Document:

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                              EXHIBIT NUMBER 4(a)4

                   CONTRACT FOR ACQUISITION OF THE PROPERTIES

      (This is an English translation of the Xiangzhang Garden Real Estate
                     Sale and Purchase Contract in Chinese)

                                     Between

                  Shanghai Jiu Sheng Investment Company Limited

                                       and

                            Manwide Holdings Limited

            Xiangzhang Garden Real Estate Sale and Purchase Contract

                               Date: June 16, 2004

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                                    Contents

Whereas:

<TABLE>
<S>                        <C>
Article 1                  Definitions

Article 2                  Subject Property

Article 3                  Information Disclosure

Article 4                  Restrictive Rights

Article 5                  Nature of Land and Transfer Procedure

Article 6                  Status of Construction Works and Title Processing

Article 7                  Presale

Article 8                  Consideration and Payment

Article 9                  Delivery of Subject Property

Article 10                 Insurance

Article 11                 Transaction Completion Date

Article 12                 Optional Terms

Article 13                 Alteration to Terms of Transaction

Article 14                 Property Management

Article 15                 Maintenance Arrangement

Article 16                 Mutual Assistance Obligation

Article 17                 Statement and Guarantee

Article 18                 Liability for Breach

Article 19                 Project Cooperation Team

Article 20                 Settlement of Dispute

Article 21                 Miscellaneous
</TABLE>

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Xiangzhang Garden Real Estate Sale and Purchase Contract

This "Xiangzhang Garden Real Estate Sale and Purchase Contract" (hereinafter
referred to as "this Contract") is signed by the two parties hereunder in
Shanghai, China on June 16, 2004:

Seller: Shanghai Jiu Sheng Investment Company Limited, a Chinese company with
limited liability established and in existence under the laws of People's
Republic of China, whose registered address is Unit 608, 187 South Wuning Road,
Jing'an District, Shanghai, with Li Baocheng as a legal representative
(hereinafter referred to as "Jiu Sheng Investment");

as one party hereto; and

Purchaser: Manwide Holdings Limited (Chinese name:, a foreign company
established and in existence under the laws of British Virgin Island, whose
registered address is The offices of Offshore Incorporations Limited, P.O. Box
957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands,
with Mr. Zhang Hanjie as an authorized representative (hereinafter referred to
as "Manwide Holdings");

as the other party hereto.

(The seller and purchaser aforesaid are referred to collectively as "both
parties" or individually as "one party" from time to time)

Whereas:

1.    Manwide Holdings and Jiu Sheng Investment have agreed unanimously with all
      the key transaction documents on the purchase by Manwide Holdings of the
      whole building of Xiangzhang Garden owned by Jiu Sheng Investment;

2.    After the signing of this Contract, Manwide Holdings intends to establish
      a foreign-invested enterprise in Shanghai under the name of Rosedale
      Property (Shanghai) Company Limited (a provisional name , the final name
      of it shall be the name set out in the business license to be issued) (
      hereinafter referred to as "Pakli Property"), which, once lawfully
      established, shall take over Manwide Holdings' rights and obligations
      under this Contract and all annexes hereto. Jiu Sheng Investment is fully
      aware of the arrangement to be made by Manwide Holdings and has agreed
      that Manwide Holdings' status as party to this Contract will then be
      succeeded by Pakli Property in accordance with the relevant provisions of
      Article 21 of this Contract.

      Hence, in the principles of honesty, credibility, willingness and
      equality, both parties have, through amicable consultation, come into an
      agreement in connection with the property transaction as follows.

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Article 1 Definitions

Both parties confirm that, in this Contract, the following expressions shall
have the following meanings:

1.    Signing Date: the date on which representatives of both parties sign or
      seal this Contract.

2.    Delivery Date: the date on which the ownership of the Subject Property
      (all or part of the properties of Xiangzhang Garden) under this Contract
      is transferred.

3.    Transaction Completion Date: the date on which all precedent conditions
      under Article 11 (1) of this Contract or all fundamental requirements
      under Article 13 (4) are satisfied or fulfilled, which shall be the date
      on which document(s) necessary to prove the last precedent condition or
      fundamental requirement has been satisfied or fulfilled is (are) issued.

4.    Transaction Date: the date on which Jiu Sheng Investment, after obtaining
      the integral property ownership certificate of the Subject Property
      hereunder, signs a standard "Shanghai Commodity Property Sale Contract" in
      the unified form used in Shanghai for the purpose of altering the
      ownership registration of the property with Manwide Holdings (or any third
      party designated by it), which will not occur until all precedent
      conditions under Clause 1 of Article 11 hereto of this Contract or all the
      fundamental requirements under Clause 4 of Article 13 hereto have been
      satisfied or fulfilled.

5.    Transfer Date: the date on which the Real Estate Exchange Center issues
      the integral property ownership certificate, in the name of Manwide
      Holdings (or any third party designated by it), of the Subject Property
      or, if Manwide Holdings finally exercises its right under this Contract to
      purchase part of Xiangzhang Garden at a consideration of Renminbi seventy
      million, of the part of Xiangzhang Garden it will purchase.

Article 2 Subject Property

1.    Unless otherwise provided in this Contract, the property to be acquired by
      Manwide Holdings from Jiu Sheng Investment under this Contract, which
      comprises the whole building of Xiangzhang Garden and all its pertaining
      interests (hereinafter collectively referred to as the "Subject Property"
      or " Xiangzhang Garden ").

2.    Xiangzhang Garden is located at Nos.219 and 229 Jiang Ning Road, Jing An
      District, Shanghai, the existing Land Use Right Certificate of which is
      Shanghai Real Property Ownership Certificate (Hu Fang Di Jing Zi (2002)
      No. 007070) and the Lot No. of which is hillock 8/1 (2), lane 92, Jiang
      Ning Road, Jing An District. It occupies a piece of state-owned land with
      an area of 5,493.50 sq. meters. Its state-owned land use right was
      obtained by way of transfer.

3.    Xiangzhang Garden has a frame structure, with two (2) floors of basement
      and twenty-four (24) upper floors with a gross floor area of 37,060.43 sq.
      meters (a provisional estimated figure, the final figure shall be the area
      set out in the integral property ownership certificate of Xiangzhang
      Garden to be obtained).

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Article 3 Information Disclosure

1.    In order to prove that Jiu Sheng Investment has the legal and integral
      real estate ownership of the Subject Property, Jiu Sheng Investment has
      provided Manwide Holdings with the government approvals and certificates
      regarding, among other things, land use right, property project and
      procedure of construction works, details of which are set out in an annex
      hereto headed "List of Inspection Documents".

2.    Jiu Sheng Investment has provided Manwide Holdings with a list regarding,
      among other things, the construction of and the equipments ordered for
      Xiangzhang Garden, to facilitate Manwide Holdings to understand the actual
      construction status of the Subject Property, details of which are set out
      in an annex hereto headed "List of Construction Works and Equipments
      Ordered" .

3.    Jiu Sheng Investment declares and warrants that the aforesaid documents it
      provided to Manwide Holdings are true and effective, and are documents
      that have to be noticed by Manwide Holdings when considering and deciding
      all conditions of the transactions under this Contract and constitute the
      basis for Manwide Holdings in doing so. In the event that Manwide Holdings
      suffers any economic loss of any nature as a result of untrue documents or
      corresponding information provided by Jiu Sheng Investment, Jiu Sheng
      Investment shall provide complete and adequate compensation.

Article 4 Restrictive Rights

1.    Jiu Sheng Investment declares that, as of the date of signing of this
      Contract, the Subject Property is not subject to any restrictive right of
      any nature (including, but not limited to, mortgage right, closing order
      and other judicial preservations and presale registration), except for the
      two Mortgage Guarantees stated below:

      (1)   the under-constructed Xiangzhang Garden has been pledged by Jiu
            Sheng Investment as collateral for a loan of Renminbi one hundred
            and seventy million (RMB170 million) from China Construction Bank
            Beijing branch Chaoyang sub-branch to Stellar Megamedia Co., Ltd.;

      (2)   the under constructed Xiangzhang Garden has been pledged by Jiu
            Sheng Investment for its loan of Renminbi one hundred and seventy
            million (RMB170 million) from China Minsheng Bank.

2.    Jiu Sheng Investment declares and warrants that all land premiums due or
      additional land premium under this Contract shall be borne by Jiu Sheng
      Investment.

3.    Jiu Sheng Investment declares and warrants that so far as known to Jiu
      Sheng, as of the date of signing of this Contract, there is no property
      rights dispute, creditors and debtors dispute, claims or right request of
      other nature claimed by any third party against the Subject Property or
      the land use right relating to the Subject Property, including those
      claimed against Jiu Sheng Investment in the future).

4.    Jiu Sheng Investment declares and warrants that the warranty under Clause
      1 to 3 above are true and in full force, and it will compensate completely
      and adequately in the event that Manwide Holdings suffers any economic
      loss of any nature as a result of untrue warranty.

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Article 5 Nature of Land and Transfer Procedure

1.    Jiu Sheng Investment undertakes and warrants that it will procure the
      change of land usage of the Subject Property under this Contract from
      "office" to "commercial/residential" or " land for commercial/ residential
      development", and procure the change of building usage from
      "commercial/office building" to "commercial/residential building" or
      "commercial/residential complex " within one hundred and fifty (150) days
      after the signing of this Contract. In these alterations, it shall be
      confirmed that the podium from the 1st to 4th floors of Xiangzhang Garden
      shall be used for commercial purpose, which the total gross floor area is
      7,836.49 sq. meters (a provisional figure, the final figure shall be the
      area set out in the integral property ownership certificate of Xiangzhang
      Garden to be obtained); the 5th to 24th floors of Xiangzhang Garden shall
      be used for residential purpose and the gross floor area of which shall be
      29,223.54 sq. meters (a provisional figure, the final figure shall be the
      area set out in the integral property ownership certificate of Xiangzhang
      Garden to be obtained). The fulfillment by Jiu Sheng Investment of its
      obligations to change land usage under the foregoing clauses in this
      Article is subject to the receipt of a consent thereto from the Shanghai
      Municipal Planning Commission, and all the expenses required to complete
      the alteration shall be borne by Jiu Sheng Investment. Upon receiving such
      consent, Jiu Sheng Investment shall notify Manwide Holdings in writing
      immediately, and in the event that it fails to receive such consent it
      shall also notify Manwide Holdings in writing no later than the date
      falling on the one hundred and fiftieth (150th) day after the signing of
      this Contract.

2.    Both parties agree that, in the event that Jiu Sheng Investment fails to
      complete the alteration of land usage within the period stipulated in
      Clause 1 of this Article, Manwide Holdings shall be entitled to the
      following options:

            (1)   Manwide Holdings may confirm that it will continue to acquire
                  the whole building of Xiangzhang Garden pursuant to this
                  Contract notwithstanding the failure to complete the
                  alteration of land usage;

            (2)   Manwide Holdings may, at its option, change the terms of the
                  transaction in accordance with Article 13 hereof, to purchase
                  certain units of Xiangzhang Garden at a total consideration of
                  Renminbi seventy million (RMB 70,000,000).

3.    Both parties confirm that Manwide Holdings shall exercise its options
      under Clause 2 herein by giving a notice in writing to Jiu Sheng
      Investment within thirty (30) working days after receiving the written
      notice issued by Jiu Sheng Investment in accordance with Clause 1 above,
      or failing which, it will be deemed that Manwide Holdings agrees to
      continue to purchase the whole building of Xiangzhang Garden pursuant to
      this Contract.

4.    Before the transfer of the Subject Property under this Contract to Manwide
      Holdings (or any third party designated by it), Jiu Sheng Investment shall
      pay up the land premium and complete the land use right transfer
      procedures of the Subject Property in accordance with the payment
      requirement regarding lands for commercial and residential development
      (or, the alteration of land uses fails to complete, lands for office
      purpose) and the relevant state and local laws.

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5.    When Jiu Sheng Investment completing the land use right transfer
      procedures and paying the land premium due or outstanding in accordance
      with terms of this Article above, all the requirements made by any
      government land authority in the land transfer contract (or documents of
      similar nature) shall not restrict the transaction purpose, conditions and
      estimated profit agreed by both parties under this Contract.

Article 6 Status of Construction Works and Title Processing

1.    Jiu Sheng Investment undertakes that the Subject Property hereunder can be
      legally used for the purpose of hotel apartment.

2.    Jiu Sheng Investment undertakes that during the period between the signing
      of this Contract and the Transaction Date, Jiu Sheng Investment shall
      complete all the necessary procedures as required by the national and
      local laws and regulations (including, but not limited to, the
      re-measurement of all the floors and each partitioned unit of the whole
      building of Xiangzhang Garden and approval and certification of the
      results thereof), so as to guarantee that Manwide Holdings will be issued
      an integral property ownership certificate for all the partitioned units
      specified in the annex in respect of all or part of the property of
      Xiangzhang Garden that are purchased under this Contract, and to
      facilitate Manwide Holdings in future resale on unit basis and obtain
      independent ownership certificate for each unit in due course.

