Document:

EXHIBIT 10.5

EXHIBIT 10.5

Teda Hotels Management Limited

PERSONAL AND CONFIDENTIAL

EMPLOYMENT AGREEMENT

	

NAME 

	

H K Fung, Benedict 

	

HKID No. 

	

E226182(4)

	

POSITION 

	

President - Corporate Development

	

DIRECT SUPERIOR 

	

Reports directly to Chief Executive Officer

	

EMPLOYEE CATEGORY 

	

Permanent 

	

BASIC SALARY 

	

HK$ 40,000.00 

	

COMMENCEMENT DATE 

	

3 January 2006 

Dear Mr. Fung,

We, Teda Hotels Management Limited (hereinafter referred to as the “COMPANY”), have the pleasure to offer you the above stated position in accordance with the captioned schedule of terms and conditions stated
hereunder:

	
(1)	
 	
Working Hours 

	
 	
For Office staff : 

	

	
 	
 

	
 	
Office hours as determined by the COMPANY. 

	

	
 	
 

	
 	
Currently Monday to Friday : 9:00 a.m. to 17:30 p.m. 

	

	
 	
 

	
 	
                                              Saturday : 9:00 a.m. to 13:00 p.m. 

	
 

	
(2)	
 	
Duties 

	
 	
Your duties shall include the major duties but not limited to those 

	

	
 	
 

	
 	
listed on the attachment for which you are employed and you are 

	

	
 	
 

	
 	
required to carry out other assignments on a regular basis which 

	

	
 	
 

	
 	
the COMPANY or your supervisor may call upon you to 

	

	
 	
 

	
 	
perform. You are required to hold extra positions in any of the 

	

	
 	
 

	
 	
Group’s company as assigned by your superior. 

	
 

	
(3)	
 	
Meal-break 

	
 	
For each working day you will be entitled to one (1) hour meal- 

	

	
 	
 

	
 	
break, which is between 13:00 p.m. and 14:00 p.m. 

	
 

	
(4)	
 	
Holidays 

	
 	
You are entitled to the following holidays: 

	

	
 	
 

	
 	
Gazetted General Holidays. 

	
 

	
(5)	
 	
Annual Leave 

	
 	
Eighteen (18) working days of annual leave after serving every 

	

	
 	
 

	
 	
period of Twelve (12) months. 

	
 

	
(6)	
 	
Employee Benefits 

	
 	
You are entitled to enjoy the employee benefits pertinent to your 

	

	
 	
 

	
 	
employee category. All benefits are subject to revision from time 

	

	
 	
 

	
 	
to time as deemed appropriate by Management. 

	
 

	
(7)	
 	
Year-End Bonus 

	
 	
You shall not be entitled any payment of year-end bonus under 

	

	
 	
 

	
 	
this agreement. Payment of any bonus or share option is of a 

	

	
 	
 

	
 	
gratuitous nature and is granted only at the discretion of the COMPANY and shall depend upon the business situation of the COMPANY, your overall performance and your contribution to the profitability of the COMPANY.

	
Employment Agreement for
	

P.2
	
 

	
(8) 
	
 	
Bonus Share 

	
 	
For the first two years of employment, you will be rewarded each year 

	

	
 	
 

	
 	
with 60,000 common stock of the listed company Teda Travel Group 

	

	
 	
 

	
 	
Inc. upon completion of one full year of service. 

	
 

	
(9) 
	
 	
Termination of 

	
 	
  d) 

	
During the first month of probationary period, no notice or 

	

	
 	
Employment 

	
 	
 

	
payment in lieu is required. 

	

	
 	
 

	
 	
  e) 

	
During the second and third month of the probationary period or 

	

	
 	
 

	
 	
 

	
during the extended probationary period, seven days’ notice or payment in lieu is required.

	
 
	

	
 	
 

	
 	
  f) 

	
After confirmation into permanent employment, one month’s 

	

	
 	
 

	
 	
 

	
notice or payment in lieu is required. 

