Document:

Exhibit
10.3

    Letter of
Transmittal To:

     

    Offer to
Exchange Each 2.36854 Outstanding Shares of Common Stock

    of

    SING KUNG
LIMITED

    for One
Share of

    Common
Stock of CNC Development Ltd.

    

    and

    

    Offer to
Exchange Each 0.54267 Outstanding Shares of Preferred Stock

    of

    SING KUNG
LIMITED

    for One
Share of

    Class A
Preferred Stock of CNC Development Ltd.

    

    Pursuant
to the Prospectus dated ____________, 2009

     

    THE OFFER
AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON
______________, ______, UNLESS THE OFFER IS EXTENDED. SECURITIES TENDERED
PURSUANT TO THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE,
BUT NOT DURING ANY SUBSEQUENT OFFERING PERIOD.

     

    By
Mail, Overnight Courier or Hand Delivery

     

    CNC
Development Ltd.

    c/o InterAmerican
Acquisition Group Inc.

    2918
Fifth Avenue, Suite 209

    San
Diego, CA 92103

    

    DELIVERY
OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS, OTHER THAN AS SET FORTH ABOVE WILL
NOT CONSTITUTE A VALID DELIVERY.

     

    THE
INSTRUCTIONS ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY
BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.

     

    DESCRIPTION
OF COMMON SHARES TENDERED

    

    
      
        
          
            	
                    Name(s)
      and Address(es) of Registered

                    Holder(s)
      (Please fill in, if blank,

                    exactly
      as name(s) appear(s) on Share

                    Certificate(s))

                  	
                    Common
      Share Certificate(s) and Common Share(s) Tendered 

                       (Attach additional list, if necessary)

                    

                  
	 
      	
                    Share
      Certificate

                    Number(s)

                  	
                    Total
      Number of

                    Shares
      Evidenced By

                    Share
      Certificate(s)

                  	
                    Number
      of 

                    Shares

                    Tendered*

                  
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                    Total Common Shares 

                  	 
      	 
      

          

        

      

    

    

    
      	
              *

            	
              Unless
      otherwise indicated, it will be assumed that all Common Shares evidenced
      by each Share Certificate delivered to CNC Development Ltd. are being
      tendered hereby. See Instruction 4.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    DESCRIPTION
OF PREFERRED SHARES TENDERED

    

    
      
        
          	
                  Name(s)
      and Address(es) of Registered

                  Holder(s)
      (Please fill in, if blank,

                  exactly
      as name(s) appear(s) on Share

                  Certificate(s))

                	
                  Preferred
      Share Certificate(s) and Preferred Share(s) Tendered

                  (Attach additional list, if necessary)

                
	 
      	
                  Share
      Certificate

                  Number(s)

                	
                  Total
      Number of

                  Shares
      Evidenced By

                  Share
      Certificate(s)

                	
                  Number
      of 

                  Shares

                  Tendered*

                
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  Total Preferred Shares

                	 
      	 
      

        

      

    

    

    
      	
              *

            	
              Unless
      otherwise indicated, it will be assumed that all Preferred Shares
      evidenced by each Share Certificate delivered to CNC Development Ltd. are
      being tendered hereby. See Instruction
4.

            

    

    

    This
Letter of Transmittal is to be used to forward certificates pursuant to the
procedures set forth in the Prospectus under the caption “The Exchange
Offer—Procedure for Tendering.”

     

    IF ANY OF
THE CERTIFICATES REPRESENTING SHARES THAT YOU OWN HAVE BEEN LOST OR DESTROYED,
SEE INSTRUCTION 9 OF THIS LETTER OF TRANSMITTAL.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    LOST
CERTIFICATES

     

     ̈
              I
HAVE LOST MY CERTIFICATE(S) THAT REPRESENTED SHARES AND REQUIRE ASSISTANCE
IN OBTAINING REPLACEMENT CERTIFICATE(S). I UNDERSTAND THAT I MUST CONTACT CNC
DEVELOPMENT LTD. AND/OR SING KUNG LTD. TO OBTAIN INSTRUCTIONS FOR REPLACING LOST
CERTIFICATES. SEE INSTRUCTION 9.

     

    NOTE:
SIGNATURES MUST BE PROVIDED BELOW.

    PLEASE
READ ACCOMPANYING INSTRUCTIONS CAREFULLY.

     

    Ladies
and Gentlemen:

     

               The
undersigned hereby tenders to CNC Development Ltd. (“CNC”), a British Virgin
Islands corporation, the above-described shares of Sing Kung Limited common
stock and/or Sing Kung Limited preferred stock (the “Sing Kung Shares”) of Sing
Kung Limited (“Sing Kung”) pursuant to CNC’s offer to exchange (A) one share of
common stock, par value $0.0001 per share, of CNC (the “CNC Common Shares”), for
each 2.36854 outstanding shares of Sing Kung common stock and (B) one share
of Class A Preferred Stock, par value $0.0001 per share, of CNC (the “CNC
Preferred Shares” and, together with the CNC Common Shares, the “CNC
Shares”), for each 0.54267 outstanding shares of Sing Kung preferred stock,
upon the terms and subject to the conditions set forth in the Prospectus, dated
___________, 2009 (the “Prospectus”), receipt of which is hereby acknowledged,
and in this Letter of Transmittal (which together, as each may be amended,
supplemented or otherwise modified from time to time, constitute the “Exchange
Offer”). The undersigned understands that CNC reserves the right to transfer or
assign, in whole or from time to time in part, to one or more of its affiliates
the right to purchase Sing Kung Shares tendered pursuant to the Exchange Offer,
but any such transfer or assignment will not relieve CNC of its obligations
under the Exchange Offer or prejudice the undersigned’s rights to receive CNC
Shares for Sing Kung Shares validly tendered and accepted for
exchange.

     

    Upon the
terms and subject to the conditions of the Exchange Offer and effective upon
acceptance of the Sing Kung Shares tendered herewith in accordance with the
terms of the Exchange Offer, the undersigned hereby sells, assigns and transfers
to, or upon the order of, CNC all right, title and interest in and to all of the
Sing Kung Shares that are being tendered hereby (and any and all dividends,
distributions, rights, other Sing Kung Shares or other securities issued or
issuable in respect thereof on or after the date hereof (collectively, a
“Distribution”)) and appoints CNC the true and lawful agent and attorney-in-fact
of the undersigned with respect to such Sing Kung Shares (and any Distribution),
with full power of substitution (such power of attorney being deemed to be an
irrevocable power coupled with an interest), to (i) deliver certificates for
such Sing Kung Shares (and any Distribution), together with all accompanying
evidences of transfer and authenticity, to or upon the order of CNC, (ii)
present such Sing Kung Shares (and any Distribution) for transfer on the books
of Sing Kung, and (iii) receive all benefits and otherwise exercise all rights
of beneficial ownership of such Sing Kung Shares (and any Distribution), all in
accordance with the terms of the Exchange Offer.