3.    Jiu Sheng Investment shall solely bear all the expenses incurred for the
      fulfillment of its obligations under the Clauses 1 and 2 of this Article.
      However, after the signing of this Contract and all of its annexes, where
      Manwide Holdings requires any change to the partition status of unit (s)
      that has been specified in the annex hereto, the additional expenses
      thereof shall be borne by Manwide Holdings.

4.    Where this Contract comes into effect, both Jiu Sheng Investment and
      Manwide Holdings shall pay their respective taxes and charges regarding
      the transaction of Xiangzhang Garden under the national and local
      regulations in Shanghai.

5.    Both Parties confirm that, in the event Manwide Holdings exercise the
      option for selective purchase according to Clause 2 (4) of Article 9
      hereof or changes the transaction according to Article 13 hereof, Manwide
      shall bear the valuation fees, additional stamp duty and transaction
      handling fees and all the related costs (notwithstanding it is prescribed
      being payable by the seller or the purchaser) incurred as a result of a
      valuation of the Subject Property and a reclaim of tax on the basis of an
      accessed value by any party as required by the relevant government
      authorities (including financial and tax authorities and real estate
      transaction regulatory authorities).

Article 7 Presale

1.    Jiu Sheng Investment agrees that, on the condition that Jiu Sheng
      Investment has completed the alteration of land usage of Xiangzhang Garden
      under Article 1(5) hereof (or Manwide Holdings opts to purchase the whole
      building of Xiangzhang Garden under Clauses 2 and 3 of Article 5 hereof
      though Jiu Sheng Investment fails to complete the alteration of land usage
      of Xiangzhang Garden under Clause 1 of Article 5

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      hereof) , Manwide Holdings is entitled to decide at its own discretion to
      launch all or any part of the Subject Property for presale prior to the
      transfer of the Subject Property to Manwide Holding.

2.    Jiu Sheng Investment undertakes and warrants that it will be responsible
      for obtaining the "Commodity Property Presale Permit" of Xiangzhang Garden
      in the name of Jiu Sheng Investment within one hundred and fifty (150)
      days after the signing of this Contract and in the event that Jiu Sheng
      Investment has completed the alteration of land usage of Xiangzhang Garden
      specified in Clause 1 of Article 5 hereof to cause the land usage
      stipulated in the Presale Permit be altered accordingly.

3.    So long as Manwide Holdings is entitled to launch Xiangzhang Garden for
      presale pursuant to this Article, Jiu Sheng Investment shall provide
      Manwide Holdings with full and unconditional cooperation for the presale
      of Xiangzhang Garden and assist Manwide Holdings in completing necessary
      procedures. Details of which are set out in an annex hereto headed
      "Presale Arrangement Agreement".

Article 8 Consideration and Payment

1.    The total purchase price of the Subject Property amounts to Renminbi four
      hundred and fifty million (RMB 450,000,000), representing the whole and
      complete consideration payable by Manwide Holdings to Jiu Sheng Investment
      for obtaining the entire interests under this Contract and all its
      annexes. Unless otherwise provided in this Contract, or otherwise agreed
      in writing by and between both parties in the future, Jiu Sheng Investment
      shall not claim any additional cost of any nature by whatever reason
      against Manwide Holdings.

2.    Upon the signing of this Contract, Manwide Holdings shall pay Renminbi
      fifty million (RMB 50,000,000) to Jiu Sheng Investment and, since the date
      on which this Contract comes into effect, such amount shall serve as the
      deposit payable to Jiu Sheng Investment by Manwide Holdings in connection
      with the sale and purchase of the Subject Property under this Contract and
      shall be converted into a down payment pursuant to this Contract after the
      Transaction Completion Date. If this Contract does not finally take effect
      Jiu Sheng shall return the said Renminbi fifty million (RMB 50,000,000).

3.    Both parties confirm that, subject to Pakli Property, the new foreign
      invested enterprise to be established by Manwide Holdings in Shanghai,
      being legally established, Jiu Sheng Investment shall, in accordance with
      the annex hereto headed "Arrangement on Transfer of Payers of the
      Deposit", assist and cooperate with Manwide Holdings and Pakli Property to
      change the payer of the aforementioned deposit from Manwide Holdings to
      Pakli Property within ten (10) banking days after the authorized
      representative of Pakli Property signs and seals this Contract and all its
      annexes in accordance with Clause 10 of Article 21hereof.

4.    Manwide Holdings shall pay to Jiu Sheng Investment an amount of RMB
      20,000,000 (Renminbi twenty million ) within three (3) banking days after
      the Transfer Date under this Contract.

5.    The amount paid under Clause 2 above shall convert automatically into a
      down payment payable by Manwide Holdings for purchasing the Subject
      Property upon the signing of the standard "Shanghai

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      Commodity Property Sale Contract" in the unified form used in Shanghai on
      the Transaction Date.

6.    Both parties confirm that, except for the payment made under Article 2 and
      4 above, the balance of the total consideration specified in Article 1
      above amounting to Renminbi three hundred and eighty million
      (RMB380,000,000) shall be paid out of commercial loans extended to Manwide
      Holdings by a domestic bank secured by the Subject Property. Jiu Sheng
      Investment undertakes that, prior to transfer, it will ensure , on or
      after the transfer of the Subject Property, a bank commercial loan of not
      less than Renminbi three hundred and eighty million (RMB380,000,000) in
      total be obtained by Manwide Holdings, which is repayable in no less than
      three (3) years and bears interests at a rate no higher than 110% of the
      comparable benchmark interest rate prevailing on the date when the loan is
      extended.

7.    Both parties confirm that, subject to the signing of this Contract,
      without the prior written consent of Manwide Holdings, Jiu Sheng
      Investment shall not sign, with the Subject Property as collateral,
      contracts of any nature (especially borrowing contracts) with any entity
      (including, but not limited to, banks, financial institutions and other
      parties not being a natural person) or natural person, otherwise, Manwide
      Holdings is entitled to unilaterally terminate this Contract (in which
      case, this Contract shall lapse automatically since the date on which
      Manwide Holdings issues the notice to terminate this Contract), and to
      demand Jiu Sheng Investment to repay all paid-up amount within seven (7)
      days from the termination of this Contract, together with interest accrued
      at the prevailing bank interest rate of the bank loans for a same term
      from the actual payment date to the actual repayment date.

Article 9 Delivery of Subject Property

1.    Jiu Sheng Investment undertakes that it will complete the construction
      works of Xiangzhang Garden in line with the designed standards currently
      confirmed by both parties and make it ready for trial operation within one
      hundred and eighty (180) days after the signing of this Contract. Jiu
      Sheng Investment shall complete the completion testing work of Xiangzhang
      Garden within ninety (90) days after the completion of Xiangzhang Garden,
      and obtain the integral property ownership certificate for the Subject
      Property within ninety (90) days after the completion testing work of
      Xiangzhang Garden. Both parties confirm that the construction period of
      Xiangzhang Garden may be extended in the event that Manwide Holdings
      proposed additional requests for modification not included in this
      Contract and its annexes.

2.    Jiu Sheng Investment undertakes and guarantees that, if it fails to have
      Xiangzhang Garden completed and ready for trial-operation in line with the
      designed standards confirmed by both parties upon signing of this Contract
      within one hundred and eighty (180) days as stipulated in Clause 1 of this
      Article, Manwide Holdings shall be entitled to opt and exercise one of the
      following rights at its discretion:

      (1)   immediately terminate this Contract at its discretion by giving a
            written notice to Jiu Sheng Investment, and require Jiu Sheng
            Investment to repay the full amount of the money paid by Manwide
            Holdings under this Contract, together with interests (from the
            payment date to the repayment date based on the prevailing bank
            lending rate), within seven (7) days upon receiving the notice.

      (2)   extend the term of one hundred and eighty (180) days mentioned above
            by giving a written notice to Jiu

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            Sheng Investment, and the details of the extension shall be
            specified by Manwide Holdings at its discretion in due course,
            provided that during the extension, Jiu Sheng Investment shall pay
            to Manwide Holdings a default penalty of Renminbi two hundred
            thousand (RMB200,000) per day up to the date of delivery or
            expiration of the extension, and Manwide Holdings is entitled to
            deduct directly the aforesaid default penalty payable by Jiu Sheng
            Investment from the consideration of the transaction payable to Jiu
            Sheng Investment under this Contract. If Manwide Holdings finally
            exercises its right hereunder to purchase part of Xiangzhang Garden
            at a total consideration of Renminbi seventy million (RMB70
            million), Jiu Sheng Investment shall pay the accrued default penalty
            to Manwide Holdings on the Transaction Date. If Jiu Sheng Investment
            fails to have Xiangzhang Garden completed and ready for
            trial-operation in line with the designed standards currently
            confirmed by both parties within the extended period, Manwide
            Holdings shall be entitled to continue to exercise each of the
            options under Clause 2 of this Article 9 (including this
            sub-paragraph (2));

      (3)   take over the construction project of Xiangzhang Garden immediately
            after giving a written notice to Jiu Sheng Investment. Jiu Sheng
            Investment shall ensure all the project take-over works to be
            completed within fifteen (15) days upon receiving the written notice
            from Manwide Holdings, and provide all the necessary cooperation
            (including presentation of all the necessary written document(s) to
            external parties or going through all the necessary project
            procedures in the name of Jiu Sheng Investment) unconditionally to
            Manwide Holdings upon the take-over by Manwide Holdings after the
            take-over of Xiangzhang Garden. Jiu Sheng Investment is still liable
            to pay to external parties the construction cost, but the payment
            shall be controlled directly by Manwide Holdings. If Manwide
            Holdings believes the project will be delayed due to Jiu Sheng
            Investment's inability to make the construction payment, Manwide
            Holdings is entitled to pay the relevant project payment at its
            discretion instead. (Manwide Holdings shall be entitled to deduct
            directly the construction cost paid by it from the transaction
            consideration payable to Jiu Sheng Investment under this Contract);

      (4)   by giving a written notice to Jiu Sheng Investment, opt to change
            the transaction subject hereunder, that is, Manwide Holdings is
            entitled not to buy the whole building of Xiangzhang Garden, but opt
            to purchase certain floors representing 51% of the total gross floor
            area of Xiangzhang Garden building at a consideration of Renminbi
            seventy million (RMB70 million) (the specific floors shall be stated
            and determined by Manwide Holdings at its discretion, and the data
            on the gross floor area of Xiangzhang Garden and the floor area of
            each floor necessary in determining the 51% purchase ratio referred
            herein shall be subject to the related gross area specified in the
            annex hereto headed "Area Schedule of Xiangzhang Garden",
            notwithstanding any difference between the data and those specified
            in the preliminary documentation of Xiangzhang Garden or those
            specified in the finalized gross area as per the survey carried
            out). If a case entitling Manwide Holdings to opt to execute this
            item (4) turns out in future, related provisions hereunder (other
            than provisions on specific floors purchased) on alteration of the
            transaction shall apply automatically.

      (5)   agree that Jiu Sheng Investment continues to complete the
            construction of Xiangzhang Garden by giving a written notice to Jiu
            Sheng Investment, till the project is completed and ready for
            trial-operation in line with the designed standards currently
            confirmed by both parties, provided that Jiu Sheng Investment shall
            pay an accrued default penalty of Renminbi twenty thousand
            (RMB200,000)

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            per day to Manwide Holdings up to the date on which Xiangzhang
            Garden is completed and ready for trial-operation in line with the
            designed standards currently confirmed by both parties. Manwide
            Holdings is entitled to deduct directly the aforesaid default
            penalty payable by Jiu Sheng Investment from the consideration of
            the transaction payable to Jiu Sheng Investment under this Contract.
            If Manwide Holdings finally exercises its right hereunder to
            purchase part of Xiangzhang Garden at an aggregate consideration of
            Renminbi seventy million (RMB70 million), Jiu Sheng Investment shall
            pay the accrued default penalty to Manwide Holdings on the
            Transaction Date.

3.    The specific Delivery Date of the Subject Property (or parts of Xiangzhang
      Garden), which is ready for trial-operation, shall be otherwise negotiated
      by both parties, provided that Jiu Sheng Investment shall deliver the
      Subject Property (or parts of Xiangzhang Garden) to Manwide Holdings no
      later than fifteen (15) days after Xiangzhang Garden is completed and
      ready for trial-operation in line with the designed standards confirmed by
      both parties when signing of this Contract.

