Document:

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                                                                    EXHIBIT 4.66

                                 LOAN AGREEMENT

                                                           No: _________________

     This Loan Agreement ("Agreement") is made and entered into this 4th day of
January, 2006 (the "Effective Date") by and between:

CHINA MERCHANTS BANK DONGFANG BRANCH, a corporation duly organized and validly
existing under the laws of the PRC and having its principal place of business at
No. 902-904, Dongfang Roda, Pudong New Area, Shanghai 201203, the PRC (the
"Agent"); and

SHENGQU INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD., a corporation duly
organized and validly existing under the laws of the PRC and having its
principal place of business at No.1 Office Building, No. 690 Bibo Road, Pudong
New Area, Shanghai 201203, the PRC ("Shengqu").

                                    RECITALS

     WHEREAS, Nanjing Shanda Networking Co. Ltd. ("Nanjing Shanda") and the
Agent entered into an Entrusted Loan Agreement dated as of January 4, 2006,
pursuant to which Nanjing Shanda will deposit funds with the Agent, which the
Agent will loan to Shangqu; and

     WHEREAS, the Agent would like to provide Shengqu with a loan on the terms
and conditions set forth below.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein and for other good and valuable consideration, the parties
hereto agree as follows:

1.   DEFINITIONS

1.1  "Advance" shall mean the principal amount of the lump sum drawing made by
     Shengqu under the Facility or, as the context requires, the outstanding
     balance thereof (as reduced by repayments and prepayments by Shengqu from
     time to time).

1.2  "Availability Period" shall mean the period commencing from December 31,
     2005 and ending on December 31, 2007.

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1.3  "Business Day" shall mean any day other than a Saturday, Sunday or a legal
     holiday in the PRC.

1.4  "Event of Default" shall mean any of the events specified in Section 6.1
     below.

1.5  "Facility" shall mean the one hundred million RenMinBi ("RMB") loan
     facility to be made available to Shengqu pursuant to Section 2.

2.   THE LOAN

2.1  Subject to the terms and conditions set forth in this Agreement, Shengqu
     may on any Business Day during the Availability Period make one drawing
     from the Agent under the Facility.

2.2  Shengqu shall provide the Agent with the records and information needed by
     the Agent to ensure that loan proceeds are used according to the terms and
     conditions of this Agreement.

3.   INTERESTS AND TAXES

3.1  Interest. Shengqu shall not be obligated to pay any interest on the
     Advance.

3.2  All Advances to be made hereunder shall be made by the Agent. The Agent
     hereby acknowledges and agrees that, upon Nanjing Shanda's instructions,
     the Agent shall be responsible for transferring the Advances to Shengqu.

4.   REPAYMENT

Shengqu shall repay the Advance outstanding at the end of the Availability
Period. Shengqu may prepay any or all part of the Advance in the event that
Nanjing Shanda agrees upon such prepayment by Shengqu.

5.   PAYMENT PROVISIONS

5.1  Payment of Advance by the Agent. On the date on which the Advance is to be
     made, the Agent shall make available such Advance to Shengqu in RMB in
     immediately available funds to an account with the Agent specified in the
     notice and maintained by Shengqu.

5.2  Payment of Shengqu. All payment(s) to be made by Shengqu shall be made to
     the Agent on the date upon which the relevant payment is due in RMB in
     immediately available funds to the Agent into such account as specified in
     writing by the Agent. The Agent shall deliver payments made by Shengqu to
     the account specified by Shanda Networking within one (1) Business Day
     after

                                       2

<PAGE>

     receipt of such payment.

6.   EVENT OF DEFAULT

6.1  Each of the following events shall be deemed an Event of Default:

(a)  Non-Payment. Shengqu fails to pay any sum payable under this Agreement when
     due or otherwise in accordance with the provisions.

(b)  Failure to Perform. Shengqu fail to perform any of its other obligations
     hereunder;

(c)  Insolvency. Shengqu becomes insolvent or stops or suspends or threatens to
     stop or suspend payments of all or a material part of its debts or is
     unable or admits its inability to pay its debts as they fall due.

6.2  Acceleration. At any time after the occurrence of an Event of Default and
     regardless of whether such Event of Default continues, the Agent may
     declare the Facility to be canceled whereupon the same shall be so canceled
     forthwith according to Nanjing Shanda's instruction.

7.   MISCELLANEOUS

7.1  Notice. Shengqu shall send a notice to the Agent upon the occurrence of a
     combination, dissolution, receivership or any such similar proceedings.

