Document:

Fifth Season International Inc.: Exhibit 10.15 - Filed by newsfilecorp.com

Exhibit 10.15

Real Estate Mortgage Loan Contract 

	Lender (Party A):  	Chen Mingyou 
	Domicile:  	No.1316,Donglan Road, Minxing District,
      Shanghai 
	Identification No.:  	352123196810010534 

Borrower (Party B): The Fifth Season Hangzhou Department Store
Investment Management Co., Ltd. 
Mortgagor (Party B): The Fifth Season
Hangzhou Department Store Investment Management Co., Ltd. 
Domicile: Room 12,
No.1, Caihe Wuan Road, Jianggan District, Hangzhou. 
Communication Address:
No.228, Xingwu Road,Xingyi Village,Beigan Avenue,Xiaoshan District, Hangzhou.

Valid Certification No: 330108000024308 Legal Representative: Wu Lianmo

Entrusted Agent: Zhu Lide Identification No: 330104196410030734 

Article 1: General Principal 

In order to clarify the contractual rights and obligations of
both parties, after negotiation, both parties enter into this contract at
No.1316, Donglan Road, Shanghai on February 21, 2011. As the guarantee of the
repayment, Party B agrees to mortgage its legally possessed property to Party A
without changing possession, and pay the relevant fees and interests stipulated
under this contract. 

Article 2: Real Estate Mortgage 

Party B agrees to mortgage the following premises to Party A:

Room 1174, Nos. 515, 535 and 555, Huancheng Road, Songjiang
District, Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009) 018105];

Room 169, Nos. 515, 535 and 555, Huancheng Road, Songjiang District,
Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009) 018140]; 
Room
1184, Nos. 515, 535 and 555, Huancheng Road, Songjiang District, Shanghai
[Property Certificate No. HU FANG DI SONG ZI (2009) 018088]; 
Room 168, Nos.
515, 535 and 555, Huancheng Road, Songjiang District, Shanghai [Property
Certificate No. HU FANG DI SONG ZI (2009) 0181139]; 
Room 209, Nos. 515, 535
and 555, Huancheng Road, Songjiang District, Shanghai [Property Certificate No.
HU FANG DI SONG ZI (2009) 012301]; 
Room 205, Nos. 515, 535 and 555,
Huancheng Road, Songjiang District, Shanghai [Property Certificate No. HU FANG
DI SONG ZI (2009) 012303]; 
Room 1176, Nos. 515, 535 and 555, Huancheng Road,
Songjiang District, Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009)
018093]; 
Room 207, Nos. 515, 535 and 555, Huancheng Road, Songjiang
District, Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009) 012300];

Room 1166, Nos. 515, 535 and 555, Huancheng Road, Songjiang
District, Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009) 018077];

Room 1165, Nos. 515, 535 and 555, Huancheng Road, Songjiang District,
Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009) 018078]; 
Room
1175, Nos. 515, 535 and 555, Huancheng Road, Songjiang District, Shanghai
[Property Certificate No. HU FANG DI SONG ZI (2009) 018103]; 
Room 1178, Nos.
515, 535 and 555, Huancheng Road, Songjiang District, Shanghai [Property
Certificate No. HU FANG DI SONG ZI (2009) 018092];

The gross building area of the aforesaid premises is 3097.02
square meters. The agreed mortgaged value of such premises is RMB 45,000,000.

Article 3: Warranty Scope of Mortgaged Property 

The warranty scope of the mortgaged properties shall include
principal, interests (including default interest, compound interest that might
occur), damages, and compensations, and any costs arising from disposition of
the mortgaged properties or any expense that might be disbursed by Party A. 

Article 4: Loan Amount and Loan Period 

The loan amount is RMB 33,000,000, and the monthly interest
rate is 1.9% . The loan period is from February 21, 2011 to May 20, 2011 and
lasts for 3 months (The actual loan date shall be the date when the borrower has
received the full loan amount and has issued the receipt to the lender). 

Article 5: Registration 

Either both parties apply to or Party B shall entrust Party A
to apply to the relevant real estate registration authority for mortgage
registration within 3 days after the contract has been concluded. 

Article 6: Insurance 

During the term of mortgage, Party B shall purchase insurance
for the mortgaged properties, and pay the relevant premiums. In addition, the
policies shall be signed in favor of Party A and be kept by Party A. 