4.    Both parties confirm that, after the completion approval, the construction
      conditions of the Subject Property shall comply with the following
      agreements reached by both parties:

      (1)   the layout plan and partition status of each floor (including the
            two basement levels) shall be in line with the illustration shown in
            the annex hereto headed "Layout Plan of Each Floor";

      (2)   installment works shall be in line with provisions in the annex
            hereto headed "Delivery Standard of Installment Works";

      (3)   exquisite decoration (including all the outdoor decoration) shall be
            in line with provisions in the annex hereto headed "Delivery
            Standard of Exquisite Decoration";

      (4)   The decoration equipment conditions of each unit in the building
            shall be in line with those of the sample house and related public
            area, and the relevant agreements on the sample house and related
            public area are set out in the annex hereto headed "Options in
            Sample House and Decoration Equipment Arrangement";

      (5)   All the furniture appliances of each unit in the building shall be
            in line with provisions in the annex hereto headed "Furniture
            Appliance Equipment Standard".

5.    When the Subject Property (or part of Xiangzhang Garden) is delivered,
      both parties shall sign a delivery confirmation on the Delivery Date, and
      the signature thereon shall be taken as a mark of the delivery of the
      Subject Property (or part of Xiangzhang Garden). Jiu Sheng Investment
      shall deliver the related documents on the Delivery Date to Manwide
      Holdings, which shall include the whole completion layout of Xiangzhang
      Garden and the related agreements on the maintenance of equipment and
      establishment of Xiangzhang Garden. Details of the documents to be
      delivered are set out in the annex hereto headed "List of Project Handover
      Documents".

6.    The risk liability of the Subject Property (or part of Xiangzhang Garden)
      delivered by Jiu Sheng

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      Investment shall be transferred to Manwide Holdings (or a third party
      designated by Manwide Holdings) on the date of the transfer. The risk
      liability under this clause refers to the destruction or damage of the
      Subject Property due to force majeure or accidents out of the control of
      any party hereto.

Article 10  Insurance

1.    Jiu Sheng Investment undertakes that it has purchased necessary project
      insurance for the Subject Property, and maintained the insurance coverage
      throughout the construction period, till the Subject Property (or part of
      Xiangzhang Garden) is delivered to Manwide Holdings.

2.    Both parties confirm that all the insurance premiums are borne by Jiu
      Sheng Investment before the Subject Property is delivered to Manwide
      Holdings.

3.    Upon signing of this Contract, any insurance indemnity in respect of the
      Subject Property shall be deposited in a bank account jointly controlled
      by both parties, and shall be applied only for agreed purposes. Jiu Sheng
      Investment shall not utilize the amount.

Article 11 Transaction Completion Date

1.    The property transaction is conditional upon the satisfaction of all the
      following precedent conditions, unless Manwide Holdings indicates in
      writing to waiver one or more of the following precedent conditions:

            (1)   Jiu Sheng Investment has been granted the real estate
                  ownership certificate of Xiangzhang Garden (integral property
                  ownership certificate), which shall specify that the title to
                  the land is obtained by way of assignment or transfer, the
                  authorized land usage is "commercial/residential" or "land for
                  commercial/residential development", the building usage is
                  "commercial/residential building" or "commercial/residential
                  complex", and state that the podium from the 1st to 4th floors
                  shall be used for commerce purpose and the gross floor area of
                  which is 7,836.49 sq. meters (a provisional estimated figure,
                  the final figure shall be the area set out in the property
                  ownership certificate); the 5th to 24th floors shall be used
                  for residential purpose and the gross floor area of which is
                  29,223.54 sq. meters (a provisional estimated figure, the
                  final figure shall be the area set out in the property
                  ownership certificate). In addition, the number and area of
                  each unit at each floor set out in the schedule shall be in
                  line with the annex hereto headed "Site Plan for Each Floor of
                  Xiangzhang Garden", so that Manwide Holdings can obtain a
                  separate real estate certificate for each of the units for
                  future sale;

            (2)   Jiu Sheng Investment has altered the nature of the land of
                  Xiangzhang Garden from "office" to "commercial/residential" or
                  "land for commercial/residential development", and has paid up
                  the land premium of Xiangzhang Garden in accordance with the
                  paying standard of lands for commercial and residential
                  development and has obtained the receipts thereof from land
                  authorities;

<PAGE>

            (3)   Jiu Sheng Investment has submitted to Manwide Holdings a
                  guarantee issued by a third party to the satisfaction of
                  Manwide Holdings, together with relevant documents to the
                  satisfaction of Manwide Holdings and sufficient to evidence
                  the guarantee ability of the third party, which warrants that
                  the property rights of Xiangzhang Garden are not subject to
                  any third party right of any nature and, in the event that
                  Manwide Holdings suffers any loss arising from any breach of
                  the guarantee, the third party shall severally and jointly
                  with Jiu Sheng Investment compensate Manwide Holdings.

            (4)   Jiu Sheng Investment and Manwide Holdings have signed the
                  confirmation letter on the completion of the installation,
                  exquisite decoration, furnishing and logo design of Xiangzhang
                  Garden (logo design shall be completed by Manwide Holdings
                  with the assistance of Jiu Sheng Investment);

            (5)   All maintenance arrangements for Xiangzhang Garden have been
                  completed in accordance with this Contract.

            (6)   Jiu Sheng Investment has procured that Manwide Holdings would
                  be granted the commercial loan with terms specified in Clause
                  6 of Article 8 hereof on or after the transfer of Subject
                  Property, and has provided evidence thereto as authorized by
                  Manwide Holdings.

2.    Both parties confirm that all precedent conditions under Clause 1 of
      Article 11 above shall be satisfied by 1st June 2005, unless otherwise
      provided in this Contract.

3.    In the event that all precedent conditions to the completion of the
      transaction set out in this Article are duly satisfied, both parties shall
      sign a standard "Shanghai Commodity Property Sale Contract" in the unified
      form used in Shanghai for the purpose of altering the ownership
      registration of the property within ten (10) working days after the
      Transaction Completion Date and complete the property transfer procedures.

Article 12 Optional Terms

1.    In the event that any one of the precedent conditions to the completion of
      the transaction has not been satisfied by the end of the period specified
      under Clause 2 of Article 11 hereof, Manwide Holdings shall grant Jiu
      Sheng Investment an extension period (no less than sixty (60) days,
      subject to a further notice) to satisfy all the precedent conditions under
      Clause 1 of Article 11 hereof.

2.    In the event that Jiu Sheng Investment fails to satisfy all the precedent
      conditions to the completion of the transaction by the end of the
      extension period granted by Manwide Holdings under Clause 1 above, Manwide
      Holdings shall be entitled to terminate this Contract at its discretion by
      giving a written notice to Jiu Sheng Investment and Jiu Sheng Investment
      shall repay all amount paid by Manwide Holdings under this Contract within
      seven (7) days after receiving the notice, together with interests accrued
      at the prevailing bank interest rate of bank loans for a same term from
      the actual payment date to the actual repayment

<PAGE>

Article 13 Alteration to Terms of the Transaction

1.    In the event that Manwide Holdings opts to alter the terms of the
      transaction under Article 10 hereof, Jiu Sheng Investment is obliged to
      execute the transaction in accordance with the following clauses.

2.    Manwide Holdings does not purchase from Jiu Sheng Investment the whole
      building of Xiangzhang Garden, but purchases part of Xiangzhang Garden as
      set out in the annex hereto headed "Subject Property after Alteration".

3.    The total consideration at which Manwide Holdings purchases the property
      specified in Clause 2 of this Article is Renminbi seventy million
      (RMB70,000000), and constitutes the complete and adequate consideration
      for obtaining all the real estates and pertaining interests thereof.

4.    Both parties confirm that the part of Xiangzhang Garden to be purchased by
      Manwide Holdings under this Article shall meet the following fundamental
      requirements:

            (1)   Jiu Sheng Investment has been granted the real estate
                  ownership certificate of Xiangzhang Garden (integral property
                  ownership certificate), and the number, partition status and
                  unit area of each unit at each floor to be purchased by
                  Manwide Holdings as set out in the schedule of the integral
                  property ownership certificate shall be in line with the annex
                  hereto headed "Site Plan for Each Floor of Xiangzhang Garden",
                  so that Manwide Holdings can obtain a separate real estate
                  certificate for each of the units for future sale;

            (2)   In order to ensure that the title to the land shown in the
                  real estate ownership certificates of the part of Xiangzhang
                  Garden to be purchased by Manwide Holdings is "obtained by way
                  of assign", Jiu Sheng Investment has paid up the land premiums
                  for the part of Xiangzhang Garden to be purchased by Manwide
                  Holdings in accordance with the state and local regulations
                  and has obtained the receipts from land authorities;

            (3)   Jiu Sheng Investment has withdrawn all the mortgage rights set
                  out in Clause 1 of Article 4 hereof and the Subject Property
                  is not subject to any other mortgage rights or restrictive
                  rights (including, but not limited to, mortgage right,
                  attachment and other judicial preservations and presale
                  registration);

            (4)   Jiu Sheng Investment has submitted to Manwide Holdings a
                  guarantee issued by a third party to the satisfaction of
                  Manwide Holdings, together with relevant documents to the
                  satisfaction of Manwide Holdings and sufficient to evidence
                  the guarantee ability of the third party, which warrants that
                  the property rights of Xiangzhang Garden are not subject to
                  any third party right of any nature and, in the event that
                  Manwide Holdings suffers any loss arising from any breach of
                  the guarantee, the third party shall compensate Manwide
                  Holdings severally and jointly with Jiu Sheng Investment;

            (5)   Both parties sign the confirmation letter on the completion of
                  the installation, exquisite decoration,

<PAGE>

                  furnishing and logo design of the part of Xiangzhang Garden to
                  be purchased by Manwide Holdings (logo design shall be
                  completed by Manwide Holdings with the assistance of Jiu Sheng
                  Investment);

            (6)   All maintenance arrangements for the part of Xiangzhang Garden
                  to be purchased by Manwide Holdings have been completed in
                  accordance with Article 15 hereof.

5.    Jiu Sheng Investment shall procure the satisfaction of all the six
      fundamental requirements under Clause 4 of this Article within thirty (30)
      days after receiving the notice sent by Manwide Holdings under Clause 2 of
      Article 12 hereof on altering the implementation of the transaction under
      this Article, otherwise Jiu Sheng Investment shall be liable for the
      payment of a default penalty for late delivery based on 0.05% of Renminbi
      fifty million per day to Manwide Holdings till all the fundamental
      requirements above are satisfied.

6.    Jiu Sheng Investment shall sign a standard "Shanghai Commodity Property
      Sale Contract" in the unified form used in Shanghai for the purpose of
      altering the registration ownership of the property and go through the
      real estate transfer procedures within ten (10) working days after
      receiving the notice (if any fundamental requirement under Clause 4 of
      this Article has not been satisfied, it shall be extended to the date on
      which all the fundamental requirements have been satisfied) sent by
      Manwide Holdings under Clause 2 of Article 12 hereof on altering the
      implementation of the transaction under this Article.

7.    When signing a standard "Shanghai Commodity Property Sale Contract" in the
      unified form used in Shanghai under Clause 6 of this Article, both parties
      shall sign a confirmation letter on pertaining interests of Xiangzhang
      Garden, which shall specify the principles as follows:

      (1)   Manwide Holdings is entitled to obtain pertaining interests of
            Xiangzhang Garden together with the entitlement to operating income
            therefrom under item (2) of this Clause after the completion of the
            alteration of the transaction under this Article;

      (2)   Pertaining interests of Xiangzhang Garden under item (1) include:

            (a)   The permanent entitlement to the usage, operation and
                  participation (including, but not limited to, the rights of
                  emplacing and gaining operating income, etc. from signs,
                  billboards, light-boxes or other kind of advertisement
                  carriers) of the whole covering of Xiangzhang Garden
                  (including the covering of the podium and the tower);

            (b)   The permanent entitlement to the usage, operation and
                  participation (including, but not limited to, the rights of
                  emplacing and gaining operating income, etc. from signs,
                  billboards, light-boxes or other kind of advertisement
                  carriers) of the whole external facade of the podium of
                  Xiangzhang Garden;

            (c)   The permanent entitlement to the usage, operation and
                  participation (including, but not limited to, the rights of
                  emplacing and gaining operating income, etc. of signs,
                  billboards, light-boxes or other

<PAGE>

                  kind of advertisement carriers, and of open parking space) of
                  the whole outdoor space of Xiangzhang Garden (from the outdoor
                  edge of the building to the curbside) and the external facade
                  of other buildings, structures or facilities and equipment
                  (include all facade and topside area) erecting thereon;

            (d)   The rights to name and rename the whole building of Xiangzhang
                  Garden (include the podium and the tower);

            (e)   If Jiu Sheng Investment sells the remaining properties to
                  others in future, it shall also ensure the transferees (except
                  for self-occupied transferees), to entrust Manwide Holdings
                  (or a third party designated by Manwide Holdings) for
                  operating management.

