Document:

English translation of Labor Contract with Wang Yui Fung

 Exhibit 10.5 
  

	
	 Beijing Anxinruide Real Estate
 Brokerage Co. Ltd.
  
  
 Labor Contract
  
  
 Party A: Beijing Anxinruide Real Estate Brokerage Co. Ltd.
  
 Party B: Wang Yui Fung
  
 Signed on: June 16, 2008
  
 Signed at: Chaoyang District, Beijing

 Party A (Company): Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Add: 26A, Hanwei Plaza, No. 7 Guanghua Road, Chaoyang District, Beijing 
 Legal representative: Donald Zhang 
 Party B (employee): Wang Yui Fung 

Add. : 
 ID card No.: 

Preface 
 Party A and
Party B have entered into the following Labor Contract (including appendixes Contract on Protection of Business Secret, and Supplemental Agreement of the Contract, when applicable) (hereinafter referred to as Contract) according to the Labor Law of
the People’s Republic of China, the Labor Contract Law of the People’s Republic of China as well as other related national and local laws and regulations and following the principles of equality, voluntariness and unanimity through
consultation. 
 Article 1 Contract Term 
  

	1.1	The term of the Contract agreed by both parties is subject to 1.1.1 below: 

  

	 	1.1.1	Term of the Contract is three years, from June 16, 2008 to June 15, 2011 

  

	 	1.1.2	The Contract is the non-fixed-term Labor Contract and will take effect from
                     (date). 

  

	1.2	The Contract will terminate upon expiration of its term, with exception that both parties agree to renew it. Before its expiration, the Contract may be lengthened as
long as both parties agree on it and sign a written agreement for it. In the case that both parties have not entered into a written agreement before the Contract expires, the labor relation of both parties will terminate upon the expiration of the
Contract. 

 Article 2 Probation Period 
  

	2.1	The period of probation agreed by both parties is subject to 2.1.2 below: 

  

	 	2.1.1	The period of probation is not applicable to Party B; or 

  

	 	2.1.2	The period of probation herein is three months, from June 16, 2008 to September 15, 2008, and is included in the term of the Contract. 

	2.2	Instructions on period of probation 

  

	 	2.2.1	The period of probation is less than one, three or six months respectively for employees signed the Contract with the term less than one or two years, or a the fixed or
non-fixed term more than three years with the Company respectively. 

  

	 	2.2.2	If an employee signed the Contract with the fixed or non-fixed term more than three years with the Company fails to meet the Company’s requirements within the
period of probation, the period of probation may be lengthened properly, but it should be not longer than six months. 

	 	2.2.3	Any necessary modifications of the provisions above should be in written form based on the consultation of both parties. 

  

	2.3	Instructions on termination of period of probation 

  

	 	2.3.1	If Party B is proved to be not in line with the admission term during the period of probation, Party A shall have the right to terminate the Contract at any time; and
if Party B intends to leave the Company due to some reason, he or she may submit an resignation application at any time, but his or her salary shall not be settled up until the handover formalities have been finished. 

 Article 3 Position 
  

	3.1	Party B agrees to assume the title or post of General Manager in accordance with the employment unit’s needs in the department of Beijing Anxinruide
Real Estate Brokerage Co. Ltd. at Beijing (work location). Nature of the work: A. sales personnel; B. administrative personnel; C. Ö senior management personnel; D. other; 

 

	3.2	Explanation to the nature of the work: 

  

	 	3.2.1	Sales personnel means property consultant, senior property consultant, property account manager, senior property account manager, (deputy) branch manager, senior
manager, and (deputy/assistant) regional manager; 

	 	Administrative personnel means office secretary, secretary of (deputy) regional manager, assistant of director, secretary of director; Senior management personnel means
personnel holding a position of deputy director (or higher); 

	 	Other means personnel of the department of Party A other than senior management personnel. Party A shall have the right for the ultimate interpretation of this Article
3.2 and 3.2.1. 

  

	 	3.3	Party B’s work task or duty is the management of the general operation of the company. 

  

	3.5	When Party A needs to regulate the position of Party B in accordance with its business needs, the contract change shall be handled. Agreement or notice signed and
confirmed by both parties shall be considered as the appendix of the contract. 

 Article 4 Remuneration 

  

	4.1	The salary of Party B should be subject to the system, form and standard of salary distribution confirmed by Party A but be not lower than the lowest level specified by
relevant laws and regulations. Before the Contract is signed, Party A has specified the issue to Party B and Party B has confirmed the issue. 

  

	4.2	The remuneration of Party B is RMB          (inclusive of tax) in period of probation. 

  

	4.3	Party A shall have the right to communicate with Party B and regulate his or her remuneration correspondingly according to its business situation and business
performance and Party B’s job skills, work attitude and work performance. Agreement or notice signed, sealed and confirmed by both parties shall be considered as the appendix of the contract. 

  

	4.4	Party B should have his or her personal income tax held and remitted by Party A in accordance with the tax laws formulated by Chinese government.

 Article 5 Working Hours 
  

	5.1	The working hours agreed by Party A and Party B are subject to 5.1.1 below: 

  

	 	5.1.1	Standard working hour system: the total working hours per week is 40, i.e., 9:00 a.m. to 5:30 p.m. (with half an hour between 12:00 a.m. to 1:00 p.m. for launch) from
Monday to Friday. 

  

	 	5.1.2	Irregular working system: it is only applicable when the working nature is not the other. Party B’s working hours and rest hours shall be arranged by Party A.
Party A shall adopt proper ways, such as having holidays by turns, taking off, flexible working hours and so on to ensure Party B’s rights for rest and having taking a holiday as well as the completion of works. 

  

	5.2	Within the term of the Contract and on the premise of no violation to laws and regulations, Party A shall have the right to properly regulate the working hours of Party
B according to its business needs. 

  

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 Article 6 Archives Management 
  

	6.1	Party A shall abide by the state’s relevant regulations about labor safety and hygiene, create the working conditions in line with the state’s labor safety
and hygiene standards for Party B, provide necessary articles for labor protection for Party B, conduct education about labor safety and hygiene for Party B and guarantee the safety and health of Party B in work according to law. On the other hand,
Party B should abide by Party A’s rules and systems about labor safety lest occupational hazards and accidents happen. 

 Article 7 Social Insurance and Welfare Benefits 
  

	7.1	During the contract period, Party A shall pay the social insurance for Party B in accordance with regulations of the contract and relevant laws.

  

	7.2	Party B shall, in accordance with relevant national provisions, enjoy statutory holidays. If Party B can not enjoy statutory holidays stipulated by the state due to
Party A’s business requirements or emergencies, Party A shall give Party B financial compensation according to state regulations. 

  

	7.3	Party B shall have the right to enjoy marriage leave, funeral Leave, home leave, maternity leave (when applicable) and some other paid leaves. Besides, Party B shall
enjoy the paid annual leave offered by Party A according to relevant regulations of the state. 

  

	7.4	To take a vacation, Party B must obtain the approval of Party A first. Party A shall have the right to ask Party B to take an early or deferred vacation or to end the
vacation in advance. 

  

	7.5	The compensations made for Party B due to work-related injuries or death and the period of medical treatment and relevant remuneration of Party B due to diseases or
non-work-related injuries should be subject to relevant national and local regulations and the regulations of Party A. 

 Article 8 Rights and Obligations of Party A 
  

	8.1	Party A shall have the right to assign rational work tasks within the working hours and Party B should finish them within the given time and according to working
standard; 

  

	8.2	Party A shall have the right to ask Party B to improve his or her working quality and efficiency and, if Party B fails to meet the working standard of Party A within
the given time, to ask Party B to finish the work tasks in non-working hours; 

  

	8.3	When formulating rules and systems, Party A may listen to and take the opinions of employees by following the democratic procedure; 

  

	8.4	Through consultation with Party B, Party A shall have the right to ask Party B to work overtime; 

  

	8.5	Party A should, according to the remuneration standard specified by it and the provisions of the Contract, pay Party B his or her remuneration at the specified time;

  

	8.6	Party A should provide Party B with necessary working environment and conditions and necessary facilities for Party B to finish work tasks; 

  

	8.7	Party A shall have the right to decide on the rewards or punishment for the work behaviors of Party B in accordance with its rules and systems.

  

	8.8	Party A should provide the welfares and social security specified herein and in relevant laws to Party B; and 

  

	8.9	If Party B fails to handle the handover procedures as specified in the contract or in accordance with Party A’s relevant regulations at the expiration of the
contract or when the contract is terminated in advance, or if Party B fails to return Party A’s relevant properties to Party A, Party A is entitled to temporarily withhold the equal amount of salary and economic compensation that shall be paid
to Party B until Party B performs corresponding obligations. 

  

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 Article 9 Rights and Obligations of Party B 
  

	9.1	Party B is entitled to collect salary by month. Party A shall pay remuneration to Party B according to the lowest salary standard of Beijing in the period Party A fails
to dispatch Party B to an employment unit or when Party B is returned back by the employment unit. 

  

	9.2	Party B is liable to strictly follow any Employees’ Code of Conduct, rules and regulations, department regulations and some other internal regulations formulated
before or after the Contract is signed; 

  

	9.3	Party B shall have the right to propose opinions and suggestions through democratic procedure for the rules and regulations and department regulations formulated by
Party A; 

  

	9.4	Party B is obliged , according to Party A’s requirements, carefully and timely complete works assigned by Party A with integrity and high quality, and to promote
Party A’s business to the utmost, otherwise, he/she shall complete independently in the non-working hours. 

  

	9.5	Party B is obliged to obey the leadership and management of Party A. According to the business development requirements, Party A will arrange and regulate Party
B’s work. Party B shall obey Party A’s dispatch and complete other work outside the office areas. 

