Document:

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                                                                     EXHIBIT 4.5

                             SHAREHOLDERS AGREEMENT

                                  by and among

                   E-house (China) Investments Holding Limited
                               [CHINESE CHARACTERS]

                              Ordinary Shareholders

                                       and

                                Certain Investors

                           dated as of March 28, 2006

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                                TABLE OF CONTENTS

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CLAUSE                                                                                                PAGE
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ARTICLE 1    DEFINITIONS............................................................................     1

ARTICLE 2    PREEMPTIVE RIGHTS......................................................................     6

ARTICLE 3    TRANSFER OF SHARES.....................................................................     7

ARTICLE 4    RIGHT OF FIRST REFUSAL; CO-SALE RIGHT..................................................     8

ARTICLE 5    BOARD OF DIRECTORS AND MANAGEMENT......................................................    11

ARTICLE 6    MATTERS REQUIRING INVESTORs' APPROVAL..................................................    13

ARTICLE 7    INFORMATION AND INSPECTION RIGHTS......................................................    15

ARTICLE 8    COVENANTS OF COMPANY AND ORDINARY SHAREHOLDERS.........................................    16

ARTICLE 9    PUBLIC OFFERING........................................................................    17

ARTICLE 10     LEGEND ON SHARE CERTIFICATES.........................................................    18

ARTICLE 11     DURATION OF AGREEMENT................................................................    18

ARTICLE 12     MISCELLANEOUS........................................................................    18

SCHEDULE 1     ORDINARY SHAREHOLDERS................................................................    27

SCHEDULE 2     INVESTORS............................................................................    28

EXHIBIT A      FORM OF DEED OF ADHERENCE............................................................    29
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                             SHAREHOLDERS AGREEMENT

THIS SHAREHOLDERS AGREEMENT (this "AGREEMENT") is made as of March 28, 2006 by
and among E-house (China) Investments Holding Limited [CHINESE CHARACTERS], an
exempted company with limited liability organized and existing under the laws of
the Cayman Islands with company registration no. CR-139297 (the "COMPANY"), each
of the Ordinary Shareholders listed in Schedule 1 attached hereto (each, an
"ORDINARY SHAREHOLDER" and collectively, the "ORDINARY SHAREHOLDERS"), CHF
Investment Limited, a limited liability company organized and existing under the
laws of the British Virgin Islands ("CHF"), a wholly-owned subsidiary of China
Harvest Fund, L.P., a limited liability partnership organized and existing under
the laws of the Cayman Islands ("CHINA HARVEST"), DLJ Real Estate Capital
Partners III, L.P., a limited liability partnership organized and existing under
the laws of Delaware, U.S.A ("DLJ"), RECP III Co-Investors A, L.P., a limited
liability partnership organized and existing under the laws of Delaware, U.S.A
("RECP"), and other investors listed on Schedule 2 attached hereto (each an
"INVESTOR" and collectively, the "INVESTORS").

                                    RECITALS

WHEREAS, the Investors have agreed to subscribe for a certain number of Series A
Preferred Shares (as defined below) of the Company pursuant to the Series A
Preferred Shares Subscription Agreement, dated as of March 28, 2006 (the
"SUBSCRIPTION AGREEMENT");

WHEREAS, in connection with the Investors' subscription for such Series A
Preferred Shares and as a condition precedent to the completion of such
subscription, the parties hereto desire to enter into this Agreement to provide
for certain rights and related obligations of the Investors in respect of
information, voting, share transfers and other matters.

NOW, THEREFORE, in consideration of the foregoing premises and certain other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                             ARTICLE 1 DEFINITIONS

As used in this Agreement, and unless the context requires a different meaning,
the following terms shall have the following respective meanings, and all
capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to them in the Subscription Agreement:

"ACCEPTANCE NOTICE" shall have the meaning ascribed to it in Section 4.4 hereof.

"ACCEPTANCE PERIOD FOR EQUITY EQUIVALENTS" shall have the meaning ascribed to it
in Section 2.1 hereof.

"AFFILIATE" shall mean with respect to any Person, any other Person that (a)
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, the first mentioned Person. For
purposes of this definition, "CONTROL" (including with correlative meanings, the
terms "CONTROLLING", "CONTROLLED BY" and under "COMMON CONTROL WITH") means the
possession, directly or indirectly, of the power to direct or cause the
direction of the

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management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

"ARTICLES OF ASSOCIATION" shall mean the Memorandum and Articles of Association
of the Company, as amended from time to time.

"ASSOCIATE" shall mean, with respect to any Person, any corporation or other
business organization of which such Person is a senior officer or partner, any
trust or estate in which such Person has a substantial beneficial interest or as
to which such Person serves as a trustee or in a similar capacity, or any
spouse, children, grandchildren, parents, parents-in-law or siblings or spouse
of such Person or a trust primarily for the benefit of any of the foregoing.

"ANNUAL BUDGET" shall mean the annual budget of the Company and/or the PRC
Subsidiary adopted by the Board of the Company and/or the PRC Subsidiary, as may
be amended from time to time.

"BOARD" shall mean the board of directors of the Company or any of its
Subsidiaries, as the context requires, as constituted from time to time.

"BOARD OF ARBITRATION" shall have the meaning ascribed to it in Section 12.2(a)
hereof.

"BONA FIDE PURCHASER" shall mean any Person who or which has delivered a good
faith written offer to purchase all or any portion of the Shares held by any
Shareholder.

"BUSINESS PLAN" shall mean the annual business plan of the Company and/or the
PRC Subsidiary adopted by the Board of the Company and/or the PRC Subsidiary, as
may be amended from time to time.

"COMPANY SHARE PLAN" shall mean an employee share ownership plan to be
established by the Company pursuant to which shares will be granted out of the
Company Share Pool.

"COMPANY SHARE POOL" shall mean the pool of 3,636,364 Ordinary Shares which
shall be transferred from On Chance Inc. to certain management personnel and
employees of the Company and its Subsidiaries, including the Management Team but
excluding the Chief Financial Officer of the Company appointed for a Qualified
IPO, covering five percent (5%) of the aggregate number of issued and
outstanding shares (including Ordinary Shares and the Series A Preferred Shares)
of the Company on an as-converted and fully diluted basis as of the Closing
Date, which shall be only granted pursuant to the Company Share Plan.

"COMPANY'S NOTICE OF INTENTION TO SELL" shall have the meaning ascribed to it in
Section 2.1 hereof.

"COMPETITOR" shall mean any Person that engages in or will engage in the real
estate intermediary service business in China (including Hong Kong, Macau and
Taiwan) as determined by the Board of the Company.

"CONFIDENTIAL INFORMATION" shall mean information of a confidential nature
created, discovered, prepared or otherwise developed by the Company or any of
its Subsidiaries, which is generally unavailable to the public and has a
material economic value in the business in which the Company or any of its
Subsidiaries is engaged. Such Confidential Information includes but is not
limited to, customer lists, pricing, marketing and sales strategies, employee
and consultant

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rosters and other business or financial information or know-how developed by or
disclosed to the Company or any of its Subsidiaries.

"CONTINGENT OBLIGATION" shall mean as to any Person, any provision of any
security issued by such Person or of any agreement, undertaking, contract,
indenture, mortgage, deed of trust or other instrument or arrangement (whether
in writing or otherwise) to which such Person is a party or by which it or any
of such Person's property is bound.

"CO-SALE SHARES" shall have the meaning ascribed to it in Section 4.7 hereof.

"DISPOSE" or "DISPOSITION" (and any derivatives thereof) shall mean (i) a
voluntary or involuntary sale, assignment, mortgage, grant, pledge,
hypothecation, exchange, transfer, conveyance or other disposition (whether
involving the legal or beneficial interest), and (ii) any agreement, contract or
commitment to do any of the foregoing.

"DISPOSITION NOTICE" shall have the meaning ascribed to it in Section 4.2
hereof.

"DISPOSING SHAREHOLDER" shall have the meaning ascribed to it in Section 4.1
hereof.

"EQUITY EQUIVALENTS" shall mean any and all shares, interests, participations or
other equivalents (however designated) of equity capital of the Company (or any
of its Subsidiaries, as the case may be) and any rights to acquire the
foregoing, including without limitation, any rights to acquire securities
exercisable for, convertible into or exchangeable for the foregoing.

"EXCESS OFFERED SHARES" shall have the meaning ascribed to it in Section 4.3
hereof.

"FIRST REFUSAL ALLOCATION" shall have the meaning ascribed to it in Section 4.3
hereof.

"FIRST REFUSAL RIGHT" shall have the meaning ascribed to it in Section 4.1
hereof.

"GROUP" shall mean the Company and its Subsidiaries, collectively.

"IFRS" shall mean the International Financial Reporting Standards promulgated by
the International Accounting Standards Board (IASB) (which includes standards
and interpretations approved by the IASB and International Accounting Principles
issued under previous constitutions), together with its pronouncements thereon
from time to time, and applied on a consistent basis.

"INDEBTEDNESS" shall mean, as to any Person, without duplication, (i) all
indebtedness (including principal, interest, fees and charges) of such Person
for borrowed money or for the deferred purchase price of property or services,
any obligation for the payment of money and any obligation evidenced by bonds,
debentures, notes or similar instruments, (ii) the available amount of all
letters of credit or obligations in respect of bankers acceptances issued for
the account of such Person and all unpaid drawings with respect thereto, (iii)
all liabilities secured by any Lien on any property or assets owned by such
Person, whether or not such liabilities have been assumed by such Person, (iv)
the aggregate amount required to be capitalized under leases under which such
Person is the lessee, (v) all guaranties and similar undertakings to assume or
pay the Indebtedness for borrowed money of other Person, and (vi) any Contingent
Obligation of such Person incurred in respect of any Indebtedness referred to in
(i) to (v) above.

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"INTELLECTUAL PROPERTY RIGHTS" shall mean all patents, trademarks, service
marks, trade names, copyrights, rights in software, domain names, know-how,
rights in design and inventions, licenses and other intellectual property
rights, being used to conduct the business of the Company and its Subsidiaries
as now operated.

"INVESTOR" shall have the meaning ascribed to it in the preamble hereof.

"INVESTOR DIRECTOR" shall have the meaning ascribed to it in Section 5.1 hereof.

"JUNHENG" shall mean Junheng Investment Limited, an international business
company organized and existing under the laws of the British Virgin Islands.

"LIEN" shall mean any mortgage, deed of trust, pledge, hypothecation,
assignment, encumbrance, lien (statutory or other), charge, claim, restriction
or preference, priority, right or other security interest or preferential
arrangement of any kind or nature whatsoever (excluding preferred share and
equity related preferences) including without limitation, those created by,
arising under or evidenced by any conditional sale or other title retention
agreement, or any financing lease having substantially the same economic effect
as any of the foregoing.

"OFFERED SHARES" shall have the meaning ascribed to it in Section 4.2 hereof.

"OFFEREES" shall have the meaning ascribed to it in Section 4.1 hereof.

"ON CHANCE" shall mean On Chance Inc., an international business company
organized and existing under the laws of the British Virgin Islands.

"ORDINARY SHAREHOLDERS" shall have the meaning ascribed to it in the preamble.

"ORDINARY SHARES" shall mean the ordinary shares, par value US$0.001 per share,
of the Company.

"ORDINARY SHAREHOLDERS" shall mean the holders of Ordinary Shares.

"PERMITTED TRANSFEREE" shall mean:

(a)   in the case of the Investors:

      (i)   any Affiliate of the Investors;

      (ii)  any investment fund in which either China Renaissance Capital
            Investment Inc. or DLJ Real Estate Capital Partners, Inc. acts as
            the manager, general partner or investment adviser;

      (iii) any unitholder, shareholder, partner or participant in any fund
            referred to in (ii) above in a general distribution of assets of
            such fund;

      (iv)  any manager, general partner or investment adviser of any fund
            referred to in (ii) above (or any officer, employee or partner of
            any such manager, general partner or investment adviser);

      (v)   a trust for the benefit of any officer, employee or partner referred
            to in (iv) above (and/or his or her family members);

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      (vi)  any trustee, nominee or custodian of any person referred to in
            (i)-(v) above; and

      (vii) any limited partner or any Affiliate of the limited partner of the
            Investors.

(b)   in the case of any Ordinary Shareholder:

      (i)   any other Ordinary Shareholder; and

      (ii)  any Affiliate of any Ordinary Shareholder.

      provided, however, that it shall be a term of any such transfer that if
      the transferee is a Permitted Transferee pursuant to (a) or (b) above and
      at any time ceases to be a Permitted Transferee, it shall forthwith
      transfer the Shares acquired pursuant to Article 3 hereof and the rights
      and obligations under this Agreement to a Permitted Transferee of the
      original transferor and procure the agreement of such Permitted Transferee
      as above, provided, however, the immediately preceding sentence shall not
      require the transfer back to an investment fund referred to in (a)(ii)
      above when the transferee ceases to be a Permitted Transferee by reason of
      termination, dissolution or other similar winding up of the investment
      fund.

"PERSON" shall mean any individual, partnership, corporation, limited liability
company, joint venture, trust, firm, association, unincorporated organization or
other entity.