      (3)   Jiu Sheng Investment shall warrant that it shall not cause any
            damage or dispute on the pertaining rights of Manwide Holdings when
            it sells the remaining parts of Xiangzhang Garden in future.
            Meanwhile, when Jiu Sheng Investment sells the remaining parts, it
            shall obtain the undertakings or similar written agreements on
            waiver of any right claims for the pertaining interests of
            Xiangzhang Garden (the content of such undertakings or written
            agreements shall be approved by Manwide Holdings, and the authentic
            signed copies of which shall also be filed with Manwide Holdings).

8.    Jiu Sheng Investment agrees that upon signing of this Contract, it shall
      be responsible for ensuring the annex hereto headed "Letter of
      Undertakings and Warranties" to be signed by the corresponding principals
      of each party as required by Manwide Holdings, and then to take effect.

9.    Both parties confirm that wordings which have not been illustrated in
      particular hereof shall have the same meaning as in other Articles in this
      Contract; where there is any discrepancy between any provision in this
      Article 13 and those in other Articles hereof, this Article shall prevail
      for the interpretation or execution. Anything not covered in this Article
      shall be executed according to other related provisions hereof.

Article 14 Property Management

1.    Jiu Sheng Investment undertakes that, no matter Manwide Holdings purchases
      either the whole building of Xiangzhang Garden or part of which under this
      Contract, the property management right of the whole building of
      Xiangzhang Garden shall be vested in Manwide Holdings or other companies
      (affiliates or business partners of Manwide Holdings) otherwise specified
      by Manwide Holdings. Both parties shall sign the annex hereto headed
      "Xiangzhang Garden Property Management Right Entrust Agreement" before the
      Delivery Date hereunder, and Manwide Holdings or the other company
      designated by it shall be entitled to obtain all the property management
      right of Xiangzhang Garden in future thereunder.

2.    Both parties confirm that, since the Delivery Date hereunder, Manwide
      Holdings shall be immediately entitled to take over the property
      management function of Xiangzhang Garden, and to deal with all the issues
      relating to the property management of the building (including promotion
      and advertisement, soliciting tenancy, preparing and signing tenancy
      agreements, exercising the rights under lease, etc.) at its discretion,
      and to sign related agreements with and present necessary explanations to
      the public.

<PAGE>

3.    Both parties confirm that, if Manwide Holdings or another company
      designated by Manwide Holdings is unable to exercise the property
      management right hereunder for the time being due to a lack of
      qualification in property management, Jiu Sheng Investment shall give
      sufficient assistance to Manwide Holdings to ensure Manwide Holdings to
      exercise the property management right hereunder.

Article 15 Maintenance Arrangement

1.    Jiu Sheng Investment undertakes that, it will ensure Manwide Holdings to
      enjoy all the related maintenance service after the delivery of the
      Subject Property or part of Xiangzhang Garden. Such maintenance services
      include the maintenance obligations specified in the construction
      contracts between Jiu Sheng Investment and all the construction
      contractors involved in the construction of Xiangzhang Garden, and those
      not contracted but stipulated to be undertaken by the construction
      contractors under the national and local laws and regulations in respect
      of the quality assurance maintenance of a building construction project.

2.    To fulfill the undertakings mentioned in Clause 1 of this Article, Jiu
      Sheng Investment agrees that, within thirty (30) days after finishing the
      completion testing work of Xiangzhang Garden, it will procure each of the
      original construction contractors who assume respective obligations for
      the quality assurance maintenance of Xiangzhang Garden to sign a
      maintenance agreement with Manwide Holdings, so that Manwide Holdings can
      enjoy the maintenance rights under each of the construction contracts; or
      Jiu Sheng Investment shall present a letter of attorney or right transfer
      letter in respect of maintenance issues to ensure Manwide Holdings is
      entitled to claim the interests of maintenance or necessary assistances
      from relevant construction contractors. If, under the relevant national
      laws or project construction contracts, Jiu Sheng Investment is entitled
      to detain the maintenance fund that has not been advanced to the
      construction contractors, Jiu Sheng Investment shall pass such maintenance
      fund to Manwide Holdings.

Article 16 Mutual Assistance Obligation

1.    Jiu Sheng Investment and Manwide Holdings shall, on honest fiduciary
      basis, assist each other, if necessary, in performing its obligations
      hereunder and assist the other party in exercising its rights hereunder.

2.    Within three (3) days after signing of this Contract, Jiu Sheng Investment
      shall arrange necessary office premises for the project team appointed by
      Manwide Holdings at the construction site, so that the team representing
      Manwide Holdings can supervise all the remaining construction works till
      its completion.

3.    Both parties confirm that, after signing of this Contract, any
      construction contract regarding the construction of the Subject Property
      or such documents as equipment and material purchase contracts with third
      parties shall be reviewed and approved by the project team representing
      Manwide Holdings prior to the signing of which. After signing of this
      Contract, Jiu Sheng Investment shall seek approval by signature from the
      members representing Manwide Holdings before making construction payments
      by phases if the members representing Manwide Holdings so required.

<PAGE>

4.    To ensure a smooth progress of Xiangzhang Garden, either party shall not
      disclose the dealings under this Contract to the construction contractors
      or any third party before finishing the completion testing of the Subject
      Property.

5.    Both parties shall cooperate to report the consideration to, and deal with
      the transfer procedures with, the real estate transaction authorities.

6.    Both parties shall assist each other when Manwide Holdings takes over the
      property management function of Xiangzhang Garden, and Jiu Sheng
      Investment shall provide all the necessary assistances to ensure a smooth
      transfer of the property management right.

Article 17 Statement and Guarantee

1.    Jiu Sheng Investment makes the following irrevocable statements and
      guarantees to Manwide Holdings:

      (1)   Jiu Sheng Investment warrants that, Manwide Holdings may legally
            transfer or lease out the Subject Property (or part of Xiangzhang
            Garden) subject to relevant legal approval procedures;

      (2)   Jiu Sheng Investment shall ensure that no liability or right of any
            nature concerning the Subject Property will be created in favor of
            the construction contractors due to their construction works. In
            case of any economic loss of any nature suffered by Manwide Holdings
            as a result of any dispute between Jiu Sheng Investment and the
            construction contractors, Jiu Sheng Investment shall assume the
            liability arising from breaching this Contract and shall provide
            complete and adequate compensation;

      (3)   Jiu Sheng Investment is a company duly registered under the laws of
            People's Republic of China with limited liability in its legal
            existence, with the qualification of an independent legal person, a
            complete and independent legal status and legal capacity to sign and
            perform this Contract. Jiu Sheng Investment can also be taken as an
            independent party of legal proceedings;

      (4)   Before and upon signing of this Contact, there is no legal
            proceedings against Jiu Sheng Investment threatening or pending
            which may affect the fulfillment of obligations by Jiu Sheng
            Investment hereunder;

      (5)   The execution and the implementation of this Contract constitute no
            violation of any law, regulation and policy of the People's Republic
            of China;

      (6)   The execution and implementation of this Contract by Jiu Sheng
            Investment constitute no violation of any provision of its Articles
            of association, nor any stipulation in contracts or agreements
            signed with third parties; and

      (7)   The undertakings and guarantees made by Jiu Sheng Investment
            hereunder are true, accurate and complete, without any withheld or
            misleading information. Jiu Sheng Investment guarantees to
            compensate all the losses suffered by Manwide Holdings due to
            untruth, inaccuracy or incompletion of

<PAGE>

            the undertakings or guarantees made by it.

2.    Manwide Holdings makes the following irrevocable statements and guarantees
      to Jiu Sheng Investment:

      (1)   Manwide Holdings is a company duly registered under the laws of
            British Virgin Island with limited liability in its legal existence,
            with the qualification of an independent legal person, a complete
            and independent legal status and legal capacity to sign and perform
            this Contract. Manwide Holdings can be taken as an independent
            principal of legal proceedings;

      (2)   Upon the establishment of Pakli Property in future, Pakli Property
            will immediately become a company duly registered under the laws of
            People's Republic of China with limited liability in its legal
            existence, with the qualification of an independent legal person, a
            complete and independent legal status and legal capacity to sign and
            perform this Contract. Pakli Property can be taken as an independent
            principal of legal proceedings;

      (3)   The execution and the implementation of this Contract constitute no
            violation of any laws of British Virgin Island or the People's
            Republic of China;

      (4)   The execution and implementation of this Contract by Manwide
            Holdings constitute no violation of any provision of its Articles of
            association, nor any stipulation in contracts or agreements signed
            with third parties;

      (5)   The undertakings and guarantees made by Manwide Holdings hereunder
            are true, accurate and complete, without any withheld or misleading
            information. Manwide Holdings guarantees to compensate all the
            losses suffered by Jiu Sheng Investment due to the untruth,
            inaccuracy or incompletion of the undertakings or guarantees made by
            it; and

      (6)   Manwide Holdings shall be liable to pay each installment hereunder
            as scheduled and assist Jiu Sheng Investment in going through the
            procedures for the transfer of the real estate ownership of the
            Subject Property.

3.    Jiu Sheng Investment agrees that, upon signing of this Contract, it will
      immediately provide a copy of "Third Party Guarantee" to Manwide Holdings,
      whose content and guarantor shall be certified and confirmed by Manwide
      Holdings (If Manwide Holdings disagrees, Jiu Sheng Investment shall amend
      or alter it to the satisfaction of Manwide Holdings). The "Third Party
      Guarantee" shall be enclosed as an annex to this Contract and shall
      specify that the guarantor shall undertake the following responsibilities:

            (1)   To ensure Jiu Sheng Investment will satisfy the condition
                  precedents to the completion of the transaction under Clause 1
                  (4) of Article 11 hereof and undertake corresponding related
                  liability;

            (2)   To ensure Jiu Sheng Investment will satisfy the essential
                  requirements under Clause 4 (4) of Article 13 hereof and
                  assume corresponding related liability if Manwide Holdings
                  opts to execute the altered transaction under Article 13
                  hereof according to related stipulations hereof;

<PAGE>

            (3)   To assume the related liability for repayment jointly with Jiu
                  Sheng Investment in respect of the corresponding repayment
                  obligation of Jiu Sheng Investment when Manwide Holdings
                  withdraw this Contract at its discretion under the relevant
                  stipulations hereof; and

            (4)   To assume the related liability for compensation jointly with
                  Jiu Sheng Investment in respect of the payment of default
                  penalty for late delivery if Jiu Sheng Investment pays to
                  Manwide Holdings the accrued default penalty for late delivery
                  under relevant stipulations in Clause 2 of Article 9 hereof.

Article 18 Liability for Breach

1.    The Contract shall have legal binding effect on both parties upon signing,
      and each party shall strictly fulfill obligations hereunder and those
      under the annexes respectively, and assume its corresponding liabilities
      for breach.

2.    Both parties confirm that, upon signing of this Contract, Jiu Sheng
      Investment shall not sell all or any part of Xiangzhang Garden to any
      third party in any way, otherwise it will be taken as essential default.
      In such case, Manwide Holding shall be entitled to demand immediate double
      repayment of the performance bond from Jiu Sheng Investment.

Article 19 Project Cooperation Team

1.    For the purpose of a smooth performance of this Contract, including, but
      not limited to, such works as decoration and equipment deployment, both
      parties shall form a project team (members of which are set out in the
      annex hereto headed "List of Members of Project Team") within three (3)
      days after signing of this Contract to facilitate the completion of
      transactions hereunder.

2.    All the agreements or documents signed by a project term member appointed
      by both parties during the course of transactions contemplated under this
      Contract shall constitute automatically acts of the party he/she
      represents, and no common seal of the party he/she represents is needed.

Article 20 Dispute Settlement

The Contract is governed by laws and regulations of the People's Republic of
China. Parties hereto shall settle any dispute arising from, relating to or in
connection with this Contract through negotiation, and any dispute that cannot
be settled through negotiation shall be referred to the competent people's court
in Shanghai.

Article 21 Miscellaneous

1.    Both parties of this Contract are obliged to keep the confidentiality of
      the contents of this Contract and the signing thereof, and each of them
      shall also keep the confidentiality of all business information of the
      other party that come into its knowledge when implementing this Contract,
      failing which, it shall bear the legal consequences accordingly.

<PAGE>

2.    The captions and headings in this Contract are inserted for reference
      only, and shall in no case be used for or affect the interpretation of
      this Contract.

3.    Each party to this Contract enter into this Contract for lawful purposes.
      Articles in this Contract are severable and independent from one other
      (except for Articles, which are not independent from other Articles in the
      context of its content or original intention). If one or more Article(s)
      of this Contract become(s) invalid, illegal or unenforceable at any time,
      the validity, legality and enforceability of the remaining Articles shall
      in no way be effected, and both parties shall make every effort to
      conclude new Articles in lieu of the invalid, illegal or unenforceable
      Articles so as to achieve the business purposes in line with the original
      Articles to a substantial extent.

4.    Nothing in this Contract shall be construed to create or evidence an
      agency, partnership or any other joint venture relationship between the
      parties hereto. In the event of a conflict between the terms of this
      Contract and any provision of other written agreements, the terms of this
      Contract shall prevail.