     

    The
undersigned hereby irrevocably appoints designees of CNC as the attorneys and
proxies of the undersigned, each with full power of substitution, to exercise
all voting and other rights of the undersigned in such manner as each such
attorney and proxy or his substitute shall in his sole discretion deem proper,
with respect to all of the Sing Kung Shares tendered hereby which have been
accepted for exchange by CNC prior to the time of any vote or other action (and
any Distribution) at any meeting of stockholders of Sing Kung (whether or not an
adjourned meeting), by written consent or otherwise. This proxy is irrevocable
and is granted in consideration of, and is effective upon, the acceptance for
exchange of such Sing Kung Shares by CNC in accordance with the terms of the
Exchange Offer. Such acceptance for exchange shall revoke any other proxy or
written consent granted by the undersigned at any time with respect to such Sing
Kung Shares (and any Distribution), and no subsequent proxies will be given or
written consents will be executed by the undersigned (and if given or executed,
will not be deemed to be effective).

     

    The
undersigned hereby represents and warrants that the undersigned has full power
and authority to tender, sell, assign and transfer the Sing Kung Shares tendered
hereby (and any Distribution) and that when the same are accepted for exchange
by CNC, CNC will acquire good and unencumbered title thereto, free and clear of
all liens, restrictions, charges and encumbrances and not subject to any adverse
claims. The undersigned will, upon request, execute and deliver any additional
documents deemed by CNC to be necessary or desirable to complete the sale,
assignment and transfer of the Sing Kung Shares tendered hereby (and any
Distribution).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    The
undersigned understands that tenders of Sing Kung Shares pursuant to the
procedures described in the Prospectus under the caption “The Exchange
Offer—Procedure for Tendering” and in the instructions hereto will constitute a
binding agreement between the undersigned and CNC upon the terms and subject to
the conditions of the Exchange Offer. The undersigned recognizes that under
certain circumstances set forth in the Prospectus, CNC may not be required to
accept for exchange any of the Sing Kung Shares tendered
hereby. 

     

    The
undersigned understands that the delivery and surrender of Sing Kung Shares that
the undersigned has tendered is not effective, and the risk of loss of Sing Kung
Shares does not pass to CNC, until CNC receives the Letter of Transmittal, duly
completed and signed, together with all accompanying evidences of authority in
form satisfactory to CNC and any other required documents. THE UNDERSIGNED
UNDERSTANDS THAT ALL QUESTIONS AS TO THE FORM OF DOCUMENTS (INCLUDING NOTICES OF
WITHDRAWAL) AND THE VALIDITY, FORM, ELIGIBILITY (INCLUDING TIME OF RECEIPT) AND
ACCEPTANCE FOR EXCHANGE OF ANY TENDER OF SING KUNG SHARES WILL BE DETERMINED BY
CNC AND IN ITS SOLE DISCRETION AND SUCH DETERMINATION SHALL BE FINAL AND BINDING
UPON ALL TENDERING SING KUNG STOCKHOLDERS. The undersigned also understands that
no tender of Sing Kung Shares is valid until all defects and irregularities in
tenders of Sing Kung Shares have been cured or waived and that none of CNC, or
any other person is under any duty to give notification of any defects or
irregularities in the tender of any Sing Kung Shares or will incur any liability
for failure to give any such notification.

     

    All
authority herein conferred or agreed to be conferred shall survive the death or
incapacity of the undersigned, and any obligation of the undersigned hereunder
shall be binding upon the heirs, personal representatives, successors and
assigns of the undersigned. Except as stated in the Exchange Offer, this tender
is irrevocable.

     

    Unless
otherwise indicated under “Special Issuance Instructions,” please issue the CNC
Shares and return any Sing Kung Shares not tendered or not accepted for
exchange, in the name(s) of the undersigned. Similarly, unless otherwise
indicated under “Special Delivery Instructions,” please mail the CNC Shares and
any certificates for Sing Kung Shares not tendered or not accepted for exchange
(and accompanying documents, as appropriate) to the undersigned at the address
shown below the undersigned’s signature(s). In the event that both “Special
Issuance Instructions” and “Special Delivery Instructions” are completed, please
issue the CNC Shares and return any Sing Kung Shares not tendered or not
accepted for exchange in the name(s) of, and mail said check and any
certificates to, the person(s) so indicated. The undersigned recognizes that CNC
has no obligation, pursuant to the “Special Issuance Instructions,” to transfer
any Sing Kung Shares from the name of the registered holder(s) thereof if CNC
does not accept for exchange any of the Sing Kung Shares so
tendered.

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                SPECIAL
      ISSUANCE INSTRUCTIONS

                                (See
      Instructions 1, 5, 6 and 7)

                              	 
      	
                                SPECIAL
      DELIVERY INSTRUCTIONS 

                                (See
      Instructions 1, 5, 6 and 7)

                              
	 
      	 
      	 
      
	
                                To
      be completed ONLY if the CNC Shares (or certificates for Sing Kung Shares
      not tendered or not accepted for exchange) are to be issued in the name of
      someone other than the undersigned.

                              	 
      	
                                To
      be completed ONLY if the CNC Shares (or certificates for Sing Kung Shares
      not tendered or not accepted for exchange) are to be sent to someone other
      than the undersigned.

                              
	 
      	 
      	 
      
	
                                Issue
      Certificates to:

                              	 
      	
                                Mail
      Certificates to:

                              
	 
      	 
      	 
      
	
                                Name:

                              	  
      	 
      	
                                Name:

                              	 
	
                                 (Please
      Print)

                              	 
      	
                                 (Please
      Print)

                              
	
                                Address:

                              	 
      	 
      	
                                Address:

                              	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                (Zip
      Code)

                              	 
      	
                                (Zip
      Code)

                              
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                (Taxpayer
      Identification No.)

                              	 
      	 
      	
                                (Taxpayer
      Identification
No.)