"PRC SUBSIDIARY" shall mean Shanghai Real Estate Consultant and Sales (Group)
Co., Limited [CHINESE CHARACTERS], a wholly foreign-owned enterprise established
under the laws of the PRC.

"PROJECTIONS" shall mean the annual business projections of the Company and/or
its PRC Subsidiary adopted by the Board of the Company and/or its PRC
Subsidiary, as may be amended from time to time.

"QUALIFIED IPO" shall mean the closing of a firm underwritten initial public
offering, on the Hong Kong Stock Exchange, the NASDAQ National Market or any
other internationally recognized stock exchange acceptable to the Investors, of
Ordinary Shares of the Company (or American depository receipts representing the
same) at a price per share (calculated on an as converted and fully-diluted
basis) implying a pre-offering market capitalization of the Company of at least
US$225 million and raising no less than US$45 million to the Company (net of any
underwriter's discounts or commissions).

"RENMINBI" or "RMB" shall mean the lawful currency of the PRC.

"SERIES A PREFERRED SHARES" shall mean the convertible redeemable participating
series A preferred shares, par value US$ 0.001 per share, of the Company.

"SHAREHOLDERS" shall mean the Investors and the Ordinary Shareholders, their
respective successors and permitted assigns, and any other holder of shares of
equity capital of the Company.

"SHARES" shall mean, with respect to any Shareholder, (i) the shares of equity
capital of the Company, including without limitation, Ordinary Shares and Series
A Preferred Shares, held at

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any time by such Shareholder, and (ii) any option, warrant, or other right held
at any time by such Shareholder, exercisable for shares of equity capital of the
Company.

"SMART CREATE" shall mean Smart Create Group Limited, an international business
company organized and existing under the laws of the British Virgin Islands.

"SUBSCRIPTION AGREEMENT" shall have the meaning ascribed to it in the Recitals
hereof.

"SUBSIDIARY" shall mean, with respect to any Person, a corporation or other
entity of which 50% or more of the voting power of the voting equity securities
or equity interest is owned, directly or indirectly, by such Person. Unless
otherwise qualified, all references to a "SUBSIDIARY" or to "SUBSIDIARIES" in
this Agreement shall refer to a Subsidiary or Subsidiaries of the Company.

                          ARTICLE 2 PREEMPTIVE RIGHTS

2.1   If at any time the Company wishes to issue any Equity Equivalents to any
      Person or Persons, the Company shall promptly deliver a notice of its
      intention to sell (the "COMPANY'S NOTICE OF INTENTION TO SELL") to the
      Investors setting forth a description of the Equity Equivalents to be
      sold, the proposed purchase price thereof and terms of sale. Upon receipt
      of the Company's Notice of Intention to Sell, the Investors shall have the
      right to purchase, at the price and on the terms stated in the Company's
      Notice of Intention to Sell, a number of the Equity Equivalents equal to
      the product of (i) a fraction, the numerator of which is the Investors'
      aggregate ownership of Equity Equivalents (calculated on an as converted
      and fully-diluted basis) and the denominator of which is the number of the
      Company's total issued and outstanding Equity Equivalents, multiplied by
      (ii) the number of Equity Equivalents to be issued. Such election is to be
      made by the Investors by written notice to the Company within thirty (30)
      calendar days after receipt by the Investors of the Company's Notice of
      Intention to Sell (the "ACCEPTANCE PERIOD FOR EQUITY EQUIVALENTS").

2.2   If effective acceptances shall not be received pursuant to Section 2.1
      above in respect of all the Equity Equivalents which are the subject of
      the Company's Notice of Intention to Sell, then the Company may, at its
      election, during a period of sixty (60) calendar days following the
      expiration of the Acceptance Period for Equity Equivalents, sell and issue
      the remaining Equity Equivalents to another Person or Persons at a price
      and upon terms not more favorable to such Person than those stated in the
      Company's Notice of Intention to Sell; provided, however, that in each
      case such Person shall agree in writing with the parties hereto to be
      bound by and to comply with all applicable provisions of this Agreement by
      executing a form of Deed of Adherence substantially in the form attached
      hereto as Exhibit A. In the event the Company has not sold the Equity
      Equivalents, or entered into an agreement to sell the Equity Equivalents,
      within such sixty (60) calendar day period, the Company shall not
      thereafter issue or sell any Equity Equivalents without first offering
      such securities to the Investors in the manner provided in Section 2.1
      hereof. Failure by the Investors to exercise their preemptive rights under
      this Article 2 with respect to any sale and issuance of Equity Equivalents
      shall not affect their right to exercise such rights with respect to any
      subsequent sale and issuance of Equity Equivalents.

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2.3   If the Investor gives the Company notices pursuant to the provisions of
      this Article 2 that the Investor desires to purchase all or any of the
      Equity Equivalents it is entitled to purchase, payment therefor shall be
      made by check or wire transfer, against issuance of such Equity
      Equivalents at the executive offices of the Company, within thirty (30)
      calendar days after such notice is delivered to the Company. In the event
      that the Company's Notice of Intention to Sell specifies that
      consideration other than cash is to be paid in connection with any
      issuance of Equity Equivalents, in lieu of such other consideration, the
      Investors will be entitled to pay the cash equivalent of such other
      consideration, as determined in good faith by the Board of the Company.

2.4   The preemptive rights contained in this Article 2 shall not apply to any
      of the following: (a) any Series A Preferred Shares issued pursuant to the
      Subscription Agreement, or (b) any Ordinary Shares or Equity Equivalents
      issued (i) as a share dividend to holders of Ordinary Shares or Series A
      Preferred Shares or upon any subdivision or combination of Ordinary
      Shares, (ii) upon the conversion of any equity security or debt security
      of the Company duly issued on or prior to the date hereof, in each case,
      convertible into Ordinary Shares, (iii) upon the exercise of any option,
      warrant or other right to subscribe for, purchase or otherwise acquire
      either Ordinary Shares or any equity security or debt security convertible
      into Ordinary Shares, issued prior to the date hereof, (iv) upon the
      conversion of any Series A Preferred Shares, (v) in connection with a
      business combination, including the Company's acquisition of another
      company by merger, consolidation, scheme of arrangement or asset purchase
      or other reorganization, provided such transactions shall have been
      approved in accordance with Article 8 hereof; or (vi) pursuant to a
      Qualified IPO.

2.5   Notwithstanding anything contained herein to the contrary, the Company
      shall not issue any Equity Equivalent prior to the Qualified IPO unless
      otherwise approved by the Shareholders.

                          ARTICLE 3 TRANSFER OF SHARES

3.1   None of the Ordinary Shareholders shall, directly or indirectly, effect a
      Disposition of any of his, her or its Shares, except (i) to its Permitted
      Transferee when such Permitted Transferee shall agree in writing with the
      parties hereto to be bound by and to comply with all applicable provisions
      of this Agreement by executing a form of Deed of Adherence substantially
      in the form attached hereto as Exhibit A, or (ii) as permitted by Section
      3.2 and Article 4 hereof. The Ordinary Shareholders shall not circumvent
      the restrictions set forth in this Article 3 and Article 4 hereof by
      Disposing of, directly or indirectly, their beneficial interests in the
      Company, including without limitation, by way of a Disposition of shares
      they hold in the relevant Ordinary Shareholders or a Disposition of all or
      substantially all of the assets of the Company or any of its Subsidiaries.

3.2   Notwithstanding anything contrary contained in this Agreement but subject
      to Section 4.7 hereof, each of On Chance and Junheng may Dispose of an
      aggregate of not more than ten percent (10%) of its Shares at any time
      prior to a Qualified IPO at a price per share implying the valuation of
      the Company will generate an internal rate of return of at least thirty
      percent (30%) to the Investors, unless otherwise approved by the
      Investors.

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3.3   Notwithstanding anything to the contrary herein, each of the Investors
      may, whether in a single transaction or in a series of transactions,
      Dispose of not more than 49% of the Series A Preferred Shares held by it
      at Closing at any time prior to a Qualified IPO to any third party who is
      not a Permitted Transferee, provided, however, that the Investor shall
      not, in any event, Dispose of any of its Shares to any Competitor.

3.4   Any purported Disposition in violation of this Agreement shall be null and
      void and the Company shall not recognize any such Disposition, or record
      such transfer in its register of members, or accord to any such purported
      transferee any rights as a shareholder.

                ARTICLE 4 RIGHT OF FIRST REFUSAL; CO-SALE RIGHT

4.1   If any Shareholder or an employee of the Company who becomes a Shareholder
      pursuant to the Company Share Plan (the "DISPOSING SHAREHOLDER") proposes
      to Dispose of any Shares (other than a Disposition of Ordinary Shares in a
      Qualified IPO or to a Permitted Transferee in accordance with Article 3
      hereof), the other Shareholders (including the Investors) (the "OFFEREES")
      shall have a right of first refusal (the "FIRST REFUSAL RIGHT") and a
      co-sale right with respect to such Disposition as provided in this Section
      4.7 below, provided, however, that no Shareholder shall, in any event,
      Dispose of any of its Shares to any Competitor.

4.2   If the Disposing Shareholder receives an offer from a Bona Fide Purchaser
      to acquire Shares and the Disposing Shareholder proposes to accept such
      offer, the Disposing Shareholder shall send a written notice (the
      "DISPOSITION NOTICE") to the Company, which notice shall state (i) the
      name of the Disposing Shareholder, (ii) the name and address of the
      proposed Bona Fide Purchaser, (iii) the number of Shares to be Disposed
      (the "OFFERED SHARES"), (iv) the amount and form of the proposed
      consideration for the Disposition, (v) any other material business
      relations between the Disposing Shareholder and the Bona Fide Purchaser,
      and (vi) the other terms and conditions of the proposed Disposition. In
      the event that the proposed consideration for the Disposition includes
      consideration other than cash, the Disposition Notice shall include a
      calculation of the then fair market value of such consideration and an
      explanation of the basis for such calculation as determined by an
      internationally recognized investment bank or appraisal firm reasonably
      acceptable to the Board of the Company. The Company shall deliver a copy
      of the Disposition Notice to the Offerees within five (5) Business Days of
      its receipt thereof.

4.3   For a period of thirty (30) calendar days after delivery of a Disposition
      Notice by the Company to the Offerees, the Offerees shall have the right,
      exercisable by each Offeree through the delivery of an Acceptance Notice
      as provided in Section 4.4, to purchase in aggregate all or a portion of
      the Offered Shares at the same purchase price and upon the other terms and
      conditions set forth in the Disposition Notice. Each Offeree shall have
      the right to purchase a number of Offered Shares (such Offeree's "FIRST
      REFUSAL ALLOCATION") equal to the total number of Offered Shares
      multiplied by a fraction, the numerator of which is the number of Shares
      held by such Offeree on a fully-diluted basis and the denominator of which
      is the total number of Shares held by all Offerees on a fully-diluted
      basis. In addition, in the event that one or more Offerees declines or is
      deemed pursuant to Section 4.4 to have waived its First Refusal Right,
      each Offeree

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      electing to exercise its First Refusal Right (an "ELECTING OFFEREE") shall
      have the right as provided in Section 4.4 to purchase all or a portion of
      the Offered Shares constituting the aggregate First Refusal Allocations of
      the Offerees, which decline or are deemed to have waived their respective
      First Refusal Right (the "EXCESS OFFERED SHARES"). Each Offeree may assign
      to its Permitted Transferee its right to acquire Offered Shares pursuant
      to this Section 4.

4.4   The First Refusal Right of each Offeree under Section 4.3 shall be
      exercisable by delivering written notice of exercise (an "ACCEPTANCE
      NOTICE") within the time period set forth in Section 4.3 hereof to the
      Disposing Shareholder, with a copy to each of the other Offerees. Each
      Acceptance Notice shall include a statement of (i) the number of Shares
      held by such Offeree on a fully-diluted basis and (ii) the maximum number
      of Excess Offered Shares (up to the total number of Offered Shares less
      such Offeree's First Refusal Allocation) that such Offeree is willing to
      purchase, if any. An Acceptance Notice shall be irrevocable and shall
      constitute a binding agreement by such Offeree to purchase the relevant
      number of the Offered Shares determined in accordance with Sections 4.3
      and 4.5. The failure of an Offeree to give an Acceptance Notice within the
      time period set forth in Section 4.3 hereof shall be deemed to be a waiver
      of such Offeree's First Refusal Right.

4.5   Each Electing Offeree shall have the right to purchase the number of
      Excess Offered Shares specified in such Electing Offeree's Acceptance
      Notice; provided that, if the number of Excess Offered Shares is less than
      the aggregate number of Excess Offered Shares that the Electing Offerees
      have indicated a willingness to purchase in their Acceptance Notices, the
      Excess Offered Shares shall be allocated as necessary such that each
      Electing Offeree shall have a right to purchase (i) not less than the
      total number of Excess Offered Shares multiplied by a fraction, the
      numerator of which is the number of Shares held by such Electing Offeree
      and the denominator of which is the total number of Shares held by all
      Electing Offerees, in each case on a non-diluted basis, and (ii) not more
      than the maximum number of Excess Offered Shares specified in such
      Electing Offeree's Acceptance Notice.

