Document:

<PAGE>   1
                                                                    EXHIBIT 10.7

                                                        ------------------------
                                                        Agreement No:  101-15732
                                                        ------------------------

A HIRE PURCHASE AGREEMENT made this 16th day of DEC 99 between
                                    ----        ------

(i)  Inchroy Credit Corporation Limited ("the Owner" which expression includes
     its successors in title and assigns);

(ii) SUPPLY CHAIN SERVICES LTD.
     8/F GUANGDONG TEXTILE CTR 22 MINDEN AVE TST KLN

("the Hirer", which expression shall where the context so admits include the
Hirer's successors in title).

AGREEMENT

The Owner will let and the Hirer will take on hire upon the terms and conditions
overleaf and in the Schedules the goods or vehicle as more particularly
described in Schedule A (hereinafter called "the Goods", which shall include any
accessories, replacements, additions, renewals or documents of title thereto)
for the period of hire set out in Schedule B commencing from the date of this
Agreement ("Commencement Date").

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
                          SCHEDULE A                                                    SCHEDULE C
                 DESCRIPTION OF GOODS/VEHICLE                                       HIRE-PURCHASE PRICE
--------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>                          <C>
Make/Model MERCEDES BENZ E24QV6 - ELEGANCE
           ----------------------------------------------------

---------------------------------------------------------------     Cash Price                   $573,000.-
                                                                                                  ---------
Year of Manufacture  1999
                    -------------------------------------------     LESS Discount                $
                                                                                                  ---------
New/Used  NEW                                                                                    $573,000.-
         ------------------------------------------------------

Colour  GREY
        -------------------------------------------------------     ADD

Reg. No./Serial No  JH 6212                                          Accessories                 $
                   --------------------------------------------                                   ---------

Engine No  112911-30-604016                                          Insurance                   $
           ----------------------------------------------------                                   ---------

Chassis No   WDB210061-2B-029214                                     Registration                $
            ---------------------------------------------------                                   ---------

---------------------------------------------------------------
                         SCHEDULE B
---------------------------------------------------------------
The period of hire is 48 months. The buyer shall pay 48             Total Cash Price             $573,000.-
                      --
monthly rentals. Payments are due on the 16th day of                LESS Deposit
                                         ----
JAN 2000 and thereafter on the 16th day of each month or if          Cash       $73,000.-
--------                       ----                                              --------
such day is not a business day, then immediately preceding           Trade-in   $
business day ("Payment Dates").                                                  --------
* Fixed Rate: each rental is $12,917 and is payable without
                             -------
notice on the Payment Dates                                                                      $73,000
* Floating Rate: each rental is equal to the aggregate of           Balance of Cash Price        $500,000.-
$                                                                                                 ---------
 --------- ("Fixed Payment") payable without notice on the          ADD Finance Charge
Payment Dates and a variable amount ("Variable Payment") equal       -- Fixed Rate               $120,016.-
to interest at a rate of      percent over Prime (defined in         -- Floating Rate             (variable)
                         ----                                                                     ---------
Clause 2) calculated in accordance with the provisions of           * BALANCE OF HIRE            $620,016.-
Clause 2 and payable within seven days of notification by the                                     =========
Owner.                                                              * In the case of a floating rate agreement the finance
(* delete as applicable)                                            charge will be added to this figure.
The Goods must initially be insured to a value of not less than
$505,000.
----------                                                          Option fee                   $   300.00
                                                                                                  ---------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>   2
THE HIRER CONFIRMS BY HIS
SIGNATURE HERETO THAT:

(1)  The cash price for the Goods is their true cash price and the amount shown
     above as the Deposit has been paid in full in the manner stated.

(2)  Before signing this Agreement he has read or has had translated to him and
     understands all the terms and conditions hereof and that he agrees to be
     bound by them.

(3)  The provisions of Clause 16 excluding the Owner's liability were brought to
     his notice and their effect explained to him.

(4)  The statements contained in the Proposal Form relating to this Agreement
     are true and accurate in all respects and form part of this Agreement.

--------------------------------------------------------------------------------

AS WITNESS the hands of the parties hereto the day and year first above written.

<TABLE>
<S>                                         <C>
-----------------------------------------    -----------------------------------------
SIGNATURE OF THE HIRER                       WITNESS TO THE HIRER'S SIGNATURE

            /s/ Pauline Chu                              /s/ [illegible]
            ---------------                              ---------------
          Authorized Signature
-----------------------------------------    -----------------------------------------

-----------------------------------------    -----------------------------------------
SIGNED for and on behalf of the Owner by:    SIGNATURE of the DEALER:

            /s/ [illegible]                              /s/ [illegible]
            ---------------                              ---------------
                                                       Authorized Signature
-----------------------------------------    -----------------------------------------
</TABLE>

the 16th day of DEC 99
    ----        ------

                                DELIVERY RECEIPT

                                                                Date 16TH DEC 99
                                                                     -----------

To: Inchroy Credit Corporation Limited

     I/We hereby acknowledge having examined and taken delivery of the
goods/vehicle described in and referred to in the above written hire purchase
agreement between us, and am/are satisfied as to their/its conditions and
fitness for the purpose of purposes required.

                                                      /s/ Pauline Chu
                                            ------------------------------------
                                                     Signature of Hirer<PAGE>   1
                                                                    EXHIBIT 10.8

                             VEHICLE LEASE CONTRACT

<TABLE>
<S>     <C>  <C>
Lessor  :    Mr. Wei-Jun Fan

Address :    Room 1101, Yin Xing House, Ju Bao Garden, Liantang District,
             Shenzhen Municipality, the People's Republic of China.