                              

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IMPORTANT—SIGN
HERE

    (Also
Complete Substitute Form W-9 Included Below)

    (Signature(s)
of Owner(s))

     

    Dated

    __________________________________________________________________________________________________

     

    Name(s)____________________________________________________________________________________________

     

                 ____________________________________________________________________________________________

                                                                                                       (Please
Print)

     

    Capacity
(full title) 

    __________________________________________________________________________________________________

     

    Address

    __________________________________________________________________________________________________

                                                                                                  (Include
Zip Code)

    

    Area Code
and Telephone Number _____________________________________

    

    (Must be
signed by registered holder(s) exactly as name(s) appear(s) on Share
Certificate(s). If signature is by a trustee, executor, administrator, guardian,
attorney-in-fact, agent, officer of a corporation or other person acting in a
fiduciary or representative capacity, please provide the necessary information
above and see Instruction 5.)

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    GUARANTEE
OF SIGNATURE(S)

    (See
Instructions 1 and 5)

    FOR USE
BY FINANCIAL INSTITUTIONS ONLY

    FINANCIAL
INSTITUTIONS: PLACE MEDALLION GUARANTEE IN SPACE BELOW.

     

    Authorized
Signature

     

    Name

    __________________________________________________________________________________________________

     

    Title

    __________________________________________________________________________________________________

                                                                                                       (Please
Print)

     

    Name of
Firm 

    __________________________________________________________________________________________________

     

    Address

    __________________________________________________________________________________________________

                                                                                                 
(Include Zip Code)

    

    Area Code
and Telephone Number 

    ________________________________________________________________________________________

    

    Dated

    __________________________________________________________________________________________________

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      
        	
                SUBSTITUTE
      FORM W-9

              	 
      	
                PAYER’S
      NAME: CNC DEVELOPMENT LTD.

              	 
      
	
                Department
      of The Treasury

                Internal
      Revenue Service

                 

                Payer’s
      Request for Taxpayer Identification Number (“TIN”) and
      Certification

              	 
      	
                PART
      1

                Please
      provide your TIN and certify by signing and dating below.

              	
                Social
      Security Number OR

                Employer
      Identification 

                Number(s):

                 

                 

              
	 
      	 
      	
                PART 2  ̈
      Exempt from Backup Withholding  ̈
      Awaiting TIN

              

      

    

    

    
      
        	 
      	 
      	
                PART 3
      —CERTIFICATION

                Under
      penalties of perjury, I certify that:

                 

                (1)      
      The number shown on this form is my current taxpayer identification number
      (or I am waiting for a number to be issued to me); and

                 

                (2)      
      I am not subject to backup withholding because (a) I am exempt from backup
      withholding, (b) I have not been notified by the Internal Revenue Service
      (the “IRS”) that I am subject to backup withholding as a result of failure
      to report all interest or dividends, or (c) the IRS has notified me that I
      am no longer subject to backup withholding; and

                 

                (3)       I
      am a U.S. person (including a U.S. resident alien).

                 

                CERTIFICATION
      INSTRUCTIONS. You must cross out item (2) in Part 3 above if you have been
      notified by the IRS that you are subject to backup withholding because of
      underreporting interest or dividends on your tax return. However, if after
      being notified by the IRS that you are subject to backup withholding you
      receive another notification from the IRS stating that you are no longer
      subject to backup withholding, do not cross out item
  (2).

              
	 
      	 
      	 
      
	 
      	 
      	
                SIGNATURE ___________________________________

                 

                NAME ________________________________________

                 

                BUSINESS
      NAME _______________________________

                 

                (If
      different from above) ___________________________

                 

                Check
      appropriate box:

                 ̈ Individual/Sole
      Proprietor  ̈
      Corporation  ̈
      Partnership  ̈
      Other_____

                 

                ADDRESS _____________________________________

                 

                CITY
      ____________________                 
      STATE ______   ZIP CODE
____________

              

      

    

    

    NOTE: FAILURE TO COMPLETE AND
RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY PAYMENT
MADE TO YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE ENCLOSED “GUIDELINES FOR
CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9” FOR
ADDITIONAL DETAILS.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Instructions

    Forming
Part of the Terms and Conditions of the Offer

     

    1.  
Guarantee of
Signatures. Except as otherwise provided below, all signatures on this
Letter of Transmittal must be guaranteed by a financial institution (including
most banks, savings and loan associations and brokerage houses) that is a member
of a recognized Medallion Program approved by The Securities Transfer
Association, Inc. or any other “eligible guarantor institution” (as such term is
defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended)
(each an “Eligible Institution”). Signatures on this Letter of
Transmittal need not
be guaranteed if this Letter of
Transmittal is signed by the registered holder(s) of the Sing Kung Shares
tendered herewith and such holder(s) have not completed the instruction entitled
“Special Issuance Instructions” on this Letter of Transmittal. See Instruction
5.

     

    2.  
Delivery of Letter of
Transmittal and Shares. This Letter of Transmittal is to be used if Share
Certificates are to be forwarded herewith. Share Certificates for all Sing Kung
Shares as well as a properly completed and duly executed Letter of Transmittal
(or a manually signed facsimile thereof) and any other documents required by
this Letter of Transmittal must be received by CNC at its address set forth on
the front page of this Letter of Transmittal by the expiration date (as defined
in the Prospectus).

     

    THE
METHOD OF DELIVERY OF SING KUNG SHARES AND ALL OTHER REQUIRED DOCUMENTS, IS AT
THE OPTION AND RISK OF THE TENDERING STOCKHOLDER, AND THE DELIVERY WILL BE
DEEMED MADE ONLY WHEN ACTUALLY RECEIVED BY CNC. IF CERTIFICATES FOR SHARES ARE
SENT BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT REQUESTED, PROPERLY INSURED,
IS RECOMMENDED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY
DELIVERY.

     

    NO
ALTERNATIVE, CONDITIONAL OR CONTINGENT TENDERS WILL BE ACCEPTED, AND NO
FRACTIONAL SHARES WILL BE PURCHASED. BY EXECUTING THIS LETTER OF TRANSMITTAL,
THE TENDERING STOCKHOLDER WAIVES ANY RIGHT TO RECEIVE ANY NOTICE OF THE
ACCEPTANCE FOR PAYMENT OF THE SING KUNG SHARES.

     

    3.  
Inadequate
Space. If the space provided herein is inadequate, the Share Certificate
numbers, the number of Sing Kung Shares evidenced by such Share Certificates and
the number of Sing Kung Shares tendered should be listed on a separate signed
schedule and attached hereto.