Article 7: Possession and Maintenances of Mortgaged Property

During the term of mortgage, Party B undertakes to exercise
reasonable care to protect the mortgaged properties from damage, and shall be
liable for maintenance and keeping the properties in good conditions.
Furthermore, Party B is also under duty to cooperate with any supervision or
examination conducted by Party A. 

Article 8: Restriction on Disposition of Mortgaged Property 

During the term of mortgage, the mortgaged properties shall not be disposed of by transfer, sale, set off any liability or by any transaction methods without the written consent of Party A. In addition, Party B shall not make any material structure
changes to the mortgaged properties. Party B shall bear the liability for any damage to party A resulting from the aforesaid act. 

Article 9: Lease of Mortgaged Property 

During the term of mortgage, Party B must get the written consent of Party A before leasing the mortgaged properties and shall notify the lessee of the existence of such mortgages. Furthermore, the following terms shall be included in the lease
contract:  

Where Party A disposes of the mortgaged properties by reason of Party B’s failure to pay the loan on time, the lessees shall move away from the relevant properties within 10 days after the pawn shop has issued the relevant notice, and the
lessee shall hand the lease contract to party A for filing purpose. The contents to be filed must be consistent with the contents registered in the real estate transaction center. Party B is prohibited from amending any contents of the lease
contracts such as extending the period of lease or lending for use to a third party by any forms. Any consequence resulting from breach of this article shall be jointly borne by Party B and lessees or users. 

Article 10: Warranty and Guarantee 

Party B undertakes that it has the legitimate right of ownership, right of disposition, right of possession of the mortgaged properties Neither any other mortgages, trusts of the mortgaged properties involved the mortgagor nor right disputes, right
defects over the properties in any forms shall exist when this contract is concluded. 

Party B undertakes to use the mortgaged property (the full benefits of the real estate) as the guarantee for repayment of principal of the loan and any relevant fees occurred. 

Party B has comprehended the terms of this contract and guaranteed fulfilling warranties stipulated by the provisions of this contract so as not to excise relevant rights of defense or action. 

Article 11: Termination of Mortgage 

This mortgage contract will be terminated after Party B has paid up the principal, interest, and any relevant fees and has fully performed the provisions of the contract hereunder. Either both parties apply to or Party B shall entrust Party A to
apply to real estate registration authority for cancellation registration within 10 days from the date this mortgage is terminated. 

Article 12: Implementation of Mortgage Rights 

This contract will be terminated in advance in the event that Party B intentionally concealing facts
or providing false documents, or where the mortgage right might be wholly or partially damaged such as loss of second domicile, bankruptcy, death of debtor, expropriation, or when Party B exercising right of defense or protest. The mortgage right
can be exercised in advance in the case of the aforesaid events occurred. 

In the event that Party B fails to perform or unable to fully perform its obligations under this contract, Party A is entitled to excise mortgage right and dispose of the mortgaged property within 3 days after the expiration of the loan period. Any
fees occurs from auction shall be borne by Party B. 

Article 13: Auction 

Where Party A exercising mortgage right shall entrust auction house to carry out public auction, Party A shall refund the remaining part of the auction revenues to Party B after deduction of the auction fees, principal and interests of the loan.
Party B is liable for any inadequacy of the auction revenues. Any relevant auction formality shall be gone through by Party A entrusted by Party B. 

Article 14: Fees 

Any fees occurred by reason of evaluation, insurance, verification, registration or notarization with respect to the mortgaged property shall be borne by Party B. 

Article 15: Effectiveness and Counterparts of the Contract 

This contract shall be executed by both parties and will come into effect when the mortgage registration is fulfilled in accordance with article 5. 

Where the mortgaged properties are jointly owned by several people, all of the joint owners shall sign the valid relevant documents when the contract is notarized. 

This contract shall be signed in four counterparts; each copy shall be held by Party A, Party B, real estate registration authority and notary public office respectively. 

Article 16: Special Provision 

Party B shall be liable for breach of the contract to the sum of 20% of the loan amount in the event that it breaches the provisions of article 4, 7,8,9,10 hereunder or the complementary agreement.  

