Document:

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                                                             EXHIBIT 10(c)(iii)

                             AMENDMENT AGREEMENT TO
                               MANAGEMENT CONTRACT

THIS AMENDING AGREEMENT TO MANAGEMENT CONTRACT ("Amendment Agreement") is made
this 28th day of April, 1998.

BETWEEN:

SHERATON OVERSEAS MANAGEMENT CORPORATION, a Delaware Corporation having its
principal offices at 60 State Street, Boston, Massachusetts, 02109,
USA ("Sheraton"); and

HUAYANG INTERNATIONAL (SHENYANG) CO. LTD (formerly known as Huasheng Hotel
International (Shenyang) Co., Ltd) ("Huayang International"), CHANGHUA
(SHENYANG) BUSINESS CO., LTD. ("Changyuan") (collectively jointly and severally
referred to as "Owner") and HUAYANG INDUSTRY (SHENYANG) GROUP CO., LTD.
("Huayang Industry") organised and registered legal entities existing under the
laws of the People's Republic of Ching and having their legal address at 386
Qingnian Street, Heping District, Shenyanbg, Liaoning Province, People's
Republic of China.

WHEREAS:

1.   A Management Contract was entered into on 15 September 1995 (the
     "Management Contract") between Huasheng Hotel International (Shenyang) Co.,
     Ltd. and Sheraton Overseas Management Corporation.

2.   Owner presently has the building ownership certificates with Huayang
     International having the building ownership certificate to the hotel tower,
     Changhua having the building ownership certificate to the podium and
     Changyuan having the building certificate to the car park being the
     requisite ownership rights for the Building and Appurtenances and Owner is
     entitled to erect and operate a hotel and related facilities on the portion
     of the site as marked in red on the Schedule attached hereto.

3.   The hotel tower, podium and car park all comprise the Hotel, as referred to
     in this Amendment Agreement.

4.   Owner is desirous of assuming all the rights and obligations stated to be
     held by the previous Owner under the Management Contract, and the parties
     hereto are desirous of amending, ratifying and confirming the Management
     Contract in the manner hereinafter contained.

NOW THEREFORE, Sheraton, Owners and Huayang Industry covenant and agree as
follows:

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1.   In this Amendment Agreement, reference to an Article and a Section are to
     the Article and Section of the Management Contract unless the context
     unless the context otherwise requires. Terms used but not defined herein
     shall have the same meaning as provided in the management Contract.

2.   Section 1.06 of Article I is amended by deleting the existing Section 1.06
     and replacing it with the following:

     "1.06 Available Rooms means the number of Hotel rooms that are available
          for sale to guests which do not include house or in-house use or
          commercial rooms or, for purposes only of calculating reservation
          fees, rooms let out to guests staying in excess of one month at any
          one time, but includes rooms which are not of order (provided such
          rooms are not out of order for more than 30 days) and complimentary
          rooms."

3.   Section 1.17 of Article I is amended by deleting the existing Section 1.17
     and replacing it with the following:

     "1.17 Estimated Partial Opening Date means June 1, 1999 or such other date
          as Owners and Operator may agree in writing as the date on which they
          estimate the Hotel will be ready for partial operations in accordance
          with section 4.05."

4.   Section 1.23 of Article I is amending by deleting the existing Section 1.23
     and replacing it with the following:

     "1.23 Full Opening Date means the date on which Operator fully opens the
          Hotel to the public in accordance with section 4.05 and shall, unless
          otherwise agreed by Owner and Operator be 1 September 1999."

5.   Section 1.30 of Article I is amended by deleting the existing Section 1.30
     and replacing it with the following:

     "1.30 Independent Auditor means one of the major six international
          accountancy firms or a certified public accounting registered in the
          Country working as a correspondent of such firm which is registered in
          the Country and experienced in hotel accounting and auditing, as
          nominated by Owner and reasonably approved by Operator and failing
          nomination by Owner shall mean Arthur Andersen & Co."

6.   Section 2.02 of Article II is amended by deleting the first sentence and
     replacement it with the following:

     "During the Term, the Hotel shall be known as "Sheraton Shenyang Lido
     Hotel" in English and "___________________ " in Chinese."