     

    4.  
Partial
Tenders. If fewer than all the Sing Kung Shares represented by any
certificate delivered to CNC are to be tendered, fill in the number of Sing Kung
Shares which are to be tendered in the box entitled “Number of Sing Kung Shares
Tendered.” In such case, a new certificate for the remainder of the Sing Kung
Shares represented by the old certificate will be sent to the person(s) signing
this Letter of Transmittal, unless otherwise provided in the appropriate box on
this Letter of Transmittal, as promptly as practicable following the expiration
or termination of the Offer. All Sing Kung Shares represented by certificates
delivered to CNC will be deemed to have been tendered unless otherwise
indicated.

     

    5.  
Signatures on Letter
of Transmittal; Stock Powers and Endorsements. If this Letter of
Transmittal is signed by the registered holder(s) of the Sing Kung Shares
tendered hereby, the signature(s) must correspond with the name(s) as written on
the face of the certificates without alteration, enlargement or any change
whatsoever.

     

    If any of
the Sing Kung Shares tendered hereby are held of record by two or more persons,
all such persons must sign this Letter of Transmittal.

     

    If any of
the Sing Kung Shares tendered hereby are registered in different names on
different certificates, it will be necessary to complete, sign and submit as
many separate Letters of Transmittal as there are different registrations of
certificates.

     

    If this
Letter of Transmittal is signed by the registered holder(s) of the Sing Kung
Shares tendered hereby, no endorsements of certificates or separate stock powers
are required unless payment of the shares of CNC is to be made, or Sing Kung
Shares not tendered or not accepted for exchange are to be returned, in the name
of any person other than the registered holder(s). Signatures on any such
certificates or stock powers must be guaranteed by an Eligible
Institution.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    If this
Letter of Transmittal is signed by a person other than the registered holder(s)
of the Sing Kung Shares tendered hereby, certificates must be endorsed or
accompanied by appropriate stock powers, in either case, signed exactly as the
name(s) of the registered holder(s) appear(s) on the certificates for such Sing
Kung Shares. Signature(s) on any such certificates or stock powers must be
guaranteed by an Eligible Institution.

      

    If this
Letter of Transmittal or any certificate or stock power is signed by a trustee,
executor, administrator, guardian, attorney-in-fact, officer of a corporation or
other person acting in a fiduciary or representative capacity, such person
should so indicate when signing, and proper evidence satisfactory to CNC of the
authority of such person so to act must be submitted. Proper evidence of
authority includes a power of attorney, a letter of testamentary or a letter of
appointment.

     

    6.  
Stock Transfer
Taxes. CNC will pay any stock transfer taxes with respect to the sale and
transfer of any Sing Kung Shares to it or its order pursuant to the Exchange
Offer. If, however, payment of the purchase price is to be made to, or Sing Kung
Shares not tendered or not accepted for exchange are to be returned in the name
of, any person other than the registered holder(s), or if a transfer tax is
imposed for any reason other than the sale or transfer of Sing Kung Shares to
CNC pursuant to the Exchange Offer, then the amount of any stock transfer taxes
(whether imposed on the registered holder(s), such other person or otherwise)
will be deducted from the purchase price unless satisfactory evidence of the
payment of such taxes, or exemption therefrom, is submitted
herewith.

     

    7.  
Special Issuance and
Delivery Instructions. If certificates for CNC Shares, or any Sing Kung
Shares not tendered or not accepted for exchange are to be returned, in the name
of a person other than the person(s) signing this Letter of Transmittal or if
any certificates for Sing Kung Shares not tendered or not purchased are to be
mailed to someone other than the person(s) signing this Letter of Transmittal or
to the person(s) signing this Letter of Transmittal at an address other than
that shown above, the appropriate boxes on this Letter of Transmittal should be
completed.

     

    8.  
Substitute Form
W-9. Under U.S. federal income tax law, CNC may be required to withhold a
portion of the amount of any payments made to certain stockholders pursuant to
the Exchange Offer. To avoid such backup withholding, each tendering stockholder
must provide CNC with such stockholder’s correct taxpayer identification number
and certify that such stockholder is not subject to such backup withholding by
completing the Substitute Form W-9. In general, if a stockholder is an
individual, the taxpayer identification number is the Social Security number of
such individual. If CNC is not provided with the correct taxpayer identification
number, the stockholder may be subject to a $50 penalty imposed by the Internal
Revenue Service. For further information concerning backup withholding and
instructions for completing the Substitute Form W-9 (including how to obtain a
taxpayer identification number if you do not have one and how to complete the
Substitute Form W-9 if Sing Kung Shares are held in more than one name), consult
the enclosed Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9.

     

    Certain
stockholders (including, among others, all corporations and certain foreign
individuals) are not subject to these backup withholding and reporting
requirements. Exempt stockholders should indicate their exempt status on
Substitute Form W-9. To satisfy CNC that a foreign person qualifies as an exempt
recipient, such stockholder must submit a properly completed IRS Form W-8BEN,
signed under penalties of perjury, attesting to that person’s exempt status.
Such Forms can be obtained from CNC.

     

    Failure
to complete the Substitute Form W-9 will not, by itself, cause Sing Kung Shares
to be deemed invalidly tendered, but may require CNC to withhold a portion of
the amount of any payments made pursuant to the Offer. Backup withholding is not
an additional federal income tax. Rather, the federal income tax liability of a
person subject to backup withholding will be reduced by the amount of tax
withheld. If withholding results in an overpayment of taxes, a refund may be
obtained provided that the required information is furnished to the Internal
Revenue Service. NOTE: FAILURE TO COMPLETE AND RETURN THE SUBSTITUTE FORM W-9
MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY PAYMENTS MADE TO YOU
PURSUANT TO THE OFFER. PLEASE REVIEW THE ENCLOSED “GUIDELINES FOR CERTIFICATION
OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9” FOR ADDITIONAL
DETAILS.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    9.  
Mutilated, Lost,
Stolen or Destroyed Certificates. Holders of Sing Kung Share Certificates
that have been mutilated, lost, stolen, or destroyed should (i) complete this
Letter of Transmittal and check the appropriate box above and (ii) contact Sing
Kung immediately by calling (312) 917-4172. Sing Kung should be able to provide
such holders with all necessary forms and instructions to replace any mutilated,
lost, stolen or destroyed certificates. The holder may also be required to give
Sing Kung a bond as indemnity against any claim that may be made against it with
respect to the certificates alleged to have been mutilated, lost, stolen, or
destroyed. However, there can be no assurances that such mutilated, lost, stolen
or destroyed certificates will be replaced prior to the expiration date of the
Exchange Offer.