4.6   Except to the extent the Offerees elect to purchase the Offered Shares
      under Section 4.3, the Disposing Shareholder may Dispose of the Offered
      Shares to the Bona Fide Purchaser identified in the Disposition Notice on
      the terms and conditions set forth in the Disposition Notice; provided,
      however, that the Disposition is made within three (3) months after the
      giving of the Disposition Notice.

4.7   Notwithstanding anything to the contrary herein, if the Disposing
      Shareholder is entitled to sell the Offered Shares subject to the
      Disposition Notice to the Bona Fide Purchaser and/or to the Electing
      Offerees, the Disposing Shareholder shall so notify in writing the other
      Shareholders, including the Investors, and no such sale shall be made
      unless and until such Shareholders shall have been afforded the right
      exercisable upon written notice to the Company and the Disposing
      Shareholder within thirty (30) calendar days after receipt of such notice
      from the Disposing Shareholder, to participate in the sale of Shares at
      the same time and on the same terms and conditions under which the
      Disposing Shareholder will sell the Disposing Shareholder's Offered Shares
      to the Bona Fide Purchaser and/or the Electing Offerees (as the case may
      be), provided, however, neither

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<PAGE>

      the Disposing Shareholder nor any of the other Shareholders who elect to
      participate in the subject sale of the Offered Shares (collectively, the
      "Co-Selling Shareholders") shall Dispose of any of its shares to a
      Competitor under any circumstances. The Ordinary Shareholders, on the one
      hand, may collectively sell all or any part of that number of Shares (the
      "CO-SALE SHARES") held by such Ordinary Shareholders equal to 50% of the
      aggregate number of Offered Shares covered by the relevant Disposition
      Notice or Disposition Notices (as the case may be), and the Investors, on
      the other hand, may collectively sell all or any part of that number of
      Co-Sale Shares held by such Investors equal to 50% of the aggregate number
      of Offered Shares covered by the relevant Disposition Notice or
      Disposition Notices (as the case may be). To the extent that a Co-Selling
      Shareholder participates in the subject sale of Offered Shares hereunder,
      the Disposing Shareholder shall be required to proportionately reduce the
      number of its Shares included in the Offered Shares. No Transfer of the
      Co-Sale Shares shall be made on terms and conditions, including the form
      of consideration, different from those contained in the Disposition Notice
      unless the Disposing Shareholder re-offers the Offered Shares subject to
      the Disposition Notice to the Shareholders in accordance with this Section
      4.

4.8   The closing of any purchase of the Offered Shares or the Co-Sale Shares by
      the Electing Offerees and/or the Bona Fide Purchaser shall be held at the
      principal office of the Company at 11:00 a.m. local time on the
      forty-fifth (45th) calendar day after the giving of the Disposition Notice
      or at such other time and place as the parties to the transaction may
      agree. The said forty-five (45) calendar day period shall be extended for
      an additional period of up to forty-five (45) calendar days if necessary
      to obtain any regulatory approvals required for such purchase and payment.
      At such closing, the Disposing Shareholders and/or the Co-Selling
      Shareholders shall, in addition to the delivery of certificates
      representing the Offered Shares and/or the Co-Sale Shares, deliver duly
      executed instruments of transfer and the Disposing Shareholders' and/or
      Co-Selling Shareholders' portion of the requisite transfer taxes, if any.
      Such Offered Shares and/or Co-Sale Shares shall be free and clear of any
      Lien (other than Liens arising hereunder or attributable to actions by the
      Offerees and/or the Bona Fide Purchaser), and the Disposing Shareholder
      shall so represent and warrant and shall further represent and warrant
      that it is the beneficial and record owner of such Offered Shares. The
      Investors shall only be obligated to represent and warrant that it is the
      beneficial and record owner of the Co-Sale Shares. Each Electing Offeree
      and/or each Bona Fide Purchaser purchasing the Offered Shares and/or the
      Co-Sale Shares shall deliver at such closing (or on such later date or
      dates as may be provided in the Disposition Notice with respect to payment
      of consideration by the proposed Bona Fide Purchaser) payment in full of
      the purchase price. At such closing, all of the parties to the transaction
      shall execute such additional documents as may be necessary or appropriate
      to effect the sale of the Offered Shares and/or the Co-Sale Shares to the
      Electing Offerees and/or the Bona Fide Purchaser. Any stamp duty or
      transfer taxes or fees payable on the transfer of any Offered Shares
      and/or the Co-Sale Shares shall be borne and paid equally by the Disposing
      Shareholders and the Co-Selling Shareholders on the one hand, and the
      relevant Electing Offerees and/or the Bona Fide Purchaser on the other. At
      such closing, the Bona Fide Purchaser shall agree in writing with the
      parties hereto to be bound by and

                                      - 10 -
<PAGE>

      to comply with all applicable provisions of this Agreement by executing a
      form of Deed of Adherence substantially in the form attached hereto as
      Exhibit A.

4.9   The Parties agree that the Disposition restrictions in this Agreement and
      in other Transaction Documents shall not be capable of being avoided by
      the holding of Shares indirectly through a company or other entity that
      can itself be sold in order to dispose of an interest in Shares free of
      such restrictions.

                  ARTICLE 5 BOARD OF DIRECTORS AND MANAGEMENT

5.1   After the date hereof, so long as the Investors hold no less than
      fifty-one percent (51%) of the issued and outstanding Series A Preferred
      Shares, at an annual or extraordinary general meeting called for such
      purpose, or by written resolution in lieu of a meeting, the Shareholders
      agree to vote the Shares owned of record or beneficially by them and to
      otherwise exercise their powers in relation to the Company (a) to maintain
      a nine (9) member Board of the Company, (b) to elect to the Board of
      Directors of the Company two (2) nominees designated by the Investors
      (each an "INVESTOR DIRECTOR"); (b) one (1) nominee designated by Smart
      Create; (c) six (6) nominees designated jointly by Junheng and On Chance,
      and (d) to appoint one Investor Director or one such person as designated
      by the Investors to each of the Company's audit committee and compensation
      committee. All such directors shall hold office until their resignation,
      death or incapacity or until their respective successors shall have been
      elected and shall have qualified. Any vacancy shall be filled by the
      part(ies) entitled to designate such director hereunder, which shall be
      deemed to have a proxy to exercise the vote or provide the consent of such
      director until the appointment of such director to the Board. The Company
      shall provide to such directors the same information concerning the
      Company and its Subsidiaries, and access thereto, that is provided to
      other members of the Board of the Company. The reasonable travel expenses
      incurred by any such director in attending any such meetings shall be
      reimbursed by the Company to the extent consistent with the Company's then
      existing policy of travel and reimbursement.

5.2   The Company shall and the Ordinary Shareholders shall procure the Company
      to, cause the Board of the PRC Subsidiary to be composed of the same
      nominees designated by such Persons pursuant to Section 5.1.

5.3   In addition to the rights of the Investors to appoint the Investor
      Directors, each of the Investors shall be entitled, by notice in writing
      to the Company, to appoint one (1) person, respectively, as observers to
      attend and speak at, either in person or by teleconference, any and all
      meetings of the Board of the Company and its Subsidiaries and all
      committee meetings thereof. The Company shall provide to such observers
      the same information concerning the Company and its Subsidiaries, and
      access thereto, provided to members of the Board of the Company and its
      Subsidiaries and such committees thereof.

      For purposes of this Section 5.3, (i) DLJ and RECP shall be collectively
      deemed as one Investor, and (ii) Farallon Capital Partners, L.P., Farallon
      Capital Institutional Partner, L.P., Farallon Capital Institutional
      Partners II, L.P., Farallon Capital Institutional Partner III, L.P. and
      Farallon Capital Offshore Investors II, L.P. shall be collectively deemed
      as one Investor.

                                      - 11 -
<PAGE>

5.4   The parties hereto will cause the Board of the Company and the PRC
      Subsidiary to meet at least once every quarter on as regular a basis as
      possible by giving at least fifteen (15) calendar day's prior notice of
      such meeting and the agenda of such meeting. A quorum of the Board of the
      Company and the PRC Subsidiary shall consist of at least five (5) members
      of the Board, including at least one (1) Investor Director who shall
      attend such meeting, provided that the Company and the PRC Subsidiary
      shall give reasonable prior notice to all the Board members (including the
      Investor Directors). A board meeting properly called that does not have
      the requisite quorum shall automatically reconvene one week from the
      original date of such meeting, or such other place and time as may be
      agreed, with the same agenda and the quorum shall be deemed to exist at
      such reconvened meeting.

5.5   Members of the Boards of the Company and each of the Subsidiaries or any
      committee thereof may participate in a meeting of the relevant Board or
      such committee by means of conference telephone or similar communications
      equipment by means of which all persons participating in the meeting can
      hear each other and participation in a meeting pursuant to this provision
      shall constitute presence in person at such meeting. A resolution in
      writing (in one or more counterparts), signed by all the directors for the
      time being or all the members of a committee of directors (an alternate
      director being entitled to sign such resolution on behalf of his
      appointer) shall be as valid and effective as if it had been passed at a
      meeting of the directors or committee, as the case may be, duly convened
      and held.

5.6   The Company shall indemnify and hold harmless each director appointed
      pursuant to Section 5.1 who was or is a party or is threatened to be made
      a party to any threatened, pending or completed action, suit or
      proceeding, whether civil, criminal, administrative or investigative by
      reason of the fact that he is or was a director of the Company, or is or
      was a director of the Company serving at the request of the Company as a
      director of another company, partnership, joint venture, trust, employee
      benefit plan or other enterprise, against expenses (including attorney's
      fees), judgments, fines and amounts paid in settlement actually and
      reasonably incurred by him in connection with such action, suit or
      proceeding if he acted in good faith and in a manner he reasonably
      believed to be in or not opposed to the best interests of the Company,
      and, with respect to any criminal action or proceeding, had no reasonable
      cause to believe his conduct was unlawful.

5.7   Except for the current Chief Financial Officer of the Company and the PRC
      Subsidiary as of the Closing Date, the Investors shall have the right (but
      not the obligation) to nominate the Chief Financial Officer of the Company
      and the PRC Subsidiary subject to the approval of the Board of the Company
      and the PRC Subsidiary, as the case may be. If so nominated, the Chief
      Financial Officer may only be removed by the Board of the Company or the
      PRC Subsidiary, in which case, the Investors shall have the right to
      nominate a replacement, subject to approval by the Board of the Company or
      the PRC Subsidiary, as the case may be.

                                     - 12 -
<PAGE>

                ARTICLE 6 MATTERS REQUIRING INVESTORS' APPROVAL

      The Shareholders shall exercise their powers in relation to the Company to
procure that the Company will not and shall procure that none of the Company's
Subsidiaries, as the case may be as set forth in Section 6.1 through Section
6.19 hereof, will take any of the following actions without the prior approval
of at least a majority (which shall include the Investor Directors) of the
members present in person or by proxy at a duly constituted meeting of the
Board, provided that the Investors and/or the Investor Directors shall not
unreasonably withhold such approval:

6.1   (a) Adoption of or amendment to the Articles of Association of the Company
      and the BVI Subsidiary or similar constitutive documents of the PRC
      Subsidiary, and (b) adoption of or amendment to the Articles of
      Association or similar constitutive documents of any of the Subsidiaries
      of the Company (other than the BVI Subsidiary and the PRC Subsidiary)
      which would cause a Material Adverse Effect to the Business or Condition
      of the Group;

6.2   Adoption of or amendment to the Company's and/or the PRC Subsidiary's
      Business Plan, Projections and Annual Budget, provided that (i) such
      Business Plan, Projections or Annual Budget will contain a reasonable
      level of details as mutually agreed by the Company and the Investors; (ii)
      the Company may carry out the Business Plan, Projections or the Annual
      Budget of the preceding year as if approved for the current year if the
      Business Plan, Projections or Annual Budget of the current year is not
      approved by the Investors, and (iii) if the Business Plan, Projections or
      Annual Budget of the current year is partially approved by the Investors,
      the Company may carry out such Business Plan, Projections or Annual Budget
      to the extent of such partial approval;

6.3   Issuance by the Company, the BVI Subsidiary or the PRC Subsidiary of any
      Equity Equivalents or any instruments that are convertible into Equity
      Equivalents of the Company, the BVI Subsidiary or the PRC Subsidiary,
      which are not included in the Company's or PRC Subsidiary's Business Plan,
      Projections and/or Annual Budget;

6.4   Any merger, acquisition, consolidation, recapitalization of the Company,
      the BVI Subsidiary or the PRC Subsidiary, or sale of all or substantially
      all of the assets or equity interest of the Company, the BVI Subsidiary or
      the PRC Subsidiary;

6.5   Establishment of or investment in any Subsidiary or Affiliate of the
      Company or execution of any joint venture agreement or shareholders
      agreement that requires investment of more than US$500,000 and is not
      included in the Business Plan, Projections and/or Annual Budget or beyond
      the Company's and/or the PRC Subsidiary's ordinary course of business;

6.6   Any capital expenditure in excess of US$500,000 over the amount set out in
      the Business Plan, Projections or Annual Budget, or any investments in an
      inherently risky matter such as investments in stock markets and currency
      markets;