	
 

	
(10)	
 	
Transferability 

	
 	
For reasons of operations needs, reallocation of manpower, cross 

	

	
 	
 

	
 	
training, staff development, conflicts or on medical grounds, the 

	

	
 	
 

	
 	
Management reserves the rights to vary the nature of your duties 

	

	
 	
 

	
 	
according to your personal abilities to perform multi-tasks, which may 

	

	
 	
 

	
 	
include your possible transfer to other departments or secondment to 

	

	
 	
 

	
 	
other properties within our Group of Companies. 

	
 

	

	
 	
 

	
 	
All benefits and entitlements due to such transfers will be adjusted 

	

	
 	
 

	
 	
accordingly. 

	
 

	
(11)	
 	
Uniform 

	
 	
Smart office attire is required. 

	
 

	
(12)	
 	
Termination due to 

	
 	
Your employment can be terminated at any time, without notice or 

	

	
 	
Misconduct, 

	
 	
payment in lieu in the event of your serious misconduct, persistent 

	

	
 	
Unpunctuality, or 

	
 	
unpunctuality, neglect of duty or breach of any of the terms and 

	

	
 	
Breach of Contract 

	
 	
conditions of your employment, or of any rules and regulations 

	

	
 	
 

	
 	
governing your employment. 

	
 

	
(13)	
 	
Rules & Regulations 

	
 	
You are to comply with all rules and regulations governing your 

	

	
 	
 

	
 	
employment made by the COMPANY from time to time. You will also 

	

	
 	
 

	
 	
observe the House Rules made known to you from time to time by the COMPANY or your Department Head.
	

 
	
 

	
(14)	
 	
Rules of Bribery 

	
 	
 e) 

	
At any time during this agreement, you must inform the 

	

	
 	
 

	
 	
 

	
COMPANY if you or your immediate family have any financial 

	

	
 	
 

	
 	
 

	
interest in any business with which the COMPANY has business 

	

	
 	
 

	
 	
 

	
dealings or which competes with the COMPANY. 

	

	
 	
 

	
 	
 f) 

	
Unless permission is given by the COMPANY in advance, you or 

	

	
 	
 

	
 	
 

	
your immediate family must not accept any personal loan from the 

	

	
 	
 

	
 	
 

	
COMPANY’s suppliers, clients or business associates. 

	

	
 	
 

	
 	
 g) 

	
Prior permission granted from the COMPANY must be received 

	

	
 	
 

	
 	
 

	
before taking up any outside work or in exchange for extra 

	

	
 	
 

	
 	
 

	
benefits. 

	

	
 	
 

	
 	
 h) 

	
Other than the salary, rewards and benefits specified in this 

	

	
 	
 

	
 	
 

	
agreement, you must seek permission from the COMPANY for the 

	

	
 	
 

	
 	
 

	
acceptance of any form of reward and advantage with your work. 

	

 	
 	
 	
 	
 	
 

	
(15)	
 	
Training 

	
 	
It is expected that you will take interest in your
professional and 

	

	
 	
 

	
 	
personal growth through devoting reasonable personal
time to taking 

	

	
 	
 

	
 	
part in training and developmental activities arranged
by the 

	

	
 	
 

	
 	
COMPANY. 

	
Employment Agreement for
	

P.3 

	
 

	
(16)	
 	
Mandatory Provident 

	
This will be commended according to Hong Kong Special 

	

	
 	
Fund Scheme 

	
Administrative Region Government regulations and requirements. 

	
 

	
(17)	
 	
Non-disclosure of 

	
The Teda Hotels Management Limited and its subsidiaries expect you to 

	

	
 	
Company’s Proprietary 

	
be discreet in all matters of proprietary information. You shall not, 

	

	
 	
Information 

	
whether during or after the subsistence of this employment agreement, 

	

	
 	
 

	
disclose to any third party any information or material relating to the 

	

	
 	
 

	
Company, its business and its customers coming to your knowledge in 

	

	
 	
 

	
the course of your work. Except in those circumstances where you have 

	

	
 	
 

	
obtained the written consent from the Teda Hotels Management Limited 

	

	
 	
 

	
or its subsidiaries, the Company will take disciplinary action including 

	

	
 	
 

	
summary dismissal against you. 