     

    10.
  Waiver of
Conditions. The conditions of the Exchange Offer may be waived, in whole
or in part, by CNC, in its sole discretion, at any time and from time to time,
in the case of any Shares tendered.

      

    11.
  Requests for
Assistance or Additional Copies. Questions or requests for assistance may
be directed to CNC at its address and telephone number set forth below.
Additional copies of the Prospectus and the Letter of Transmittal may be
obtained from CNC at its address and telephone number set forth
below.

     

    12.
  Irregularities. All
questions as to the validity, form, eligibility (including time of receipt), and
acceptance for exchange of any tender of Sing Kung Shares will be determined by
CNC in its sole discretion, and its determinations shall be final and binding.
CNC reserves the absolute right to reject any and all tenders of Sing Kung
Shares that it determines are not in proper form or the acceptance of or
exchange for which may, in the opinion of CNC’s counsel, be unlawful. CNC also
reserves the absolute right to waive certain conditions to the Exchange Offer
described in the Prospectus under the section titled “The Exchange
Offer—Conditions to the Exchange Offer,” or any defect or irregularity in the
tender of any Sing Kung Shares. No tender of Sing Kung Shares will be deemed to
be properly made until all defects and irregularities in tenders of shares have
been cured or waived. None of CNC or any other person is or will be obligated to
give notice of any defects or irregularities in the tender of Sing Kung Shares
and none of them will incur any liability for failure to give any such notice.
CNC’s interpretation of the terms and conditions of the Exchange Offer,
including the Letter of Transmittal, will be final and binding.

     

    IMPORTANT:
THIS LETTER OF TRANSMITTAL (OR A MANUALLY SIGNED FACSIMILE THEREOF) TOGETHER
WITH ANY SIGNATURE GUARANTEES AND ANY OTHER REQUIRED DOCUMENTS, MUST BE RECEIVED
BY CNC PRIOR TO THE EXPIRATION DATE AND CERTIFICATES FOR TENDERED SHARES MUST BE
RECEIVED BY CNC PRIOR TO THE EXPIRATION DATE.

     

    Any
questions or requests for assistance may be directed to CNC at its address or
telephone number set forth below. Additional copies of the Prospectus and the
Letter of Transmittal may be obtained from CNC at its address and telephone
number set forth below.

     

    CNC
Development Ltd.

    c/o
InterAmerican Acquisition Group Inc.

    2918
Fifth Avenue, Suite 209

    San
Diego, CA 92103

    Telephone:
(312) 957-4172Exhibit
10.8

     

    Jiaohe,
Jilin Infrastructure

     

    Construction
BT Project

     

    July
23, 2008

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    In
accordance with Contract Law of People’s Republic of
China, Building Law of People’s Republic of
China, Regulation on the Quality Management of Construction Projects, Regulation
on Work Safety Management of Construction Projects, Decision on Reforming the
Investment System promulgated by the State Council, Government Purchase Law of
People’s
Republic of China, Guiding Opinions on Cultivation and Development of Project
General Contracting Enterprises and Project Management Enterprises promulgated
by Ministry of Construction and other relevant laws and regulations, for the
purpose of Jiaohe Tiangang Stone Industrial Park and Jiaohe New District Road
(Pipeline) Network BT development projects, two Parties have agreed, in
accordance with the principles of equality, willingness, fairness and integrity,
Party A will grant party B a sole right to conduct construction, and Party B
will be the sole funding and construction party for this
project,  After the project is completed and accepted, Party B will
transfer the control over and right to use the project to Party A, and Party A
will make payments according to the payment terms stipulated in this
contract.

     

    :                      Chapter 1 Authorization of BT
Project

     

    Article
1 Definitions and Explanation

    

    Project name: Jilin Jiaohe
Tiangang Stone Material Industrial Park Road and Pipeline Network Infrastructure
BT Development Projects.

    

    Project location:
Jiaohe

    

    
      	
               
      

            	
              1.1

            	
              This
      project (the “BT Project”) is divided into two parts: (1) “Renewal
      projects,” Jilin Jiaohe Tiangang Stone Material Industrial Park and
      Jiaohe New District Road and Pipeline Network. (2) Tiangang Exhibition
      Park Road (Pipe) Network Project (hereinafter called “New Project”)
      planned to commence in 2008; the project scope will be dictated
      by the actual projects both parties agree on in current
    year.

            

    

    

    
      	
               
      

            	
              1.2

            	
              The
      articles of this contract are comprised of standard clauses and special
      clauses.  Special clauses only apply to Renewal Project, and
      standard clauses not in conflict with special clauses also apply to
      Renewal Project.  All standard clauses apply to New
      Project.

            

    

    

    
      	
               
      

            	
              1.3

            	
              “Completion
      Acceptance” refers to the determination that projects covered in this
      contract pass inspection by related government
  agencies.

            

    

    

    
      	
               
      

            	
              1.4

            	
              “Details
      of Renewal Project Scope” includes: Jilin Jiaohe Tiangang Stone Material
      Industrial Park No.1, No. 2, No. 3, No. 4, No. 5 and Paolin Road, etc. and
      some of the road and pipeline network in New District.  The
      project scope will be dictated by the actual projects both parties agree
      on.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        	
                 
      

              	
                1.5

              	
                Party
      B agreed to participate in funding and construction of the Renewal Project
      in New District and has signed a supplementary agreement with a qualified
      sub-contractor for project work in the Jiaohe New District (Pan-China
      Construction Group).

              
	 	 	 

      

    

    
      	
               
      

            	
              1.6

            	
              Party
      B shall not be obligated to provide further funding or construction on
      either the renewal project or new project after
  10/15/08.

            

    

    

    Chapter
2 Authorization of BT Project

     

    Article
2 Project Scope

    2.1  Project
Name

    Jilin
Jiaohe Tiangang Stone Material Industrial Park Road and Pipeline Network and
Infrastructure BT Development Projects.

    

    2.2 
“Details of Renewal
Project Scope”

    The scope
includes: Jilin Jiaohe Tiangang Stone Material Industrial Park No.1, No. 2, No.
3, No. 4, No. 5 and Paolin Road, etc. and some of the road and pipeline network
in New District.  The project scope will be dictated by the actual
projects both parties agree on.

    

    Article
3 Contract Price and its Composition

    
      3.1  Total contract
price:

    

    Contract
price of BT Project is approximately RMB 700 million subject to adjustment, and
will be determined by the actual settlement in the end.