6.7   Payment of annual compensation to, or increase of annual compensation of
      any of, the five most highly compensated employees of the Company, the BVI
      Subsidiary or the

                                     - 13 -
<PAGE>

      PRC Subsidiary, other than as set out in the Business Plan, Projections
      and/or Annual Budget;

6.8   Declaration or payment of any dividend or making of any distribution on or
      with respect to any Shares;

6.9   Any filing by or against the Company , the BVI Subsidiary or the PRC
      Subsidiary for the appointment of a receiver, administrator or other form
      of external manager for the winding up, liquidation, bankruptcy or
      insolvency of the Company, the BVI Subsidiary or the PRC Subsidiary, or
      the passing of any resolution in respect of the same;

6.10  Repurchase by the Company, the BVI Subsidiary or the PRC Subsidiary of any
      outstanding Shares or other Equity Equivalents (with the exception of
      repurchases from terminated employees and directors of shares purchased or
      share options granted under the Company Share Plan), or any other
      reduction or similar change of capital structure of the Company, the BVI
      Subsidiary or the PRC Subsidiary;

6.11  Any assignment, disposal or grant of a license of any Intellectual
      Property Rights or trade secrets, or the failure to apply for, maintain,
      defend or otherwise protect any material Intellectual Property Rights or
      trade secrets;

6.12  Engagement in any new line of business or cessation of any existing line
      of business other than in the Company's or the PRC Subsidiary's ordinary
      course of business;

6.13  Any increase or decrease in the number of directors constituting the Board
      of the Company or the PRC Subsidiary or any committee thereof;

6.14  Appointment and removal of the Chief Executive Officer and the Chief
      Financial Officer of the Company or the PRC Subsidiary, subject to Section
      5.7 hereof;

6.15  Any change to the accounting policies of the Company or any of its
      Subsidiaries unless otherwise required by applicable Laws;

6.16  Settlement of any litigation or arbitration claim involving total payments
      by or to the Company, the BVI Subsidiary or the PRC Subsidiary in excess
      of US$100,000;

6.17  Incurrence of any Indebtedness not contemplated in the Annual Budget, or
      materially altering the terms of any existing Indebtedness with an
      outstanding amount of US$500,000 or more in such manner having a Material
      Adverse Effect on the Business or Condition of the Group;

6.18  Appointment or removal of the auditor(s) of the Company or the PRC
      Subsidiary; and

6.19  Entering into any transaction involving the Company, the BVI Subsidiary or
      the PRC Subsidiary, on the one hand, and any senior officer, director or
      Affiliate of the Company, the BVI Subsidiary or the PRC Subsidiary, or any
      Associate of such senior officer, director or Affiliate, on the other
      hand.

      The Shareholders shall exercise their powers and otherwise act to ensure
      that the Company or its Subsidiaries, as applicable, will be fully
      authorized to take other actions that are not required to be approved in
      accordance with this Article 6 so long as they are

                                     - 14 -
<PAGE>

      approved by a simple majority of the members present in person or by proxy
      at a duly constituted meeting of the Board.

      Notwithstanding anything contained herein to the contrary, the Investors
      covenant and agree that the Investors shall not, in exercising their
      rights under this Agreement and the other Transaction Documents, interfere
      with the management and business operations of the Company and its
      Subsidiaries.

      If any Shareholder considers desirable, the Shareholder may require that
      any of the above actions shall be adopted, pursuant to the Articles of
      Association, at an annual or extraordinary general meeting called for such
      purpose, or by written resolution in lieu of a meeting, by the affirmative
      vote of the Shareholders (including CHF) holding at least a majority of
      the Shares present, in person or by proxy, at such meeting. Such adoption
      is in lieu of, not in addition to, the approval of the Board.

                  ARTICLE 7 INFORMATION AND INSPECTION RIGHTS

7.1   The Company shall deliver to each of the Investors (including any
      Permitted Transferee of each of the Investors) so long as the Investors
      hold no less than fifty-one percent (51%) of the total issued and
      outstanding Series A Preferred Shares:

(a)   on a monthly basis, within thirty (30) calendar days after the end of each
      month: (i) management accounts prepared according to principles agreed to
      with the Investors; and (ii) a report on any material developments on the
      Company's operations or financial condition. The Company shall procure the
      Chief Executive Officer and members of the Management Team to be available
      to discuss such management accounts and report with the Investors or the
      Investor Directors by teleconference on such notice as may be specified by
      the Investor Directors;

(b)   on an annual basis, within ninety (90) calendar days after the end of each
      financial year: (i) audited financial statements prepared in accordance
      with IFRS, with the auditor's report, letter from the management of the
      Company, and other communication between the auditor and the Company, and
      (ii) a report on business operations during the financial year, including
      matters that may have a material adverse effect on the Company's
      operations and financial condition, unless such report has already been
      provided to the Board of the Company;

(c)   at least thirty (30) calendar days before the beginning of each financial
      year, a draft annual budget to be reviewed by the Investors;

(d)   thirty (30) calendar days advance notice of general meetings of
      shareholders and of meetings of the Board, with the relevant agenda and
      minutes, (ii) prompt notice of any material litigation, material judgment
      against the Company, and any other event that may have a Material Adverse
      Effect on the Business or Condition of the Group (iii) prompt written
      notice of any notice from any regulatory or governmental authority of the
      Company's or any of its Subsidiaries' non-compliance with any regulation,
      and (iv) prompt written notice of any material change in the nature or
      scope of the Company's or any of its Subsidiaries' operations; and

                                     - 15 -
<PAGE>

(e)   such other information relating to the financial condition, business or
      corporate affairs of the Company and its Subsidiaries as the Investors may
      from time to time reasonably request, provided, however, the Company shall
      not be obligated under this Section 7.1 to provide information that it
      deems in good faith to be a trade secret or similar confidential
      information.

7.2   The Company shall permit the Shareholders (including their authorized
      representatives), at all reasonable times during normal business hours and
      as often as may be reasonably requested and upon reasonable advance
      written notice, to visit and inspect the Company's and any of its
      Subsidiaries' properties, at such Shareholder's expenses, to examine its
      books of account and records and to discuss the Company's and any of its
      Subsidiaries' affairs, finances and accounts with its officers, directors
      and auditors; provided, however, the Company shall not be obligated to
      provide access to any information which it reasonably considers to be
      trade secret or similar confidential information, and provided further
      that no such inspection, examination or inquiry, the failure to conduct
      same, nor any knowledge of any Investor, including without limitation, any
      knowledge obtained by such Shareholder in connection with any such
      inspection, investigation or inquiry, shall constitute a waiver of any
      rights the Shareholder may have under any representation, warranty,
      covenant, term or agreement under this Agreement or the Subscription
      Agreement.

            ARTICLE 8 COVENANTS OF COMPANY AND ORDINARY SHAREHOLDERS

8.1   Without limiting any other covenants and provisions hereof, the Company
      and the Ordinary Shareholders (other than Smart Create) covenant and agree
      that until the date of the Qualified IPO, the Company will, and the
      Ordinary Shareholders shall procure the Company to, perform and observe,
      the following covenants and provisions, and will cause each of its
      Subsidiaries to perform and observe the following covenants and provisions
      that are applicable to such Subsidiaries.

(a)   The Company shall, and shall procure that its Subsidiaries shall, take all
      steps promptly to obtain and maintain all necessary patent, trademark,
      copyright and software registrations, in the Company's reasonable
      commercial judgment with advice of counsel, in all relevant jurisdictions,
      for the effective protection of the Intellectual Property Rights of the
      Company and its Subsidiaries.

(b)   The Company shall cause each Person now or hereafter employed by it or any
      Subsidiary, or engaged by it or any Subsidiary as a consultant, if such
      Person has access to the Confidential Information, to enter into an
      employee proprietary information and inventions assignment agreement in
      form and substance reasonably satisfactory to the Investors.

(c)   The Company shall at all times reserve and keep available out of its
      authorized share capital, solely for the purpose of issuance upon
      conversion of the Series A Preferred Shares, the maximum number of shares
      of equity capital that may be issuable upon such conversion. The Shares
      issued upon conversion shall, when issued in accordance with the Articles
      of Association, be duly and validly issued and fully paid and
      non-assessable.

                                     - 16 -
<PAGE>

      The Company shall issue such equity capital in accordance with the
      provisions of the Articles of Association and shall otherwise comply with
      the terms thereof.

(d)   The Company shall comply, and shall cause each of its Subsidiaries to
      comply, in all material respects with all Laws and with the directions of
      each Governmental Authority having jurisdiction over them or their
      business or property.

(e)   The Company shall, and shall cause the PRC Subsidiary to, maintain or
      cause to be maintained with financially sound and reputable insurers,
      public liability and property damage insurance with respect to their
      respective businesses and Assets and Properties against loss or damage of
      the kinds and in the coverage amounts customarily carried or maintained by
      companies of established reputation engaged in similar businesses in the
      PRC.

(f)   The Company shall, and shall cause the PRC Subsidiary to, (i) keep proper
      books of record and account, in which full and correct entries shall be
      made of all financial transactions, the Assets and Properties and
      businesses of the Company and its Subsidiaries in accordance with IFRS
      consistently applied to the Company and its Subsidiaries as a whole.

(g)   The Company shall duly perform any covenant set forth in Section 7.2 of
      the Subscription Agreement.

(h)   The Company shall, and shall cause the PRC Subsidiary to, discharge all
      payments of principal, interest and other amounts due under any
      Indebtedness as the same becomes due and payable.

(i)   The Company shall grant the Investors the right to acquire the terms and
      conditions that are granted by the Company to other investors in any
      future financing by or through whatever means including without limitation
      equity or debt financing or sale and that are more favorable than the
      terms and conditions granted to the Investors under the Transaction
      Documents, and have such more favorable terms and conditions apply to the
      Series A Preferred Shares.

                           ARTICLE 9 PUBLIC OFFERING

9.1   The Shareholders (including the Investors) shall use their best endeavors
      to conduct a Qualified IPO prior to December 31, 2008.

9.2   Without prejudice to the provision set forth in Section 9.1 hereof, the
      Ordinary Shareholders and the Company hereby agree that the Investors and
      the Company shall work together to determine in good faith the terms,
      conditions and timing of any initial public offering of the Company's
      Ordinary Shares, including a Qualified IPO, which shall be subject to the
      unanimous approval of the Board of the Company. Neither any Shareholder
      (including the Investors) nor the Company shall withhold or delay such
      Qualified IPO when the conditions required for such Qualified IPO are met
      in the opinion of an internationally recognized investment bank appointed
      by the Board of the Company.

                                     - 17 -
<PAGE>

                    ARTICLE 10 LEGEND ON SHARE CERTIFICATES

Each existing or replacement certificate for Shares now owned or hereafter
acquired by a Shareholder shall bear the following legend upon its face:

"THE SALE, TRANSFER OR ENCUMBRANCE OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN SHAREHOLDERS'
AGREEMENT, DATED AS OF MARCH 28, 2006 BY AND AMONG E-HOUSE (CHINA) INVESTMENT
HOLDINGS LIMITED AND CERTAIN HOLDERS OF SHARES OF E-HOUSE (CHINA) INVESTMENT
HOLDINGS LIMITED, AS SUCH AGREEMENT MAY BE AMENDED. COPIES OF SUCH AGREEMENT MAY
BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE TO THE SECRETARY OF E-HOUSE
(CHINA) INVESTMENT HOLDINGS LIMITED."

                        ARTICLE 11 DURATION OF AGREEMENT

The rights and obligations of each Shareholder under this Agreement shall
terminate (a) as to such Shareholder upon the redemption or transfer of all
Shares legally or beneficially owned by such Shareholder in accordance with this
Agreement, or (b) upon the consummation of a Qualified IPO.

                            ARTICLE 12 MISCELLANEOUS

12.1  Governing Law

      This Agreement shall be governed by, and construed in accordance with, the
      laws of Hong Kong without giving effect to any choice of law rule.

12.2  Arbitration

(a)   Except as otherwise provided in this Agreement, any dispute, controversy
      or claim arising out of or in connection with this Agreement, or the
      breach, termination or validity thereof, shall be finally settled by a
      board of arbitration (the "BOARD OF ARBITRATION") at the Hong Kong
      International Arbitration Center under the rules of the United Nations
      Commission on International Trade Law. The language used in the arbitral
      proceedings shall be English.

(b)   The Board of Arbitration shall comprise of three (3) members. The claimant
      or claimants (collectively) and the respondent or respondents
      (collectively) in the arbitral proceeding shall each select one (1) member
      to the Board of Arbitration and the third member shall be selected by
      mutual agreement of the other members, or if the other members fail to
      reach agreement on a third member within twenty (20) calendar days after
      their selection, such third member shall thereafter be selected by the
      Hong Kong International Arbitration Centre upon application made to it for
      such purpose by either of the members.

(c)   The arbitral proceeding shall accord the right of cross-examination of
      witnesses, the right to provide witnesses, including expert witnesses, and
      the right to make both written and oral submissions.

(d)   The arbitral award made and granted by the Board of Arbitration shall be
      final, binding and incontestable and may be used as a basis for judgment
      thereon in any court having

                                     - 18 -
<PAGE>

      jurisdiction. All costs of arbitration (including without limitation,
      those incurred in the appointment of arbitrator) shall be borne by the
      losing party unless otherwise apportioned in the arbitral award.