7.2  Entire Agreement. This Agreement constitutes the entire agreement between
     the parties with respect to the subject matter hereof, and merges, revokes
     and supersedes all prior and contemporaneous agreements, understandings,
     arrangements, documents and communications (whether written or oral)
     between the parties and is intended as a final expression of their
     agreement.

7.3  Amendments and Waivers. This Agreement shall not be modified or amended
     except by written agreement signed by duly authorized representatives of
     the Parties. None of the provisions of this Agreement shall be deemed to
     have been waived by any act or acquiescence on the part of a party, except
     by an instrument in writing signed by such party; and no waiver of any
     provision of this Agreement shall constitute a waiver of any other
     provision(s) or of the same provision on another occasion. The failure of
     either party to enforce, or the delay by either party in enforcing any of
     its rights under this Agreement shall not preclude either party from
     commencing appropriate legal or equitable proceedings, within the time
     provided by the applicable law, to enforce any or all of its rights under
     this Agreement, and any prior failure to enforce, or delay in enforcement,
     shall not constitute a defense.

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7.4  Disputes and Governing Law. This Agreement shall be construed and enforced
     in accordance with the laws of the PRC. Any disputes that arise in
     connection with this Agreement shall be litigated in courts located within
     Pudong New Area, Shanghai, PRC.

7.5  Costs and Expenses. The Parties shall each bear their own costs and
     expenses incurred in connection with the preparation, negotiation and
     execution of this Agreement.

7.6  Counterparts. This Agreement may be executed in one or more counterparts,
     each of which shall be deemed an original, but all of which together shall
     constitute one and the same instrument. This Agreement may be executed and
     delivered by facsimile and transmission by facsimile shall be considered
     proper delivery for legal purposes.

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IN WITNESS WHEREOF, the Parties have executed this Agreement through their duly
authorized representatives on the date first set forth above.

CHINA MERCHANTS BANK DONGFANG BRANCH

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

SHENGQU INFORMATION TECHNOLOGY
(SHANGHAI) CO., LTD.

By:
    ---------------------------------
Name: Chen Tianqiao
Title: General Manager

                                       5<PAGE>

                                                                    EXHIBIT 4.67

                             COOPERATION AGREEMENT

     This Cooperation Agreement (the "Agreement") is entered into this 1st day
of January, 2005 (the "Effective Date") by and between:

     SHANGHAI SHENGYUE ADVERTISEMENT CO., LTD. a corporation duly organized and
     validly existing under the laws of the People's Republic of China (the
     "PRC") and having its principal place of business at No.1 Office Building,
     No. 690 Bibo Road, Pudong New Area, Shanghai 201203, the PRC ("Shengyue");
     and

     SHENGQU INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD., a corporation duly
     organized and validly existing under the laws of the PRC and having its
     principal place of business at No.1 Office Building, No. 690 Bibo Road,
     Pudong New Area, Shanghai 201203, the PRC ("Shengqu").

     Shengyue and Shengqu shall be referred to individually as a "Party" and
     collectively as the "Parties".

                                    RECITALS

     WHEREAS, Shengqu has the sufficient ability to plan, design and prepare
media content to be released through certain advertising channels;

     WHEREAS, Shengyue desires to cooperate with, and release media content
prepared by, Shengqu.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein and for other good and valuable consideration, the Parties
hereto agree as follows:

1    DEFINITION

As used in this Agreement, the following terms shall have the meanings set forth
below:

1.1  "Service Fees" shall mean the fees paid by Shengyue to Shengqu in
     consideration of the services provided by Shengqu pursuant to this
     Agreement.

Each of the following terms shall have the meanings ascribed to them in the
Sections set forth opposite such terms:

<PAGE>

"Agreement"                Preamble
"Confidential Information" Section 9.1
"Effective Date"           Preamble
"Force Majeure Event"      Section 10.1

2    SCOPE OF COOPERATION

2.1  Shengqu will make use of it's ability to plan, design and create media
     content and prepare such materials to Shengyue according to materials
     provided by, and requirements set forth by Shengyue.

2.2  Shengyue shall provide the information, according to which the media
     content will be prepared, twenty (20) days before the date upon which
     Shengqu will begin preparing the media content. The media content shall be
     made in strict accordance with Shengyue's requirements.

2.3  Shengqu shall prepare the media content in accordance with Shengyue's
     requirements, and provide Shengyu with a software or hard copy version of
     the materials.