  

	9.6	Party B is liable to work truthfully and with professional dedication; 

  

	9.7	Party B is liable to consciously defend the reputation and interests of Party B and the unity among staff of Party B; 

  

	9.8	Party B commits that as rationally known by himself or herself, he or she has no chronic or serious diseases, or any other diseases making himself or herself
incompetent to the work specified herein by the day on which the Contract is signed; 

  

	9.9	Party B commits that when the Contract is signed, he or she has no other labor relation which has not been ended yet and, for any violation or holding back about this,
it would like to bear all legal responsibilities and, if Party A suffers from losses due to claims of third party arising from this, it would like to make full-amount compensations for all losses suffered by Party A; 

  

	9.10	Party B has the duty of confidentiality for Party A’s affairs and materials or any business secrets and materials of customers of Party A, which Party B knows or
possibly knows when serving Party A, and must not disclose them to any individuals, companies or organizations (no matter they have been registered or not) and Party B is liable to do his or her best to prevent the affairs, materials and business
secrets from disclosure in any forms (both parties may sign Appendix 1 hereof, namely Contract on Protection of Business Secret); 

 Article 10 Ownership of Documents and Articles 
  

	10.1	The documents drawn up or compiled by Party B for the businesses or affairs of Party A when serving Party A (including but not limited to contracts, agreements,
advisory opinions, work reports, letters, faxes, call records, customer lists, notes, memorandums and plans) as well as the office facilities, communication equipment, transport facilities and other articles equipped for Party B should be owned to
Party A at any time. 

  

	10.2	At any time after the Contract expires or in the term of the Contract, Party A shall have the right to ask Party B to return the aforesaid documents, materials and
articles. 

 Article 11 Modification and Rescission of the Contract 
  

	11.1	Modification of the Contract 

  

	 	11.1.1	When the laws and/or administrative rules and regulations serving as basis of the Contract alter, corresponding content of the Contract should also be altered; and

  

	 	11.1.2	When the objective circumstances serving as basis of the Contract change significantly and result in the performance failure of the Contract, corresponding content of
the Contract may be modified on the basis of consensus of both parties. 

  

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	11.2	When Party B is in one of the following circumstances, Party A may unilaterally and immediately rescind the Contract without advance notice and any compensation to
Party B and, if any losses are hereby caused to Party A, Party A shall have the right to claim for compensation: 

  

	 	11.2.1	Party B is proven not complying with the recruitment requirements in period of probation; 

  

	 	11.2.2	Party B seriously violates any provisions of Party A; 

  

	 	11.2.3	Party B has made serious negligence of duties and jobbery, hereby causing serious damages to interests of Party A; 

  

	 	11.2.4	Party B establishes labor contract simultaneously with other employment unit, hereby causing serious damage to the completion of Party A’s work completion, or
Party B refuses to make correction when Party A requests him/her to make correction; 

  

	 	11.2.5	Party B makes some fraud and hereby causes Party A to sign or change the contract, making the contract invalid in violation of the true meaning of Party A;

  

	 	11.2.6	Party B is prosecuted for criminal liabilities. 

  

	11.3	In the case of one of the following circumstances, Party A may send a written notice to Party B thirty days in advance or additionally pay the salary of a month to
Party B and rescind the Contract: 

  

	 	11.3.1	Party B suffers from a disease or non-work-related injury and is unable to take the original work or another work assigned by Party A after the period of medical
treatment specified by relevant labor law of China; 

  

	 	11.3.2	Party B is incompetent for his or her job and is still incompetent after being trained or transferred to another post by Party A; 

  

	 	11.3.3	When the objective circumstances serving as basis of the Contract change significantly and result in the performance failure of the Contract, and the both parties fail
to reach consensus about the changed issues after consultation; 

  

	 	11.3.4	Other circumstances in which it is specified by relevant laws and regulations that Party A may terminate the Contract unilaterally after giving a notice to Party A
thirty days earlier occur. 

  

	11.4	When Party B is in one of the following circumstances, Party A must not rescind the Contract in accordance with provisions in clause 11.3: 

  

	 	11.4.1	It is confirmed that Party B has lost work capacity partially or completely due to a work-related injury or it suffers from an occupational disease;

  

	 	11.4.2	Party B suffers from a disease or non-work-related injury and is still in the prescribed medical treatment period; 

  

	 	11.4.3	Party B is still in the gestational period, perinatal period and lactation period; 

  

	 	11.4.4	Party B has worked at the company for fifteen years successively and is less than five years to the statutory retirement age; 

  

	 	11.4.5	Other circumstances specified in laws and administrative regulations. 

  

	11.5	Unless the Contract specifies otherwise, if Party B intends to rescind the Contract, is should inform Party A of the intent in written form thirty days earlier. After
Party B has worked for thirty days after that and finished the handover formalities, Party A should agree to rescind the Contract and pay Party B his or her remuneration of that month, if there are no special causes. 

  

	11.6	If Party B leaves Party A without informing Party A of its intent of leaving thirty days earlier or has not worked for thirty days after that, it must pay liquidated
damages to Party A. Hereunder is the standard for calculation of liquidated damages: 

 (30 days – the actual
working days of Party B in the thirty days) × the standard daily wage of Party B 
  

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	11.7	If the amount calculated as per the standard above is lower than the actual loss suffered by Party A, Party A shall have the right to claim for recovery of the gap.

  

	11.8	If Party B who has been trained with the expenses paid by Party A rescinds the Contract, it should compensate Party A for the training expenses according to the
training contract signed between them. 

 Article 12 Termination and Renewal of the Contract 
  

	12.1	In one of the following circumstances, the Contract shall terminate at once: 

  

	 	12.1.1	The term of the Contract expires; 

  

	 	12.1.2	Party B begins to enjoy basic endowment insurance treatment according to law; 

  

	 	12.1.3	Party B is deceased, or is dead or missing as announced by the people’s court; 

  

	 	12.1.4	Party A suffers from bankruptcy according to law. 

  

	 	12.1.5	Party A suffers from business license revocation, order to shut down, revocation or Party A determines to dissolve the company in advance; 

  

	 	12.1.6	Other circumstances specified in laws and administrative regulations. 

  

	12.2	Party A should, thirty days prior to the expiry date of the Contract, inform in written form Party B of its intent of terminating or renewing the Contract. Through
consultation, both parties should fulfill the formalities about termination or renewal of the Contract. 

  

	12.3	In case that both parties agree to terminate the Contract, Party A should show Party B documentary evidence about the termination and both parties should fulfill
relevant formalities. 

 Article 13 Compensation for Damage 
  

	13.1	Either party violating provisions herein should bear the corresponding compensation liabilities for the economic losses hereby caused to the other party.

  

	13.2	In the case that Party B violates any provisions herein and hereby causes losses to Party A, Party A shall have the right to deduct corresponding amount from any
amounts payable to Party B and claim for recovery of the gap from Party B. 

 Article 14 Delayed Exercise of
Rights 
  

	14.1	The delayed exercise of any rights herein by Party A or Party B does not means it has given up the rights, and Party A or Party B reserves the right to claim for
compensation when the other party violates the Contract and hereby causes losses to it. 

 Article 15 Settlement
of Disputes 
  

	15.1	In case that both parties have any disputes about the effect, interpretation, performance and other issues of the Contract, they should settle them through friendly
consultation first. If consultation fails, either party shall have the right to apply to the competent labor dispute arbitration institution for arbitration and have the disputes settled according to legal rules. 

  

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 Article 16 Constitution of the Contract 
  

	16.1	The Contract consists of its main body and the following appendixes: 

  

	 	16.1.1	Appendix 1: Contract on Protection of Business Secret; 

  

	 	16.1.2	Appendix 2: Supplemental Agreement of the Contract. 

  

	 	16.1.3	Appendix 3: Employee Manual of the company and other various management systems. 

  

	 	16.1.4	Appendix 4: the various personnel processes and forms signed by the both parties. 

 Article 17 Supplementary Provisions 
  

	17.1	Party A has made honest disclosure to Party B his/her work contents, work conditions, location, occupational hazards, safety in production situation, labor remuneration
and other information upon the requests of Party B prior to the signing of the contract. Party B has fully understood all the foresaid information. 

  

	17.2	The Contract shall come into effect after it is signed or sealed by both parties. Both parties may sign supplementary agreements to make modificatins in written form
for relevant provisions herein. 

  

	17.3	The Contract is made in duplicate which are both originals of the equal legal effect, one for each party. 

  

	17.4	Supplementary provisions: 

 None. 
 Party A: Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Authorized representative: /s/ Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Party B
(signature): /s/ Wang Yui Fung 
 Signed on: June 16, 2008 
 Signed at: Chaoyang District, Beijing 
  

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 Appendix 1 
  
 Contract on Protection of 
 Business Secret 
  
 Party A: Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Party B: Wang Yui Fung 
 Signed on: June 16, 2008 
 Signed at:
Chaoyang District, Beijing 
  

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 Party A (Company):Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Add: 26A, Hanwei Plaza, No. 7 Guanghua Road, Chaoyang District, Beijing 
 Legal representative: Donald Zhang 
 Party B (employee): Wang Yui Fung 

Add. : 
 ID card No.: 

Article 1 Contract Purpose 
  

	1.1	In view that Party A and Parry B has entered the Labor Contract on June 16, 2008 (date) which stipulates rights and obligations of the both sides, Party B becomes the
employee of Party A; 

  

	1.2	In view of Party B’s job and position, Party B has the opportunity to learn or contact Party A’s business secret, and also because that these business secrets
are important intangible assets of Party A. 

  

	1.3	Party A and Party B have entered into the following Contract on Protection of Business Secret according to the Labor Law of the People’s Republic of China, the
Labor Contract Law of the People’s Republic of China as well as other relevant laws and regulations on the basis of equality, voluntariness and unanimity through consultation with the purpose to protect the company’s business secret as
well as the legitimate rights of labors. 

 Article 2 Contractual Obligations of the Third Person

  

	2.1	Party B guarantees that when he joins Party A as an employee, he is free from any obligation on business secret protection and non-use for any company served previously
and does not undertake any business competition restriction obligations. Party B further guarantees that the concluding of the Contract between Party B and Party A and the use of any information, knowledge and skills of Party B when serving Party A
will not cause the breach of contract of Party B or constitute any infringement of the third party. 

 Article 3
Confirmation of Business Secret 
  

	3.1	Party B recognizes that the protection of business secret, including external confidential information, is a major issue related to Party A’s survival and
development. To this end, Party B voluntarily assumes obligation to protect all business secret of Party A. 