(e)   No person who is, or has been, an employee or agent of, or consultant or
      counsel to, the Shareholders, the Company or any of their respective
      Affiliates shall be eligible to act as an arbitrator at any time.

(f)   This Agreement and the rights and obligations of the Shareholders and the
      Company shall remain in full force and effect pending the award in any
      arbitration proceeding hereunder.

12.3  Specific Performance

      The parties to this Agreement agree that irreparable damage would occur in
      the event that any of the provisions of this Agreement were not performed
      in accordance with their specific terms or were otherwise breached. It is
      accordingly agreed that the parties to this Agreement shall be entitled to
      an injunction or injunctions to prevent breaches of this Agreement, this
      being in addition to any other remedy to which they are entitled at law or
      in equity. Pending the conclusion of the arbitration proceedings set forth
      in Section 12.2, any party hereto shall be entitled to seek an
      interlocutory injunction from any court of competent jurisdiction. Each
      party irrevocably agrees that the courts of Hong Kong shall have
      non-exclusive jurisdiction and each Party irrevocably waives any right
      that it may have to object to an action being brought in such courts, to
      claim that the action has been brought in an inconvenient forum, or to
      claim that such courts do not have jurisdiction.

12.4  Successors and Assigns

      This Agreement shall be binding upon and inure to the benefit of the
      parties and their respective successors and assigns, legal representatives
      and heirs; provided, however, the Company and the Ordinary Shareholders
      shall not assign their rights and obligations under this Agreement without
      the prior written consent of the Investors.

12.5  Notices.

      All notices, demands and other communications provided for or permitted
      hereunder shall be made in writing and shall be registered or certified
      first-class mail, return receipt requested, telecopier (with receipt
      confirmed), courier service or personal delivery:

(a)   if to the Company:

                c/o Shanghai Real Estate Consultant & Sales (Group) Co., Limited
                17th Floor, Merchandise Harvest Building (East)
                333 North Chengdu Road
                Shanghai 200041, China
                Fax No.:   +86 21 5298 0009
                Attention: Zhou Xin

                                     - 19 -
<PAGE>

         with a copy to:

                Jones Day
                30th Floor, Shanghai Kerry Center
                1515 Nanjing Road West
                Shanghai 200040, China
                Fax No.:   +86 21 5298 6569
                Attention: Winston Zhao

(b)   if to the Ordinary Shareholders: to the addresses set forth in Schedule 1.

(c)   if to the Investors: to the addresses set forth in Schedule 2.

         with a copy to:

                Clifford Chance LLP
                40th Floor Bund Center
                222 Yan An East Road
                Shanghai 200002, China
                Fax No.:   +86 21 6335 0337
                Attention: Yanping Cao

      or to such other address or addresses as shall have been furnished in
      writing to the other parties hereto. All such notices and communications
      shall be deemed to have been duly given: when delivered by hand, if
      personally delivered; when delivered by courier, if delivered by
      commercial express courier service; or if faxed, when receipt is
      acknowledged.

12.6  Confidentiality

      Each party agrees that it will maintain the confidentiality of any
      Confidential Information of the Company; provided, however, that such
      obligations of confidentiality shall not apply to (i) information which is
      on the date hereof or any time thereafter in the public domain otherwise
      than as a result of (A) a breach by that party of this Section 12.6 or (B)
      a breach of a confidentiality obligation by the disclosure, where the
      breach was known to that party; (ii) information the disclosure of which
      is necessary in order to comply with applicable law, the order of any
      court, the requirements of a stock exchange or other governmental or
      regulatory authority or to obtain tax or other clearances or consents from
      any relevant authority; (iii) information disclosed by any Shareholder to
      a bona fide purchaser of any Shares; (iv) information disclosed by the
      Investors to any potential Investor in an investment fund directly or
      indirectly holding interest in the Investors; or (v) information disclosed
      by the Investors to their directors, officers, employees, partners,
      accountants and attorneys where such persons or entities are under
      appropriate nondisclosure obligations to the Investors.

12.7  Amendment and Waivers

      Except as otherwise provided herein, neither this Agreement nor any
      provision hereof shall be modified, changed, discharged or terminated
      except by an instrument in writing signed by (a) the Company, (b) the
      holders of at least two thirds of the Ordinary Shares

                                     - 20 -
<PAGE>

      and Series A Preferred Shares outstanding, and (c) the holders of at least
      two thirds of the Series A Preferred Shares outstanding (including the
      Investors).

12.8  Counterparts

      This Agreement may be executed in any number of counterparts and by the
      parties hereto in separate counterparts, each of which when so executed
      shall be deemed to be an original and all of which taken together shall
      constitute one and the same agreement.

12.9  Severability

      If any one or more of the provisions contained in this Agreement, or the
      application thereof in any circumstance, is held invalid, illegal or
      unenforceable in any respect for any reason, the validity, legality and
      enforceability of any such provision in every other respect and of the
      remaining provisions hereof shall not be in any way impaired, unless the
      provisions held invalid, illegal or unenforceable shall substantially
      impair the benefits of the remaining provisions of this Agreement. The
      parties hereto further agree to replace such invalid, illegal or
      unenforceable provision of this Agreement with a valid, legal and
      enforceable provision that will achieve, to the extent possible, the
      economic, business and other purposes of such invalid, illegal or
      unenforceable provision.

12.10 Conflicts and Inconsistencies

      If and to the extent there are conflicts or inconsistencies between the
      provisions of this Agreement and those of the Articles of Association, the
      terms of this Agreement shall control as between the Shareholders only.
      The parties hereto agree to take all actions necessary or advisable, as
      promptly as practicable after the discovery of such conflict or
      inconsistency, to amend the Articles of Association so as to eliminate
      such conflict or inconsistency.

12.11 Entire Agreement

      This Agreement, together with the exhibits and schedules hereto, and the
      other Transaction Documents is intended by the parties as a final
      expression of their agreement and intended to be a complete and exclusive
      statement of the agreement and understanding of the parties hereto in
      respect of the subject matter contained herein and therein. There are no
      other restrictions, promises, warranties or undertakings, other than those
      set forth or referred to herein or therein. This Agreement, together with
      the exhibits and schedules hereto, supersedes all prior agreements and
      understandings between the parties with respect to such subject matter.

                                     - 21 -
<PAGE>

12.12 Right of Delegation

      Notwithstanding anything contained in this Agreement to the contrary, any
      and all of the rights, powers, discretions and consents of CHF as a
      Shareholder of the Company under this Agreement may be delegated to and/or
      exercised by China Renaissance Capital Investment Inc., a company
      organized and existing under the laws of the Cayman Islands, or its
      Affiliate, subsidiaries or any other investment manager, investment
      adviser or general partner authorized from time to time to act on behalf
      of CHF and/or by some other person or persons nominated by CHF for the
      time being.

      Notwithstanding anything contained in this Agreement to the contrary, any
      and all of the rights, powers, discretions and consents of DLJ and RECP as
      Shareholders of the Company under this Agreement may be delegated to
      and/or exercised by DLJ Real Estate Capital Partners, Inc., a limited
      liability company organized and existing under the laws of Delaware,
      U.S.A, or its Affiliate, subsidiaries or any other investment manager,
      investment adviser or general partner authorized from time to time to act
      on behalf of DLJ and/or RECP and/or by some other person or persons
      nominated by DLJ and/or RECP for the time being.

                 [REMAINDER OF PAGE INTERNATIONALLY LEFT BLANK]

                                     - 22 -
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered by their respective officers hereunto duly authorized as of the
date first above written.

                         E-HOUSE (CHINA) INVESTMENTS HOLDING LIMITED
                         [CHINESE CHARACTERS]

                         By: /s/
                             --------------------------------------
                         Name:
                         Title:

                         CHF INVESTMENT LIMITED

                         By: /s/
                             --------------------------------------
                         Name: Hung Shih
                         Title: Director

                         RECP E-HOUSE INVESTORS LTD.
                         BY: DLJ REAL ESTATE CAPITAL PARTNERS III, L.P.

                         By: /s/
                             --------------------------------------
                         Name:
                         Title:

                         E-HOUSE CO-INVESTORS, LTD.
                         BY: RECP III CO-INVESTORS A, L.P.

                         By: /s/
                             --------------------------------------
                         Name:
                         Title:

                         JUNHENG INVESTMENT LIMITED

                         By: /s/
                             --------------------------------------
                         Name:
                         Title:

                                     - 23 -
<PAGE>

                         FARALLON CAPITAL PARTNERS, L.P.
                         FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
                         FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
                         FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
                         FARALLON CAPITAL OFFSHORE INVESTORS II, L.P.

                         By: /s/
                             --------------------------------------
                         By: Farallon Partners, L.L.C., its General Partner
                         Name: Mark C. Wehrly
                         Title: Managing Member

                         SMART CREATE GROUP LIMITED

                         By: /s/
                             --------------------------------------
                         Name:
                         Title:

                         ON CHANCE INC.

                         By: /s/
                             --------------------------------------
                         Name:
                         Title:

                         SIG CHINA INVESTMENT ONE, LTD.

                         By: /s/
                             --------------------------------------
                         By: Susquehanna Asia Investment, LLLP
                         Name:  Michael L. Spolan
                         Title: Vice President
                                Susquehanna Asia Investment, LLLP
                                (authorized agent)

                                     - 24 -
<PAGE>

                                   SCHEDULE 1
                              ORDINARY SHAREHOLDERS

                                     - 25 -
<PAGE>

                                   SCHEDULE 2
                                   INVESTORS

                                     - 26 -
<PAGE>

                                    EXHIBIT A
                            FORM OF DEED OF ADHERENCE

Reference is made to the [transfer document], dated [-] between [transferor]
(the "TRANSFEROR") and the undersigned, pursuant to which the Transferor shall
sell to the undersigned, and the undersigned shall purchase from the Transferor,
[number and type of shares] of [-], par value US$[0.01], for consideration equal
to [consideration]. It is a condition to the completion of such sale and
purchase that the undersigned become a party to that certain Shareholders
Agreement, dated [-], 2006, by and among E-house (China) Investments Holding
Limited and its shareholders (the "SHAREHOLDERS AGREEMENT").

Accordingly, by execution of this Deed of Adherence, the undersigned ratifies
and shall become a party to the Shareholders Agreement, and shall be fully bound
by, and subject to, all of the covenants, terms and conditions of the
Shareholders Agreement applicable to or binding on the Transferor (including
without limitation Article 4 thereof) as though it is an original party thereto
and shall be deemed a Shareholder (as defined in the Shareholders Agreement) for
all purposes thereunder. The undersigned authorizes this signature page to be
attached to and made part of the Shareholders Agreement.

This Deed of Adherence shall be governed by and construed in accordance with the
laws of Hong Kong without giving effect to any choice of law rule.

The address of the undersigned for purposes of all notices under the
Shareholders Agreement is: [-]

                                              [NAME OF NEW SHAREHOLDER]

                                              By: _____________________________
                                                  Name:
                                                  Title:

                                     - 27 -<PAGE>

                                                                    EXHIBIT 10.1

                        E-HOUSE (CHINA) HOLDINGS LIMITED

                              SHARE INCENTIVE PLAN

                                   ARTICLE 1

                                     PURPOSE

      The purpose of the E-House (China) Holdings Limited Share Incentive Plan
(the "Plan") is to promote the success and enhance the value of E-House (China)
Holdings Limited, a company formed under the laws of the Cayman Islands (the
"Company") by linking the personal interests of the members of the Board,
Employees, and Consultants to those of Company shareholders and by providing
such individuals with an incentive for outstanding performance to generate
superior returns to Company shareholders. The Plan is further intended to
provide flexibility to the Company in its ability to motivate, attract, and
retain the services of members of the Board, Employees, and Consultants upon
whose judgment, interest, and special effort the successful conduct of the
Company's operation is largely dependent.

                                   ARTICLE 2

                          DEFINITIONS AND CONSTRUCTION

      Wherever the following terms are used in the Plan they shall have the
meanings specified below, unless the context clearly indicates otherwise. The
singular pronoun shall include the plural where the context so indicates.

      2.1 "Applicable Laws" means the legal requirements relating to the Plan
and the Awards under applicable provisions of the corporate, securities, tax and
other laws, rules, regulations and government orders, and the rules of any
applicable stock exchange or national market system, of any jurisdiction
applicable to Awards granted to residents therein.

      2.2 "Award" means an Option, Restricted Share or Restricted Share Units
award granted to a Participant pursuant to the Plan.

      2.3 "Award Agreement" means any written agreement, contract, or other
instrument or document evidencing an Award, including through electronic medium.

      2.4 "Board" means the Board of Directors of the Company.