2.4  Shengyue shall pay the Service Fees set forth in Section 6.

3    TIMETABLE.

     Shengqu shall provide Shengyue with services, from time to time, upon the
     receipt of a service request form Shengyue.

4    OBLIGATIONS AND RIGHTS OF SHENGQU.

4.1  Shengqu shall have the right to review the information provided by
     Shengyue. In the event that the content does not comply with the laws or
     regulations of the PRC, Shengqu shall have the right to refuse to provide
     Shengyue its services.

4.2  Shengqu shall have the right to charge the Service Fees set forth in this
     Agreement.

4.3  Shengqu shall prepare the information in accordance with Section 2.

4.4  Shengqu shall ensure that the media content is prepared on time and are in
     accordance with Shengyue's requirements, and in the event that the media
     content does not satisfy such requirements, Shengqu shall compensate
     Shengyue.

<PAGE>

5    OBLIGATIONS AND RIGHTS OF SHENGYUE

5.1  Shengyue shall determine the requirements according to which the materials
     shall be prepared, and such requirements shall be provided to Shengqu on
     time. The requirements shall comply with the laws and regulations of the
     PRC.

5.2  Shengyue shall pay the Service Fees as set forth in this Agreement.

5.3  Shengyue shall own the copyrights and other relevant rights of the
     information it provides Shengqu under this Agreement.

6    PRICE AND PAYMENT

6.1  The Service Fees shall be determined according to the information provided
     in the service request forms submitted to Shengqu by Shengyue from time to
     time.

6.2  Methods of payment:

6.2.1 Shengyue shall submit to Shengqu a service request form when it is in need
     of Shengqu's services. At the end of each month, Shengqu shall provide
     Shengyue with an invoice completed according to the service request form.
     Shengyue shall pay the Service Fees within ten (10) business days of
     receiving the invoice.

6.2.2 The Service Fees shall be paid by check or through a bank transaction.

6.3  Taxes obligations arising in connection with this Agreement shall be borne
     by the Parties in accordance with the relevant laws and regulations of the
     PRC.

6.4  The method for calculating the Service Fees is set forth below: Service
     Fees = (fees paid to Shengyue for distributing the media content - Shengyu
     tax obligations - marketing fees paid to clients - other relevant fees) x
     80%

6.4.1 Media content preparation and release fees paid or to be paid to Shengyue
     shall mean the fees indicated on client order forms submitted to Shengyue,
     and when made and released, can be recognizable in accordance with the
     regulations of Shengyu's fianance system, regardless of whether the fees
     are actually received by Shengyue or not. Such income and the following
     will be recorded similarly:

(a)  Taxes and fees paid by Shengyue: Sales taxes, cultural enterprise
     development fees as well as other relevant fees and taxes calculated
     according to

<PAGE>

     Shengyue's recognized income shall total to equal 9.25% of total income;

(b)  Commision: shall mean costs borne by Shengyue arising from fees paid for
     processing and receiving client order forms;

(c)  Other reasonable costs: shall mean costs borne by Shengyue arising in
     connection with its business operations, including employee wages,
     benefits, social insurance, rent, and incidental expenses incurred in
     connection with official business matters.

6.5  As for price, the reasonability of income and expense balance concerned is
     subject to the data provided by Shengyue. In the event Shengqu has
     reasonable cause to believe that the data is incorrect, Shengyue shall
     provide Shengqu with a reasonable explanation. On balance, in the event the
     error is less than 5% (as determined by data provided by Shengyue), it will
     be resolved in accordance with the data provided by Shengyue. In the event
     the error is greater than 5% (as determined by data provided by Shengyue),
     it will, first, be resolved in accordance with data provided by Shengyue.
     The parties will then review the difference and settle the balance after
     the error has been resolved. If the Parties are still unable to identify
     and agree upon a satisfactory solution to the problem within three (3)
     months after the date of the balance, it will be solved in accordance with
     data provided by Shengyue.

7    REPRESENTATIONS AND GUARANTEES OF SHENGQU.

7.1  Shengqu has the ability to plan, design and prepare media content, and
     agrees to provide Shenque with its services.

7.2  Shengqu has all requisite power and authority to execute this Agreement.

7.3  Shengqu shall carry out the obligations of this Agreement in accordance
     with the relevant laws and regulations of the PRC.