    

    3.2 
Contract Price Composition

    The total
contract price is made up of several parts, such as construction costs and
construction profits, financing costs and project consultation services fees and
the relevant costs paid by Party B for Party A, etc.  The splits of
construction costs, construction profits, financing costs and consulting fees
are to be decided within the consortium of contractors that perform the
construction work.  Funding advances on behalf of Party A by Party B
shall be billed at actual costs.

    

    
      	
              3.2

            	
              The
      settlement of projects covered under this contract shall be calculated
      according to Jilin Province Municipal Project Quota (All unit pricing
      information will be taken from the price lists.  The upper limit
      should be chosen in case of a price range). Then a 10% markup as financing
      costs shall be applied to reach the final settlement
  price.

            

    

    

    
      
        	
                3.4

              	
                 During the
      construction, both parties shall sign the exclusive contracts with
      professional entities for planning, design, supervision, QC, construction
      costs audit. All fees shall be charged according to current standards
      stipulated by the State.  The details of services to be provided
      shall be decided by both Party A and Party B.  The fees shall be
      paid by Party B as part of the BT Project
costs.

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              3.5

            	
              Party
      A agrees that at settlement, all fees paid by Party B on behalf of Party A
      for services, including invitation and submission of bids, design,
      supervision and quality control, will be included in the final contract
      price

            

    

    

    Article
4 Target Date for BT Project Completion

    Works on
the road and pipeline networks (including water supply and drainage pipelines),
street lamps and sidewalk, etc. for the renewal project shall all be completed
by October 15, 2008.

    

    Article
5 Quality Control Objective

    Construction
works should meet applicable State or industry quality standards.

    

    Chapter
3 Authorization of BT Project

     

    Article
6 Project Rights

    6.1 After completion and
acceptance, Party A shall have the right to use the BT Project.  Party
A shall pay amount due to Party B in accordance with the payment terms of this
contract.

    

    6.2 After payment in full by
Party A to Party B, Party B will relinquish all of its security interests in the
BT Project.

    

    Chapter
4 Project Management

     

    
      
        	
                Article 7

              	
                Assistance
      in Permitting Requirements and Completion Acceptance Procedures;
      Construction and Project Supervision
Matters

              

      

    

    7.1   Party A will
cooperate with Party B to meet permitting requirements at project commencement
and in performing completion acceptance procedures.

    

    7.2   After signing
this agreement, Party A should immediately set up a project supervision panel
comprised of personnel from City Planning, Construction, Quality Control, Audit,
Supervision Bureaus.  Also, Party A should inform Party B of this
arrangement in writing, so as to facilitate the BT Project
implementation.

    

    7.3   The panel
mentioned above will have the following responsibilities: to conduct supervision
and inspection throughout the construction process, to receive and process legal
documents submitted by Party B, and to organize and coordinate activities with
government agencies to review and approve all administrative matters in relation
to this project.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    7.4   To
ensure timely completion of the project and implement a monthly construction
progress and value reporting system, contractor will provide Monthly Work
Progress Reports and Overall Project Progress Report on 25th of each
month.  The reports will sum up the amount and value of the work
completed during the month using the method prescribed in this
Agreement.  These reports will be provided to Party A after
confirmation by construction manager. To take into account the possibility of an
overestimate in the early stages of the BT Project, both parties agree to report
the value of construction completed in the first month with a 20% discount, and
with a 5% discount in the second month.

    

    
      
        	
                Article 8

              	
                Special
      Clause (about the takeover and construction supervision of Renewal
      Project)

              

      

    

    8.1 Because Party A
organized and started the Renewal Project in 2007 and Party B was not then been
involved with this project, Party B is not fully aware of all construction
supervision, construction progress and quality matters. As a result, Party B may
not be in position to perform all responsibilities for completion of the Renewal
Project. To assist Party A, Party B agrees to be conditionally involved in the
Renewal Project and to provide the funding for its completion. To promote the
continuity and integrity of the Renewal Project, both Parties agree that Party B
may delegate certain responsibilities related to construction supervision of the
renewal project to Party A subject to the standard requirements for performance
that apply to the New Project. The oversight of construction progress, quality
and warranty matters shall be the responsibility of Party A.

    

    Chapter
5 Project Acceptance and Settlements

     

    Article
9    Change Orders

    During
construction, if a change order is needed, it must be jointly signed by the
contractor(s) that will perform the work, the construction manager, designer and
Party B, and accepted by Party A.  The contract value will be adjusted
accordingly for any construction value change due to change orders.

    

    Article 10  
 Project Acceptance
Procedure, Method and Settlement

    10.1    Party B
will submit an application for project completion acceptance prior to the
expected date of completion.  On receipt of this report, Party A and
Party B (including other consortium members) will form a joint inspection team
within 7 days.  The team will conduct inspection and acceptance
procedures.  Party A’s Quality Control Bureau will conduct inspection
to ensure compliance with quality standards.

    

    10.2    After
BT Project completion, Party A will conduct a final acceptance.  The
total construction values should be calculated based on Monthly Work Progress
reports considering any adjustments based on actual work completed. The final
value will be dictated by the audit result agreed by both
parties.  Works done in Tiangang Stone Industrial Park and Jiaohe New
District shall be accepted and settled separately.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Once the
BT Project is accepted, both parties will cooperate to transfer project
documentation from Party B to Party A and turn control over project facilities
to Party A for use.  If any part of the completed project fails to
pass the quality inspection, Party B shall be responsible for corrective works
and repair to ensure the rejected portion of the project meets quality
standards.  The warranty deposit for the rejected portion of the
project shall be deducted to the extent of the repair cost of the disqualified
portion if Party B fails to bring the rejected portion into compliance with
specifications after a second attempt.

    

    10.3   
Project Settlement Timeline and Methodology

    10.3.1
 Project Settlement Timeline

    After
project completion and acceptance, the parties will jointly engage a
construction cost consulting firm with a grade A qualification to finish
settlement within one month.

    

    10.3.2 
Principles for Settlement

    For the
BT Projects settlement, both parties agree the construction values shall be
determined according to the following principles (a) Jilin Province Municipal
Project Quota in 2006 and quotas of relevant special construction
project.  All pricing will be based on these price
lists.  The upper limit should be chosen in case of a price
range.  (b) Current price information in Jiaohe City published by
Jilin Provincial and Municipal Construction Cost Information
Network.  If a certain material price is not listed, a certificate
shall be obtained from Construction Cost Monitoring Department and Municipal
Construction Cost Information Network; (c) Construction value calculated
according to construction blueprint is the initial basis; (d) Adjustments will
be made for any change orders; (e) Party A and Party B jointly entrust a
construction cost consulting firm to calculate the settlement amount based on
blueprints and actual adjustment in construction value due to change
orders.  Whatever the settlement result is, it will not be compared
with those of other projects on a cost per square meter basis or otherwise
adjusted.  Except for the Renewal Project, all four parties will have
to sign off change orders (Party A, Party B, contractor and construction
manager).