Should you wish to accept the appointment on the aforesaid terms, kindly confirm your acceptance by signing the two (2) copies of this letter and returning them to us. If unconfirmed by you, this offer of employment will
automatically expire in 48 hours.

Our very best wishes for every success in your new appointment with Teda Hotels Management Limited. We indeed look forward to developing mutually beneficial relations.

Yours sincerely,

For and on behalf of

Teda Hotels Management Limited

	
/s/ 

	
 	
 

	
Hui Chin Tong, Godfrey 

	
 	
Date 

	Chief Executive Officer 

	
 	
 

I, H K Fung, Benedict, fully understand all the details above and now confirm my acceptance of the aforesaid employment terms. I shall take full
responsibility of my job and agree to be transferred within our Group of Companies as the COMPANY deems appropriate.

	
/s/	
 	
 

	
H K Fung, Benedict	
 	
Date 

	
Signature of Employee 

	
 	
 

	
 

	
c.c. 

	
 	
ORIGINAL FOR EMPLOYEE

COPY FOR PERSONAL FILE 

Director of Corporate Development

	
 	

External Responsibilities

	
 	
 
	
1.	

Carry out initial contact and negotiation for all mergers and acquisitions potentials.

	
 	
 
	
2.       	
Assist CFO in preparation of M&A proposals.

	 
	
3.       	
Assist CFO in due diligence process.

	 
	
4.       	
Assist CFO in the audit review of accounting books of the M&A targets.

	 
	
5.       	
Handle the M&A process, including both the China procedures and US

procedures.
	 
	
 	
Internal Responsibilities
	
 	
 
	
1.       	
Carry out research on both international and Chinese travel market trends.

	 
	
2.       	
Inspect each subsidiary operation and visit each CEO regularly.

	 
	
3.       	
Analyze the travel market and develop business proposals.

	 
	
4.       	
Coordinate in the implementation of all business promotional projects/events.

	 
	
5.       	
Responsible for other special projects assigned by the company from time to time.10.3 Network merging agreement-HP-ENG.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing

	
      Network-merging Agreement of 2x12MW generator
      set in thermoelectric plant of Zhunger Heat Power Co., Ltd
Both sides in
      agreement:
Purchaser: Inner Mongolia
      Electric Power(Group) Co., Ltd
Address:
      No.218 Xilin South Road, Hohhot City, Inner Mongolia 
Artificial Person: Zhao Fengshan
Supplier: Inner Mongolia Zhunger Heat Power Co.,
      Ltd
Address: Xuejiawan Town, Zhunger
      County, Erdos City, Inner Mongolia
Artificial Person: Ding Wenxiang

      
Chapter 1     General
  Rules

	1.   
        	This agreement was signed by two
      sides on the basis of equality, mutual
      benefit mutual negotiation, according to relevant law and rules in "PRC
      Contract Law", "PRC Electric Power
      Law""Control Regulations of Power Grid
      Dispath""Stipulation of network-merging
      operation between power grid and power plant, between power grid and power grid""stipulation of technological supervising work in power
      industry""interim method about preceding
      work management in merging system from power plant pertaining to state
      power grid" and relevant management regulations of power grid and
      stipulation in "dispatching stipulation of power system in west of Inner
      Mongolia". 
	 
	2.   
        	This agreement is applicable to
      relevant item about 2x12MW power set in thermoelectric plant of Zhunger
      Heat Power merging into power grid of west of Inner Mongolia, the aim is
      to ensure legal right of both sides and to make clear responsibility and
      obligation of both sides. 
	 
	3.   
        	As for actual item about merge
      dispatch and economy, it should be performed according to "merge dispatch
      agreement" and "electricity sales agreement". 
	 
	4.   
        	Both sides should cooperate with
      each other, ensure power grid and power plant working (running) safety and
      effective according to article and condition in this agreement.
  
	 
	5.   
        	Supplier can not sell electricity
      directly to users without permission from relevant sectors of government
      and purchaser�fs consent. 
	 

	Chapter 2     
      Merge into power grid

	1.   
        	According to supplier's
      requirement for merge, purchaser agrees that supplier's 2 set rated
      capacity 2x12MW generator set can be merged into power grid in west of
      Inner Mongolia. 
	 