7.   Section 2.03(i) of Article II is amended by deleting the existing Section
     2.03(i) and replacing it with the following:

                                      -2-
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     "(i) Owner shall, strictly in accordance with the Approved Final Plans and
          Sheraton Standards and in conformity with all applicable rules and
          regulations now or hereafter in force (governmental, municipal or
          otherwise), laws and ordinances of the Country, at its own expense and
          with all reasonable diligence design, construct, furnish and equip on
          the Site of international five star hotel containing approximately 900
          bays comprising rooms, apartments and studios, function space,
          restaurants, lounges, 24-hour room service and coffee shop, business
          centre, swimming pool and recreation facilities. Owner shall deliver
          to Operator for management and operation of the Hotel fully
          constructed, furnished and equipped in accordance with the Approved
          Final Plans and Sheraton Standards.

8.   Section 2.03(ii)(a) of Article II is amended by deleting the words "by 1st
     October 1995" and replacing them with the words "at the time of executing
     this Amendment Agreement."

9.   Section 2.03(ii)(b) of Article II is amended by deleting the words "by 1st
     November 1995" and replacing them with the words "30 days after execution
     of this Amendment Agreement."

10.  Section 2.03(ii)(c) of Article II is amended by deleting the words "by 1st
     December 1995" and replacing them with the words "60 days after execution
     of this Amendment Agreement."

11.  Section 2.03(ii)(d) of Article II is amended by deleting the words "by 1st
     November 1995" and replacing them with the words "60 days after execution
     of this Amendment Agreement."

12.  Section 2.3(ii)(e) of Article II is amended by deleting the words "by 1st
     November 1994" and replacement them with the words "60 days after execution
     of this Amendment Agreement."

13.  Section 4.02 of Article IV is amended by deleting the existing second

     sentence and by replacing it with the following:

     "The Pre-Opening Budget shall be prepared by Operator within 45 days of the
     Effective Date. The Pre-Opening Budget shall then be submitted to Owner for
     its approval, such approval not to be unreasonably withheld. It is agreed
     it is estimated that the amount of the Pre-Opening Budget will be a minimum
     sum of USD$4 million or its equivalent in local currency. The approved
     Pre-Opening Budget may be revised higher by Operator from time to time, in
     consultation with Owner, to reflect to then current cost projections, delay
     in particular opening beyond the Estimated Partial Opening Date and
     unforeseen circumstances."

14.  Section 403(i) of Article IV is amended by deleting the existing Section
     4.03(i) and replacing it with the following:

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     Owner shall deposit in the Pre-Opening Agency Account, the sum of
     $US500,000 within 30 days of the approval of the Pre-Opening Budget by
     Owner. Thereafter, on a monthly basis, 30 days prior to the scheduled
     expenditure as indicated in the approved Pre-Opening Budget, Owner will pay
     into the Pre-Opening Account the amount scheduled for expenditure within
     the next month. If for any reason, the Pre-Opening Budget has not been
     approved by July 1, 1998, the amount of $US500,000 must be deposited into
     the Pre-Opening Agency Account on or before August 1, 1998."

15.  Section 4.05(i)(b) of Article IV is amended by deleting the existing
     Section 4.05(i)(b) and replacing it with the following:

     "(b) at least 200 of the Hotel's guest room floors, all public areas,
          facilities, restaurants, ballroom, and all landscaping, and all
          requisite life safety and fire requirements of the Hotel, are fully
          constructed, furnished and equipped in accordance with the Approved
          Final Plans and Sheraton Standards and such portion of the Hotel to be
          partially opened is, in Operator's opinion, otherwise suitable for
          guest use and occupancy and all necessary Operating Supplies, foods
          and beverages have been obtained;"

16.  Section 5.02 of Article V is amended by deleting the existing Section 5.02
     and replacing it with the following:

     "5.02 Operating Plan

     (i)  Not later than ninety (90) days prior to the commencement of each
          Fiscal Year, Operator shall provide to Owner, an annual operating plan
          for the operation of the Hotel for the forthcoming Fiscal Year
          containing a detailed financial budget, a market promotion plan and a
          capital expenditure plan. Within a period of 20 days of receipt of the
          draft operating plan prepared by Operator, Owner shall advise Operator
          whether it approves such operating plan or whether the operating plan
          or certain items within the plan are not approved by it. In review the
          operating plan, Owner must not unreasonably withhold or delay the
          giving of its approval and the Owner's approval cannot be withheld
          with regard to any item in the operating plan necessary to enable the
          Hotel to meet and comply with Sheraton Standards.In the event that
          Owner has not advised Operator by the expiration of 20 days of receipt
          by Owner of the draft operating plan, of its approval or disapproval,
          the draft operating plan shall be the agreed and approved operating
          plan for the forthcoming Fiscal year. In the event that Owner advises
          Operator that it does not approve of the draft operating plan or of
          any line item within it, the parties agree to further review, explain
          and discuss such operating plan as submitted and Operator agrees to
          use reasonable endeavors to take into account Owner's reasonable
          opinions and recommendations and to incorporate and amend the draft
          operating plan. If agreement cannot be reached prior to 30 days before
          the commencement of the relevant Fiscal Year in respect of each budget
          line, the figures set out in the operating plan in respect of such
          budget line not agreed for the immediately preceding Fiscal Year shall
          apply and all expenditure amounts set out therein shall be increased
          by an amount equal to the percentage rate of

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          inflation in the Country for the relevant Fiscal Year as published and
          recognised by the Government or relevant authorities of the Country.
          Total Revenue as forecast in the draft operating plan, if not
          approved, shall be revised from the total Revenue specified in the
          operating plan for the preceding Fiscal Year, adjusted to have regard
          to prevailing market conditions. In the event of Operator and Owner
          failing to agree to the appropriate adjustment, the matter in dispute
          relating to Total Revenue shall be submitted for determination by the
          Independent Auditor who shall act as an expert and not as an
          arbitrator and whose decision shall be final and binding.

     (ii) Operator will use its reasonable endeavours to comply with the
          approved operating plan but the parties acknowledge that it is a
          reasonable estimate of expenditures and income only and of an intended
          market promotion plan and capital expenditure plan, and Operator shall
          not be deemed to have given any guarantee, warranty or representation
          whatsoever in connection with any of the operating plans. For the
          avoidance of doubt, any failure to comply with any operating plan
          shall not give rise to rights of termination pursuant to Section
          23.01."

17.  Article V is amended by the addition of the following two Sections,
     Sections 5.05 and 5.06.

     "5.05 Owner's Representative

     Owner shall appoint a representative and advise Operator of the name and
     title of such representative. Owner's representative shall be its
     representative to exercise the powers and to undertake the functions and
     duties given and assigned to Owner under this Contract and to discuss and
     communicate with Operator on all matters arising in connection with this
     Contract. In addition, Owner's representative shall have the right, at
     reasonable times and on prior notice to the General Manager of the Hotel,
     to access, examine and make copies of all books of account and records of
     and relating to the Hotel which are maintained by Operator under this
     Contract.

     5.06 Meetings

     In addition to any other meetings held hereunder, Operator shall at the
     request of Owner hold a meeting with Owner (as may be represented by
     Owner's representative and all other persons designated by Owner) at least
     once per month during the Operating Term at which Operator and Owner shall
     review and discuss the previous and future month's operating statements,
     marketing plans, cash flows, budget reviews, capital expenditure, important
     personnel moves and general concerns for Owner and Operator relating to the
     Hotel. Except to the extent otherwise mutually agreed upon by Owner and
     Operator, all such meetings shall be held at the Hotel.

18.  Article VII is amended by deleting the existing Article VII and replacing
     it with the following:

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         "Article VII - FEES

         7.01     Basic Fee

         (i)      Calculation
                  -----------

     Commencing from the Partial Opening Date, during each Fiscal Year of the
     Term (and proportionately for a fraction of a Fiscal Year), Owner shall,
     subject as provided in paragraph (ii), pay to Operator on a monthly basis
     the Basic Fee for services rendered under this Contract in relation to the
     management and operation of the Hotel as follows:

     (a)  Where Gross Operating Profit in a Fiscal Year is between 0 to
          25,000,000 Ren Min Bi, a fee of 4% of Gross Operating Profit for that
          Fiscal Year;

     (b)  where in any Fiscal Year, Gross Operating Profit is 25,000,000 Ren Min
          Bi or greater, a fee equal to 8% of Gross Operating Profit in that
          Fiscal Year.