 Article 4 Scope of Business Secret 
  

	4.1	Business secret in the Contract means business secret, technical information, business information, proprietary information and any other data and information in any
form not known to the public possessed by Party A or affiliate in confidential way of which Party B obtained in the Labor Contract performance process and the process providing services for Party A or any affiliate designated by Party A. These
business secrets may be related to (i) Party A, (ii) the affiliate, (iii) clients, customers, consultant, licensees of Party A or the affiliate or (iv) other entity with business relationship or contract relationship with Party A
or the affiliate, including but not limited to the following information: 

  

	 	(a)	Proprietary technology, design, programming, software, databases, management systems and content 

  

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	 	(b)	Business plan, development plans, the progress of implementation and its results 

  

	 	(c)	Immovable property /housing sales, leasing and service information 

  

	 	(d)	Immovable property /housing customers list, customer/ market information (including but not limited to customers of Party A’s regional franchisor or sub-franchisor
or customers of Party A’s affiliate that Party B contacts in the employment term for business demands) 

  

	 	(e)	Management and business operation and decision-making, managerial know-hows 

  

	 	(f)	Business or market expansion plans, market situation analysis, marketing strategy 

  

	 	(g)	Pre-tender and contents of biding documents and other information 

  

	 	(h)	Financial information 

  

	 	(i)	HR information 

  

	 	(j)	Information about collaboration with other companies related to the business. 

  

	4.2	The behavior of the contract conclusion by Party A and Party B will be deemed as taking security measures for confidential information. It is unnecessary for Party A to
take security measures for above confidential information. 

  

	4.3	Regardless of the legal form, the affiliate means the entity already existing or to be established in domestic China or overseas which is directly or indirectly in
holding relationship or under the holding together of another entity. The entity shall include, but not limited to Party A’s parent company, subsidiaries, branch offices, other companies invested by the parent company or representative body set
up in China or overseas. 

 Article 5 Ownership of Work Results 
  

	5.1	Work results mean all or partial results obtained independently by Party B or jointly by Party B and other person through R&D, development, translation or
acquisition before the termination or release of the labor relation between Party B and Party A or within one year after the contract release for any reason, including but not limited to patents, trademarks, copyrights, business secret, trade
secrets and proprietary technology. All these items shall be related to existing products, expected products, plans or services of Party A or the affiliate in any way, or be related to work allocated to Party B in any way, regardless that
(i) whether the patent can be applied for and whether they are protected by copyright or trademark, (ii) whether they are produced in tangible form or used in practice, (iii) whether they are produced in the normal operation time of
Party B, and (iv) whether they are produced in the office space of Party A. 

  

	5.2	Party B agrees that, (i) to the maximum extent permitted by law, all rights related to work results belong to the original acquisition of Party A; (ii) if for
legal reasons Party A is not allowed to originally acquire these rights, Party B will deem that Party A has waived any and all rights of Party B’s working results that include intellectual property rights from the very beginning; if above
rights can not be waived or transferred to Party A by law, Party A, the affiliate and the respective successors or assignees shall be entitled to use these working results. In addition, Party B shall not put forward any rights requirements to Party
A, the affiliate and the respective successors or assignees. 

  

	5.3	According to Party A’s requirements, Party B shall disclose any technology, data or other related information of any and all working results that are important or
can not be separated with the working results to Party A or personnel designated by Party A. 

  

	5.4	As for Party B’s work nature and contribution to work results, Party B acknowledges and agrees that the remuneration paid by Party A to Party B has included all
remuneration for completion any work results under the Contract. 

  

	5.5	For non-work results made by Party B before the termination of the labor relationship between Party B and Party A and or within one (1) year after the termination
of the labor relationship that are related to the business scope Party A, Party A has the priority to be assigned/ licensed to use these results. Under the same conditions, Party B shall assign or license non-work results to Party A to use. Party A
shall pay reasonable remuneration to Party B by means of agreed price, becoming a shareholder or others. 

  

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	5.6	All work results, confidential information, equipment, documents and information (including but not limited to computers floppy disks, drawings, data, models,
experimental records, work manuals, correspondence, fax, telephone records, customer lists, notes, memoranda, plans) and others prepared by Party B when serving Party A which are related to Party A’s business and cause shall be, at any time,
owned by Party A. Besides, Party A shall, at any time after the termination of the labor relationship between Party B and Party A or the valid period required by Party A, immediately return or, in accordance with Party A’s requirements, destroy
the above documents and data. Party B is not allowed to retain copies of above-mentioned work results, confidential information, equipment, documents and information in any form. 

 Article 6 Confidential Obligations 
  

	6.1	Party B guarantees to strictly keep confidentiality for business secret mentioned in Article 4 in the contract, unless i) it is necessary, as required by work for the
fulfilling of obligations to Party A and as being instructed by Party A, to disclose to other employees or clients (including potential clients to be developed) of Party A who are expected to know the above contents to the extend required by the
business; ii) getting the prior written consent of Party A; iii) according to mandatory requirements of relevant Chinese laws and regulations: 

  

	 	(a)	Shall not allow others to access, use or plan to use such information; 

  

	 	(b)	Shall not, directly or indirectly disclose any confidential information to unrelated personnel in the company or any third party; 

  

	 	(c)	Shall not, directly or indirectly, use or plan to use; 

  

	 	(d)	Shall not, directly or indirectly, copy or disclose documents or copies of documents containing the company’s business secrets; 

  

	 	(e)	Shall properly deal with documents provided by the company’s clients under the safekeeping or contacted for work demands and shall not use beyond the working
scope. 

  

	6.2	Although part or individual elements of business secret or confidential information mentioned in Article 4 in the contract have been known, other parts or information
as a whole have not been known and are still have value for confidentiality. To this end, Party B agrees that the disclosure to the public of part or individual elements will not affect the confidentiality obligations for other confidential
information. Party B shall also not use this information, or induce a third person to sort out Party A’s business secrets by collecting public information and thus to prove the no longer existence of business secrets. 

Article 7 Effect Severability 
  

	7.1	Any specific provision of the contract changed through consultation of contractual parties, judged by the court to be invalid or needed to be changed will not affect
the effect of other parts. 

 Article 8 True Meaning Statement 
  

	8.1	The contract is entirely concluded based on the real intention of both Party A and Party B. Party B has not received any implication or enforcement of Party A and
accepts all the times, regions and fields voluntarily. 

  

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 Article 9 Compensation for Damage 
  

	9.1	If Party B breaches any provision of this contract and causes damage to Party A, Party B shall bear the compensation liabilities and the compensation amount shall not
be less than the amount of 6 months’ salaries. Party B shall also pay for the cost for survey and hiring a lawyer that have been pre-paid by Party A. If the loss suffered by Party A caused by Party B is more than the foresaid cost, Party B
shall compensate for the balance. Party A is entitled to deduct the loss compensation amount from any sum of money to be paid to Party B and to claim compensation from Party B for the shortage part. 

  

	9.2	After Party B bears the damage compensation liability his/her breach of contract to Party A according to provisions above, Party A is entitled to request Party B
continuing to fulfill his obligations under the contract. 

 Article 10 Dispute Settlement 
  

	10.1	Any dispute aroused or related to the contract shall be first of all settled by the two parties through friendly consultation. If consultation fails, either party shall
have the right to take the dispute to the people’s court of the region where the contract is signed. 

 Article 11 Supplementary Provisions 
  

	11.1	Titles in the contract is for reference only which shall not be considered as part of the contract or affect the contract meaning or interpretation.

  

	11.2	The contract is an inseparable appendix of the Labor Contract entered by the two parties and shall have the same legal effect as the Labor Contract.

  

	11.3	The contract is in two copies, one for each party with the same legal effect. 

  

	11.4	The contract will take effect after being signed and sealed by Party A and signed by Party B. Unless being agreed to be terminated by both parties in written form, all
terms and conditions of the contract will be in effect for long-term and will not become invalid along with the termination or release of the Labor Contract. 

 Party A (Company): Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Authorized Representative:
/s/ Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Signature of Party B: /s/ Wang Yui Fung 
 Contract Signing Time: June 16, 2008 
 Contract
Signing Location: Chaoyang District, Beijing 
  

 12 

 Appendix 2 
 Supplemental Agreement of the 
 Contract 
  
 Party A: Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Party B: Wang Yui Fung 
 Signed on: June
16, 2008 
 Signed at: Chaoyang District, Beijing 
  

 13 

 Party A (Company): Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Add: 26A, Hanwei Plaza, No. 7 Guanghua Road, Chaoyang District, Beijing 
 Legal representative: Donald Zhang 
 Party B (employee): Wang Yui Fung 

Add: 
 ID card No.: 
 In view that Party A and Parry B has entered the No.          Labor Contract on
                     (date), the two parties voluntarily enter into the following Supplementary Agreement according to provisions in paragraph 6.1.2
in section 6 in the Labor Contract: 
  

					
	Article 1	  	Due to the reason specified in paragraph          below, Party B would propose a written application to Party A,
requesting not to transfer Party B’s archives currently kept in                              talent
exchange center/ institute to the company for the unified management of Party A.
			
		  	(1)	  	Special job requirements;
			
		  	(2)	  	Archives are kept in other cites which are difficult to be transferred to the company;
			
		  	(3)	  	Other reasons:
                            
		
	Article 2	  	Since archives of Party B are not transferred to the company, Party A may suffer from inconvenience for unified management. To this end, Party B hereby makes the
following commitments:
			
		  	(1)	  	Earnestly abide by Party A’s various rules and regulations and strictly perform the Labor Contract entered by the two parties in the employment period;
			
		  	(2)	  	When dismissing, strictly abide by relevant labor laws and regulations as well as provisions of the Labor Contract on time limits and procedural requirements and perform the
obligations for informing, articles returning, work handover and others;
			
		  	(3)	  	After dismissing, abide by and implement the Supplemental Agreement of the Contract signed by the two parties;
			
		  	(4)	  	Earnestly perform other statutory and agreed obligations.
		