5.    Notice: Any notice, petition, request and other communication required by
      or made pursuant to this Contract shall be in writing and be served in
      following manners:

   To Jiu Sheng Investment:

      Send to:

      Address:    Room 4F418, 1250 Xinza Road, Jing An District, Shanghai

      ZIP Code:   200042

      Fax:        0086 - 21 - 52130641 or 0086 - 21 - 62565927

      Or send to:

      Address:    Unit A, 16th Floor, China Merchants Building, 118 Jianguo
                  Road, Beijing

      ZIP Code:   100022

      Fax:        0086 - 10 - 65674195

   To Manwide Holdings:

      Send to:

      Address:    8/F Paul Y Centre, 51 Hung To Road, Kwun Tong, Kowloon,
                  Hong Kong

      Fax:        00852-25420298

      Such notice or other communication shall be deemed to be duly served
      immediately upon sending by fax, or at the time of delivery if delivered
      by hand, or five (5) days after deposited in the mailbox if sent by post.

6.    Any party not requesting the other party to perform its duty under this
      Contract shall not affect its right to do so thereafter, and any party not
      pursuing the other party's liability for violating any Article of this
      Contract shall not be deemed as a waiver of the Article. Any renunciation
      of any right shall be made in writing.

<PAGE>

7.    Annexes hereto comprise the following documents, which are integral parts
      of, and have the same legal effect as, this Contract:

            (1)   List of Inspection Documents

            (2)   List of Construction Works and Equipments Ordered

            (3)   Presale Arrangement Agreement

            (4)   Arrangement on Transfer of Payers of Performance Bond

            (5)   Area Schedule of Xiangzhang Garden

            (6)   Layout Plan of Each Floor

            (7)   Delivery Standard of Installment Works

            (8)   Delivery Standard of Exquisite Decoration

            (9)   Options in Sample House and Decoration Equipment Arrangement

            (10)  Furniture Appliance Equipment Standard

            (11)  List of Project Handover Documents

            (12)  Subject Property after Alteration

            (13)  Letter of Undertakings and Warranties

            (14)  Xiangzhang Garden Property Management Right Entrust Agreement

            (15)  Third party Guarantee

            (16)  List of Members of Project Team

8.    Although all the annexes hereto are integral parts of this Contract, each
      annex and its provisions (except for Articles that are not independent
      from others in the context of its content or original intention) shall be
      deemed to be independent from the text of this Contract and annexes
      thereto. After the completion of the real estate transaction contemplated
      under this Contract, parties thereto shall strictly implement its
      undertakings and obligations under this Contract and its annexes, till all
      rights and obligations hereunder are exercised or performed. Neither party
      thereto shall declare unilaterally that the text of this Contract or any
      annex thereto has lost its legal validity.

9.    Subject to the satisfaction of the following conditions, this Contract
      shall come into effect once signed by Manwide Holdings and Jiu Sheng
      Investment:

      (1)   Manwide Holdings and Jiu Sheng Investment have completed the
            appropriate internal approving (including approval at the general
            meeting and the board) procedures in relation to the real estate
            transaction contemplated under this Contract and the signing of this
            Contract;

      (2)   The stock exchange in Hong Kong and other regulatory bodies have
            authorized China Strategic Holdings Limited ("China Strategic
            Holdings"), the ultimate holding company of Manwide Holdings, to
            issue announcement and circular in respect of issues relating to
            this Contract.

      (3)   Transactions contemplated under this Contract have been approved by
            resolution at the general meeting of China Strategic Holdings;

      (4)   All annexes hereto set out in Clause 7 of this Article have been
            signed;

<PAGE>

      (5)   Jiu Sheng Investment has submitted to Manwide Holdings the originals
            of the following four documents:

                  (a)   a document sufficient to prove that Jiu Sheng Investment
                        has paid in full in due time the interests on the loan
                        amounting to Renminbi one hundred and seventy million
                        (RMB170 million) to China Construction Bank Beijing
                        Branch Chaoyang Sub-branch and the borrowing contract
                        has not been breached;

                  (b)   the document issued by China Construction Bank Beijing
                        Branch Chaoyang Sub-branch and China Minsheng Banking
                        Corporation Limited consenting Jiu Sheng Investment and
                        Manwide Holdings to sign this Contract and carry out the
                        real estate transaction contemplated under this
                        Contract;

                  (c)   the latest financial statement, which shall be stamped
                        with the common seal, of Cheukking Investment Holdings
                        Company Limited (the effective controller of Jiu Sheng
                        Investment, also a party to the annexes hereto headed
                        "Letter of Undertakings and Warranties" and "Third Party
                        Guarantee") signed by the authorized proxy of Manwide
                        Holdings, which gives a true status of the recent net
                        asset of Cheukking Investment Holdings Company Limited;

                  (d)   the board of Cheukking Investment Holdings Company
                        Limited has approved the board resolution to sign the
                        annexes hereto headed "Letter of Undertakings and
                        Warranties" and "Third Party Guarantee".

10.   Both parties confirm that if this Contract does not take effect on or
      before 31 December 2004 for whatever reasons, this Contract shall
      automatically lapses since from 1 January 2005. Jiu Sheng Investment shall
      refund all amount paid by Manwide Holdings (together with interest
      calculated on the prevailing bank lending rate) within five (5) banking
      days after the date on which this Contract lapses.

11.   Both parties confirm that, in the event that Pakli Property is lawfully
      established after signing of this Contract, each party shall, within
      fifteen (15) days after Pakli Property is established (subject to the
      establishing date set out in the business license to be granted to Pakli
      Property), submit to the authorized representative of Pakli Property
      originals of this Contract (together with all annexes) to be signed by the
      authorized representative and stamped with the common seal of Pakli
      Property. Commencing from the date (the "Subject Altering Date") on which
      all originals of this Contract (together with all annexes) are signed by
      authorized representatives of Pakli Property and stamped with the common
      seal of Pakli Property, the purchaser under this Contract shall be
      transferred from Manwide Holdings to Pakli Property, who shall take over
      all rights and obligations under this Contract (together with all annexes)
      and is entitled to make right petitions or claims against Jiu Sheng
      Investment in respect of any issue relating to this Contract occurred
      within the period from the date on which this Contract is signed (i.e. the
      signing date) to the Subject Altering Date in accordance with this
      Contract (or any annexes thereof), and Jiu Sheng Investment shall not
      oppose against such right petitions or claims in the excuse that Pakli
      Property does not have legal status as it

<PAGE>

      has not been lawfully established when such issue occurs.

12.   The Contract (together with all annexes thereto) shall be made in four
      originals, two (2) for each of Jiu Sheng Investment and Manwide Holdings.
      Subject to the lawful establishment of Pakli Property, each of Jiu Sheng
      Investment and Manwide Holdings shall, within seven (7) days after the
      establishment date of Pakli Property (subject to the establishing date set
      out in the business license to be granted to Pakli Property), submit to
      the authorized representative of Pakli Property the two originals of this
      Contract (together with all annexes) held by it to be signed by the
      authorized representative and stamped with the common seal of Pakli
      Property. The four originals of this Contract stamped with the common seal
      of Pakli Property shall then be held by Jiu Sheng Investment and Pakli
      Property (two for each) and shall be equally authentic.

<PAGE>

Confirmed and signed by:

Shanghai Jiu Sheng Investment Company Limited

Representative: _____________________

Manwide Holdings Limited

Representative: _____________________

Company Name: ______________________(the name as shown in the business license
of Pakli Property)

Representative: _____________________

Date: ________________

(This date shall be the subject altering date provided in this Contract).<PAGE>

                              EXHIBIT NUMBER 4(a)5

CONTRACT FOR PLACING AND SUBSCRIPTION OF 3,660 MILLION SHARES OF WING ON

THIS AGREEMENT is dated 30th November, 2004 and made

BETWEEN:

1.    CHINA ENTERPRISES LIMITED, a company incorporated in Bermuda and whose
      principal place of business in Hong Kong is situated at 8th Floor, Paul Y.
      Centre, 51 Hung To Road, Kwun Tong, Kowloon, Hong Kong (the "Vendor");

2.    WING ON TRAVEL (HOLDINGS) LIMITED, a company incorporated in Bermuda and
      whose principal place of business in Hong Kong is situated at 7th Floor,
      Paul Y. Centre, 51 Hung To Road, Kwun Tong, Kowloon, Hong Kong (the
      "COMPANY");

3.    DEUTSCHE BANK AG, HONG KONG BRANCH, whose principal place of business in
      Hong Kong is at 55th Floor, Cheung Kong Center, 2 Queen's Road Central,
      Hong Kong (the "Placing Agent").

WHEREAS:

(A)   the Vendor has agreed to appoint the Placing Agent as placing agent for
      the purpose of procuring, as agent of the Vendor, purchasers for the
      Placing Shares (as defined below) on the terms and subject to the
      conditions set out in this Agreement;

(B)   the Vendor (together with persons acting in concert with it and its
      associates) is the beneficial owner of 8,650 million Shares and the Vendor
      has agreed to sell 3,660 million Shares on the terms and subject to the
      conditions set out in this Agreement; and

(C)   the Company has agreed to issue, and the Vendor has agreed to subscribe
      for, the Subscription Shares subject to and on the terms set out in this
      Agreement.

THE PARTIES AGREE THAT:

1.    INTERPRETATION

1.1   DEFINITIONS: In this Agreement (including the Introduction):

      "Associates"              the meaning given to that term in the Listing
                                Rules;

<PAGE>

      "Audited Accounts Date"   31st December, 2003;

      "Business Day"            any day (excluding a Saturday) on which
                                banks generally are open for business in Hong
                                Kong;

      "CCASS"                   the Central Clearing and Settlement System
                                operated by Hong Kong Securities Clearing
                                Company Limited;

      "Companies Ordinance"     the Companies Ordinance (Cap. 32 of the Laws of
                                Hong Kong);

      "Completion"              completion of the Placing in accordance with
                                Clause 4;

      "Conversion Price"        initially HK$0.02 per Conversion Share
                                (subject to adjustments);

      "Conversion Shares"       the Shares which fall to be issued upon
                                the exercise of conversion rights attached to
                                the Convertible Note;

      "Convertible Note"        HK$260 million convertible note issued by the
                                Company on 14th June, 2004 of which a principal
                                amount of HK$55,000,000 is outstanding as at the
                                date of this Agreement, and convertible into
                                Conversion Shares at the Conversion Price;

      "Group" the Company and its Subsidiaries and the expression "member of the
      Group" shall be construed accordingly;

      "HK$"                     Hong Kong currency;

      "Hong                     Kong" the Hong Kong Special Administrative
                                Region of the People's Republic of China;

      "Interim Accounts Date"   30th June, 2004;

      "Listing Rules"           the Rules  Governing the Listing of  Securities
                                on The Stock Exchange of Hong Kong Limited;

      "Other Placing Agreement" the meaning ascribed thereto in Clause 2.7;

      "Placee"                  any institutional investor procured by the
                                Placing Agent to purchase any of the Placing
                                Shares pursuant to the Placing Agent's
                                obligations hereunder;

      "Placing"                 the offer by way of a private placing of the
                                Placing Shares procured by the Placing Agent to
                                select investors on the terms and subject to the
                                conditions

<PAGE>

                                set out in this Agreement;

      "Placing  Announcement"   the press announcement in the agreed form
                                proposed to be issued by the Company in
                                substantially such form immediately following
                                the execution of this Agreement;

     "Placing Completion Date"  3rd December, 2004 or such other date as the
                                Vendor and the Placing Agent shall agree;

      "Placing Period"          the period commencing upon the execution of this
                                Agreement and terminating at 5:00 p.m. on the
                                Business Day prior to the Placing Completion
                                Date, unless terminated earlier pursuant to the
                                terms of this Agreement;

      "Placing Price"           the price of HK$0.028 per Placing Share;

      "Placing Shares"          3,660 million Shares;

      "Proceedings"             any legal action or proceedings in connection
                                with this Agreement;

      "Regulation D"            Regulation D under the US Securities Act;

      "Regulation S"            Regulation S under the US Securities Act;

      "Rule 144A"               Rule 144A under the US Securities Act;

      "Shares"                  fully paid ordinary shares of HK$0.01 in the
                                capital of the Company;

      "SFC"                     the Securities and Futures Commission of Hong
                                Kong;

      "Stock Exchange"          The Stock Exchange of Hong Kong Limited;

      "Subscription"            the subscription by the Vendor for the
                                Subscription Shares on the terms and subject to
                                the conditions set out in this Agreement;

      "Subscription Completion  the Business Day after the date upon which the
      Date"                     last of the conditions set out in Clause
                                6.2 shall have been satisfied provided that the
                                Subscription Completion Date shall not be later
                                than the date falling 14 days after the date of
                                this Agreement or such later time and/or date as
                                the Company and the Vendor may agree in writing;

<PAGE>

      "Subscription Completion"  the meaning given to that term in Clause 6.5;

      "Subscription Price"       HK$0.028 per Subscription Share;

      "Subscription Shares"      3,660 million new Shares;

      "Subsidiary"               has the same meaning as in Section 2 of the
                                 Companies Ordinance;

      "Takeovers Code"           Hong Kong Code on Takeovers and Mergers;

      "Transfer Documents"       has the meaning given to it in Clause 4.1;

      "United States"            has the meaning given in Regulation S;

      "US Exchange Act"          the United States Securities Exchange Act of
                                 1934, as amended; and

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

1.2   Agreed Form: Any reference to a document being "in the agreed form" means
      in the form of a document or and the draft thereof signed for
      identification on behalf of the Vendor and the Placing Agent with (in the
      case of a draft) such alterations (if any) as may be agreed between the
      Vendor and the Placing Agent.