      2.5 "Change in Control" means a change in ownership or control of the
Company after the Registration Date effected through either of the following
transactions:

<PAGE>

            (a) the direct or indirect acquisition by any person or related
group of persons (other than an acquisition from or by the Company or by a
Company-sponsored employee benefit plan or by a person that directly or
indirectly controls, is controlled by, or is under common control with, the
Company) of beneficial ownership (within the meaning of Rule 13d-3 of the
Exchange Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Company's outstanding securities pursuant to
a tender or exchange offer made directly to the Company's shareholders which a
majority of the Incumbent Board (as defined below) who are not affiliates or
associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do
not recommend such shareholders accept, or

            (b) the individuals who, as of the Effective Date, are members of
the Board (the "Incumbent Board"), cease for any reason to constitute at least
fifty percent (50%) of the Board; provided that if the election, or nomination
for election by the Company's shareholders, of any new member of the Board is
approved by a vote of at least fifty percent (50%) of the Incumbent Board, such
new member of the Board shall be considered as a member of the Incumbent Board.

      2.6 "Code" means the Internal Revenue Code of 1986 of the United States,
as amended.

      2.7 "Committee" means the committee of the Board described in Article 9.

      2.8 "Consultant" means any consultant or adviser if: (a) the consultant or
adviser renders bona fide services to a Service Recipient; (b) the services
rendered by the consultant or adviser are not in connection with the offer or
sale of securities in a capital-raising transaction and do not directly or
indirectly promote or maintain a market for the Company's securities; and (c)
the consultant or adviser is a natural person who has contracted directly with
the Service Recipient to render such services.

      2.9 "Corporate Transaction" means any of the following transactions,
provided, however, that the Committee shall determine under (d) and (e) whether
multiple transactions are related, and its determination shall be final, binding
and conclusive:

            (a) an amalgamation, arrangement or consolidation or scheme of
arrangement in which the Company is not the surviving entity, except for a
transaction the principal purpose of which is to change the jurisdiction in
which the Company is incorporated;

            (b) the sale, transfer or other disposition of all or substantially
all of the assets of the Company;

            (c) the complete liquidation or dissolution of the Company;

            (d) any reverse takeover or series of related transactions
culminating in a reverse takeover (including, but not limited to, a tender offer
followed by a reverse takeover) in which the Company is the surviving entity but
(A) the Common Shares outstanding immediately prior to such takeover are
converted or exchanged by virtue of the takeover into other property, whether in
the form of securities, cash or otherwise, or (B) in which securities possessing
more than fifty percent (50%) of the total combined voting power of the
Company's outstanding

                                       2

<PAGE>

securities are transferred to a person or persons different from those who held
such securities immediately prior to such takeover or the initial transaction
culminating in such takeover, but excluding any such transaction or series of
related transactions that the Committee determines shall not be a Corporate
Transaction; or

            (e) acquisition in a single or series of related transactions by any
person or related group of persons (other than the Company or by a
Company-sponsored employee benefit plan) of beneficial ownership (within the
meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than
fifty percent (50%) of the total combined voting power of the Company's
outstanding securities but excluding any such transaction or series of related
transactions that the Committee determines shall not be a Corporate Transaction.

      2.10 "Disability" means that the Participant qualifies to receive
long-term disability payments under the Service Recipient's long-term disability
insurance program, as it may be amended from time to time, to which the
Participant provides services regardless of whether the Participant is covered
by such policy. If the Service Recipient to which the Participant provides
service does not have a long-term disability plan in place, "Disability" means
that a Participant is unable to carry out the responsibilities and functions of
the position held by the Participant by reason of any medically determinable
physical or mental impairment for a period of not less than ninety (90)
consecutive days. A Participant will not be considered to have incurred a
Disability unless he or she furnishes proof of such impairment sufficient to
satisfy the Committee in its discretion.

      2.11 "Effective Date" shall have the meaning set forth in Section 10.1.

      2.12 "Employee" means any person, including an officer or member of the
Board of the Company, any Parent or Subsidiary of the Company, who is in the
employ of a Service Recipient, subject to the control and direction of the
Service Recipient as to both the work to be performed and the manner and method
of performance. The payment of a director's fee by a Service Recipient shall not
be sufficient to constitute "employment" by the Service Recipient.

      2.13 "Exchange Act" means the Securities Exchange Act of 1934 of the
United States, as amended.

      2.14 "Fair Market Value" means, as of any date, the value of Shares
determined as follows:

            (a) If the Shares are listed on one or more established stock
exchanges or national market systems, including without limitation, The Nasdaq
Share Market, its Fair Market Value shall be the closing sales price for such
shares (or the closing bid, if no sales were reported) as quoted on the
principal exchange or system on which the Shares are listed (as determined by
the Committee) on the date of determination (or, if no closing sales price or
closing bid was reported on that date, as applicable, on the last trading date
such closing sales price or closing bid was reported), as reported in The Wall
Street Journal or such other source as the Committee deems reliable;

            (b) If the Shares are regularly quoted on an automated quotation
system (including the OTC Bulletin Board) or by a recognized securities dealer,
its Fair Market Value

                                       3

<PAGE>

shall be the closing sales price for such shares as quoted on such system or by
such securities dealer on the date of determination, but if selling prices are
not reported, the Fair Market Value of a Common Share shall be the mean between
the high bid and low asked prices for the Common Shares on the date of
determination (or, if no such prices were reported on that date, on the last
date such prices were reported), as reported in The Wall Street Journal or such
other source as the Committee deems reliable; or

            (c) In the absence of an established market for the Shares of the
type described in (a) and (b), above, the Fair Market Value thereof shall be
determined by the Committee in good faith and in its discretion by reference to
(i) the placing price of the latest private placement of the Shares and the
development of the Company's business operations and the general economic and
market conditions since such latest private placement, (ii) other third party
transactions involving Shares and the development of the company's business
operation and the general economic and market conditions since such sale, (iii)
an independent valuation of the Shares, or (iii) such other methodologies or
information as the Committee determines to be indicative of Fair Market Value,
relevant.

      2.15 "Incentive Share Option" means an Option that is intended to meet the
requirements of Section 422 of the Code or any successor provision thereto.

      2.16 "Independent Director" means a member of the Board who is not an
Employee of the Company.

      2.17 "Non-Employee Director" means a member of the Board who qualifies as
a "Non-Employee Director" as defined in Rule 16b-3(b)(3) of the Exchange Act, or
any successor definition adopted by the Board.

      2.18 "Non-Qualified Share Option" means an Option that is not intended to
be an Incentive Share Option.

      2.19 "Option" means a right granted to a Participant pursuant to Article 5
of the Plan to purchase a specified number of Shares at a specified price during
specified time periods. An Option may be either an Incentive Share Option or a
Non-Qualified Share Option.

      2.20 "Participant" means a person who, as a member of the Board,
Consultant or Employee, has been granted an Award pursuant to the Plan.

      2.21 "Parent" means a parent corporation under Section 424(e) of the Code.

      2.22 "Plan" means this E-House (China) Holdings Limited Share Incentive
Award Plan, as it may be amended from time to time.

      2.23 "Related Entity" means any business, corporation, partnership,
limited liability company or other entity in which the Company, a Parent or
Subsidiary of the Company holds a substantial ownership interest, directly or
indirectly but which is not a Subsidiary and which the Board designates as a
Related Entity for purposes of the Plan.

                                       4

<PAGE>

      2.24 "Restricted Share" means a Share awarded to a Participant pursuant to
Article 6 that is subject to certain restrictions and may be subject to risk of
forfeiture.

      2.25 "Restricted Share Unit" means the right granted to a Participant
pursuant to Article 6 to receive a Share at a future date.

      2.26 "Securities Act" means the Securities Act of 1933 of the United
States, as amended.

      2.27 "Service Recipient" means the Company, any Parent or Subsidiary of
the Company and any Related Entity to which a Participant provides services as
an Employee, Consultant or as a Director.

      2.28 "Share" means Common Shares of the Company, and such other securities
of the Company that may be substituted for Shares pursuant to Article 8.

      2.29 "Subsidiary" means any corporation or other entity of which a
majority of the outstanding voting shares or voting power is beneficially owned
directly or indirectly by the Company.

      2.30 "Trading Date" means the closing of the first sale to the general
public of the Shares pursuant to a registration statement filed with and
declared effective by the U.S. Securities and Exchange Commission under the
Securities Act.

                                   ARTICLE 3

                           SHARES SUBJECT TO THE PLAN

      3.1 Number of Shares.

            (a) Subject to the provisions of Article 8 and Section 3.1(b), the
maximum aggregate number of Shares which may be issued pursuant to all Awards
(the "Award Pool") shall equal to 5% of the total outstanding Shares on an
as-converted basis as of the Effective Date, plus an increase of that number of
Shares to be added on each of the third, sixth and ninth anniversary of the
Effective Date, as a result of which the Shares reserved in the Award Pool as of
each applicable anniversary for future issuances pursuant to all Awards granted
under this Plan shall equal to 5% of the then total outstanding Shares on an
as-converted basis.

            (b) To the extent that an Award terminates, expires, or lapses for
any reason, any Shares subject to the Award shall again be available for the
grant of an Award pursuant to the Plan. To the extent permitted by Applicable
Law, Shares issued in assumption of, or in substitution for, any outstanding
awards of any entity acquired in any form or combination by the Company or any
Parent or Subsidiary of the Company shall not be counted against Shares
available for grant pursuant to the Plan. Shares delivered by the Participant or
withheld by the Company upon the exercise of any Award under the Plan, in
payment of the exercise price thereof or tax withholding thereon, may again be
optioned, granted or warded hereunder, subject to the limitations of Section
3.1(a). If any Restricted Shares are forfeited by the Participant or repurchased
by the Company, such Shares may again be optioned, granted or awarded hereunder,

                                       5

<PAGE>

subject to the limitations of Section 3.1(a). Notwithstanding the provisions of
this Section 3.1(b), no Shares may again be optioned, granted or awarded if such
action would cause an Incentive Share Option to fail to qualify as an incentive
Share option under Section 422 of the Code.

      3.2 Shares Distributed. Any Shares distributed pursuant to an Award may
consist, in whole or in part, of authorized and unissued Shares, treasury shares
(subject to applicable law) or Shares purchased on the open market.
Additionally, in the discretion of the Committee, American Depository Shares in
an amount equal to the number of Shares which otherwise would be distributed
pursuant to an Award may be distributed in lieu of Shares in settlement of any
Award. If the number of Shares represented by an American Depository Share is
other than on a one-to-one basis, the limitations of Section 3.1 shall be
adjusted to reflect the distribution of American Depository Shares in lieu of
Shares.

                                   ARTICLE 4

                          ELIGIBILITY AND PARTICIPATION

      4.1 Eligibility. Persons eligible to participate in this Plan include
Employees, Consultants, and all members of the Board, as determined by the
Committee.

      4.2 Participation. Subject to the provisions of the Plan, the Committee
may, from time to time, select from among all eligible individuals, those to
whom Awards shall be granted and shall determine the nature and amount of each
Award. No individual shall have any right to be granted an Award pursuant to
this Plan.

      4.3 Jurisdictions. In order to assure the viability of Awards granted to
Participants employed in various jurisdictions, the Committee may provide for
such special terms as it may consider necessary or appropriate to accommodate
differences in local law, tax policy, or custom applicable in the jurisdiction
in which the Participant resides or is employed. Moreover, the Committee may
approve such supplements to, or amendments, restatements, or alternative
versions of, the Plan as it may consider necessary or appropriate for such
purposes without thereby affecting the terms of the Plan as in effect for any
other purpose; provided, however, that no such supplements, amendments,
restatements, or alternative versions shall increase the share limitations
contained in Section 3.1 of the Plan. Notwithstanding the foregoing, the
Committee may not take any actions hereunder, and no Awards shall be granted,
that would violate any Applicable Laws.

                                   ARTICLE 5

                                     OPTIONS

      5.1 General. The Committee is authorized to grant Options to Participants
on the following terms and conditions:

            (a) Exercise Price. The exercise price per Share subject to an
Option shall be determined by the Committee and set forth in the Award Agreement
which may be a fixed or variable price related to the Fair Market Value of the
Shares; provided, however, that no Option

                                       6

<PAGE>

may be granted to an individual subject to taxation in the United States at less
than the Fair Market Value on the date of grant.

            (b) Time and Conditions of Exercise. The Committee shall determine
the time or times at which an Option may be exercised in whole or in part,
including exercise prior to vesting; provided that the term of any Option
granted under the Plan shall not exceed ten years, except as provided in Section
9.2. The Committee shall also determine any conditions, if any, that must be
satisfied before all or part of an Option may be exercised.

            (c) Payment. The Committee shall determine the methods by which the
exercise price of an Option may be paid, the form of payment, including, without
limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent
permissible under the Applicable Laws, cash or check in Chinese Renminbi, (iii)
cash or check denominated in any other local currency as approved by the
Committee, (iv) Shares held for such period of time as may be required by the
Committee in order to avoid adverse financial accounting consequences and having
a Fair Market Value on the date of delivery equal to the aggregate exercise
price of the Option or exercised portion thereof, (v) after the Trading Date the
delivery of a notice that the Participant has placed a market sell order with a
broker with respect to Shares then issuable upon exercise of the Option, and
that the broker has been directed to pay a sufficient portion of the net
proceeds of the sale to the Company in satisfaction of the Option exercise
price; provided that payment of such proceeds is then made to the Company upon
settlement of such sale, (vi) other property acceptable to the Committee with a
Fair Market Value equal to the exercise price, or (vii) any combination of the
foregoing. Notwithstanding any other provision of the Plan to the contrary, no
Participant who is a member of the Board or an "executive officer" of the
Company within the meaning of Section 13(k) of the Exchange Act shall be
permitted to pay the exercise price of an Option in any method which would
violate Section 13(k) of the Exchange Act.