	Article 3	  	In case of any violation of the above commitments, implement in accordance with relevant regulations in the Labor Contract and the Employment Manual; if the violation
also results in any loss of Party A, Party B shall also make relevant compensation for Party A.
		
	Article 4	  	The Agreement is the supplementary agreement of the Labor Contract. In case of any consistence, the Agreement shall prevail.
		
	Article 5	  	The Agreement is in two copies and will take effect since the date it is signed and sealed by both parties.

 Party A (Company): Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Authorized Representative: /s/ Beijing Anxinruide Real Estate Brokerage Co. Ltd. 
 Signature of Party B: /s/ Wang Yui Fung 
 Contract Signing Time: June 16, 2008 
 Contract Signing Location: Chaoyang District, Beijing 
  

 14English translation of Labor Contract with Hau Piu Ip

 Exhibit 10.6 
 Shanghai Ruifeng Real Estate 
 Investment Consulting
Co., Ltd. 
 Labor Contract 
 Party A: Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd. 
 Party B: Hau Piu
Ip 
 Signed on: August 11, 2009 
 Signed at: No. 1 Building, No. 333 Huanghe Road, Shanghai 
 Labor Contract 
 Party A: Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd. (hereafter referred to as “Party A”) 
 Address: No. 1 Building, No. 333 Huanghe Road 
 Legal Representative (main principal): Donald Zhang 
 Party B Hau Piu Ip (hereafter
referred to as “Party B”) 
 Gender:
                     ID Card No.:
                     
 Residence
Address:
                                         
                                    Contact No.:
                     
 Contact
Address:
                                         
                                        Post Code:
                     
 In view that
Party A and Party B has established labor relation and Party B has become the employee of Party A under the labor contract system, Party A and Party B have entered into the following Contract according to the Labor Law of the People’s Republic
of China, Shanghai Labor Contract Regulations (hereafter referred to as Regulations) and other related Chinese laws and regulations and following the principles of equality, voluntariness and unanimity through consultation. 
 Article 1 Duration of Contract, Contract Type and Probation Period 
  

	1.1	The Contract has a fixed-term. The period of validity is three years from
                     to                     ,
among which the probation duration is from                      to
                    . 

  

	1.2	If the actual time for starting work of Party B is inconsistent with that specified in the contract, the time actually starting work shall be considered as the contract
starting time and the ending time shall be adjusted accordingly. 

  

	1.3	Where Party B and the employment unit enter into other service term agreement within the contract duration and the term of the Contract is less than the duration
specified in the service contract, the term of the Contract will be automatically extended accordingly till the expiration of the service period. 

 Article 2 Work Position and Responsibilities 
  

	2.1	Party B’s recruitment conditions and qualification shall be determined in accordance with relevant contents in the Job Description formulated by the company. The
Job Description of the company shall be a component of the Labor Contract. 

  

	2.2	According to Party B’s work ability and experience, Party A determines to employ Party B to serve as general manager of Party A. 

  

	2.3	Party B’s work responsibilities will be specifically identified by means of the company’s relevant regulations and systems and Party B shall timely complete
his/her work with required quality and quantity. 

  

	2.4	Party A is entitled to carry out performance appraisal for Party B according to the company’s production and business operation requirements and the Performance
Appraisal System formulated by the Company. The appraisal contents include the abilities, profession, skills, health, and work performance and others. After that, Party A may adjust Party B’s post (including but not limited to Party A’s
internal personnel transfer or cross-regional and cross-provinces/cities transfer) or post. Party B is entitled to feed back his/her opinions. If Party B fails to send back any written opinion to HR Department in 2 working days since receiving the
transfer notice, it will be considered that Party B has accepted Party A’s transferring. If Party B fails to assume the new post within 3 days, it will be considered that Party B has informed Party A to release the Labor Contract. Party A has
the right to decide to accept or not. When suffering from any loss, Party A has the right to request Party B to make reasonable compensation. 

  

 1 

 Article 3 Working conditions, working time 
  

	3.1	Party A shall provide Party B with a safe and clean working environment that meets the state requirements to ensure that Party B can work in a situation where no harm
to the personnel safety will happen. At the same time, Party B shall strictly observe the safety regulations of the country and of Party A and shall not violate the safety operation specification and relevant regulations. 

 

	3.2	Party A shall carry out the 40-hour-a-week working system and has the right to carry out a comprehensive working-hour calculation system for different situations and
posts when it is approved by the labor security administration department or carry out a flexible working hour system according to related provisions in the labor contract. 

  

	3.3	Party A can arrange for Party B to prolong working hours or do extra work on holidays according to operation or work demands. If Party B agrees with the arrangement,
Party B shall file an application form for overtime work. When Party B asks for extra working hours, Party B shall obtain written agreement from Party A. Party A shall pay Party B overtime wage according to the approved application form for overtime
work. Overtime wage shall be calculated based on related state regulations to ensure benefits for both parties. 

  

	3.4	Party A can carry out a flexible working hour system with the employed senior administrative staff, outdoor staff, sales staff, staff on duty, shift staff and other
persons whose working hours do not fit the standard working-hour system. 

  

	3.5	Party A shall arrange Party B for vacation on the following holidays: the New Year’s Day, the Spring Festival, May Day and other holidays set by law.

  

	3.6	The company carries out the shift system for legal holidays or other time after normal work hours. 

 Article 4 Remuneration 
  

	4.1	Party B has the right to get labor remuneration if Party B can report duty punctually and provide normal labor every month. The wage of Party B shall be paid by Party
A. 

  

	4.2	 Party A shall pay Party B the wage in cash and in full on the 8th day of each month. Party A shall pay Party B commission on the 18th day of each month calculated based on the actual turnover completed by Party B. Party B shall pay income
tax according to state provisions. The income tax shall be withheld from the wage of Party B each month by Part A. 

  

	4.3	According to related state provisions, financial benefit situations of the company, the post of Party B and the wage system of the company, Party A determines that the
base pay of Party B is RMB                     . The position wage of Party B is RMB
                    . And the overtime wage of Party B is RMB
                    . The bonus, allowance and related subsidy regulated by the country shall also be paid in the previous ways by Party A.

  

	4.4	When Party B passes the assessment for becoming a full member, Party A shall recognize the full membership of Party B and the base pay is RMB
                    . The position wage of Party B is RMB
                    . And the overtime wage of Party B is RMB
                    . The bonus, allowance and related subsidy regulated by the country shall also be paid in the previous ways by Party A.

  

	4.5	If Party A carries out a new pay system or adjusts the pay level or if Party A changes the operating post or duty of Party B, Party A has the right to adjust the wage
of Party B. 

  

	4.6	Party A has the right to decide whether to pay Party B bonus or the amount and time of the bonus according to the work performance of Party B. This term can be changed
or terminated at any time. 

  

	4.7	During the execution of the contract, Party A has the right to adjust the pay system every year according to the operation situation and economic benefit of the
company, the work performance and contribution of Party B and the wage distribution system of Party A. 

  

 2 

 Article 5 Labor Insurance and Social Benefits 
  

	5.1	Party A shall pay social insurance for Party B in accordance with relevant regulations in Interim Measures on Small Town Social Insurance in Shanghai City and the
relevant regulations of Shanghai small town social insurance based on Party B’s household registration and other situations. Party A shall withhold the part to be paid by Party B from his/her salary according to law. 

 

	5.2	According to the successively working period of Party B in Party A, Party B may enjoy some social benefits in accordance with national and the municipal regulations for
sick pay, disease relief expense and medical treatment for corresponding illness or non-injury at work accordingly. 

  

	5.3	For occupational disease suffered by Party B or wage and work injury insurance benefits for work-related injury, implement in accordance with relevant national and
municipal regulations. 

  

	5.4	Party B enjoys statutory holidays regulated by the state, public holidays, marriage leave, bereavement leave, maternity leave, paid annual leave and other paid
holidays. The treatment for paid holidays shall be implemented in accordance with the national, local and Party A’s relevant regulations. 

  

	5.5	When Party A paying social benefits cost to Party B upon the regulations of Chinese government and Party A, Party A may privately adjust labor protection benefits not
compulsorily regulated in Chinese laws. 

  

	5.6	Party A shall, in accordance with relevant Shanghai policies, apply for Shanghai residence, residence permit and other relevant procedures for entering Shanghai for
Party B consistent with relevant conditions and also shall provide Party B with other social benefits. The detailed issues and manners shall be otherwise agreed by the both parties. 

  

	5.7	Party A shall establish and improve the various rules and regulations according to the law and announce the same or notify the same to Party B. Any change of such rules
and regulations shall also be notified to Party B on a timely basis. 

  

	5.8	Party B shall abide by the various rules and regulations legally established by Party A, strictly carry out the labor safety & hygiene regulations, production
processes, operation procedures and work practices, take care of the properties of Party A, and act in accordance with the professional ethics. In the case of violation of labor disciplines and rules and regulations by Party B, Party A may take
disciplinary actions according to the rules and regulations of the Company until terminate this Contract. In case any work injury accident occurs due to violation of safety operation procedures or working against rules by Party B, Party B shall bear
the corresponding liabilities and indemnify Party A against the economic losses thus caused. 

  

	5.9	Party A shall establish and improve the work procedures and establish the operation procedures, work practices, labor safety & hygiene system and the related
standards. Party A shall notify Party B with any job which has the potential risk of occupational diseases, and take precautions against such diseases. 

  

	5.10	Party A shall provide Party B with necessary work conditions and safe and healthy work environment, and supply Party B with labor protection articles and heatstroke
prevention articles based on the characteristics of the business operation and according to the relevant regulations. 

  

	5.11	Party A shall, based on its own characteristics, provide Party B with planned education and training in such areas as professional ethics, business skills, labor safety
& hygiene, and relevant regulations, so as to promote the political consciousness, professional ethic level and professional skills of Party B. Party B shall actively participate in such educations and trainings. 

 Article 6 Labor Disciplines and Punishment 
  

	6.1	Party B shall comply with state laws, regulations, provisions and social ethics and professional ethics and shall safeguard the interests and reputation of Party A.