1.3   Reference: References in this Agreement to persons include references to
      bodies corporate and references to the singular include references to the
      plural and vice versa. References to "Clauses" are references to the
      clauses of this Agreement.

1.4   Headings: Headings are inserted for convenience only and shall not affect
      the interpretation of this Agreement.

2.    APPOINTMENT OF PLACING AGENT

2.1   Appointment: The Vendor hereby agrees to appoint the Placing Agent and the
      Placing Agent, relying on the representations, warranties and undertakings
      herein contained, agrees to act as the placing agent for the Vendor in
      connection with the Placing on the terms provided for in this Agreement.

2.2   Placing Agent's powers: The Vendor hereby confirms that this appointment
      confers on the Placing Agent, in accordance with the provisions hereof,
      all powers, authorities and discretion on behalf of the Vendor which are
      necessary for, or reasonably incidental to, the Placing (including,
      without limiting the foregoing and if necessary, the completion of the
      relevant contract notes on behalf of the Vendor and the submission of such
      contract notes and other documents for stamping and registration) and
      hereby agrees to ratify and confirm everything which the Placing Agent may
      lawfully, reasonably and properly do in the exercise of such powers,
      authorities and discretion in accordance with this Agreement.

<PAGE>

2.3   Sub-placing agents: The Placing Agent may in turn appoint other
      sub-placing agents to procure purchasers for the Placing Shares. The
      Placing Agent confirms and undertakes that it shall require any
      sub-placing agent or other person through whom it may affect the Placing
      or offer any Placing Shares to observe the provisions of this Agreement.
      Any transaction legally, properly and reasonably carried out by the
      Placing Agent (and any sub-placing agent) shall constitute a transaction
      carried out at the request of the Vendor and as its agent and not in
      respect of the Placing Agent's own account.

2.4   Information: The Vendor and the Company shall:

      (a)   provide to the Placing Agent, at its reasonable request, with all
            such information known to it or which on reasonable enquiry ought to
            be known to it and relating to the Group as may be reasonably
            required by the Placing Agent in connection with the Placing for the
            purposes of complying with all requirements of applicable law or of
            the Stock Exchange or of the SFC; and

      (b)   promptly provide to the Placing Agent particulars of every
            significant new factor known to it which is in their reasonable
            opinion capable of materially affecting assessment of the Placing
            Shares in the context of the Placing which arises between the date
            hereof and 12:00 noon on the Placing Completion Date.

2.5   Free from encumbrances: The Vendor shall sell the Placing Shares to be
      sold pursuant to the Placing free from all liens, charges and encumbrances
      and together with a rights attaching to them, including the right to
      receive all dividends declared, made or paid after the date hereof.

2.6   Further assurances: The Vendor undertakes with the Placing Agent that it
      shall do all such other acts and things as may be reasonably required to
      be done by it to carry into effect the Placing in accordance with the
      terms of this Agreement.

2.7   The Other Placing Agreement: The parties hereto hereby acknowledge that on
      even date, the parties hereto have entered into an agreement for the
      placing by the Placing Agent on a fully underwritten basis up to 2,340
      million existing Shares and the subscription by the Vendor of such number
      of new Shares as is equal to the number of Shares placed under that
      agreement (the "Other Placing Agreement"). The parties hereto hereby agree
      that all Shares placed by the Placing Agent on behalf of the Vendor shall
      be deemed to be Shares placed under this Agreement (up to a maximum number
      of the Placing Shares) and thereafter, under the Other Placing Agreement.
      Similarly, any allotment and issue of new Shares by the Company to the
      Vendor shall first be made to satisfy obligations of the Company to issue
      Subscription Shares under this Agreement.

<PAGE>

3.    PLACING AGENT'S UNDERTAKINGS

3.1   Placing: The Placing Agent undertakes on or before the end of the Placing
      Period to procure purchasers for, or failing which to purchase itself, all
      of the Placing Shares at the Placing Price (together with such Hong Kong
      stamp duty and Stock Exchange transaction levy as may be payable by
      buyers).

3.2   Placees: The Placing Shares shall be offered by the Placing Agent to the
      Placees in board lots of the Shares. The choice of Placees for the Placing
      Shares shall be determined solely by the Placing Agent, subject to the
      requirements of the Listing Rules (in particular, the Placing Agent shall
      use all reasonable endeavours to ensure that Placees shall be parties
      independent of the Vendor and the Company and the connected persons (as
      defined in the Listing Rules) of the Company and shall not be parties
      acting in concert with the Vendor for the purposes of the Vendor for the
      purposes of the Takeovers Code). If there should be less than six Placees,
      the Placing Agent shall procure that all necessary consents are obtained
      from the Placees for the publication of their identities as required by
      paragraph 13.28 of the Listing Rules, and shall use its best endeavours to
      ensure that such information is available for incorporation in the Placing
      Announcement so that no separate or further announcement is required to be
      made by the Company in respect thereof. Notwithstanding the above, at any
      time the Placing Agent may elect that some or all of the Placing Shares
      are purchased by it as principal from the Vendor at the Placing Price and,
      in that event, the Placing Shares may subsequently be sold by the Placing
      Agent as principal to purchasers at any price(s) as the Placing Agent in
      its discretion may determine, without being under any obligation to notify
      the Vendor of such election or of the number of Placing Shares so
      purchased as principal, or of the price(s) at which those Shares are sold
      to purchasers provided that any stamp duty payable in respect of such sale
      by the Placing Agent as principal shall be borne by the Placing Agent.

3.3   Placee details and Transfer Documents: Without prejudice to the Placing
      Agent's rights under Clause 8.1, to the extent any transfer of Placing
      Shares will not be settled by book-entry settlement through CCASS, by no
      later than 6:00 p.m. on the Business Day prior to the Placing Completion
      Date, the Placing Agent shall deliver to the Vendor a schedule showing
      details of the Placees including their names, the number of Placing Shares
      purchased by each Placee, country of incorporation (if a corporation),
      addresses (or registered address if a corporation), and as soon as
      practicable thereafter and in any event not later than 12:00 noon on the
      fourth Business Day thereafter deliver to the Stock Exchange and the SFC
      such substantially completed details of the Placees in the form from time
      to time prescribed by them.

3.4   Oral contracts: Without limitation to Clause 3.5, the Placing Agent
      undertakes that the Placing shall be affected by telephone conversations
      leading to concluded contracts which shall then be confirmed by letter of
      confirmation.

3.5   Compliance with laws: The Placing Agent confirms and undertakes to the
      Vendor and the Company that :

      (a)   it will not, directly or indirectly, engage in price stabilisation
            in relation to the Placing;

      (b)   it will not, directly or indirectly, offer, sell or deliver any
            Placing Shares or distribute or publish any documents (including,
            without limitation, any prospectus, form of application, offering

<PAGE>

            circular, advertisement or other offering material or any report or
            other document calculated to invite or lead to offers or agreements
            being made to purchase Placing Shares) in any country or
            jurisdiction except such as, and under circumstances that, will not
            result in or constitute a material breach by it of any applicable
            laws and regulations provided that this will not apply where the
            breach arises, directly or indirectly, by reason of (i) a breach by
            the Vendor or by the Company of a representation, warranty or
            undertaking in Clause 7.1 or (ii) any public written information or
            statements or omissions of the Vendor or the Company;

      (c)   it has not offered or sold and will not offer or sell in Hong Kong,
            by means of any document, any Placing Shares other than to persons
            whose ordinary business it is to buy or sell shares or debentures,
            whether as principal or as agent, or otherwise in circumstances
            which do not constitute an offer to the public within the meaning of
            such term as used in the Companies Ordinance (Cap. 32 of the laws of
            Hong Kong);

      (d)   (i) it has not offered or sold and, prior to the expiry of the
            period of six months from the Placing Completion Date, will not
            offer or sell any Placing Shares to persons in the United Kingdom
            except to persons whose ordinary activities involve them in
            acquiring, holding, managing or disposing of investments (as
            principal or agent) for the purposes of their businesses or
            otherwise in circumstances which have not resulted and will not
            result in an offer to the public in the United Kingdom within the
            meaning of the Public Offers of Securities Regulations 1995; (ii) it
            has only communicated or caused to be communicated and will only
            communicate or cause to be communicated any invitation or inducement
            to engage in investment activity (within the meaning of section 21
            of the Financial Services and Markets Act 2000 (the "FSMA"))
            relating to the Placing Shares in circumstances in which section
            21(1) of the FSMA does not apply; and (iii) it has complied and will
            comply with all applicable provisions of the FSMA with respect to
            anything done or to be done by it in relation to the Placing Shares
            in, from or otherwise involving the United Kingdom;

      (e)   (i) it acknowledges that the Placing Shares have not been and will
            not be registered under the US Securities Act, and have not been and
            may not be offered or sold except pursuant to an exemption from, or
            in a transaction not subject to, the registration requirements of
            the US Securities Act; it has not offered or sold, and will not
            offer or sell, any Placing Shares outside the United States except
            in offshore transactions (as defined in Regulation S) in accordance
            with Rule 903 of Regulation S or, within the United States to a
            limited number of investors who sign a placing letter; accordingly,
            neither it, its affiliates nor any persons acting on its or their
            behalf have engaged or will engage in any directed selling efforts
            (as such term is defined in Regulation S) with respect to the
            Placing Shares or any Shares; and neither it nor any person acting
            on its behalf has made or will make offers or sales of the Placing
            Shares in the United States by any form of general solicitation or
            general advertising (within the meaning of Regulation D under the US
            Securities Act) in the United States; and (ii) it will offer or sell
            the Placing Shares (A) as part of their distribution at any time, or
            (B) otherwise until 40 days after the later of the commencement of
            the offering of the Placing Shares and the Placing Completion Date,
            only in accordance with Rule 903 of Regulation S under the US
            Securities Act or to a limited number of investors who sign a
            placing letter in connection with this Placing and, at or prior to
            the

<PAGE>

            confirmation of a sale of the Placing Shares, it will have sent to
            each distributor, dealer or person receiving a selling concession,
            fee or other remuneration that purchases Placing Shares from it or
            through it during the restricted period (other than to investors who
            sign a placing letter in connection with this Placing) a
            confirmation or other notice setting forth the restrictions on
            offers and sales of Placing Shares within the United States or to,
            or for the account or benefit, of U.S. persons.

3.6   No representations: The Placing Agent confirms and undertakes that it has
      not made and shall not make to any person to whom Placing Shares may be
      offered any representation or statement regarding the Company, the Group
      or the financial or business position or prospects of the Company or the
      Group which was not or is not, at the time of making the same, general
      public knowledge in the marketplace.

4.    COMPLETION

4.1   Vendor's obligations: By no later than 12:00 noon on the Business Day
      prior to the Placing Completion Date, the Vendor shall deliver to the
      Placing Agent to facilitate settlement on the Placing Completion Date,
      evidence satisfactory to the Placing Agent that the Vendor has given an
      irrevocable delivery instruction to effect a book-entry settlement of the
      Placing Shares through CCASS to credit to the CCASS stock account of the
      Placing Agent, which the Placing Agent shall have notified the Vendor on
      the date of this Agreement.

4.2   Placing Agent's obligations: Against compliance by the Vendor with its
      obligations under Clause 4.1 and subject to Clause 8, the Placing Agent
      (or its nominees or agents) shall, in respect of the Placing Shares on or
      before 4:00 p.m. on the Placing Completion Date make or procure the making
      of payments to the Vendor in cleared funds in Hong Kong dollars of the
      aggregate Placing Price of the Placing Shares (less the amounts referred
      to in Clause 5.1), the payment of which shall constitute a complete
      discharge of the obligations of the Placing Agent to place the Placing
      Shares hereunder and such payment shall be made for value on the Placing
      Completion Date to such bank account held with a bank in Hong Kong as may
      be notified by the Vendor to the Placing Agent no later than 12:00 noon
      one Business Day before Placing Completion Date.