Lessee  :    Supply Chain Services Limited

Address :    8/F, Guangdong Textile Centre, 22 Minden Avenue, Tsimshatsui,
             Kowloon, Hong Kong
</TABLE>

     1.   Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor,
          the vehicle descibred on Appendix I & Appendix II attached hereto (the
          "Vehicle") for Lessor's use.

     2.   Lessor shall lease the Vehicle to Lessee for a term of three (3) years
          commencing on January 1, 2001 and expiring on December 31, 2003, both
          days inclusive (the "Term").

     3.   Lessee agrees to pay to Lessor a monthly rent of RMB8,000.00 (the
          "Rent"), which shall be paid in arrear by Lessee to Lessor on the 5th
          of each calendar month.

     4.   Lessee shall pay to Lessor a deposit (the "Deposit") of RMB8,300.00
          for the due and punctual performance of Lessee's obligations hereunder
          upon the execution of this Contract.

     5.   It is intended and agreed that Lessor shall pay all the costs in
          connection with the repaid, maintenance, insurance, government
          licenses and mortgage of the Vehicle while Lessee shall pay all the
          expenses in connection with the use and operation of the Vehicle
          during the Term set forth in this Contract.

     6.   If in the course of Lessee's use of the Vehicle, the Vehicle is
          damaged or in a state which impedes the safe and normal use thereof,
          Lessee shall promptly notify Lessor and Lessor shall take effective
          measures.

     7.   Lessee shall indemnify and reimburse Lessor for any damage to the
          Vehicle where the Vehicle is damaged through the negligent or willful
          conduct of Lessee or any employees or invitees of Lessee.

     8.   Lessee warrants that the designated operator of the Vehicle shall
          conform to all applicable laws, rules and government regulations in
          connection with the use and operation of the Vehicle.

     9.   Lessor shall be entitled to terminate this Contract upon the
          occurrence of any of the events set forth below:

          (a)  Lessee fails to pay rent for more than two (2) months;

          (b)  Lessee fails to keep and maintain the Vehicle in good and
               efficient condition, causing frequent and serious damage to the
               Vehicle;
<PAGE>   2

          (c)  Lessee becomes insolvent or bankrupt, or is the subject of
               proceedings for liquidation or dissolution, or cases to carry on
               business; or

          (d)  Lessee shall fail to comply with any term, provision or covenant
               of this Contract and shall not cure such failure within thirty
               (30) days after written notice thereof has been served by Lessor
               upon Lessee.

     10.  Lessee shall be entitled to terminate this Contract upon the
          occurrence of any of the events set forth below:

          (a)  Lessor is in breach of Clause 5 of this Contract and thereby
               rendering it unable for Lessee to continue to use the Vehicle;

          (b)  Lessor is in breach of Clause 6 of this Contract and fails to
               perform its repair obligation or to pay for the repair and
               thereby rendering it unable for Lessee to continue to use the
               Vehicle.

     11.  This Contract may be terminated by either party upon giving sixty (60)
          days written notice to the other party. Without prejudice to such
          termination, each party agrees to fulfill all obligations which
          accrued there under, prior to the time such termination becomes
          effective.

     12.  Each party shall indemnify and hold the other party harmless against
          actual loss as a result of its failure to perform its obligations
          under this Contract.

     13.  This Contract constitutes the entire agreement between the parties and
          supersedes any other agreements or understandings, whether written or
          oral, between the parties.

     14.  All notices required by this Contract shall be in writing and sent by
          registered mail, postage prepaid and addressed to:

<TABLE>
<S>     <C>  <C>
Lessor  :    Mr. Wei-Jun Fan
             Room 1101, Ying Xing House
             Ju Bao Garden
             Liantang District
             Shengzhen Municipality
             People's Republic of China

Lessee  :    Supply Chain Service Limtied
             8/F, Guangdong Textile Centre
             22 Minden Avenue
             Tsimshatsui
             Kowloon
             Hong Kong
</TABLE>

     15.  In the event of a dispute between Lessor and Lessee or either party
          failing to comply with any provision of this Contract, the parties
          shall resolve any such disputes or non-compliance through friendly
          consultation immediately after one party has delivered to the other
          party a request for such consultation. In the event the parties are
          unable to resolve the dispute within thirty (30) days of initiation of
          the friendly consultation, the parties shall bring a lawsuit to a
          People's Court.
<PAGE>   3

     16.  The Chinese text (if any) of this Contract shall be the primary text
          of this Contract, the English text is a duplicate. In the event of a
          conflict between the Chinese text and the English text of this
          Contract, the Chinese text of this Contract shall, as between the
          parties hereto, prevail over the English text in the interpretation of
          this Contract.

     17.  This Contract shall be governed by and construed in accordance with
          the laws and regulations of the People's Republic of China.

     18.  This Contract shall be executed in two counterparts. Lessor and Lessee
          shall each hold one (1) copy.

     19.  This Contract shall become effective from the date of its signing.

Lessor: Mr. Wei-Jun Fan                              )
                                                     )
Identity Number:  441425721119141                    )      /s/ Wei-Jun Fan
                                                     )  ------------------------

Lessee: Supply Chain Services Limited                )
                                                     )
Legal Representative: Mr. Thomas Y.C. Chu            )
                                                     )
Contract Telephone Number: 852-23668312              )    /s/ Thomas Y.C. Chu
                                                     )  ------------------------

Witnesses: /s/ Pauline Chu
           ---------------

Date: December 15, 2000

<PAGE>   4

                                   APPENDIX I

                                     VEHICLE

Vehicle Plate Number: B-K 9874

Vehicle Model: Freeca AT

Vehicle Origin: Fujian Province, the People's Republic of China

Vehicle Value: RMB214,000.00

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