  

	6.2	Party B must strictly observe Party A’s labor disciplines and systems as well as the various modified rules and regulations, working procedures and labor
disciplines, and consciously submit to Party A’s management. 

  

	6.3	Party A may reward the model of Party B for abiding by labor disciplines and rules and regulations and punish Party B for violation of labor discipline, rules and
regulations. 

  

	6.4	Any results caused by Party B’s violation of labor discipline, rules and regulations shall be born by Party B himself/herself. For any loss suffered by Party A
hereby, Party B shall bear the compensation liability for Party A. 

 Article 7 Labor Contract Termination,
Release and Modification 
  

	7.1	In the case of any change of the laws, administrative rules or regulations upon which the execution hereof is based, the relevant provisions hereof shall also be
changed. 

  

	7.2	This Labor Contract may be amended or terminated upon agreement of the Parties through negotiation. Party A and Party B may change the content hereof upon agreement
through negotiation and confirmed the same in writing. Unless otherwise provided for in other provisions or otherwise agreed by the Parties, when either Party proposes to terminate this Contract, a thirty (30) days’ notice must be provided.

  

	7.3	The Labor Contract will automatically terminate when the duration of the Contract expires or when the conditions for labor contract termination conditions agreed by
both parties occur. 

  

	7.4	In case of the following circumstances, the Contract shall terminate at once: 

  

	 	7.4.1	The duration hereof is expired and the Parties fail to reach agreement on the renewal hereof with the same conditions. 

  

	 	7.4.2	Party B has enjoyed the basic pension benefits and has reached the mandatory age for retirement or resigned from the work; 

  

	 	7.4.3	Party B is deceased, or declared dead or missing; 

  

	 	7.4.4	Party A suffers from bankruptcy, dissolution or being revoked according to law; 

  

	 	7.4.5	Party B can not perform the obligations hereunder for a temporary period, but there are still conditions and possibilities for the continual performance hereof. Such
circumstances shall include but not limited to that Party B is suspected to have breached laws or committed crimes; Party B has been restricted in personal freedom by public security department, state security department or judicial department;
Party B has failed to perform the Contract for 15 days due to such reasons as full-time study and training or carrying out public-welfare missions of related departments. 

  

	 	7.4.6	Party B suffers from occupational diseases, injury at work and has been confirmed to lose partial working capacity and Party A or the employer has paid the disability
employment subsidy to Party B in accordance with regulations; 

  

	 	7.4.7	Party B suffers from occupational diseases, injury at work and has been confirmed to totally lose working capacity or lose the most working capacity; Party A and Party
B agree to terminate the contract through negotiation; Party A has paid the disability employment subsidy to Party B in accordance with regulations. 

  

	 	7.4.8	Any regulation complying with the Appointment Letter signed by the employer and Party B or the termination of the employment relations in the employer’s
regulations; 

  

	 	7.4.9	Party B is enrolled for military service or called to perform other statutory obligations by the State; 

  

	 	7.4.10	Other cases specified in laws and regulations. 

  

 3 

	7.5	In case of one of the following circumstances, Party A may immediately dismiss Party B without prior notification and the both parties shall handle the dismissal
procedures according to law: 

  

	 	7.5.1	Party B is proven by the employer inconsistent with recruitment requirements in the probation and the employer relieves the employment relations;

  

	 	7.5.2	Party B fails to check in with Party A within 15 days upon execution hereof, unless otherwise agreed by the Parties; 

  

	 	7.5.3	Party B fails to provide related materials in relation to its admission within thirty (30) days, and therefore Party A can not go through the procedures of admission
and social insurance contribution. 

  

	 	7.5.4	Party B seriously violates the Employee’s Handbook, labor discipline or rules and regulations of Party A, or seriously breaches the laws and regulations of the
State. Such violations shall include but not limited to failure to achieve the relevant performance targets for 3 consecutive months or 5 cumulative months; 

  

	 	7.5.5	Party B has made serious negligence of duties and jobbery, hereby causing serious damages to interests of the employer with an amount no less than RMB5,000;

  

	 	7.5.6	Party B is checked and validated to provide personal information with serious distortion or forged relevant certificates to Party A, including but not limited to:

  

	 	  	Provision of false or forged Dismissal certificates, ID card, household registration certificate, education degree certificate, physical examination certificate, etc.;

  

	 	  	Failure to state medical history such as prior mental disease, communicable disease or other disease having material adverse effect on the work;

  

	 	  	Failure to disclose any serious sanction such as demerit, factory probation, dismissal or failure to any prior misdeed such as drug taking; 

  

	 	  	Failure to state any prior labor rehabilitation experience, criminal detainment or being held liable for criminal liabilities; 

  

	 	  	Where Party B is proved to be in pregnant before being employed by Party A, Party B shall be deemed as having provided Party A with false personal information.

  

	 	7.5.7	Party B is prosecuted for criminal liabilities or is given labor reeducation, or suffers from public security penalties due to prostitution or going whoring;

  

	 	7.5.8	Party B conceals the disease history of him/her or his/her family or his/her true state of health, leading to significant inconsistence with the position requirements
or significant impact on the normal recruitment work; 

  

	 	7.5.9	Party B violates the state family planning regulations; 

  

	 	7.5.10	Party B establish concurrent employment relationship with other employers, and (i) such relationship has material adverse effect on performance of works for Party A and
has caused a loss of no less than RMB5,000; or (ii) Party B refuses to remedy the same as required by Party A. 

  

	 	7.5.11	Where Party A proposes to amend the Labor Contract and gives Party B a written notice, Party B shall give a written reply to Party A to express its consent or
disagreement. Failure of Party B to make reply within such agreed term shall be deemed approval of such amendment. 

  

	 	7.5.12	If Party B is a driver, and its drive license or certificate is suspended or expired for no less than 15 days due to its own reasons, or Party B has any traffic
(passenger injured) death accident for which it bears equal or more responsibility, or has any serious traffic (passenger injured) accident for which it bears secondary or more responsibility or which caused physical loss of more than RMB10,000,
Party A may terminate this Contract at any time. 

  

	 	7.5.13	If Party B is a special operator, and Party B causes any accident which caused physical loss of more than RMB5,000 due to its operations against rules, Party A may,
besides imposing economic punishment or sanction of Party B, terminate this Contract at any time. 

  

	 	7.5.14	Party B resigns or is dismissed by Party A through negotiation. 

  

	 	7.5.15	Party B enters into or amend the Contract against the true intention of Party A through fraud, threaten or unjustified taking advantage of Party A’s difficulties.

  

	 	7.5.16	Other cases specified in laws and regulations. 

  

	7.6	In the case of one of the following circumstances, Party A may send a written notice to Party B thirty days in advance or additionally pay the salary of a month to
Party B and cancel the Contract: 

  

	 	7.6.1	Party B suffers from a disease or non-work-related injury and is unable to take the original work or another work assigned by Party A after the period of medical
treatment specified by relevant labor law of China, and the employer proposes to relieve the employment; 

  

	 	7.6.2	Party B is incompetent for his or her job and is still incompetent after being trained or transferred to another post by Party A, and the employer proposes to relieve
the employment; 

  

	 	7.6.3	When the objective circumstances serving as basis of the Contract change significantly and result in the performance failure of the Contract, the parties fail to reach
consensus about the changed issues after consultation, and the employer proposes to relieve the employment; 

 Of
them, the significant objective circumstances change mentioned in 7.6.3 refer to: 
  

	 	(1)	The employer’s moving to a quite far place, merger/ being divided into multiple companies, or adjustment of the business items; 

  

	 	(2)	The Contract can not be fully performed due to fires, strikes, large-scale natural disasters, epidemics, wars, riots and other force majeure that is unforeseen/
unavoidable/ unable to overcome and is beyond the reasonable control scope of the employer and Party B; 

  

 4 

	 	(3)	Laws, regulations, rules and policies serving as basis of the Contract signing have been modified or abolished. 

  

	 	7.6.4	The production and operation of Party A faces serious difficulties. 

  

	7.7	If it is really necessary for the employer to reduce the staff, the employer shall explain to the trade union or all employees and listen to views of the trade unions
or the employees. The staff reduction program of the employer shall be determined based on the negotiation with the trade union or representatives of employees to take remedial measures. When implementing the staff reduction program, the employer
shall notify the trade union, Party B and Party A 30 days earlier. However, the personnel recruitment of the employer in 6 months after the staff reduction shall give priority to the staff being dismissed. 

  

	7.8	Party B shall, when relieving the contract, send a written notice to Party A and the employer 30 days in advance. Failure to provide such notice shall be deemed breach
of this Contract by Party B and a month’s salary shall be paid to Party A as liquidated damages. Where Party B proposes to terminate this Contract during the probation period, a 3 days’ notice shall be provided to Party A; provided that in
case of the following circumstances, Party B can terminate the labor contract and the employment relations without prior notice to Party A and the employer: 

  

	 	7.8.1	Party A fails to provide labor protection or work conditions according to the Labor Contract; 

  

	 	7.8.2	Party A forces Party B to work by means of violence, threat or illegal restriction of personal freedom; 

  

	 	7.8.3	Party A fails to pay the labor remuneration or provide labor conditions to Party B according to the contract; 

  

	 	7.8.4	Party A fails to contribute social insurances for Party B; 

  

	 	7.8.5	The rules and regulations of Party A are in conflict with applicable laws and regulations and are to the damage of the interests of Party B; 

 

	 	7.8.6	Party A makes instructions against rules or forces Party B to make risky operations, thus threatening the personal safety of Party B. 

  

	7.9	Party A cannot rescind the labor contract and cannot fire Party B in one of the following situations. But the situations of Terms 7.4, 7.5.4, 7.5.5, 7.5.6, 7.5.7, 7.5.9
are not restricted by this term. 

  

	 	7.9.1	Party B is sick or in a medical treatment period for non-industrial injury; 

  

	 	7.9.2	Party B gets industrial injury or catches some occupational disease and is confirmed to have lost all or partial labor capacity, except for the situations of Terms
7.4.5 and 7.4.6; 

  

	 	7.9.3	Party B is in the periods of pregnancy, confinement and lactation. 

  

	 	7.9.4	Party B is engaged in operations which have potential risks of occupational diseases without physical examination before leaving such post; or Party B has a suspected
occupational disease and is in the diagnosis or medical observation period. 