7.4  The making of this Agreement does not and will not violate any agreement
     existing between Shengqu and any other person or entity. Shengqu shall
     indemnify all loss of Shengyue in connection with any breach of this
     section (including all reasonable costs and expenses arising from such
     compensation).

8    REPRESENTATIONS AND GUARANTEES OF SHENGYUE.

8.1  Shengyue has all requisite power and authority to execute this Agreement.

8.2  Shengyue guarantees that the information, according to which the media
     content will be made, complies with the laws and regulations of the PRC.

<PAGE>

9    CONFIDENTIALITY.

9.1  Any and all information, disclosed in writing and designated as
     confidential or, if disclosed orally, designated as confidential at the
     time of disclosure, relating in any way to actual or potential customers,
     products, patents, source codes, object codes, technical data, information,
     inventions, procedures, methods, designs, strategies, drawings, samples,
     specifications, plans, assets, liabilities, costs, revenues, profits,
     organization, employees, agents, distributors or other business affairs in
     general shall be treated as confidential information ("Confidential
     Information").

9.2  Neither Party shall use or disclose any Confidential Information of the
     other Party to any persons or entities without prior written approval,
     except in the event that the confidential information of the other Party is
     used for the sole purpose of carrying out the obligations under this
     Agreement.

9.3  Each Party shall keep the information concerning the transactions
     contemplated by this Agreement in strict confidence. Neither Party shall
     disclose the information concerning the transactions contemplated by this
     Agreement to any third party without the other Party's prior written
     approval. However, the receiving Party shall be permitted to disclose the
     confidential information under any laws, rules or regulation of stock
     exchange or provide any documents, reports or disclose in the method of a
     press release or by other ways to investors.

9.4  The term of this confidentiality is the same as this Agreement.

10   FORCE MAJEURE

10.1 Force Majeure shall mean severe natural disasters such as typhoon, flood,
     storm, earthquake, fire, wars, whether announced or not, riots, civil
     commotion and/or any other cause beyond the reasonable control of the Party
     whose performance is affected ("Force Majeure Event").

10.2 The time for performance or cure shall be extended for a period equal to
     the duration of the Force Majeure Event, however the financial terms of
     this Agreement shall not be adjusted.

10.3 The Party whose performance is affected by such a cause shall promptly
     notify the other party hereto of such impossibility of performance, and
     provide the other Party with a written certificate within five days after
     the Force Majeure Event happens, and shall take affirmative and effective
     steps to mitigate the effects of the Force Majeure Event. Once the effects
     of the

<PAGE>

     Force Majeure Event disappears, the Party whose performance is affected
     shall provide the other Party with a prompt notice.

10.4 In the event that the Party, whose performance is affected, expects that
     the Force Majeure Event will exceeds 30 days, the Parties shall negotiate
     the performance of the Agreement in good faith.

11   LIABILITY OF BREACH.

11.1 Special Liability of Breach. During the performance of the Agreement, in
     the event Shengqu is unable to complete the media content in accordance
     with Shengyue's requirements, Shengyue shall have the right to compensation
     and the right to require Shengqu to continue the perform its obligations.
     In the event Shengqu's inability is caused by a third party, the Parties
     shall negotiate a satisfactory resolution. If the breach cannot be
     satisfactorily resolved by the Parties through friendly consultation,
     Shengqu shall refund Shengyue an amount equal to two times the Service
     Fees.

11.2 Common Liability of Breach.

(a)  In case one Party (non-breaching party) declares the other Party (breaching
     party) commit any things breach the Agreement and provide the certificate
     of such things, and prove such things make the Agreement can't be
     performed, performed entirely or delayed, then, non-breaching party has the
     rights to require breaching party take on its liability of breach, and
     cease performing the obligations under this Agreement in case it wouldn't
     like to terminate this Agreement.

(b)  The breaching Party shall take steps to mitigate the effects within 7 days
     after it is informed the reality of breach, in case the breaching Party
     doesn't mitigate during the 7 days, the non-breaching Party has rights
     terminate the Agreement and require breaching Party to compensate all the
     economic loss (including direct loss, indirect loss and all the other
     expenses and costs hereunder). This Section 11.2(b) shall survive
     expiration or termination of this Agreement for any reason.

(c)  In case other sections of this Agreement provide otherwise in connection of
     breach and liability of breach that are different from this Section
     11.2(c), then this Section 11.2(c) doesn't apply.