            (d) Evidence of Grant. All Options shall be evidenced by an Award
Agreement between the Company and the Participant. The Award Agreement shall
include such additional provisions as may be specified by the Committee.

      5.2 Incentive Share Options. Incentive Share Options may be granted to
Employees of the Company, a Parent or Subsidiary of the Company. Incentive Share
Options may not be granted to Employees of a Related Entity or to Independent
Directors or Consultants. The terms of any Incentive Share Options granted
pursuant to the Plan, in addition to the requirements of Section 5.1, must
comply with the following additional provisions of this Section 5.2:

            (a) Expiration of Option. An Incentive Share Option may not be
exercised to any extent by anyone after the first to occur of the following
events:

                  (i) Ten years from the date it is granted, unless an earlier
time is set in the Award Agreement;

                  (ii) Three months after the Participant's termination of
employment as an Employee; and

                  (iii) One year after the date of the Participant's termination
of employment or service on account of Disability or death. Upon the
Participant's Disability or

                                       7

<PAGE>
death, any Incentive Share Options exercisable at the Participant's Disability
or death may be exercised by the Participant's legal representative or
representatives, by the person or persons entitled to do so pursuant to the
Participant's last will and testament, or, if the Participant fails to make
testamentary disposition of such Incentive Share Option or dies intestate, by
the person or persons entitled to receive the Incentive Share Option pursuant to
the applicable laws of descent and distribution.

            (b) Individual Dollar Limitation. The aggregate Fair Market Value
(determined as of the time the Option is granted) of all Shares with respect to
which Incentive Share Options are first exercisable by a Participant in any
calendar year may not exceed $100,000 or such other limitation as imposed by
Section 422(d) of the Code, or any successor provision. To the extent that
Incentive Share Options are first exercisable by a Participant in excess of such
limitation, the excess shall be considered Non-Qualified Share Options.

            (c) Ten Percent Owners. An Incentive Share Option shall be granted
to any individual who, at the date of grant, owns Shares possessing more than
ten percent of the total combined voting power of all classes of shares of the
Company only if such Option is granted at a price that is not less than 110% of
Fair Market Value on the date of grant and the Option is exercisable for no more
than five years from the date of grant.

            (d) Transfer Restriction. The Participant shall give the Company
prompt notice of any disposition of Shares acquired by exercise of an Incentive
Share Option within (i) two years from the date of grant of such Incentive Share
Option or (ii) one year after the transfer of such Shares to the Participant.

            (e) Expiration of Incentive Share Options. No Award of an Incentive
Share Option may be made pursuant to this Plan after the tenth anniversary of
the Effective Date.

            (f) Right to Exercise. During a Participant's lifetime, an Incentive
Share Option may be exercised only by the Participant.

                                   ARTICLE 6

                  RESTRICTED SHARES AND RESTRICTED SHARE UNITS

      6.1 Grant of Restricted Shares. The Committee is authorized to make Awards
of Restricted Shares and/or Restricted Share Units to any Participant selected
by the Committee in such amounts and subject to such terms and conditions as
determined by the Committee. All Awards of Restricted Shares shall be evidenced
by an Award Agreement.

      6.2 Issuance and Restrictions. Restricted Shares shall be subject to such
restrictions on transferability and other restrictions as the Committee may
impose (including, without limitation, limitations on the right to vote
Restricted Shares or the right to receive dividends on the Restricted Share).
These restrictions may lapse separately or in combination at such times,
pursuant to such circumstances, in such installments, or otherwise, as the
Committee determines at the time of the grant of the Award or thereafter.

      6.3 Forfeiture/Repurchase. Except as otherwise determined by the Committee
at the

                                       8

<PAGE>

time of the grant of the Award or thereafter, upon termination of employment or
service during the applicable restriction period, Restricted Shares that are at
that time subject to restrictions shall be forfeited or repurchased in
accordance with the Award Agreement; provided, however, the Committee may (a)
provide in any Restricted Share Award Agreement that restrictions or forfeiture
and repurchase conditions relating to Restricted Shares will be waived in whole
or in part in the event of terminations resulting from specified causes, and (b)
in other cases waive in whole or in part restrictions or forfeiture and
repurchase conditions relating to Restricted Shares.

      6.4 Certificates for Restricted Shares. Restricted Shares granted pursuant
to the Plan may be evidenced in such manner as the Committee shall determine. If
certificates representing Restricted Shares are registered in the name of the
Participant, certificates must bear an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Shares, and
the Company may, at its discretion, retain physical possession of the
certificate until such time as all applicable restrictions lapse.

      6.5 Restricted Share Units. At the time of grant, the Committee shall
specify the date or dates on which the Restricted Share Units shall become fully
vested and nonforfeitable, and may specify such conditions to vesting as it
deems appropriate. At the time of grant, the Committee shall specify the
maturity date applicable to each grant of Restricted Share Units which shall be
no earlier than the vesting date or dates of the Award and may be determined at
the election of the grantee. On the maturity date, the Company shall, subject to
Sections 7.4 and 7.5, transfer to the Participant one unrestricted, fully
transferable Share for each Restricted Share Unit scheduled to be paid out on
such date and not previously forfeited.

                                   ARTICLE 7

                         PROVISIONS APPLICABLE TO AWARDS

      7.1 Award Agreement. Awards under the Plan shall be evidenced by Award
Agreements that set forth the terms, conditions and limitations for each Award
which may include the term of an Award, the provisions applicable in the event
the Participant's employment or service terminates, and the Company's authority
to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an
Award.

      7.2 Limits on Transfer. No right or interest of a Participant in any Award
may be pledged, encumbered, or hypothecated to or in favor of any party other
than the Company or a Subsidiary, or shall be subject to any lien, obligation,
or liability of such Participant to any other party other than the Company or a
Subsidiary. Except as otherwise provided by the Committee, no Award shall be
assigned, transferred, or otherwise disposed of by a Participant other than by
will or the laws of descent and distribution. The Committee by express provision
in the Award or an amendment thereto may permit an Award (other than an
Incentive Share Option) to be transferred to, exercised by and paid to certain
persons or entities related to the Participant, including but not limited to
members of the Participant's family, charitable institutions, or trusts or other
entities whose beneficiaries or beneficial owners are members of the
Participant's family and/or charitable institutions, or to such other persons or
entities as may be expressly approved by the Committee, pursuant to such
conditions and procedures as the Committee may establish. Any permitted transfer
shall be subject to the condition that the Committee receive evidence

                                       9

<PAGE>

satisfactory to it that the transfer is being made for estate and/or tax
planning purposes (or to a "blind trust" in connection with the Participant's
termination of employment or service with the Company or a Subsidiary to assume
a position with a governmental, charitable, educational or similar non-profit
institution) and on a basis consistent with the Company's lawful issue of
securities.

      7.3 Beneficiaries. Notwithstanding Section 7.2, a Participant may, in the
manner determined by the Committee, designate a beneficiary to exercise the
rights of the Participant and to receive any distribution with respect to any
Award upon the Participant's death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights pursuant to the Plan is
subject to all terms and conditions of the Plan and any Award Agreement
applicable to the Participant, except to the extent the Plan and Award Agreement
otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If the Participant is married and resides in a
community property state, a designation of a person other than the Participant's
spouse as his or her beneficiary with respect to more than 50% of the
Participant's interest in the Award shall not be effective without the prior
written consent of the Participant's spouse. If no beneficiary has been
designated or survives the Participant, payment shall be made to the person
entitled thereto pursuant to the Participant's will or the laws of descent and
distribution. Subject to the foregoing, a beneficiary designation may be changed
or revoked by a Participant at any time provided the change or revocation is
filed with the Committee.

      7.4 Share Certificates. Notwithstanding anything herein to the contrary,
the Company shall not be required to issue or deliver any certificates
evidencing shares of Share pursuant to the exercise of any Award, unless and
until the Board has determined, with advice of counsel, that the issuance and
delivery of such certificates is in compliance with all Applicable Laws,
regulations of governmental authorities and, if applicable, the requirements of
any exchange on which the Shares are listed or traded. All Share certificates
delivered pursuant to the Plan are subject to any stop-transfer orders and other
restrictions as the Committee deems necessary or advisable to comply all
Applicable Laws, and the rules of any national securities exchange or automated
quotation system on which the Shares are listed, quoted, or traded. The
Committee may place legends on any Share certificate to reference restrictions
applicable to the Share. In addition to the terms and conditions provided
herein, the Board may require that a Participant make such reasonable covenants,
agreements, and representations as the Board, in its discretion, deems advisable
in order to comply with any such laws, regulations, or requirements. The
Committee shall have the right to require any Participant to comply with any
timing or other restrictions with respect to the settlement or exercise of any
Award, including a window-period limitation, as may be imposed in the discretion
of the Committee.

      7.5 Paperless Administration. Subject to Applicable Laws, the Committee
may make Awards, provide applicable disclosure and procedures for exercise of
Awards by an internet website or interactive voice response system for the
paperless administration of Awards.

      7.6 Foreign Currency. A Participant may be required to provide evidence
that any currency used to pay the exercise price of any Award were acquired and
taken out of the jurisdiction in which the Participant resides in accordance
with Applicable Laws, including foreign exchange control laws and regulations.
In the event the exercise price for an Award is paid in Chinese Renminbi or
other foreign currency, as permitted by the Committee, the amount

                                       10

<PAGE>

payable will be determined by conversion from U.S. dollars at the official rate
promulgated by the People's Bank of China for Chinese Renminbi, or for
jurisdictions other than the Peoples Republic of China, the exchange rate as
selected by the Committee on the date of exercise.

                                   ARTICLE 8

                          CHANGES IN CAPITAL STRUCTURE

      8.1 Adjustments. In the event of any dividend, share split, combination or
exchange of Shares, amalgamation, arrangement or consolidation, spin-off,
recapitalization or other distribution (other than normal cash dividends) of
Company assets to its shareholders, or any other change affecting the shares of
Shares or the share price of a Share, the Committee shall make such
proportionate adjustments, if any, as the Committee in its discretion may deem
appropriate to reflect such change with respect to (a) the aggregate number and
type of shares that may be issued under the Plan (including, but not limited to,
adjustments of the limitations in Section 3.1); (b) the terms and conditions of
any outstanding Awards (including, without limitation, any applicable
performance targets or criteria with respect thereto); and (c) the grant or
exercise price per share for any outstanding Awards under the Plan.

      8.2 Acceleration upon a Change of Control. Except as may otherwise be
provided in any Award Agreement or any other written agreement entered into by
and between the Company and a Participant, if a Change of Control occurs and a
Participant's Awards are not converted, assumed, or replaced by a successor,
such Awards shall become fully exercisable and all forfeiture restrictions on
such Awards shall lapse. Upon, or in anticipation of, a Change of Control, the
Committee may in its sole discretion provide for (i) any and all Awards
outstanding hereunder to terminate at a specific time in the future and shall
give each Participant the right to exercise such Awards during a period of time
as the Committee shall determine, (ii) either the purchase of any Award for an
amount of cash equal to the amount that could have been attained upon the
exercise of such Award or realization of the Participant's rights had such Award
been currently exercisable or payable or fully vested (and, for the avoidance of
doubt, if as of such date the Committee determines in good faith that no amount
would have been attained upon the exercise of such Award or realization of the
Participant's rights, then such Award may be terminated by the Company without
payment), (iii) the replacement of such Award with other rights or property
selected by the Committee in its sole discretion the assumption of or
substitution of such Award by the successor or surviving corporation, or a
parent or subsidiary thereof, with appropriate adjustments as to the number and
kind of Shares and prices, or (iv) provide for payment of Awards in cash based
on the value of Shares on the date of the Change of Control plus reasonable
interest on the Award through the date such Award would otherwise be vested or
have been paid in accordance with its original terms, if necessary to comply
with Section 409A of the Code.

      8.3 Outstanding Awards - Corporate Transactions. In the event of a
Corporate Transaction, each Award will terminate upon the consummation of the
Corporate Transaction, unless the Award is assumed by the successor entity or
Parent thereof in connection with the Corporate Transaction. Except as provided
otherwise in an individual Award Agreement, in the event of a Corporate
Transaction and:

                                       11

<PAGE>

            (a) the Award either is (x) assumed by the successor entity or
Parent thereof or replaced with a comparable Award (as determined by the
Committee) with respect to shares of the capital stock of the successor entity
or Parent thereof or (y) replaced with a cash incentive program of the successor
entity which preserves the compensation element of such Award existing at the
time of the Corporate Transaction and provides for subsequent payout in
accordance with the same vesting schedule applicable to such Award, then such
Award (if assumed), the replacement Award (if replaced), or the cash incentive
program automatically shall become fully vested, exercisable and payable and be
released from any restrictions on transfer (other than transfer restrictions
applicable to Options) and repurchase or forfeiture rights, immediately upon
termination of the Participant's employment or service with all Service
Recipient within twelve (12) months of the Corporate Transaction without cause;
and

            (b) For each Award that is neither assumed nor replaced, such
portion of the Award shall automatically become fully vested and exercisable and
be released from any repurchase or forfeiture rights (other than repurchase
rights exercisable at Fair Market Value) for all of the Shares at the time
represented by such portion of the Award, immediately prior to the specified
effective date of such Corporate Transaction, provided that the Participant
remains an Employee, Consultant or Director on the effective date of the
Corporate Transaction.