  

	 	7.9.5	Party B has worked for Party A for a period of consecutive 15 years and there is less than 5 years before the arrival of its mandatory retirement age.

  

	 	7.9.6	Party B is in other situations provided in laws and regulations. 

  

	7.10	Except for situation specified in clause 7.8 under the contract, if Party B’s termination of the contract causes any economic loss of the employer, Party B shall
assume the compensation liability according to the extent of loss: 

  

	 	7.10.1	Any behaviors leading to Party A’s economic benefits damage; 

  

	 	7.10.2	Any behaviors leading to Party A’s reputation damage; 

  

	 	7.10.3	Any behaviors leading to Party A’s loss of customer recourses and real estate resources. 

  

	7.11	Upon rescission or termination hereof, Party B shall: 

  

	 	7.11.1	hand over the work to the persons designated by Party A; 

  

	 	7.11.2	return all tangible or intangible assets of Party A such as office supplies, documents, equipment in its possession to Party A; 

  

	 	7.11.3	handover to Party A all complete all medias containing important information of Party A; 

  

	 	7.11.4	assist Party A in settling the rights and liabilities between the Parties; 

  

	 	7.11.5	go through the dismissal handover procedures required by Party A and go through the relevant dismissal procedures; and 

  

	 	7.11.6	handle all other matters that need to be settled. 

  

	7.12	Upon rescission or termination hereof, Party B shall: 

  

	 	7.12.1	complete the employment termination procedures for Party B; 

  

	 	7.12.2	complete the social insurance transfer or suspension procedures for Party B within 15 days upon termination of the employment relationship; and

  

	 	7.12.3	at the request of Party B, issue the performance statement or certificate of Party B based on the facts. 

  

	7.13	Where Party B leaves without any notice, or is missing, or fails to perform the obligations under Articles 7.11, 9.2, 15.2 or 15.3, thus making Party A can not or
delays the procession of going through the relevant dismissal procedures, Party B hereby irrevocably acknowledges that it has faults and shall bear the corresponding liabilities. 

 Article 8 Economic Compensations and Indemnifications 
  

	8.1	Where Party B fails to provide a thirty days’ notice for its resignation or otherwise resigns without authorization, party A shall, upon completion of the handover
of the work by Party B, pay the salary of that month to Party B. 

  

	8.2	Other than termination of this Contract according to Articles 7.4 and 7.5 hereof, Party A shall pay economic compensations to Party B according to the relevant
statutory standards wherever the Contract Law requires so. 

  

	8.3	Where Party B owes any payment to Party A or Party B terminates this Contract in violation of the provisions hereof and causes any economic loss to Party A, Party A may
make corresponding deduction from the salaries, bonus, subsidiaries, etc. payable to Party B for the indemnification liabilities of Party B under applicable laws, regulations and this Contract; provided that such deduction shall not be in violation
of the applicable laws and regulations, and if such deduction is insufficient to cover the liabilities of Party B, Party A may still claim compensations for the difference thereof against Party B. 

 Article 9 Education, Training and Intellectual Property Right 
  

	9.1	If Party B, during the performance of the Contract, needs to have a training (including practicing and advanced study in domestic and abroad) of which expense will be
paid by Party A, Party B shall enter into a separate agreement on training with Party A. Such agreement shall be a inseparate portion of the Contract and have equal legal effect. If the contract period needed to extend due to such training, a
supplementary contract shall be made and concluded by Party A and Party B; 

  

	9.2	If Party B, during the performance of the Contract, has received a training which is funded by Party A, and if, during the course of training and the service time
stipulated of Party B, the Labor Contract is cancelled attributable to Party B’s breach of this Contract or the company’s rules and regulations of Party A or the said training agreement concluded by both parties, Party B shall compensate
the corresponding expense to Party A in accordance with the provisions stipulated by Party A or the training agreement. 

  

	9.3	The parties may enter into a separate Training/Education Agreement to specify the service period and indemnification standards and the implementation thereof.

  

 5 

	9.4	If Party B, during the contract period, makes an invention, a discovery or an improvement, etc. due to execution of the task assigned by Party A or due to carrying out
the work relevant to the business within his or her working time, either such invention, discovery or improvement is made by himself or herself or jointly completed with others, he or she must promptly report such case to Party A. Whether it is
applied for a patent or made a registration, the ownership of such invention or discovery shall belong to Party A, and such invention, discovery, or improvement shall be the exclusive property of Party A, Party B shall not claim that he or she is
the owner of the intellectual property right of the said invention, discovery or improvement, furthermore, Party B shall have the obligations to keep the secret for such invention, discovery or improvement. 

  

	9.5	If Party A states expressly in writing that it will waive the patent right or the ownership of such invention, discovery or improvement made by Party B, Party B may put
forward a patent application to protect such invention, discovery or improvement and may dispose of such patent right at his or her own option, but Party A shall remain the right to use such invention, discovery or improvement without charge for all
the time in its business. 

 Article 10 Confidentiality 
  

	10.1	During the period of the Contract or after the Contract is terminated or removed, Party B shall not disclose to any individual or company any business secret (including
but not limited to the clients or potential clients with whom Party A is keeping contact, property information as well as business and management information owned by Party A which is stored in the computer software or in the hard disks, etc.) of
Party A or of the business entities associated with Party A, nor shall Party B take advantage of such secrets to compete with Party A or make such secrets for any other use than for Party B’s performance of the duties and obligations stipulated
in the Contract. Party B must strictly abide by the secret rules made by Party A. 

  

	10.2	The records, relevant information or other documents (including but not limited to drawings, blueprints, marketing plans, memos, client lists, financial statements,
sales materials, client information, etc.) which Party B has obtained during the service time associated with Party A business and work, shall be owned by Party A and Party B must return to Party A such information, materials and documents above
mentioned which belong to Employment Side at the expiration of the Contract or before Party B leaves his or her post; 

  

	10.3	If Party B, during the performance of the Contract, or after his or her leaving his or her post, violates the foregoing provisions stipulated, he or she, besides
immediately giving a stop of such disclosure, must compensate Party A for a penal sum of RMB 20,000, and if an economic loss to Party A has been caused attributable to Party B’s disclosure of secrets, Party A also has the right to investigate
Party B’s responsibility of economic compensation; 

  

	10.4	Party B shall observe the confidentiality rules stipulated by Party A and provisions in Confidentiality Agreement made with Party A. 

 Article 11 Prohibition of Part-time Job 
 During the service time, without the prior writing permission of Party A, Party B shall not engage in any part-time job, either paid or without paid, or other jobs which disaccord with or conflict with
the interests of Party A, including but not limited to establishing a business through investment, assisting a third party in establishing a business or being employed by a third party. If there is any violation through investigation and
verification, Party A shall has the right to punish Party B in terms of the company’s rules and regulations, and Party B shall hand in to Party A all the earnings acquired from such conduct, furthermore, he or she shall compensate Party A for
the economic loss according to the provision stipulated in Article 12 hereof. 
  

 6 

 Article 12 Responsibilities for Breach of Contract 
  

	12.1	Where Party B causes Party A economic loss (including but not limited to the expenditure for recruiting and hiring employees, training expense paid by Employment Side
for its employees, direct economic loss to production, business, work, etc.) attributable to his or her breach of the Contract, Party B shall bear the responsibilities of economic compensation. The amount of specific compensation shall be determined
on the basis of the degree of violation of responsibilities, the amount of economic loss caused to Party A, or the agreement to the penal sum; 

  

	12.2	If, during the performance of the Contract, Party B violates the provisions of Party A’s training, confidentiality provisions, he or she has entered into an
separate agreement for the provision of housing loan, subscription of stock option, handling the household register, funded recruitment, advancing a penal sum for another person, or provision of other special treatment, Party A will deal with such
case according to the company’s relevant regulations or the agreement made by the two parties. 

 Article
13 Labor Disputes 
  

	13.1	In case that a labor dispute occurs between Party A and Party B or due to the employment relationship between Party B and Employment Side, the procedure for handling
labor disputes will apply. 

  

	13.2	The procedure of the labor disputes is as the following: 

  

	 	13.2.1	A dispute may be settled by Party A and Party B through consultation. The parties may apply to the company’s Labor Disputes Mediation Committee for mediation. In
the event of the failure of such mediation, the parties may apply to Labor Disputes Arbitration Commission located in the district where Party A is subject to its jurisdiction for arbitration within one (1) year after such dispute occurs.

  

	 	13.2.2	If a party has the objection to the arbitration award, the said party may lodge a complaint to the people’s court in the district where Party A is subject to its
jurisdiction within fifteen (15) days from the date of reception of such arbitration award. 

 Article 14
Other Matters Needed to Make an Agreement by Both Parties 
 Party B shall, at the same time of signing this Contract, execute a Employment
Agreement produced by Party A, and the rules and regulations contained in the Employment Agreement and stipulated by Party A including Staff Handbook shall be an inseparate component portion of this Contract, Party B shall observe and abide by them.

 Without special circumstances, Party B shall submit the information necessary for personnel recruitment to Party A within fifteen (15) days
from the commencement date of conclusion of this Contract, otherwise, all the loss (including but not limited to the termination of the Contract, compensation of the economic loss, etc.) incurred thereby shall be assumed by Party B himself or
herself. 
 Article 15 Non-compete 
  

	15.1	Party B shall not, without the prior writing consent of a third party, directly or indirectly act as a director, partner, person in charge, manager, administrator,
agent or consultant in any intermediary agent of a real estate in the designated area and engage in the work of the same kind or similar kind with that during the service time for a third party or provide the consultation and all other services
related to the business above-mentioned; 

  

	15.2	Party B shall not, within six (6) months after the labor relationship with Party B has been terminated no matter what a cause may be, directly or indirectly
canvass or cause property sales or lease transactions in the designated area (the designated area refers to the working area during the service time of Party B for a third party or the area in which Party B provides intermediary services);

  

 7 

	15.3	Party B shall not, within one (1) year after the labor relationship with Party B has been terminated no matter what a cause may be, take advantage of the resources
(including but not limited to client resources) obtained by Party B during the service time for a third party to canvass or cause, either directly or indirectly, property sales or lease transactions. 