     After calculation of the Basic Fee, there shall be deducted from the amount
     calculated the amount of the License Fee paid under the License Contract.

     (ii) Inter-relationship of Basic Fee and License Fee
          -----------------------------------------------
     For further clarity, it is agreed and understood that if in any year, the
     Basic Fee calculated in accordance with section 7.01(i) above is greater
     that the License Fee payable pursuant to the License Contract, the License
     Fee determined in accordance with the License Contract is paid to the
     Licensor and the difference between the Basic Fee, as calculated in section
     7.01 above is less than the amount calculated as License Fee, pursuant to
     the License Contract, then the License Fee calculated in accordance with
     the License Contract is payable to the Licensor and no amount is payable to
     Operator as a Basic Fee.

     (iii) Partial Operations
           ------------------
     During the period of partial operations of the Hotel commencing on the
     Partial Opening Date and ending on the Full Opening Date, Owner shall pay a
     License Fee/Basic Fee to Licensor/Operator calculated in the above
     described manner.

     7.02 Payment Method

     (i)  Commencing from the Partial Opening Date, on or before the fifth day
          of each Fiscal Month during the Term, Licensor/Operator shall be paid
          out of the Agency Account its License Fee and Basic Fee for the
          preceding Fiscal Months during

     (ii) At the end of each Fiscal Year and following receipt by Owner of the
          annual audit report, an adjustment will be made based on such audit
          report, if necessary, so that Licensor/Operator shall have received
          its proper License Fee and Basic Fee respectively as specified above
          for such Fiscal Year. Within 30 days of receipt by Owner of such audit
          report, Operator will either:

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     (a)  place in the Agency Accounts or remit to Owner, as appropriate, any
          excess in the amounts it has received as fees, in respect of such
          Fiscal Year; or

     (b)  be paid out of the Agency Accounts or by Owner, if working capital is
          insufficient, as appropriate, any deficiency in the amounts it has
          received as fees,

          as the case may be.

     (iii) In the event there is an operating loss which results in a negative
           Gross Operating Profit in any Fiscal Year, it will be borne
           exclusively by Owner and the amount thereof will not be applied
           against Gross Operating Profit of any other Fiscal Year.

19.  Section 10.01 of Article X is amended by deleting the second sentence and
     by replacing the second sentence with the following:

     "The Agency Account shall have authorized signatories of both Operator and
     Owner. In respect of any payment in less than US$50,000 (or the equivalent
     in local currency calculated in accordance with the provisions of clause
     16.02), and in respect of payment of the 'Basic Fee and License Fee, only
     Operator's designated signatories shall be authorised to operate and draw
     from the Agency Account. In respect of any payment for any one item in
     excess of USD$50,000 (or its equivalent in local currency in accordance
     with the provisions of clause 16.02), both Operator's authorised designees
     and Owner's authorised designees shall be authorised to operate and draw
     from the Agency Account jointly. Owner shall nominate its authorised
     designee for purposes of operating and drawing from the Agency Account to
     Operator and the bank with an authorised alternate each in the City of
     Shenyang to ensure no delays are occasioned to the operation of the Hotel
     and in meeting the liabilities of the Hotel. In particular, Owner warrants
     to Operator that all payroll payments shall be made when due and Owner
     acknowledges payments in respect of employment contracts entered into which
     are a liability of the Hotel shall be met in accordance with their terms of
     payment. Operator shall promptly notify Owner of any payment of Basic Fee
     and/or License Fee with supporting Computation.