12   TERMINATION

12.1 This Agreement may be terminated by the Parties by providing a joint
     written notice.

<PAGE>

12.2 One Party may terminate this Agreement upon written notice to the other
     Party in the event of the occurrence of one or more of the following:

(a)  One Party has expressed definitely or indicated through its action that it
     will not perform material obligations of this Agreement before this
     Agreement's expiration;

(b)  One Party has committed a material breach of this Agreement which is
     capable of remedy and fails to cure such breach within 14 days after the
     breaching party receives written notice thereof from the other party;

(c)  One Party experiences a bankruptcy or is unable to pay its debt.

12.3 After this Agreement is terminated:

(a)  The parts have been performed will not be performed any more;

(b)  Shengqu shall return the content for information making provided by
     Shengyue immediately.

13   GOVERNING LAW, FORM AND JURISDICTION.

13.1 The validity, explanation, performance and dispute resolving of this
     Agreement shall be in accordance with the laws and regulations of the PRC.

13.2 In the event of any dispute, controversy of difference, the Parties hereto
     shall conduct discussions and negotiations in good faith. If such dispute
     can not be satisfactorily resolved by the Parties themselves whining 60
     days after one Parties provides a written requirement of negotiation to the
     other, the Parties hereby consent and submit disputes to the court where
     Shengyue is located.

13.3 In the event of a dispute is heard by the court, the Parties shall continue
     the performance of the remaining parts of this Agreement.

14   MISCELLANEOUS

14.1 Assignment. No Party may assign or transfer its rights under this Agreement
     to a third party without the prior written consent of the other Party.
     Notwithstanding the foregoing, Shentyue shall have the right to assign this
     Agreement to its Affiliate(s) by giving prior written notice to Shengqu.
     Subject to the restrictions on assignment and transfers set forth herein,
     this Agreement shall be binding upon and shall inure to the benefit of the
     Parties and their respective successors and assigns.

<PAGE>

14.2 Binging. This Agreement, together with the exhibits referenced and attached
     hereto, shall become effective after it is executed by a duly authorized
     representative, officer or agent of the Parties. This Agreement is binding
     upon and inures to the benefit of the parties and their heirs, executors,
     legal and personal representatives, successors and assigns, as the case may
     be. All amendments to this Agreement shall be binding upon the Parties so
     long as the same are in writing and executed by both Parties.

14.3 Notices. Except as otherwise expressly provided in this Agreement, all
     notices sent by either Party to the other Party pursuant to or in
     connection with this Agreement shall be in writing and shall be deemed to
     have been sufficiently given and received for the purposes of this
     Agreement if sent to the other Party at the address or facsimile number
     listed below for such Party, or to such other address or facsimile number
     of which either Party may so notify the other Party in writing.

14.4 Severability. If any provision of this Agreement is found to be illegal,
     invalid or unenforceable, that provision shall be limited or eliminated to
     the minimum extent necessary so that this Agreement shall otherwise remain
     in full force and effect and enforceable.

14.5 Effectiveness. This Agreement shall become effective after the authorized
     representatives of the Parties signed it, and the Agreement shall remain in
     effect for a period of one (1) year thereafter. Upon the expiration of the
     initial term of this Agreement, the Agreement shall be automatically
     renewed provided that neither Party suggests otherwise.

14.6 Amendments. This Agreement shall not be modified or amended except by
     written agreement signed by duly authorized representatives of the Parties.
     Such amendment agreement shall be considered a part of this Agreement and
     the Agreement shall remain in full force and effect and enforceable.

14.7 Counterparts. This Agreement may be executed in one or more counterparts,
     each of which shall be deemed an original, but all of which together shall
     constitute one and the same instrument.

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<PAGE>

IN WITNESS WHEREOF, the Parties have executed this Agreement through their duly
authorized representatives on the date first set forth above.

SHANGHAI SHENGYUE ADVERTISEMENT CO.,
LTD.

By:
    ---------------------------------
Name: Chen Danian
Title: Senior Vice President

SHENGQU INFORMATION TECHNOLOGY
(SHANGHAI) CO., LTD.

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

<PAGE>

                                                                       EXHIBIT A

                                   ORDER FORM

<TABLE>
<CAPTION>
NAME   DATE OF DELIVERY   SIZE   PRICE   DISCOUNT   ACTUAL PRICE   REMARK
----   ----------------   ----   -----   --------   ------------   ------
<S>    <C>                <C>    <C>     <C>        <C>            <C>

</TABLE>

Note: Material requirements will be provided along with the relevant
explanations.

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