  

	15.4	The expenses of Party B for prohibition of business competition has been contained in the salary paid monthly to Party B, Party A will not make other separate payment.

 Article 16 Miscellaneous 
  

	16.1	Party B shall initiatively provide Party A with his or her truthful relevant information so as to assist Party A in going through the relevant recruitment formalities.

  

	16.2	Any labor contract entered into by the Parties before the effectiveness hereof shall automatically terminate upon the execution date hereof, and in the case of any
conflict between this Contract and any prior agreement (including but not limited to the Confidentiality Agreement, Training Agreement, Non-Competition Agreement), this Contract shall prevail. 

  

	16.3	In case that the terms stipulated in the Contract run counter to the provisions stipulated in Chinese laws and regulations, the provisions in Chinese laws and
regulations shall prevail. 

  

	16.4	Party A shall, at least fifteen days before expiration hereof, provide a written Notice on Renewal of Labor Contract to Party B, and Party B shall make a written reply
to Party A within three days upon receipt of the same. If the Parties agree to renew the employment relationship, Party B shall, at the date specified in the above-mentioned date, go through the procedures for renewal hereof on time.

  

	16.5	If the Parties choose not to renew this Contract upon expiration hereof, Party B shall, according to the labor rules and regulations of Party A, go through the various
dismissal procedures such as work handover and expenses settlement at least three days before the expiration hereof; and Party A shall, upon completion of such handover procedures by Party B, pay the salaries, bonuses and benefits to Party B
according to applicable regulations. 

  

	16.6	If Party B fails to make written reply to Party A within three days upon receipt of Party A’s written Notice on Renewal of Labor Contract, Party B shall be deemed
as having rejected to renew this Contract, and Party A shall, according to the relevant dismissal provisions, procure Party B to go through the various dismissal procedures such as work handover and expenses settlement, and Party A shall, upon
completion of such handover procedures by Party B, pay the salaries, bonuses and benefits to Party B according to applicable regulations. 

  

	16.7	Party A’s rules and regulations (including but not limited to the Employee’s Manual, job descriptions, training agreement, confidentiality agreement and
safety guidelines, etc.) shall form appendixes hereof and have the same legal binding force as this Contract. 

  

	16.8	For anything not contemplated herein and otherwise agreed by the Parties, such otherwise agreement shall apply; and if there is no agreement between the Parties, the
applicable laws, regulations and rules shall apply. 

  

	16.9	Party B acknowledges that, where Party B can not directly deliver relevant documents to Party B (including but not limited to such circumstances as rejection to accept
of such documents by Party B or missing of Party B), the addresses given by Party B hereunder shall be the addresses for mailing relevant documents by Party A. 

  

	16.10	Party B agrees that, where there is difficulty in contacting it (including but not limited to such circumstances as Party B is in hospital or is restricted in personal
freedom), the emergency contacts set forth above shall be the authorized agency of party A, and such agency may accept settlement, reconciliation and take the delivery of relevant documents on behalf of Party B. 

  

	16.11	This Contract is executed in duplicate, with each Party holding one. The Contract will take effect after it is signed (or affixed with seals) by Party A and Party B and
terminate upon its expiration. The two copies shall have the same legal validity and the invalidity of a certain provision hereof shall not affect the validity of the whole Contract. 

 Article 17 Liabilities for Breach of Contract 
  

	17.1	Where Party A terminates this Contract in violation of the provisions hereof or this Contract is held invalid due to reasons of Party A, and if there are specific
applicable legal provisions, Party A shall pay the corresponding economic compensations or damage according to such legal provisions; and if there are no specific applicable legal provisions, Party A shall indemnify Party B against the losses thus
caused to Party B on the basis of actual losses. 

  

	17.2	Where Party A terminates this Contract in violation of the provisions hereof , and if there are specific applicable agreement between the Parties, such agreement shall
apply; and if there are no specific applicable agreement between the Parties, Party B shall indemnify Party A against the losses thus caused to Party A on the basis of actual losses. 

  

	17.3	Any matters not contemplated herein shall be settled by the Parties through amicable negotiation, and separate supplementary agreements may be entered into by the
Parties through negotiation if necessary. 

  

			
	Party A: /s/ Shanghai Ruifeng Real Estate Investment Consulting               Co., Ltd.	  	Party B: /s/ Hau Piu Ip
		
	Authorized Representative: Donald Zhang	  	
		
	Date: August 11, 2009	  	Date: August 11, 2009

  

 8 

	
	 Appendix 1
  
 Contract on Protection of
 Business Secret
  
 Party A: Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd.
  
 Party B: Hau Piu Ip
  
 Signed on: August 11, 2009
  
 Signed at:
Shanghai

  

 9 

 Party A (Company): Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd. 
 Add: Ground Floor, No. 1677-1 Zhangyang Road, Pudong New Area, Shanghai 
 Legal representative: Donald Zhang 
 Party B (employee): Hau Piu Ip 
 Add: 
 ID card No.: 
 Article 1 Contract Purpose 
  

	1.1	In view that Party A and Parry B has entered the Labor Contract on              (date) which stipulates
rights and obligations of the both sides, Party B becomes the employee of Party A; 

  

	1.2	In view of Party B’s job and position, Party B has the opportunity to learn or contact Party A’s business secret, and also because that these business secrets
are important intangible assets of Party A. 

  

	1.3	Party A and Party B have entered into the following Contract on Protection of Business Secret according to the Labor Law of the People’s Republic of China and on
the basis of equality, voluntariness and unanimity through consultation with the purpose to protect the company’s business secret as well as the legitimate rights of labors. 

 Article 2 Contractual Obligations of the Third Person 
  

	2.1	Party B guarantees that when he joins Party A as an employee, he is free from any obligation on business secret protection and non-use for any company served previously
and does not undertake any business competition restriction obligations. Party B further guarantees that the concluding of the Contract between Party B and Party A and the use of any information, knowledge and skills of Party B when serving Party A
will not cause the breach of contract of Party B or constitute any infringement of the third party. 

 Article 3
Confirmation of Business Secret 
  

	3.1	Party B recognizes that the protection of business secret, including external confidential information, is a major issue related to Party A’s survival and
development. To this end, Party B voluntarily assumes obligation to protect all business secret of Party A. 

 Article 4 Scope of Business Secret 
  

	4.1	Business secret in the Contract means business secret, technical information, business information, proprietary information and any other data and information in any
form not known to the public possessed by Party A or affiliate in confidential way of which Party B obtained in the Labor Contract performance process and the process providing services for Party A or any affiliate designated by Party A. These
business secrets may be related to (i) Party A, (ii) the affiliate, (iii) clients, customers, consultant, licensees of Party A or the affiliate or (iv) other entity with business relationship or contract relationship with Party A
or the affiliate, including but not limited to the following information: 

  

	 	(a)	Proprietary technology, design, programming, software, databases, management systems and content 

  

 10 

	 	(b)	Business plan, development plans, the progress of implementation and its results 

  

	 	(c)	Immovable property /housing sales, leasing and service information. 

  

	 	(d)	Immovable property /housing customers list, customer/ market information (including but not limited to customers of Party A’s regional franchisor or sub-franchisor
or customers of Party A’s affiliate that Party B contacts in the employment duration for business demands) 

  

	 	(e)	Management and business operation and decision-making, managerial know-hows 

  

	 	(f)	Business or market expansion plans, market situation analysis, marketing strategy 

  

	 	(g)	Pre-tender and contents of biding documents and other information 

  

	 	(h)	Financial information 

  

	 	(i)	HR information 

  

	 	(j)	Information about collaboration with other companies related to the business. 

  

	4.2	The behavior of the contract conclusion by Party A and Party B will be deemed as taking security measures for confidential information. It is unnecessary for Party A to
take security measures for above confidential information. 

  

	4.3	Regardless of the legal form, the affiliate means the entity already existing or to be established in domestic China or overseas which is directly or indirectly in
holding relationship or under the holding together of another entity. The entity shall include, but not limited to Party A’s parent company, subsidiaries, branch offices, other companies invested by the parent company or representative body set
up in China or overseas. 

 Article 5 Ownership of Work Results 
  

	5.1	Work results mean all or partial results obtained independently by Party B or jointly by Party B and other person through R&D, development, translation or
acquisition before the termination or release of the labor relation between Party B and Party A or within one (1) year after the contract release for any reason, including but not limited to patents, trademarks, copyrights, business secret,
trade secrets and proprietary technology. All these items shall be related to existing products, expected products, plans or services of Party A or the affiliate in any way, or be related to work allocated to Party B in any way, regardless that
(i) whether the patent can be applied for and whether they are protected by copyright or trademark, (ii) whether they are produced in tangible form or used in practice, (iii) whether they are produced in the normal operation time of
Party B, and (iv) whether they are produced in the office space of Party A. 

  

	5.2	Party B agrees that, (i) to the maximum extent permitted by law, all rights related to work results belong to the original acquisition of Party A; (ii) if for
legal reasons Party A is not allowed to originally acquire these rights, Party B will deem that Party A has waived any and all rights of Party B’s working results that include intellectual property rights from the very beginning; if above
rights can not be waived or transferred to Party A by law, Party A, the affiliate and the respective successors or assignees shall be entitled to use these working results. In addition, Party B shall not put forward any rights requirements to Party
A, the affiliate and the respective successors or assignees 

  

	5.3	According to Party A’s requirements, Party B shall disclose any technology, data or other related information of any and all working results that are important or
can not be separated with the working results to Party A or personnel designated by Party A. 

  

	5.4	As for Party B’s work nature and contribution to work results, Party B acknowledges and agrees that the remuneration paid by Party A to Party B has included all
remuneration for completion any work results under the Contract. 