Within 3 days of the expiration of loan period, daily liquidated damage shall be calculated by 0.5% of the aggregate repayment amount at the end of that day; after 3 days of the expiration of loan period, Party A is entitled to carry out disposal
sale, public auction or apply to competent People’s Court for compulsory enforcement. Liquidated damages occurred by reason of disposal sale, public auction, action or enforcement shall be calculated by 0.5% of the aggregate repayment amount
of that day. Liquidated damages can be double counted by reason of different nonperformance behaviors as pursuant to the provisions of this
contract. 

Article 17: Serve of Notice 

All of the notices must be sent to the address stated on the
first page of this contract. 

It shall be deemed the other party has received the notice
after 10 days when the notice has been sent by registered mail, express or
telex. 

Any party must notify the other party if there is any change to
the address stated in this contract. Any change to the address will only take
effect when having received the confirmation letter from the other party. 

Article 18: Dispute Resolution 

This contact will become obligatory right documents after
notarization, where the debtor fails to perform or unable to perform its duty
under this contract, the creditor is entitled to apply to the competent People’s
Court for compulsory enforcement. In the case of this, Party B shall waive its
right of defense. 

Article 19: Applicable Law 

Any matters which have not been stipulated under this contract
shall be handled in accordance with the relevant provisions of <People’
Republic of China’s Guarantee Law>, <City Real Estate Mortgage
Administrative Measures>, <Shanghai Real Estate mortgage Rules> 

Article 20: Indicative Clause 

Party B has read all of the provisions of this contract and
Party A has make corresponding explanations of the provisions of this contract
on the request of Party B. Party B has fully comprehended the meanings of all
the provisions and understood their legal consequences. 

Lender (Mortgagee): Chen Mingyou 
By: /s/ Chen
Mingyou 

Borrower (Mortgagor): The Fifth Season Hangzhou Department
Store Investment Management Co., Ltd. 
By: /seal/ The Fifth Season
Hangzhou Department Store Investment Management Co., Ltd. 

Date: 2011.02.21Fifth Season International Inc.: Exhibit 10.16 - Filed by newsfilecorp.com

Exhibit 10.16

Real Estate Mortgage Loan Contract 

	Lender (Party A): 
    	Shanghai Fuxing Pawnbroker Co., Ltd 
	Domicile:  	No.247-249, Beihai Road, Shanghai

Borrower (Party B): The Fifth Season Hangzhou Department Store
Investment Management Co., Ltd. 
Mortgagor (Party B): The Fifth Season Hangzhou Department Store Investment Management Co., Ltd. 
Domicile: Room 12,
No.1, Caihe Wuan Road, Jianggan District, Hangzhou. 
Communication Address:
No.228, Xingwu Road,Xingyi Village,Beigan Avenue,Xiaoshan District, Hangzhou.

Valid Certification No: 330108000024308 

Article 1: General Principal 

In order to clarify the contractual rights and obligations of
both parties, after negotiation, both parties enter into this contract at
Shanghai Pu Tuo Notary Public Office on February 27, 2011. As the guarantee of
the repayment, Party B agrees to mortgage its legally possessed property to
Party A without changing possession, and pay the relevant fees and interests
stipulated under this contract. 

Article 2: Real Estate Mortgage 

Party B agrees to mortgage the following premises to Party A:

Room 1116, Nos. 515, 535 and 555, Huancheng Road, Songjiang
District, Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009) 018098];

Room 1120, Nos. 515, 535 and 555, Huancheng Road, Songjiang District,
Shanghai [Property Certificate No. HU FANG DI SONG ZI (2009) 018083]; 
Room
147, Nos. 515, 535 and 555, Huancheng Road, Songjiang District, Shanghai
[Property Certificate No. HU FANG DI SONG ZI (2009) 018136]; 
Room 1115, Nos.
515, 535 and 555, Huancheng Road, Songjiang District, Shanghai [Property
Certificate No. HU FANG DI SONG ZI (2009) 018099]; 
Room 1119, Nos. 515, 535
and 555, Huancheng Road, Songjiang District, Shanghai [Property Certificate No.
HU FANG DI SONG ZI (2009) 018095]; 

The gross building area of the aforesaid premises is 227.56
square meters. The agreed mortgaged value of such premises is RMB 6,000,000.

Article 3: Warranty Scope of Mortgaged Property 

The warranty scope of the mortgaged properties shall include
principal, interests, miscellaneous
fees, damages, litigation fees and compensation, property preservation fees, attorneys’ fees and any costs arising from disposition of the mortgaged properties or any expense that might be disbursed by Party A. Where there is specific amount
of money has been agreed in this contract, reference shall be made to this contract, otherwise, reference shall be made to the invoice amount as issued by the relevant entities to Party A. 