	 	Purchaser is in charge of
      purchasing remained power from generator set deducting electricity
      consumed by itself. Supplier makes promise thermoelectric plant will be
      acted as public power plant merging into power grid. 
	 
	2.   
        	Supplier's generator set merging
      into power grid and operation should meet the national standard or
      electric power industry standard, obey uniform dispatch in power grid,
      should have technological equipment and management facilities meeting the
      needs of power grid. 
	 
	 	The actual dispatching method and
      jurisdictional limit should be regulated in "merge dispatch
      agreement". 
	 
	3.   
        	Both sides should build and
      accept transmitting and transforming project matching with supplier�fs
      power plant according to requirement in design check opinion of merging
      system when equipment in booster station is merged initially, including:
      a. primary section: power voltage grade, main wiring in electric, circuit of
      outgoing line; b. secondary section: protection of relay, safety and stable equipment, dispatching automation, technology
      support system in electric power market , charging of power, system communication. 
	 

	4.   
        	Plan of merging system for 2x12MW
      generator set in thermoelectric plant of Zhunger Heat Power Co., Ltd is
      that merging into Haizita transformation in the methods of 2 circuits and
      35kV line. 
	 
	5.   
        	When the establishment of
      relevant machine, boiler and electricity
      etc in power plant is finished, also accepted and performed safety
      evaluation, it can be operated commercially. 
	 
	6.   
        	The maintenance responsibility
      for merging facilities should be borne by each side according to
      property. 
	 

Chapter 3    
 Sales of Electric Power 

1. Electricity sales from supplier's generator set will be negotiated and
decided according to actual needs in market, based on equality, equity and open, it will be transmitted to power grid
according to dispatch running method and dispatching order.

2. The
calculation for electric power and quantity should be confirmed on property
boundary, calculating method and accurate grade should meet relevant regulation
in "control regulations of measuring equipment technology in power energy",
"control rules of measuring equipment for power
plant in Inner Mongolia Power Grid" and state. The actual power measurement and
calculating method should be confirmed in sales contract of power.

3. Purchaser should calculate and pay electric expense according to electric
price policy and permitted price stipulated by state, actual price standard and
calculating method should be confirmed in power sales contract.

4. Supplier
should submit generating plan and production information according to relevant
regulation.

Chapter 4     
Default responsibility

	1.   
        	If there occurs error leading to
      this agreement can not be fulfilled or fulfilled totally, it should be
      borne default responsibility by faulty side; If error is caused by both
      sides, it should be borne by two sides respectively according to itself
      responsibility. 
	 
	2.   
        	If supplier supply power to other
      arbitrarily, purchaser can terminate to fulfill this agreement, stop
      providing merging system. 
	 

Chapter 5    
 Irresistible Cause

If this agreement can not be fulfilled by
one side due to irresistible cause including earthquake, storm flood fir thunder
war and other irresistible item, this side should inform another side in time,
and provide effective certificate within 15 days issued by notary organs living
in this place. Influence caused by irresistible cause can be free partly or
totally.

Chapter 6     
Solve of disputation

The disputation incurred by performing
this agreement or relevant item related to this agreement, should be negotiated
to solve by two sides according to related law and document, also apply for
medication to principal sector for power. If it can not be negotiated or
medicated, it should be submitted to arbitration by power supervising
institution or arbitration institution.

Chapter 7     
Supplementary Rules

If there is other item not mentioned here,
it can be dealt according to relevant stipulation in "China Contract Law",
"PRC Electric Power Law", "control regulations of power grid dispatch".

This agreement will be effective when
signed by artificial person and stamped by company.

	Chapter 8    
       Document

There are two original copies, both sides
hold one, copies will be eight, each side holds four.

Purchaser(stamp): Inner Mongolia Electric
Power(Group) Co., Ltd 

Address: No.218 Xilin South Road, Hohhot
City, Inner Mongolia 

Artificial Person: Zhao
Fengshan

 

Supplier(stamp): Inner Mongolia Zhunger
Heat Power Co., Ltd

Address: Xuejiawan Town, Zhunger County,
Erdos City, Inner Mongolia 

Artificial Person: Ding
Wenxiang

	April 30,
2005

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