itself to the zoning and construction management of Party A, and provide all documents required for the obtainment of a Certificate of the Use Rights of State Owned Land, a Planning Permit for Land Plot for Construction, a Zoning Certificate of Engineering and Construction, a Construction Permit, and a Site Selection Statement.

	
  

	
3.

	
The project land plot provided by Party A for Party B shall conform to urban zoning and industrial park construction requirements. The infrastructure around the land plot shall be sufficient to ensure the connection of the land plot to the networks of water supply, electricity supply, drainage, and telecommunications, and the trunk landscaped roadways shall be built to the red lines of the project land plot.

	
  

	
4.

	
Party A shall arrange for the obtainment of approvals and for the requisition of the land plot.

	
  

	
5.

	
Party A shall arrange for the disposal of household waste and sewage of the villagers around the project site and for the landscaping and zoning of the village to ensure a pleasant environment for the project site.

	
  

	
6.

	
Party A shall support Party B’s autonomy in business administration and take solid steps to protect Party B’s legitimate rights and interests under this Contract.

	
  

	
7.

	
Party A shall prohibit illegal logging, reclamation, quarrying, mining and acts that may damage the riverbed, lake surface or water body.

	
  

	
8.

	
Party A agrees that the Rewarding and Supporting Measures of Zhangshu City for the Encouragement of Entrepreneurial Investments (Zhang Ban Fa 2009 [17]) will be applicable to the project.

 

  

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9.

	
Party A agrees that tourism resource utilization fees and salty hot-spring resource utilization fees shall be waived for the project.

	
  

	
10.

	
Party A agrees that all administrative fees relating to the registration, changes of registration and filing fees during the construction period of the project will be waived.

	
  

	
11.

	
Party A agrees that urban street light electricity fees will be applicable to the ornamental lights of the project.

	
  

	
12.

	
Party A agrees that it will use its best endeavors to list the project as a provincial and municipal high-priority project.

 (II)      Rights and Obligations of Party B

	
  

	
1.

	
Party B shall ensure that its investment project conforms to the State’s laws and industry policies. Party B’s entire project shall be subject to zoning approval and environmental impact assessment.

	
  

	
2.

	
Party B’s project zoning and design shall conform to related regulations.

	
  

	
3.

	
When all basic conditions are in place, Party B shall speed up project construction according to the agreed scale of investment and scope and schedule of construction, in order to enable the project to produce benefits as soon as possible.

	
  

	
4.

	
Party B shall have the right to operate the project independently according to the law.

	
  

	
5.

	
After paying the price of the transferred land plot and rents specified in this Contract and all taxes, Party B may retain the remaining operating revenue.

	
  

	
6.

	
Party B shall abide by all applicable State laws and regulations and submit itself to the administration and supervision of regulatory authorities.

	
  

	
7.

	
Party B shall ensure that wastewater treatment and discharge on the project site meet applicable standards.

	
  

	
8.

	
Party B shall strictly comply with all production and operation safety regulations.

 

  

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VII.

	
Liability for Breach of Contract

 

	
 

	
 
Both parties shall fulfill their respective responsibilities and obligations. If one party breaches this Contract, thereby causing damage to the other party, it shall compensate the injured party.

 

	
VIII.

	
Provisions for Inability to Execute the Project or Any Part Thereof It Due to Statutory or Regulatory Factors

 

	
 

	
 
 
Party A agrees that, if any statutory or regulatory factors lead to the termination of or inability to execute this project or any part thereof, it will compensate Party B for its actual investment and reasonable expenses after consultations with each other, thereby minimizing the impact on the investor’s fundamental rights and its losses.

	
IX.

	
Miscellaneous

	
  

	
1.

	
To perform this Contract, Party B shall incorporate one or more new companies in the locale where Party A is domiciled for the purpose of executing the project under this Contract. Both parties hereby agree that Party B’s rights and obligations will be inherited and exercised its newly incorporated companies.

	
  

	
2.

	
In the event of changes of a party to the Contract, including but not limited to changes of name, legal representative, amalgamation, spin-off, and adjustment of administrative division, after being approved by Party A, this Contract shall be binding upon the new entity, heir, assignee or the new entity that continue to exit under the amalgamation or spin-off.

	
  

	
3.

	
The execution, effectiveness, interpretation, performance and dispute resolution are protected and governed by the laws of the People’s Republic of China.

	
  

	
4.

	
Any dispute arising out of or in connection with this Contract shall be resolved through amicable consultations. If such consultations fail to resolve the dispute, either party may file a lawsuit with the People’s Court in Nanchang or Fuzhou City.

	
  

	
5.

	
This Contract shall be executed in four counterparts, with each party retaining two. All counterparts are equally authentic. This Contract consists of seven pages and is written in Chinese.

	
  

	
6.

	
For any matters not covered in this Contract, both parties may consult with each other to work out supplemental agreements. Such supplemental agreements shall be appended to this Contract and have the same legal binding force as this Contract.

(Signature page to follow)

 

  

6

  

 

Party A:  Zhangshu Municipal People’s Government, Jiangxi Province

Representative (Signature): Liu Anan

Party B:   Yida (Fujian) Tourism Group Limited

Representative (Signature): Chen Minhua

April 18, 2010

 

 

 7

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