5.    PAYMENT OF FEES COMMISSIONS AND EXPENSES

5.1   Placing Agent fees and expenses: In consideration of the services of the
      Placing Agent in relation to the Placing, the Vendor shall pay to the
      Placing Agent:

      (a)   provided that completion of the Placing occurs in accordance with
            Clause 4, in Hong Kong dollars a placing fee of 3.6 per cent. of the
            amount equal to the Placing Price multiplied by the number of the
            Placing Shares;

      (b)   Hong Kong seller's ad valorem stamp duty (if any) at the relevant
            rate on the amount equal to the

<PAGE>

            Placing Price multiplied by the number of Placing Shares;

      (c)   seller's Stock Exchange trading levy, SFC transaction levy and
            investor compensation levy, if any, and fixed stamp duty on the
            instrument of transfer as may be payable in respect of the sale and
            transfer of the Placing Shares to the Placees,

      which amounts the Placing Agent is hereby authorised to deduct from the
      payments to be made by it to the Vendor pursuant to Clause 4.2(a).

5.2   Placing not completed: If for any reason (other than any breach by the
      Placing Agent of its obligations hereunder) this Agreement is terminated
      or the Placing is not completed, the Vendor shall remain liable for the
      payment of all costs and expenses referred to in Clause 5.1(b) and (c)
      only to the extent already incurred.

5.3   Brokerage: The Vendor hereby acknowledges that, in addition to the
      commissions, costs, charges and expenses referred to in Clause 5.1, the
      Placing Agent shall be entitled to keep for its own account any brokerage
      that it may receive from the Placees.

5.4   No deductions: All payments to be made by the Vendor pursuant to this
      Clause 5 shall be made in full without any set-off, deduction or
      withholding whatsoever.

6.    SUBSCRIPTION

6.1   Subscription: subject to the fulfilment of the conditions set out in
      Clause 6.2, the Vendor agrees to subscribe as principal for the
      Subscription Shares and the Company agrees to issue the Subscription
      Shares at the Subscription Price on the Subscription Completion Date.

6.2   Conditions: Completion of the Subscription is conditional upon:

      (a)   the Stock Exchange granting listing of and permission to deal in the
            Subscription Shares; and

      (b)   completion of the Placing having occurred pursuant to the terms of
            this Agreement.

6.3   Fulfilment: The Company and the Vendor shall each use their respective
      reasonable endeavours to procure the fulfilment of the conditions set out
      in Clause 6.2 and in particular shall furnish such information, supply
      such documents, pay such fees, give such undertakings and do all such acts
      and things as may reasonably be required by each other, the SFC and/or the
      Stock Exchange in connection with the fulfilment of such conditions.

6.4   Non-Fulfilment: If the conditions set out in Clause 6.2 are not fulfilled
      on or prior to 14th December, 2004, or such later date as may be agreed in
      writing between the Company and the Vendor, the obligations of the Company
      and the Vendor under this Clause 6 shall terminate and neither of the
      parties shall have any claim

<PAGE>

      against the others for costs, damages, compensation or otherwise in
      respect of the Subscription.

6.5   Completion: Subject to the fulfillment of the conditions set out in Clause
      6.2, completion of the Subscription ("Subscription Completion") shall take
      place at the office of the Company at or before 4:00 p.m. on the
      Subscription Completion Date or such other time as the Company and the
      Vendor may agree (subject to compliance with the Listing Rules) all but
      not some only of the following business shall be transacted:

      (a)   the Company shall:

            (i)   allot and issue to the Vendor or its nominee the Subscription
                  Shares and shall promptly thereafter register the Vendor or
                  its nominee as the holder of the Subscription Shares and shall
                  cause to be delivered to the Vendor definitive certificates of
                  title in respect of the Subscription Shares in the name of the
                  Vendor or its nominee; and

            (ii)  deliver to the Vendor certified copies of the resolutions of
                  the board of directors of the Company allotting the
                  Subscription Shares pursuant to Clause 6.5(a)(i); and

      (b)   the Vendor shall make or procure the making of payment in Hong Kong
            dollars for value on the Subscription Completion Date to the Company
            of the aggregate Subscription Price of the Subscription Shares less
            the expenses properly incurred by it (if any) in connection with the
            Placing and the Subscription to the bank account nominated for the
            purpose by the Company (such nomination being made) not less than
            one Business Day prior to the Subscription Completion Date) or in
            such other manner as may be agreed between the parties, which shall
            constitute a complete discharge of the Vendor's obligations in
            respect thereof.

7.    WARRANTIES AND UNDERTAKINGS

7.1   Warranties: In consideration of the Placing Agent entering into this
      Agreement and agreeing to perform its obligations hereunder, each of the
      Vendor and the Company (except in respect of matters which relate only the
      Vendor on which the Company gives no warranty) hereby represents, warrants
      and undertakes to the Placing Agent as follows:

      (a)   Million Good Limited, a wholly-owned subsidiary of the Vendor is the
            beneficial owner of the Placing Shares and the Vendor has the
            necessary power and authority and has obtained all necessary
            consents to enable it to sell or procure the sale of the Placing
            Shares hereunder and this Agreement constitutes valid and legally
            binding and enforceable obligations of the Vendor;

      (b)   the Placing Shares are fully paid up, rank pari passu in all
            respects with the existing Shares in issue, include the right to
            receive all dividends and distributions which may be declared made
            or paid after the Placing Completion Date and are free and clear of
            all liens, encumbrances, equities or other third party rights;

<PAGE>

      (c)   all statements of fact contained in the Placing Announcement are
            true and accurate in all material respects and not misleading in any
            material respect in the context of the Placing and all statements of
            opinion, intention or expectation of the directors of the Company in
            relation to the Company or any of its Subsidiaries contained therein
            are truly and honestly held and have been made after due and careful
            consideration and there is no other fact or matter omitted therefrom
            the omission of which would make any statement therein misleading or
            which is otherwise material in the context of the Placing;

      (d)   each member of the Group is duly incorporated and validly existing
            under the laws of the place of its incorporation with power to own
            its assets and to conduct its business in the manner presently
            conducted and there has been no petition filed, order made or
            effective resolution passed for the liquidation or winding up of any
            member of the Group which is material to the operations and results
            of the Group taken as a whole;

      (e)   save as previously disclosed by the Company to the public in writing
            during the preceding twelve months, there is no litigation,
            arbitration or other legal proceedings in progress or pending
            against any member of the Group which if decided adversely to the
            relevant member of the Group would have or have had during the
            twelve months preceding the date hereof a material adverse effect on
            the financial position of the Group (taken as a whole) or the
            Company and which is material in the context of the Placing;

      (f)   save as previously disclosed by the Company to the public in writing
            during the preceding twelve months, the Company is not in breach in
            any material respect in the context of the Placing, of any rules,
            regulations or requirements of the Stock Exchange or any applicable
            law, decree, judgment, legislation, order, regulation, statute,
            ordinance, treaty or other legislative measure;

      (g)   no material outstanding indebtedness of any member of the Group has
            become payable or repayable by reason of any default of such member
            of the Group and no event has occurred which, with the lapse of time
            or the fulfilment of any condition or the giving of notice or the
            compliance with any formality, may result in such indebtedness
            becoming payable or repayable prior to its maturity date or in a
            demand being made for such indebtedness to be paid or repaid;

      (h)   save as previously disclosed by the Company to the public in writing
            during the preceding twelve months or otherwise than in the ordinary
            course of business, no member of the Group has entered into a
            material contract or commitment of an unusual or onerous nature
            which, in the context of the Placing, might be material for
            disclosure and each such company has carried on its business in the
            ordinary and usual course;

      (i)   the audited consolidated accounts of the Group for the financial
            year ended on the Audited Accounts Date:

<PAGE>

            (i)   have been prepared on a recognised and consistent basis and in
                  accordance with generally accepted accounting principles,
                  standards and practice in Hong Kong;

            (ii)  comply in all material respects with all applicable
                  ordinances, statutes and regulations and show a true and fair
                  view of the state of affairs of the Group and of its results
                  for the period in question;

            (iii) are not affected by any unusual or non-recurring items and do
                  not include transactions not normally undertaken by the
                  relevant member of the Group (save as disclosed in the said
                  accounts); and

            (iv)  make adequate provision for all taxation whether in Hong Kong
                  or any other part of the world in respect of all accounting
                  periods ended on or before the respective date for which the
                  relevant member of the Group was then or might at any time
                  thereafter become or have been liable;

      (j)   the interim accounts of the Group for the period ended on the
            Interim Accounts Date:

            (i)   have been properly prepared and fairly present and reflect in
                  accordance with generally accepted accounting principles,
                  standards and practice in Hong Kong;

            (ii)  comply on all material aspects with all applicable ordinances,
                  statutes and regulations and reflect a true and correct view
                  of the state of affairs of the Group and of its results for
                  the period in question;

      (k)   since the Interim Accounts Date:

            (i)   each member of the Group has carried on business in the
                  ordinary and usual course in all material respects so as to
                  maintain it as a going concern;

            (ii)  each member of the Group has continued to pay its creditors in
                  the ordinary course of business in all material respects;

            (iii) there has been no material adverse change in the condition,
                  financial or otherwise, or the earnings, business affairs or
                  business prospects (whether or not arising in the ordinary
                  course of business) of any member of the Group and no event
                  has occurred which in the reasonable opinion of the Vendor or
                  the Company may give rise to a material adverse change in such
                  position in the foreseeable future;

      (l)   there is no order, decree or judgment of any court or governmental
            agency or regulatory body outstanding or anticipated against any
            member of the Group nor, to the best of the knowledge, information
            and belief of the Vendor, having made due and careful enquiries, is
            there any investigation or enquiry by any governmental agency or
            regulatory body outstanding or

<PAGE>

            anticipated against any member of the Group which may have or has
            had a material adverse effect upon the condition, financial or
            otherwise or the earnings, business affairs or business prospects
            (whether or not arising in the ordinary course of business) of the
            Group or which is material in the context of the Placing;

      (m)   save as publicly announced by the Company prior to the date hereof
            or pursuant to options granted or hereafter to be granted under the
            share option scheme of the Company, no person has the right (whether
            exercisable now or in the future and whether contingent or not) to
            call for the allotment, conversion, issue, sale or transfer of any
            share or loan capital or any other security giving rise to a right
            over the capital of any member of the Group under any option or
            other agreement (including conversion rights and rights of
            pre-emption) and there are no encumbrances on the shares of any
            member of the Group or any arrangements or obligations to create any
            encumbrances; and

      (n)   the execution and delivery of, and the performance by the Vendor and
            the Company of their respective obligations under this Agreement do
            not and will not, and this Agreement does not and will not:

            (i)   result in a breach in any material respect of any provision of
                  the articles of association of any member of the Group; or

            (ii)  result in a breach in any material respect of, or constitute a
                  default under, any instrument to which any member of the Group
                  is a party or by which any member of the Group or any of their
                  respective properties is bound; or

            (iii) result in a breach in any material respect of any laws to
                  which any member of the Group are subject or by which any
                  member of the Group or any of their respective properties are
                  bound; or

            (iv)  infringe any mortgage, contract or other undertaking or
                  instrument to which any member of the Group is a party or
                  which is binding upon it or its assets, and does not and will
                  not result in the creation of imposition of any encumbrance on
                  any of its assets pursuant to the provisions of any such
                  mortgage, contract or other undertaking or instrument;

      (o)   (i) none of the Company nor the Vendor nor any of its or their
            affiliates (as defined in Rule 501(b) of Regulation D) nor any
            person acting on its or their behalf has engaged or will engage in
            any directed selling efforts (as defined in Regulation S under the
            US Securities Act) with respect to the Placing Shares provided that
            this representation and warranty shall, to the extent that it
            relates only to actions of the Vendor or its affiliates, be given
            only by the Vendor; (ii) the Vendor, the Company, their affiliates
            and any person (other than the Placing Agent) acting on its or their
            behalf have complied with and will comply with the offering
            restrictions requirement of Regulation S under the US Securities
            Act; and (iii) the Company is a "foreign issuer" as such

<PAGE>

            term is defined in Rule 902 under the US Securities Act and is not
            subject to the reporting requirements of the US Exchange Act;

      (p)   neither the Company nor the Vendor nor any of its or their
            affiliates nor any person acting on its or their behalf has offered
            or sold, or will offer or sell, any securities under circumstances
            that would require the registration of any of the Placing Shares
            under the US Securities Act provided that this representation and
            warranty shall, to the extent that it relates only to actions of the
            Vendor or its affiliates, be given only by the Vendor; neither the
            Company nor the Vendor nor any of its or their affiliates nor any
            person acting on its or their behalf has engaged or will engage in
            any form of general solicitation or general advertising within the
            meaning of Regulation D in connection with the offer or sale of the
            Placing Shares in the United States provided that this
            representation and warranty shall, to the extent that it relates
            only to actions of the Vendor or its affiliates, be given only by
            the Vendor;

      (q)   the Company is not an investment company as defined in the United
            States Investment Company Act of 1940 and will not become an
            open-end investment company, unit investment trust or face-amount
            certificate company that is required to be registered under Section
            8 of such Act;

      (r)   each of the Vendor and the Company will promptly provide the Placing
            Agent, at its reasonable request, with all such information known to
            it or which on reasonable enquiry ought to be known to it relating
            to the Group or the Vendor as may be required by the Placing Agent
            in connection with the Placing for the purpose of complying with any
            applicable law, regulation or direction (including the establishment
            of any defence to any action under any of the same, whether relating
            to due diligence or otherwise) or any requirement of the Stock
            Exchange, the SFC or any other applicable regulatory body;

      (s)   the Vendor shall ensure that none of its Associates shall purchase
            the Placing Shares under the Placing;

      (t)   the Vendor has not been, is not and shall not be at any time engage
            in insider dealing for the purposes of the Securities and Futures
            Ordinance in connection with the Placing and the related
            transactions entered into pursuant to this Agreement, neither the
            Vendor nor any person acting on the Vendor's behalf or under its
            control has taken or shall take, directly or indirectly, any action
            designed or which was designed, or which constitutes or has
            constituted or might reasonable be or have been expected to cause or
            result in, stabilization or manipulation of the price of any Shares
            or other securities of the Company;

      (u)   the Vendor and the Company shall make all appropriate disclosures
            pursuant to, and shall comply in all respects with, the Listing
            Rules, the Takeovers Code, the Securities and Futures Ordinance and
            all other applicable laws and regulations in connection with the
            Placing; and

      (v)   subject to completion of the Subscription, the Company has
            sufficient financial resources to satisfy the payment of the balance
            of the purchase price for the proposed acquisition of a 34.24%

<PAGE>

            attributable interest in Kingsway Hotel Limited described in the
            announcement of the Company dated 24th November, 2004.