  

	5.5	For non-work results made by Party B before the termination of the labor relationship between Party B and Party A and or within one (1) year after the termination
of the labor relationship that are related to the business scope Party A, Party A has the priority to be assigned/ licensed to use these results. Under the same conditions, Party B shall assign or license non-work results to Party A to use. Party A
shall pay reasonable remuneration to Party B by means of agreed price, becoming a shareholder or others. 

  

 11 

	5.6	All work results, confidential information, equipment, documents and information (including but not limited to computers floppy disks, drawings, data, models,
experimental records, work manuals, correspondence, fax, telephone records, customer lists, notes, memoranda, plans) and others prepared by Party B when serving Party A which are related to Party A’s business and cause shall be, at any time,
owned by Party A. Besides, Party A shall, at any time after the termination of the labor relationship between Party B and Party A or the valid period required by Party A, immediately return or, in accordance with Party A’s requirements, destroy
the above documents and data. Party B is not allowed to retain copies of above-mentioned work results, confidential information, equipment, documents and information in any form. 

 Article 6 Confidential Obligations 
  

	6.1	Party B guarantees to strictly keep confidentiality for business secret mentioned in Article 4 in the contract, unless i) it is necessary, as required by work for the
fulfilling of obligations to Party A and as being instructed by Party A, to disclose to other employees or clients (including potential clients to be developed) of Party A who are expected to know the above contents to the extend required by the
business; ii) getting the prior written consent of Party A; iii) according to mandatory requirements of relevant Chinese laws and regulations: 

  

	 	(a)	Shall not allow others to access, use or plan to use such information; 

  

	 	(b)	Shall not, directly or indirectly disclose any confidential information to unrelated personnel in the company or any third party; 

  

	 	(c)	Shall not, directly or indirectly, use or plan to use; 

  

	 	(d)	Shall not, directly or indirectly, copy or disclose documents or copies of documents containing the company’s business secrets 

  

	 	(e)	Shall properly deal with documents provided by the company’s clients under the safekeeping or contacted for work demands and shall not use beyond the working
scope. 

  

	6.2	Although part or individual elements of business secret or confidential information mentioned in Article 4 in the contract have been known, other parts or information
as a whole have not been known and are still have value for confidentiality. To this end, Party B agrees that the disclosure to the public of part or individual elements will not affect the confidentiality obligations for other confidential
information. Party B shall also not use this information, or induce a third person to sort out Party A’s business secrets by collecting public information and thus to prove the no longer existence of business secrets. 

Article 7 Effect Severability 
  

	7.1	Any specific provision of the contract changed through consultation of contractual parties, judged by the court to be invalid or needed to be changed will not affect
the effect of other parts. 

 Article 8 True Meaning Statement 
  

	8.1	The contract is entirely concluded based on the real intention of both Party A and Party B. Party B has not received any implication or enforcement of Party A and
accepts all the times, regions and fields voluntarily. 

 Article 9 Liability for Breach of the Contract 

  

	9.1	If Party B breaches any provision of this contract, it shall immediately cease the violation and pay the penalty not less than the amount of 6 months’ salaries as
well as cost for survey and hire a lawyer that have been pre-paid by Party A. If the loss suffered by Party A caused by Party B is more than the penalty, Party B shall compensate for the balance. Party A is entitled to deduct the loss compensation
amount from any sum of money to be paid to Party B and to claim compensation from Party B for the shortage part. 

  

 12 

	9.2	After Party B pays the penalty for his breach of contract to Party A according to provisions above, Party A is entitled to request Party B continuing to fulfill his
obligations under the contract. 

 Article 10 Dispute Settlement 
  

	10.1	Any dispute aroused or related to the contract shall be first of all settled by the two parties through friendly consultation. If consultation fails, either party shall
have the right to take the dispute to the people’s court of the region where the contract is signed. 

 Article 11 Supplementary Provisions 
  

	11.1	Titles in the contract is for reference only which shall not be considered as part of the contract or affect the contract meaning or interpretation.

  

	11.2	The contract is an inseparable appendix of the Labor Contract entered by the two parties and shall have the same legal effect as the Labor Contract.

  

	11.3	The contract is in two copies, one for each party with the same legal effect. 

  

	11.4	The contract will take effect after being signed and sealed by Party A and signed by Party B. Unless being agreed to be terminated by both parties in written form, all
terms and conditions of the contract will be in effect for long-term and will not become invalid along with the termination or release of the Labor Contract. 

 Party A (Company): /s/ Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd. 
 Signature of
Party B: /s/ Hau Piu Ip 
 Contract Signing Time: August 11, 2009 
 Contract Signing Location: Shanghai 
  

 13 

	
	 Appendix 3
 Contract on Prohibition of
 Business Competition
  
  
 Party A: Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd.
  
 Party B: Hau Piu IP
  
 Signed on: August 11, 2009
  
 Signed at:
Shanghai

  

 14 

 Party A (Company): Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd. 
 Add: Ground Floor, No. 1677-1 Zhangyang Road, Pudong New Area, Shanghai 
 Party B (employee): Hau Piu Ip 
 ID card No.: 
 Add: 
 Article 1 Contract
Purpose 
  

	1.1	In view that Party A and Parry B has entered the Labor Contract on              (date) which stipulates
rights and obligations of the both sides, Party B becomes the employee of Party A; 

  

	1.2	In view of Party B’s job and position, Party B has the opportunity to learn or contact Party A’s business secret, and also because that these business secrets
are important intangible assets of Party A, 

  

	1.3	Party A and Party B have entered into the following Contract on Prohibition of Business Competition according to the Labor Law of the People’s Republic of China
and on the basis of equality, voluntariness and unanimity through consultation with the purpose to protect the company’s business secret as well as the legitimate rights of labors. 

 Article 2 Competition Restriction 
  

	2.1	Party B promises that, within the duration of labor relationship with Party A and within 24 months after the termination of the labor relationship of Party A and Party
B, it shall not establish or participate in the establishment of any production or operation enterprise/ company in the same type with Party A and in the competition relationship or other interest relationship with Party A in the region of
                    , or be employed by a third party in the same type with Party A and in the competition relationship or other interest
relationship with Party A no matter part-time work or full-time work, and no matter being paid or unpaid. 

  

	2.2	Party B promises, within the duration of labor relationship with Party A and within 24 months after the termination of the labor relationship of Party A and Party B, it
shall not serve any branch or franchised store of Party A, no matter part-time work or full-time work, and no matter being paid or unpaid. 

 Article 3 Prohibition on Customer Snatching 
  

	3.1	Party B shall not, within the duration of labor relationship with Party A and within 24 months after the termination of the labor relationship of Party A and Party B,
directly or indirectly influence or attempt to influence the company’s customer relationships, including, but not limited to primary products supplier customers and enterprise products sales customers, resulting in the departure of the
company’s customers or potential customers from Party A. 

 Article 4 Prohibition on Inducing Employees

  

	4.1	Party B shall not, within the duration of labor relationship with Party A and within 24 months after the termination of the labor relationship of Party A and Party B,
directly or indirectly help others to induce by improper means Party A’s employees being disclosed with the company’s business secrets or assuming key positions to leave the company. 

  

 15 

 Article 5 Compensation 
  

	5.1	Although the above business secret, customer contact and other rights and interests are legitimate rights and interests of Party A, a certain degree of compensation
shall be made by Party A to Party B for any loss Party B may suffer for assuming the above mentioned obligation. 

  

	5.2	Party A and Party B confirm that salary obtained monthly by Party B from Party A in accordance with relevant provisions in the Labor Contract entered by the two parties
on                      (date) has contain the wage and the above-mentioned compensation for Prohibition of Business Competition.

 Article 6 Contract Termination 
  

	6.1	The contract will automatically terminate under the following conditions: 

  

	 	6.1.1	The term of the contract (the period Party B assuming the competition restriction obligation) expires; 

  

	 	6.1.2	Other contract termination situation stipulate by laws and regulations. 

  

	6.2	When the contract is terminated due to the above reasons, Party B will no longer assume the competition restriction obligations and Party A will also unnecessary to pay
the compensation for Party B. 

 Article 7 Effect Severability 
  

	7.1	Any specific provision of the contract changed through consultation of contractual parties, judged by the court to be invalid or needed to be changed will not affect
the effect of other parts. 

 Article 8 True Meaning Statement 
  

	8.1	The contract is entirely concluded based on the real intention of both Party A and Party B. Party B has not received any implication or enforcement of Party A and
accepts all the times, regions and fields voluntarily. 

 Article 9 Liability for Breach of the Contract 

  

	9.1	If Party B breaches any provision of this contract, it shall immediately cease the violation and pay the penalty not less than the amount of 6 months’ salaries as
well as cost for survey and hire a lawyer that have been pre-paid by Party A. If the loss suffered by Party A caused by Party B is more than the penalty, Party B shall compensate for the balance. Party A is entitled to deduct the loss compensation
amount from any sum of money to be paid to Party B and to claim compensation from Party B for the shortage part. 

  

	9.2	After Party B pays the penalty for his breach of contract to Party A according to provisions above, Party A is entitled to request Party B continuing to fulfill his
obligations under the contract. 

 Article 10 Dispute Settlement 
  

	10.1	Any dispute aroused or related to the contract shall be first of all settled by the two parties through friendly consultation. If consultation fails, either party shall
have the right to take the dispute to the people’s court of the region where the contract is signed. 

 Article 11 Supplementary Provisions 
  

	11.1	Titles in the contract is for reference only which shall not be considered as part of the contract or affect the contract meaning or interpretation.

  

	11.2	The contract is an inseparable appendix of the Labor Contract entered by the two parties and shall have the same legal effect as the Labor Contract.

  

 16 

	11.3	The contract is in two copies, one for each party with the same legal effect. 

  

	11.4	The contract will take effect after being signed and sealed by Party A and signed by Party B. 

 Party A: /s/ Shanghai Ruifeng Real Estate Investment Consulting Co., Ltd.
                                         
           Party B: /s/ Hau Piu Ip 
 Representative: Donald Zhang 
  

			
	Date: August 11, 2009 	  	Date: August 11, 2009
		
	Sign site: Shanghai 	  	Sign site: Shanghai

  

 17

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