      8.4 Outstanding Awards - Other Changes. In the event of any other change
in the capitalization of the Company or corporate change other than those
specifically referred to in this Article 8, the Committee may, in its absolute
discretion, make such adjustments in the number and class of shares subject to
Awards outstanding on the date on which such change occurs and in the per share
grant or exercise price of each Award as the Committee may consider appropriate
to prevent dilution or enlargement of rights.

      8.5 No Other Rights. Except as expressly provided in the Plan, no
Participant shall have any rights by reason of any subdivision or consolidation
of Shares of any class, the payment of any dividend, any increase or decrease in
the number of shares of any class or any dissolution, liquidation, merger, or
consolidation of the Company or any other corporation. Except as expressly
provided in the Plan or pursuant to action of the Committee under the Plan, no
issuance by the Company of shares of any class, or securities convertible into
shares of any class, shall affect, and no adjustment by reason thereof shall be
made with respect to, the number of shares subject to an Award or the grant or
exercise price of any Award.

                                   ARTICLE 9

                                 ADMINISTRATION

      9.1 Committee. The Plan shall be administered by the Compensation
Committee of the Board; provided, however that the Compensation Committee may
delegate to a committee of one or more members of the Board the authority to
grant or amend Awards to Participants other than senior executives of the
Company who are subject to Section 16 of the Exchange Act. The Committee shall
consist of at least two individuals, each of whom qualifies as a Non-Employee
Director. Reference to the Committee shall refer to the Board if the
Compensation Committee ceases to exist and the Board does not appoint a
successor Committee. Notwithstanding the foregoing, the full Board, acting by
majority of its members in office shall conduct the general

                                       12

<PAGE>

administration of the Plan if required by Applicable Law, and with respect to
Awards granted to Independent Directors and for purposes of such Awards the term
"Committee" as used in the Plan shall be deemed to refer to the Board.

      9.2 Action by the Committee. A majority of the Committee shall constitute
a quorum. The acts of a majority of the members present at any meeting at which
a quorum is present, and acts approved in writing by a majority of the Committee
in lieu of a meeting, shall be deemed the acts of the Committee. Each member of
the Committee is entitled to, in good faith, rely or act upon any report or
other information furnished to that member by any officer or other employee of
the Company or any Subsidiary, the Company's independent certified public
accountants, or any executive compensation consultant or other professional
retained by the Company to assist in the administration of the Plan.

      9.3 Authority of Committee. Subject to any specific designation in the
Plan, the Committee has the exclusive power, authority and discretion to:

            (a) Designate Participants to receive Awards;

            (b) Determine the type or types of Awards to be granted to each
Participant;

            (c) Determine the number of Awards to be granted and the number of
Shares to which an Award will relate;

            (d) Determine the terms and conditions of any Award granted pursuant
to the Plan, including, but not limited to, the exercise price, grant price, or
purchase price, any restrictions or limitations on the Award, any schedule for
lapse of forfeiture restrictions or restrictions on the exercisability of an
Award, and accelerations or waivers thereof, any provisions related to
non-competition and recapture of gain on an Award, based in each case on such
considerations as the Committee in its sole discretion determines;

            (e) Determine whether, to what extent, and pursuant to what
circumstances an Award may be settled in, or the exercise price of an Award may
be paid in, cash, Shares, other Awards, or other property, or an Award may be
canceled, forfeited, or surrendered;

            (f) Prescribe the form of each Award Agreement, which need not be
identical for each Participant;

            (g) Decide all other matters that must be determined in connection
with an Award;

            (h) Establish, adopt, or revise any rules and regulations as it may
deem necessary or advisable to administer the Plan;

            (i) Interpret the terms of, and any matter arising pursuant to, the
Plan or any Award Agreement; and

            (j) Make all other decisions and determinations that may be required
pursuant to the Plan or as the Committee deems necessary or advisable to
administer the Plan.

                                       13

<PAGE>

      9.4 Decisions Binding. The Committee's interpretation of the Plan, any
Awards granted pursuant to the Plan, any Award Agreement and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and
conclusive on all parties.

                                   ARTICLE 10

                          EFFECTIVE AND EXPIRATION DATE

      10.1 Effective Date. The Plan is effective as of the date the Plan is
approved by the Company's shareholders (the "Effective Date"). The Plan will be
deemed to be approved by the shareholders if it receives the affirmative vote of
the holders of a majority of the share capital of the Company present or
represented and entitled to vote at a meeting duly held in accordance with the
applicable provisions of the Company's Memorandum of Association and Articles of
Association.

      10.2 Expiration Date. The Plan will expire on, and no Award may be granted
pursuant to the Plan after, the tenth anniversary of the Effective Date. Any
Awards that are outstanding on the tenth anniversary of the Effective Date shall
remain in force according to the terms of the Plan and the applicable Award
Agreement.

                                   ARTICLE 11

                    AMENDMENT, MODIFICATION, AND TERMINATION

      11.1 Amendment, Modification, And Termination. With the approval of the
Board, at any time and from time to time, the Committee may terminate, amend or
modify the Plan; provided, however, that (a) to the extent necessary and
desirable to comply with Applicable Laws, or stock exchange rules, the Company
shall obtain shareholder approval of any Plan amendment in such a manner and to
such a degree as required, and (b) shareholder approval is required for any
amendment to the Plan that (i) increases the number of Shares available under
the Plan (other than any adjustment as provided by Article 8), (ii) permits the
Committee to extend the term of the Plan or the exercise period for an Option
beyond ten years from the date of grant, or (iii) results in a material increase
in benefits or a change in eligibility requirements.

      11.2 Awards Previously Granted. Except with respect to amendments made
pursuant to Section 11.1, no termination, amendment, or modification of the Plan
shall adversely affect in any material way any Award previously granted pursuant
to the Plan without the prior written consent of the Participant.

                                       14

<PAGE>

                                   ARTICLE 12

                               GENERAL PROVISIONS

      12.1 No Rights to Awards. No Participant, employee, or other person shall
have any claim to be granted any Award pursuant to the Plan, and neither the
Company nor the Committee is obligated to treat Participants, employees, and
other persons uniformly.

      12.2 No Shareholders Rights. No Award gives the Participant any of the
rights of a Shareholder of the Company unless and until Shares are in fact
issued to such person in connection with such Award.

      12.3 Taxes. No Shares shall be delivered under the Plan to any Participant
until such Participant has made arrangements acceptable to the Committee for the
satisfaction of any income and employment tax withholding obligations under
Applicable Laws. The Company or any Subsidiary shall have the authority and the
right to deduct or withhold, or require a Participant to remit to the Company,
an amount sufficient to satisfy federal, state, local and foreign taxes
(including the Participant's payroll tax obligations) required or permitted by
law to be withheld with respect to any taxable event concerning a Participant
arising as a result of this Plan. The Committee may in its discretion and in
satisfaction of the foregoing requirement allow a Participant to elect to have
the Company withhold Shares otherwise issuable under an Award (or allow the
return of Shares) having a Fair Market Value equal to the sums required to be
withheld. Notwithstanding any other provision of the Plan, the number of Shares
which may be withheld with respect to the issuance, vesting, exercise or payment
of any Award (or which may be repurchased from the Participant of such Award
after such Shares were acquired by the Participant from the Company) in order to
satisfy the Participant's federal, state, local and foreign income and payroll
tax liabilities with respect to the issuance, vesting, exercise or payment of
the Award shall, unless specifically approved by the Committee, be limited to
the number of Shares which have a Fair Market Value on the date of withholding
or repurchase equal to the aggregate amount of such liabilities based on the
minimum statutory withholding rates for federal, state, local and foreign income
tax and payroll tax purposes that are applicable to such supplemental taxable
income.

      12.4 No Right to Employment or Services. Nothing in the Plan or any Award
Agreement shall interfere with or limit in any way the right of the Service
Recipient to terminate any Participant's employment or services at any time, nor
confer upon any Participant any right to continue in the employ or service of
any Service Recipient.

      12.5 Unfunded Status of Awards. The Plan is intended to be an "unfunded"
plan for incentive compensation. With respect to any payments not yet made to a
Participant pursuant to an Award, nothing contained in the Plan or any Award
Agreement shall give the Participant any rights that are greater than those of a
general creditor of the Company or any Subsidiary.

      12.6 Indemnification. To the extent allowable pursuant to applicable law,
each member of the Committee or of the Board shall be indemnified and held
harmless by the Company from any loss, cost, liability, or expense that may be
imposed upon or reasonably incurred by such member in connection with or
resulting from any claim, action, suit, or

                                       15

<PAGE>

proceeding to which he or she may be a party or in which he or she may be
involved by reason of any action or failure to act pursuant to the Plan and
against and from any and all amounts paid by him or her in satisfaction of
judgment in such action, suit, or proceeding against him or her; provided he or
she gives the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own
behalf. The foregoing right of indemnification shall not be exclusive of any
other rights of indemnification to which such persons may be entitled pursuant
to the Company's Memorandum of Association and Articles of Association, as a
matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless.

      12.7 Relationship to other Benefits. No payment pursuant to the Plan shall
be taken into account in determining any benefits pursuant to any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit
plan of the Company or any Subsidiary except to the extent otherwise expressly
provided in writing in such other plan or an agreement thereunder.

      12.8 Expenses. The expenses of administering the Plan shall be borne by
the Company and its Subsidiaries.

      12.9 Titles and Headings. The titles and headings of the Sections in the
Plan are for convenience of reference only and, in the event of any conflict,
the text of the Plan, rather than such titles or headings, shall control.

      12.10 Fractional Shares. No fractional shares of Share shall be issued and
the Committee shall determine, in its discretion, whether cash shall be given in
lieu of fractional shares or whether such fractional shares shall be eliminated
by rounding up or down as appropriate.

      12.11 Limitations Applicable to Section 16 Persons. Notwithstanding any
other provision of the Plan, the Plan, and any Award granted or awarded to any
Participant who is then subject to Section 16 of the Exchange Act, shall be
subject to any additional limitations set forth in any applicable exemptive rule
under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of
the Exchange Act) that are requirements for the application of such exemptive
rule. To the extent permitted by applicable law, the Plan and Awards granted or
awarded hereunder shall be deemed amended to the extent necessary to conform to
such applicable exemptive rule.

      12.12 Government and Other Regulations. The obligation of the Company to
make payment of awards in Share or otherwise shall be subject to all Applicable
Laws, rules, and regulations, and to such approvals by government agencies as
may be required. The Company shall be under no obligation to register any of the
Shares paid pursuant to the Plan under the Securities Act or any other similar
law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may
in certain circumstances be exempt from registration pursuant to the Securities
Actor other Applicable Laws the Company may restrict the transfer of such shares
in such manner as it deems advisable to ensure the availability of any such
exemption.

      12.13 Governing Law. The Plan and all Award Agreements shall be construed
in

                                       16

<PAGE>

accordance with and governed by the laws of the Cayman Islands.

      12.14 Section 409A. To the extent that the Committee determines that any
Award granted under the Plan is or may become subject to Section 409A of the
Code, the Award Agreement evidencing such Award shall incorporate the terms and
conditions required by Section 409A of the Code. To the extent applicable, the
Plan and the Award Agreements shall be interpreted in accordance with Section
409A of the Code and the U.S. Department of Treasury regulations and other
interpretative guidance issued thereunder, including without limitation any such
regulation or other guidance that may be issued after the Effective Date.
Notwithstanding any provision of the Plan to the contrary, in the event that
following the Effective Date the Committee determines that any Award may be
subject to Section 409A of the Code and related Department of Treasury guidance
(including such Department of Treasury guidance as may be issued after the
Effective Date), the Committee may adopt such amendments to the Plan and the
applicable Award agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other
actions, that the Committee determines is necessary or appropriate to (a) exempt
the Award from Section 409A of the Code and /or preserve the intended tax
treatment of the benefits provided with respect to the Award, or (b) comply with
the requirements of Section 409A of the Code and related U.S. Department of
Treasury guidance.

      12.15 Appendices. The Committee may approve such supplements, amendments
or appendices to the Plan as it may consider necessary or appropriate for
purposes of compliance with applicable laws or otherwise and such supplements,
amendments or appendices shall be considered a part of the Plan; provided,
however, that no such supplements shall increase the share limitations contained
in Sections 3.1 and 3.3 of the Plan.

                                    * * * * *

      I hereby certify that the foregoing Plan was duly adopted by the Board of
Directors of E-House (China) Holdings Limited on        , 2007.

                                    * * * * *

      I hereby certify that the foregoing Plan was approved by the shareholders
of E-House (China) Holdings Limited on        , 2007.

      Executed on this   th day of        , 2007.

                                                _______________________________
                                                      Corporate Secretary

                                       17

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