7.2   Warranties repeated: The representations and warranties set out in Clause
      7 are given as at the date hereof and shall be deemed to be repeated by
      Vendor and the Company as at the Placing Completion Date as if given or
      made at such time, with reference in each case to the facts and
      circumstances then subsisting. The Vendor undertakes up to and until
      completion of this Agreement or its earlier termination to notify the
      Placing Agent of any matter or event coming to its attention prior to the
      Placing Completion Date which would or would reasonably be considered to
      render or have rendered any of the representations and warranties made by
      it set out in Clause 7.1 untrue, inaccurate or misleading in any material
      respect. The Vendor and the Company shall not, and shall use their
      respective best endeavours to procure that no member of the Group shall,
      at any time prior to or on the Placing Completion Date do or omit to do
      anything which may cause any of the representation and warranties made by
      it and set out in Clause 7.1 to be untrue in any material respect.

7.3   Indemnity: Each of the Vendor and the Company undertakes on demand to
      indemnify the Placing Agent or any person appointed as a sub-placing agent
      pursuant to Clause 2.3 or any of their respective associates (as defined
      in the Listing Rules) and any of their respective directors and employees
      which shall have been involved in effecting the Placing (the "Indemnified
      Parties") against all or any claims, actions, liabilities, demands,
      proceedings or judgments brought or established against any of the
      Indemnified Parties by any purchaser of any of the Placing Shares or by
      any governmental agency, regulatory body or other person, directly or
      indirectly arising out of or in connection with the Placing and against
      all losses and all reasonable costs, charges and expenses (including legal
      fees as they are incurred) which any of the Indemnified Parties may suffer
      or properly incur (except for any loss, costs, charge or expense suffered
      or incurred directly or indirectly as a result of or in connection with
      any fraud, default or negligence on the part of the relevant Indemnified
      Party or as a result of any breach of any provisions of this Agreement by
      the relevant Indemnified Party) (including, but not limited to, all such
      losses, costs charges or expenses suffered or incurred in disputing or
      defending any Proceedings ).

7.4   No claims: No claim shall be made against the Placing Agent or any person,
      appointed as a sub-placing agent pursuant to Clause 2.3 by the Vendor or
      the Company to recover any damage, cost, charge or expense which the
      Vendor or (as the case may be) the Company may suffer or incur by reason
      of or arising from the carrying out by the Placing Agent of the work to be
      done by it pursuant hereto or the performance of its obligations hereunder
      or otherwise in connection with the Placing provided that such damage,
      cost, charge or expense is not suffered or incurred directly or indirectly
      as a result of any fraud, default or negligence on the part of the Placing
      Agent or in connection with a breach by the Placing Agent of the
      provisions of this Agreement.

7.5   No merger: The foregoing provisions of this Clause 7 shall remain in full
      force and effect notwithstanding completion of the Placing.

7.6   Undertaking by the Vendor: The Vendor undertakes to accept the
      Subscription Shares subject to the constitutional documents of the Company
      and (subject to and conditional upon Subscription Completion)

<PAGE>

      to pay to the Company any interest accrued on the net proceeds from the
      Placing for the period commencing on the Placing Completion Date and
      ending on the Subscription Completion Date.

7.7   Moratorium: Each of the Vendor and the Company agrees that it will not,
      prior to the expiry of 90 days following the Placing Completion Date,
      offer, issue, allot, sell or otherwise dispose of any other Shares or any
      securities convertible into or exchangeable or carrying rights to acquire
      other shares of the Company, or enter into any derivative transaction that
      has the economic effect of such sale, transfer or disposition, whether
      settled in cash or otherwise, without the prior written consent of the
      Placing Agent, provided that none of the foregoing shall prevent the
      Company from issuing options, rights or Shares pursuant to the Company's
      Share Option Scheme or upon conversion of the Convertible Note.

8.    TERMINATION

8.1   Termination: Notwithstanding anything contained in this Agreement, if, at
      any time prior to 12:00 noon on the Placing Completion Date, in the
      reasonable opinion of the Placing Agent the success of the Placing or the
      business or financial prospects of the Group would or might be materially
      adversely affected by:

      (a)   any material breach of any of the representations and warranties set
            out in Clause 7.1; or

      (b)   any of the following events:

            (i)   the introduction of any new law or regulation or any change in
                  existing laws or regulations or change in the interpretation
                  or application thereof; or

            (ii)  the occurrence of any event, development or change (whether or
                  not local, national or international or forming part of a
                  series of events or changes occurring or continuing before, on
                  and/or after the date hereof and including an event or change
                  in relation to or a development of an existing state of
                  affairs) of a political, military, industrial, financial,
                  economic or other nature, whether or not sui generis with any
                  of the foregoing, resulting in a material adverse change in,
                  or which might be expected to result in a material adverse
                  change in, political, economic or stock market conditions; or

            (iii) the imposition of any moratorium, suspension or material
                  restriction on trading in securities generally on the Stock
                  Exchange occurring due to exceptional financial circumstances
                  or otherwise; or

            (iv)  a change or development involving a prospective change in
                  taxation in Hong Kong or the People's Republic of China or the
                  implementation of exchange controls which shall or might
                  materially and adversely affect the Company or its present or
                  prospective shareholders in their capacity as such; or

<PAGE>

            (v)   any material change or deterioration in the conditions of
                  local, national or international securities markets occurs,

      then and in any such case, the Placing Agent may terminate this Agreement
      without liability to the Vendor by giving notice in writing to the Vendor,
      provided that such notice is received prior to 12:00 noon on the Placing
      Completion Date.

8.2   Termination: In the event that the Placing Agent terminates this Agreement
      pursuant to Clause 8.1 it shall as soon as practicable thereafter return
      to the Vendor all Placing Shares received by it pursuant to Clause 4.1 (i)
      by crediting the CCASS account of the Vendor (as notified by the Vendor to
      the Placing Agent) or (ii) at the option of the Vendor, by returning share
      certificates in respect of the Placing Shares to the Vendor at the
      Vendor's cost, and subject thereto all obligations of each of the Parties
      under this Agreement, save for Clauses 5 and 7, shall cease and determine
      and no Party shall have any claim against any other Party in respect of
      any matter arising out of or in connection with this Agreement except for
      any breach arising prior to such termination.

9.    GENERAL

9.1   Announcements: Save for the Placing Announcement and save as required by
      law or by the Stock Exchange or the SFC, the Vendor hereby undertakes to
      use its best endeavours to procure that no public announcement or
      communication to the press, the Stock Exchange or the shareholders of the
      Company concerning the Company and/or its Subsidiaries which is material
      in relation to the Placing shall be made by or on behalf of the Company
      between the date hereof and the Placing Completion Date without prior
      written approval from the Placing Agent as to the content, timing and
      manner of making thereof, such approval not to be unreasonably withheld or
      delayed.

9.2   Time of the essence: Any time, date or period mentioned in this Agreement
      may be extended by mutual agreement between the Vendor and the Placing
      Agent but, as regards any time, date or period originally fixed or any
      date or period so extended as aforesaid, time shall be of the essence.

9.3   Waiver: No failure or delay by any party in exercising any right, power or
      remedy under this Agreement shall operate as a waiver thereof, nor shall
      any single or partial exercise of the same preclude any further exercise
      thereof or the exercise of any other right, power or remedy. Without
      limiting the foregoing, no waiver by any Party of any breach of any
      provision hereof shall be deemed to be a waiver of any subsequent breach
      of that or any other provision hereof.

9.4   Assignment: The Placing Agent may assign to any person or persons the
      benefit of the representations, warranties and undertakings contained
      herein (in whole or in part). No other party hereto shall assign any of
      its rights under this Agreement (all of which shall be incapable of
      assignment) or purport to do so. This Agreement shall be binding on and
      enure for the benefit of each party's successors and permitted assigns.

<PAGE>

9.5   Counterparts: This Agreement may be executed in any number of counterparts
      by the Parties hereto on separate counterparts, each of which when
      executed shall constitute an original and all of which when taken together
      shall constitute one and the same document.

10.   NOTICES

10.1  Notices: All notices delivered hereunder shall be in writing in the
      English language and shall be communicated to the following addresses :-

      If to the Vendor :

      8th Floor, Paul Y. Centre
      51 Hung To Road
      Kwun Tong
      Kowloon
      Hong Kong

      Facsimile : 852 2537 6591
      Attention : The Board of directors

      If to the Company :

      7th Floor, Paul Y. Centre
      51 Hung To Road
      Kwun Tong
      Kowloon
      Hong Kong

      Facsimile : 852 2542 0298
      Attention : Richard Lui

      If to the Placing Agent :

      55th Floor, Cheung Kong Center
      2 Queen's Road Central
      Hong Kong

      Facsimile : (852) 2203 7202
      Attention : Ian Long

<PAGE>

10.2  Deemed service: Any such notice shall be served either by hand or by
      facsimile. Any notice shall be deemed to have been served, if served by
      hand, when delivered and if sent by facsimile, on receipt of confirmation
      of transmission. Any notice received on a day which is not a Business Day
      shall be deemed to be received on the next Business Day.

11.   GOVERNING LAW

11.1  Hong Kong Law: This Agreement is governed by and shall be construed in
      accordance with the laws of Hong Kong for the time being in force and the
      parties hereto hereby irrevocably submit to the non-exclusive jurisdiction
      of the Hong Kong courts in connection herewith.

11.2  Vendor's service agent: The Vendor irrevocably appoints Treasureway
      Services Limited of 8th Floor, Paul Y. Centre, 51 Hung To Road, Kwun Tong,
      Kowloon, Hong Kong as its process agent to receive on its behalf service
      of process of any proceedings in Hong Kong. If for any reason the process
      agent ceases to be able to act as process agent or no longer has an
      address in Hong Kong, the Vendor irrevocably agrees to appoint a
      substitute process agent with an address in Hong Kong acceptable to the
      Placing Agent and to deliver to the Placing Agent a copy of the substitute
      process agent's acceptance of that appointment within 30 days. In the
      event that the Vendor fails to appoint a substitute process agent, it
      shall be effective service for the Placing Agent to serve the process upon
      the last known address in Hong Kong of the last known process agent for
      that Vendor notified to the Placing Agent notwithstanding that such
      process agent is no longer found at such address or has ceased to act
      provided that a copy of the proceedings is also sent to that the Vendor's
      current registered office or principal place of business wherever
      situated. Nothing in this Agreement shall affect the right to serve
      process in any other manner permitted by law.

AS WITNESS the hands of the duly authorised representatives of the Parties on
the day and year first before written.

SIGNED BY                                   )
                                            )
for and on behalf of                        )
CHINA ENTERPRISES LIMITED  )
in the presence of                          )

SIGNED BY                                   )
                                            )

<PAGE>

for and on behalf of                        )
WING ON TRAVEL (HOLDINGS)                   )
LIMITED                                     )
in the presence of                          )

SIGNED BY                                   )
                                            )
and                                         )
                                            )
for and on behalf of                        )
DEUTSCHE BANK AG,                           )
HONG KONG BRANCH                            )
in the presence of                          )

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