    

    All
related professional service fees that Party B pays on behalf of Party A will be
charged in accordance with current State fee standards.  The details
are as follows:

    “Regulations
of Construction Survey and Design Fee” (Article “Ji Jiage No. 1 [2002]” issued
by National Planning Committee and Construction Bureau) “Notice about
Construction Supervision Fees” (issued by National Material Price Regulatory
Bureau and Construction Bureau on May 1st,
2007)

    

    “Jilin
Province Material Consumption Base Price List in Civil Project” (JLXDJ-SZ-2006)
“Irrigation Works Maintenance Quota”(Article No. 307 [2004] issued by the
Ministry of Water Resources and the Ministry of Treasury)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    “Jilin
Province Construction and Installation Project Cost Quota”
(JLFD-2006)

    “Jilin
Province Material Consumption Base Price List in Construction and Installation
Project”

    

    “National
Pseudo-classic Architecture and Landscape Construction Project Cost Quota”
(JYD-601-2000) “Jilin Province Pseudo-classic Architecture and Landscape
Construction Project Cost Quota”(JFD-406-2000) “Notice about the Fee Standard of
Construction Cost Consulting Service” (No. 48 [2001] Jia Jinzi)

    

    10.4.    Party
A shall withhold 5% of the total contract price for the New Project as required
by State regulations as a warranty deposit, after the total contract amount has
been audited and confirmed by both parties.  As for the New Project,
Party A shall return the full amount of warranty deposit to Party B if no
quality issue has arisen in one year after Quality Control Department issues
“Quality Certificate for Project Acceptance”. If there is a quality issue, Party
B shall promptly do corrective works and repair.  If the repair works
can pass inspection, Party A shall return the full amount of warranty
deposit.  If the repair works does not pass inspection, Party B shall
attempt to repair again.  The warranty deposit for the rejected
portion of the project shall be deducted to the extent of the repair cost of the
disqualified portion if Party B fails to bring the rejected portion into
compliance with quality standards after a second attempt.  For Renewal
Project, Party A shall be responsible for warranty matters.

    

    Chapter
6 Government Payment Obligations

     

    Article
11 Payment Terms

    
      	
              11.1

            	
              Transfer
      of Use Rights and Retention of Security
  Interests

            

    

    After
acceptance, control over the project will be transferred to Party A for
use.  Party A will pay the amount it owes for BT projects by annual
installments.  Party B will retain the security interests granted to
it in the projects to secure Party A’s obligation to make the annual
payments.  If Party A fails to meet its payment obligations in a
complete and timely manner, Party B will have the right to assert control over
the projects (such as the right to limit access or to exercise other security
interests) to protect its right to payment.  Any loss or damage
suffered by Party B or others as a result of the failure of Party A to meet its
payment obligations shall be the responsibility of Party A.

    

    
      	
              11.2

            	
              The
      term Principal refers to the unpaid amount of the contract
      price.

            

    

    

    
      	
              11.3

            	
              Party
      A could adopt the following ways (but not limited to) to make payments, to
      ensure that Party B receive full collections as early as
      possible:

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              1)

            	
              Pay year by year: Party
      A should pay fully in no more than eight years (including principle and
      interests) after project completion acceptance.  Party A shall
      pay principal to Party B in equal installments plus interest before
      January 10 every year.  “Principal” refers to the contract price
      both parties agreed on (which shall be reduced continuously in equal
      amounts over 8 years).  “Interest” refers to base interest rate
      of loans with same duration set up by the People’s Bank of China the next
      day after the project completion acceptance.  During the payment
      period, if the Central Bank adjusts interest rate of medium and long-term
      loans, the interest payment afterwards should be adjusted
      accordingly.

            

    

    

    
      
        	
              	
                (2) 

              	
                Make payment ahead of the
      schedule with financing receipt (which means state solely-owned
      company controlled by Party A applies for loans or other legal
      financing) If the loan is obtained after the project completion,
      Party A will make one-time payment in full to party B based on the actual
      settlement.

              

      

    

    

    
      
        	
              	
                (3) 

              	
                Assignment of receivables and
      payables to a Third Party:  Party A and Party B can
      jointly entrust a law firm to contact and introduce a third party
      investor.  The law firm shall handle all legal procedures of
      assigning receivables and payables to a Third Party.  The
      details of such an authorization including service fee shall be negotiated
      by both parties with the law
firm.

              

      

    

    

    11.4
Security for Payment

    11.4.1 Party A shall ensure that
the funds required to meet its payment obligations will be included in the
municipal fiscal budget, with an approval from Municipal Standing Committee of
NPC (Party A shall submit to Party B all documents approved by the Standing
Committee of NPC) to enable Party A to meet its payment obligations on the
agreed schedule.

    

    11.4.2 In addition, Party A shall provide
security to Party B to assure payment of the amounts due to Party
B.  The security shall include, but not necessarily be limited to, all
of the following:

    (1) The
Treasury Bureau of Party A shall issue a document to acknowledge its payment
obligation and granting Party B the right to use its receivables due to Party B
as collateral for borrowing from banks.  Party A agrees to provide all
necessary help to Party B to effect this purpose.

    

    (2) Party
A shall grant to Party B a mortgage on state-owned land and mines (or other
assets) possessed by the Land Reserve Center under the governance of Party A
with the value equivalent to the project value as guarantee after project
commencement. The mortgage shall be released in proportion to the amount of
payments made by Party A.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (3) The
right to receive the revenues generated by enterprises wholly owned and
controlled by Party A.

    (4) To
provide a guarantee by a third party.

    

    
      	
              11.5

            	
              The
      legal documentation establishing the security interests described above
      shall be attached to this contract as appendices when
      available.

            

    

    

    Article
12 Tax Preferences

    12.1 Considering that the
project is executed by the consortium which consists of Party B, contractor(s),
construction manager, designer, and etc., the total contract price includes the
income of all the members in the consortium. Therefore, each member of the
consortium shall pay the taxes based on their own income respectively (namely
the business tax shall be accrued and paid using applicable tax rate in
construction industry or service industry respectively).