Article 4: Loan Amount and Loan Period 

The loan amount is RMB 4,500,000, and the monthly interest rate is 0.3%, the miscellaneous fees are 2.7% . The loan period is from February 27, 2011 to April 26, 2011. Based on the consensus of both parties, during the term of loan or within 5 days
after the expiration of loan period, this contract can be renewed by signing a renewal certificate separately. The termination date stated on the renewal certificate shall be deemed the termination date of this contract. During the term of renewal,
all the matters stipulated in this contract shall maintain its validity. Where it is required to fulfill the real estate registration procedure, Party B shall go through the formality on the request of Party A. 

Article 5: Registration 

Either both parties apply to or Party B shall entrust Party A to apply to the relevant real estate registration authority for mortgage registration within 5 days after the contract has been concluded. 

Article 6: Insurance 

During the term of mortgage, Party B shall purchase insurance for the mortgaged properties, and pay the relevant premiums. In addition, the policies shall be signed in favor of Party A and be kept by Party A. In the event that the insurance
indemnity is not adequate to compensate Party A, Party A is entitled to claim for damages by exercising mortgage right in accordance with the provisions of this contract or by other legal methods. 

Article 7: Possession and Maintenances of Mortgaged Property 

During the term of mortgage, Party B undertakes to exercise reasonable care to protect the mortgaged properties from damage, and shall be liable for maintenance and keeping the properties in good conditions. Furthermore, Party B is also under duty
to cooperate with any supervision or examination conducted by Party A.  

Article 8: Restriction on Disposition of Mortgaged Property 

During the term of mortgage, the mortgaged properties shall not be disposed of by transfer, sale, set off any liability or by any other transaction methods without the written consent of Party A. In addition, Party B shall not make any material
structure changes to the mortgaged properties. Party B shall bear the liability for any damage to party A resulting from the aforesaid act. 

Article 9: Lease of Mortgaged Property 

During the term of mortgage, Party B must get the written consent of Party A before leasing the mortgaged properties and shall notify the lessee of the existence of such mortgages and hand the lease contract to Party A for filing purpose.
Furthermore, the following terms shall be included in the lease contract:  Where Party A disposes of the mortgaged properties by reason of Party B’s failure to pay the loan on time, the lessees shall move away from the relevant properties
within 10 days after the pawn shop has issued the relevant notice, and the lessee shall hand the lease contract to party A for filing purpose. The contents to be filed must be consistent with the contents registered in the real estate transaction
center. Party B is prohibited from amending any contents of the lease contracts such as extending the period of lease or lending for use to a third party by any forms. Any consequence resulting from breach of this article shall be jointly borne by
Party B and lessees or users. 

Article 10: Warranty and Guarantee 

Party B undertakes that it has the legitimate right of ownership, right of disposition, right of possession of the mortgaged properties Neither any other mortgage, trusts of the mortgaged properties nor right disputes, right defects over the
properties in any forms shall exist when this contract is concluded. 

Party B undertakes to use the mortgaged property (the full benefits of the real estate) as the guarantee for repayment of principal of the loan and any relevant fees occurred. 

The common owners of the mortgaged properties agree to mortgage the specific items and bear the liability for repayment of the loan. In the event that the mortgaged properties are disposed of so as to indemnify Party A, the common owners agree to
accept the residence provided by Party A without conditions. 

Party B has comprehended the terms of this contract and guaranteed fulfilling warranties stipulated by the provisions of this contract so as not to excise relevant rights of defense or action. 

Article 11: Termination of Mortgage 

This mortgage contract will be terminated after Party B has paid up the principal, interest, and any relevant fees and has fully performed the provisions of the contract hereunder. Either both parties apply to or Party B shall entrust Party A to
apply to real estate registration authority for cancellation registration within 10 days from the date this mortgage is terminated. 

Article 12: Implementation of Mortgage Rights 

This contract will be terminated in advance in the event that Party B intentionally concealing facts or providing false documents, or where the mortgage right might be wholly or partially damaged
such as loss of second domicile, bankruptcy, death of debtor, expropriation, or when Party B exercising right of defense or protest. The mortgage right can be exercised in advance in the case of the aforesaid events occurred. 