20.  Section 10.02 of Article 10 is amended by deleting the existing Section
     10.02 and by replacing it with the following:

     "10.02 Owner shall deposit monies into the Agency Account for initial
     working capital as follows:

     (i)  no later than 120 days prior to the Estimated Partial Opening Date, an
          amount of US$250,000 (or its equivalent in local currency);

     (ii) thirty (30) days prior to the Estimated Partial Opening Date, an
          amount equal to three months worth of working capital, as showing the
          forecast

          for the first year's operations, part of the approved Pre-Opening
          Budget shall be deposited;

     (iii) Thereafter, amounts will be deposited into the Agency Account in
           accordance with the forecasts contained in the Operating Plan
           representing three months working capital requirements to be paid
           each month but so that at no time will the balance in the Agency
           Account be less than US$500,000, (or the equivalent in local
           currency);

     (iv)  It is estimated this amount for initial working capital will not be
           less than US$750,000.

21.  Section 11.01(i) of Article XI is amended by deleting existing Section
     11.01(i) and replacing it with the following:

     "11.01(i) Commencing from the Partial Opening Date, there shall be deducted
               in monthly installments during each Fiscal Year of the Term, the
               following amounts:

               (a)  for the first Fiscal Year of the Term, an amount equal to 2%
                    of Total Revenue based on the Operating Plan for that year;

               (b)  for the second Fiscal Year of the Term, an amount equal to
                    3% of Total Revenue for the preceding Fiscal Year; and

               (c)  for the third Fiscal Year of the Term, an amount equal to 3%
                    of Total Revenue for the preceding Fiscal Year; and

22.  Section 20.01(i) of Article XX is amended by deleting the first sentence
     and replacing it with the following:

     "During the Term, Owner shall not commercially use or refer to the word
     "Sheraton" in any manner whatsoever other than in connection with the Hotel
     or any factual statement that the Hotel is managed by Operator in
     accordance with the terms of this Contract."

23.  Section 25.02(b) of Article XXV is amended by deleting the reference to
     "the Chairman of the Singapore Chamber of Commence" where it appears and by
     replacing this phrase with the words "the Chairman of the Hong Kong Chamber
     of Commerce."

24.  Section 25.02(d) of Article XXV is amended by deleting existing Section
     25.02(d) and replacing it with the following:

     "25.02(d) The arbitration shall take place in Hong Kong. This Contract
               shall be governed by the laws of Hong Kong."

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25.  Section 25.03 of Article XXV is amended by deleting the reference where it
     appears to "the courts of Singapore" and by replacing this phrase with the
     words "the courts of Hong Kong."

26.  Section 26.01 of Article XXVI is amended by adding a second address for the
     Owner as follows:

                  "Owner:           c/o Cheung Kong (Holdings) Ltd.
                                    China Hotels Division
                                    21/F China Building
                                    29 Queen's Road Central
                                    HONG KONG
                                    Fax: 852 2530 5689"

27.  Section 28.08 of Article XXVIII is amended by deleting the reference to
     "Mr. Gao Wanjun" and by replacing this reference with the following words
     "Owner's representative from time to time."

28.  References to "Owner" in the Management Contract shall after the execution
     of this Amendment Agreement be to Huayang International hereby release
     Huayang Industry and Huayang Industry hereby releases Operator and Huayang
     International from all the duties and obligations stated to be held by the
     other parties under the Management Contract.

29.  The Management Contract is amended only as expressly provided herein.

     Except as provided herein, the provisions of the Management Contract shall
     remain unchanged and in full force and effect and is hereby ratified by
     each of the Huayang International, Changhua and Changyuan as being binding
     and enforceable as between Sheraton and Owner and as against third parties.

IN WITNESS WHEREOF Operator, Owner and Huayang Industry have duly executed this
amendment to the Management Contract on the date above written.

Sheraton Overseas Management Corporation

By:                                           Witness By:
   --------------------------                            ----------------------

Name:                                         Name:
     ------------------------                      -----------------------------

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Huayang International (Shenyang) Co., Ltd.

By:                                           Witness By:
   --------------------------                            ----------------------

Name:                                         Name:
     ------------------------                      -----------------------------

Changhua (Shenyang) Business Co., Ltd.

By:                                           Witness By:
   --------------------------                            -----------------------

Name:                                         Name:
     ------------------------                      -----------------------------

Changhuan (Shenyang) Park Co., Ltd.

By:                                           Witness By:
   --------------------------                            -----------------------

Name:                                         Name:
     ------------------------                      -----------------------------

Huayang Industry (Shenyang) Group Co., Ltd.