    

    12.2 In order to increase the
local tax revenues, Party A may adopt tax farming or other tax preference
policies to attract Party B to establish solely owned subsidiary and pay tax
locally. The detailed measures shall be negotiated and agreed by both
parties.

    

    12.3 With the understanding
that Party A may make installment payments over 8 years, with the first payment
being made in January of the year after project completion, Party A shall be
responsible for coordinating with local taxation bureau to permit Party B to pay
tax in the next year after project completion (i.e., taxes will be due when
Party B receives the installment payments).

    

    Article
13 Other issues

    13.1   Within
one week after settlement of project, Party A shall confirm with Party B the
actual payment schedule, according to Article 11 of this contract.  If
any change in Party A’s fiscal organization occurs to cause doubt about its
authority to make the required payments in a timely manner, Party A shall
identify the sources of funds for meeting is payment obligations and help
prepare a supplementary agreement to ensure such payment will be made to Party
B.

    

    13.2   If Party
A is late in payments for 15 days or more, a penalty will be applied to the
outstanding balance due (including principal and interest) at 0.021% daily
interest rate.

    

    Chapter
7 Rights and Responsibilities

     

    Article
14 Party A’s Rights and Obligations

    14.1 Party A shall obtain all
the governmental acknowledgements, approvals, authorizations, tax preferences
and investment incentives necessary for project implementation.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    14.2 Party A will assist Party
B to obtain any financing it requires during BT project
construction;

    

    14.3 Party A can make final
decisions on planning, design and overall development plan;

    

    14.4 Party A shall be
responsible for quality management of projects under construction, Party A shall
determine the construction manager with Party B and monitor the construction
process. Party A shall confirm, monitor and instruct on project scope, design,
construction progress, construction quality, and shall be able to take relevant
measures to solve any problems that arise in specifications, scope of projects, construction
quality, and construction progress during project development according to
relevant laws, regulations and industry standards;

    

    14.5  Party A shall
provide documents related to the projects to help Party B obtain construction
permits from related government agencies,;

    

    14.6 Party A is responsible
for preparation for construction, including access to water supply, electricity
and site grading.

    

    14.7 Party A shall support and
cooperate with Party B in project construction, check and supervise the design,
construction, and maintenance related to the projects.

    

    Article
15 Party B’s Rights and Obligations

    15.1 Party B shall assist
Party A to complete overall design, and PartyB shall construct the project
according to the planning and design accepted by Party A;

    

    15.2 Party B can make its own
decisions on the source of financing, construction methods and project
management related to New Project;

    

    15.3 Party B shall take full
responsibility for funding and construction of BT Projects to ensure the
construction quality meets the standards agreed in this agreement;

    

    15.4 Party B shall implement
the development of projects under this contract according to relevant
regulations.  After completion and acceptance, Party B is entitled to
the receipt of payments provided for in this agreement plus any incentive awards
agreed upon between the parties.

    

    15.5 During the development of
the project, Party B shall accept the supervision and guidance from Party
A.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    15.6 Both parties agree that
for the Renewal Project Party A will continue to monitor the construction
quality and organize project completion acceptance and settlement.  As
for the New Project, Party B should submit an application for project completion
acceptance of each single project before completion of the single project
occurs.  Within 7 days of receipt of this report, Party A will form a
joint inspection team with Party B (including other consortium members) to
prepare to conduct completion acceptance procedures.  Party A and
Party B will proceed with transfer of control over the project after it passes
inspection by Quality Control Department.

    

    Article
16    Special Clause

    
      	
              16.1

            	
              The
      rights and obligation of Party B related to construction stated in this
      chapter do not apply to Renewal
Project.

            

    

    

    
      	
              16.2

            	
              As
      for Renewal Project, Party A shall have the rights and obligations related
      to construction as delegated by Party B in accordance with Clause
      8.

            

    

    

    Chapter
8 Transfer of Control over BT Project

     

    Article
17 Transfer of BT Project

    17.1

    Party B
shall retain its security interests until it has been paid in full under this
agreement.

    17.2.    After
completion and acceptance, Party B shall transfer control over and the right to
use the project to Party A.  After payment in full by Party A to Party
B, Party B will relinquish all of the security interests granted to it to assure
payment by Party A.

    

    Chapter
9 Contract Modification and Termination

    

    Article 18  During the
term of this Agreement, changes in legal structure or ownership Party A or Party
B shall not have any impact on the rights, obligations and responsibilities
under this Agreement (and supplementary agreement).  If any changes in
legal structure or ownership of Party A or Party B occur, Party A or Party B’s
successor shall continue to honor this Agreement.

    

    Article 19   Upon
effectiveness of this Agreement, it shall have legal enforceability. This
Agreement shall not be modified or terminated by any party unless both parties
unanimously agree upon written supplementary agreement or other document
regarding the modification or termination.  If there are any changes
in laws, regulations, and relevant policies applied to this Agreement, both
parties shall negotiate the modification accordingly.

    

    Article 20   If the
project governed by this Agreement is affected with by a force majeure, such as
significant natural disasters, wars and etc. and other unexpected accidents
recognized by both parties, the original construction plan shall be revised or
amended.  In such case, both parties shall make revision or amendment
according to the actual situation.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Article 21 If either Party A
or Party B elects to transfer part of all of its rights and obligations under
this contract to a Third Party, it should obtain the written agreement of the
other party to this contract before doing so.

    

    Chapter
10 Remedy for Contract Breach

     

    Article 22 In case Party B
does not perform construction according to specification provided by Party A,
Party B shall conduct remedy works following Party A’s
suggestions.  Party B shall bear all the costs incurred as a
result.

    

    Article 23 Party A shall
provide the security for payment stated in Article 11.  To protect
Party B’s interest, Party A agrees to conduct settlements according to this
contract on the completed portion of construction works, in the event of
contract termination prior to final completion and acceptance.

    

    Chapter
11 Settlement of Disputes

     

    Any
dispute arising out of this Agreement shall be resolved by both Parties through
mutual negotiation or mediation. In the event no settlement can be reached
through consultations or mediation, legal action shall be initiated in the
people’s court at the place where this Agreement is signed or
executed.

    

    Chapter
12 Contract Effectiveness

     

    Date of
Agreement:  July 23, 2008

     

    Location
of Signing:  Jiaohe City, Jilin Province

     

    1. This Agreement shall be
effective on the latest date of signing and stamp by both
parties.   [NOTE:  Stamp Date is August 28,
2008]

     

    2. Any supplementary agreement
related to the Project shall have the same legal force effect as this
Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]