In the event that Party B fails to perform or unable to fully perform its obligations under this contract, Party A is entitled to excise mortgage right and dispose of the mortgaged property within 5 days after the expiration of the loan period. This
contract will become an obligatory right document after notarization, where debtor fails to perform its obligations or partially perform its obligations; creditor is entitled to apply to a competent People’s Court for enforcement. Party A is
also entitled to carry out public auction with auction house, and Party B hereby waive its right of defense in such circumstance. Any fees occurs from auction shall be borne by Party B, and Party A is entitled to deduct such fees from the auction
revenue. 

Article 13: Auction 

Where Party A exercising mortgage right shall entrust auction house to carry out public auction, Party A shall refund the remaining part of the auction revenues to Party B after deduction of the auction fees, principal and interests of the loan.
Party B is liable for any inadequacy of the auction revenues. Any relevant auction formality shall be gone through by Party A entrusted by Party B. 

Article 14: Fees 

Any fees occurred by reason of evaluation, insurance, verification, registration or notarization with respect to the mortgaged property shall be borne by Party B. 

Article 15: Effectiveness and Counterparts of the Contract 

This contract shall be executed by both parties and will come into effect when the mortgage registration is fulfilled in accordance with article 5. 

Where the mortgaged properties are jointly owned by several people, all of the joint owners shall sign the valid relevant documents when the contract is notarized. 

This contract shall be signed in five counterparts; Party A shall hold two copies, and Party B shall hold one copy, the real estate registration authority and notary public office shall hold one copy respectively. 

Article 16: Special Provision 

Party B shall be liable for breach of the contract to the sum of 20% of the loan amount in the event that it breaches the provisions of article 4, 7,8,9,10 hereunder or the complementary agreement.  

Within 5 days of the expiration of loan period, daily liquidated damage shall be calculated by 0.5% of the aggregate repayment amount at the end of that day; after 5 days of the expiration of
loan period, Party A is entitled to carry out disposal sale, public auction or apply to competent People’s Court for compulsory enforcement. Liquidated damages occurred by reason of disposal sale, public auction, action or enforcement shall be
calculated by 0.5% of the aggregate repayment amount of that day. Liquidated damages can be double counted by reason of different nonperformance behaviors as pursuant to the provisions of this contract. 

Renewal certificate and any complementary agreements constitute the integral part of this contract, and have the same legal effect as this contract. Any matters which have not been amended in complementary agreements shall maintain its validity. 

The invalidity of loan clause shall be without prejudice to the validity of mortgage clause. 

Article 17: Serve of Notice 

All of the notices must be sent to the address stated on the first page of this contract. 

It shall be deemed the other party has received the notice after 10 days when the notice has been sent by registered mail, express or telex. 

Any party must notify the other party if there is any change to the address stated in this contract. Any change to the address will only take effect when having received the confirmation letter from the other party. 

Article 18: Dispute Resolution 

This contact will become obligatory right documents after notarization, where the debtor fails to perform or unable to perform its duty under the contract, creditor is entitled to apply to the competent People’s Court for compulsory
enforcement. In the case of this, Party B shall waive its right of defense. 

Article 19: Applicable Law 

Any matters which have not been stipulated under this contract shall be handled in accordance with the relevant provisions of <People’ Republic of China’s Guarantee Law>, <City Real Estate Mortgage Administrative Measures>,
<Shanghai Real Estate mortgage Rules> and <Pawn Administration Rules>. 

In the event that any newly promulgated or amended relevant law, regulation or judicial interpretation is inconsistent with the underlying provisions of this contract; both parties shall amend this contract so as to comply with the corresponding
provisions of the aforesaid law, regulation and judicial interpretation. 

Article 20: Indicative Clause  

Party B has read all of the provisions of this contract and
Party A has make corresponding explanations of the provisions of this contract
on the request of Party B. Party B has fully comprehended the meanings of all
the provisions and understood their legal consequences. 

Lender (Mortgagee): Shanghai Fuxing Pawnbroker Co., Ltd

By: /seal/ Shanghai Fuxing Pawnbroker Co., Ltd. 

Borrower (Mortgagor): The Fifth Season Hangzhou Department
Store Investment Management Co., Ltd. 
By: /seal/ The Fifth Season
Hangzhou Department Store Investment Management Co., Ltd. 

Date: 2011.02.27

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