By:                                           Witness By:
   --------------------------                            -----------------------

Name:                                         Name:
     ------------------------                      -----------------------------

                                      -10-<PAGE>

                                                                  EXHIBIT 10(d)

              HUAYANG INTERNATIONAL BUILDING OFFICE LEASE AGREEMENT

LESSOR: Huayang Industry & Commerce Group Co., Ltd. (hereinafter referred to as
        Party A)

LEGAL REPRESENTATIVE: Gao Wanjun
LEGAL ADDRESS:  A3 No. 386 Qingnian Street, Heping District, Shenyang

LEASEE:                             (hereinafter referred to as Party B)
LEGAL REPRESENTATIVE:
LEGAL ADDRESS:
TELEPHONE:
I.D.  NO.:

In accordance with the Economic Contract Laws of the People's Republic of China,
Party A and Party B have entered into this agreement on office lease through
friendly negotiations.

I. THE LOCATION, UNIT AND AREA OF THE LEASED OFFICE
Party A agrees to lease its office to Party B, which is numbered , located on
the floor , tower A, Huayang International Building, with a floor area of square
meters. The building is situated at 386 Qingnian Street, Heping District,
Shenyang.

II. LEASING PERIOD
The leasing period is ______ years, commencing on _______________ and ending
on
   ----------.

III. RENT AND OTHER COSTS (IN RMB YUAN ) AND THE MODE OF PAYMENT
1. The annual rent is . Party B shall pay to Party A 1,000 yuan as deposit on
the date of signature of this agreement, and pay two months' deposit and first
rent within one week before occupying the office (the deposit is to be
calculated as rent).
2. Water, property management fee and central heating fees are included in the
rent).
3. Electricity and phone bills are to be borne by Party B.
4. Mode of Payment: to de agreed upon in supplementary clauses.

IV. OBLIGATIONS AND RESPONSIBILITIES OF PARTY A
1. To provide the leased office to party B in a timely manner.
2. To carry out periodic  check of the leased  office and its  facilities,
   make sure that Party B can use it in a safe and normal way.
3. Not to terminate the Agreement unilaterally within the validity of this
   Agreement.
4. Party A has the right to revoke the leased office if any of the
   following circumstances occurs:
a. Party B re-leases, transfers, contributes as a stake, share or trade the
   leased office or has done anything that infringes upon Party A's ownership of
   its office.
b. Party B engaged in illegal activities in the leased office and violated
   public interests.

<PAGE>

c. Party B delayed paying the rent exceeding 30 days.

V. OBLIGATIONS AND RESPONSIBILITIES OF PARTY B

1. Party B shall not change the structure and function of the office.
2. Party B shall not terminate the agreement unilaterally.
3. Party B shall sign a Property Management Agreement with Party A stating that
   Party A shall observe this Agreement and the rules and regulations
   promulgated by the building's Property Management company.
4. Party shall take care of and protect the facilities in the leased office. And
   Party B shall indemnify Party A against losses owing to Party B's fault.
5. Party B shall pay the rent and a penalty on 0.1 % daily basis if Party B does
   not pay the rent in time.
6. Party B shall renew or cancel the lease 10 days before this agreement ends.
   If Party B does not want to renew the lease, it shall keep the office tidy as
   when the lease starts. Deposit shall be returned after Party A inspects and
   accepts the office.

VI. FORCE MAJEURE
If Force Majeure specified in the law makes it impossible to implement this
Agreement, Party B shall not claim to Party A and this Agreement shall
automatically end.

VII. ATTACHMENT AND SUPPLEMENT
1. Both parties shall negotiate anything that is not covered in this Agreement.
   Any supplementary clauses or agreement shall be deemed as indivisible
   parts of this agreement and have the same legal effect as this Agreement.
2. This agreement is in quadruplicate, and takes immediate effect once
   signed and chopped by both parties.

 SUPPLEMENTARY CLAUSES:

 PARTY A: Huayang Industry & Commerce Group Co., Ltd.
 REPRESENTED BY:
 DATE:

 PARTY B:
 REPRESENTED BY:
 DATE:

 LEASING PERIOD:        FROM                 TILL

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