Document:

Exhibit
      10.26

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      REGISTRATION RIGHTS AGREEMENT (this
      “Agreement”)
      is
      made as of this 22nd day of August, 2008, by and among Green China Resources,
      Inc., a company organized under the laws of the British Virgin Islands (the
      “Company”),
      and
      each party listed on Schedule A hereto (each, a “Holder”,
      and
      collectively, the “Holders”).

     

    A. In
      connection with the Stock Purchase Agreement by and among the parties thereto,
      including the parties hereto, of even date herewith (the "Stock
      Purchase Agreement"),
      the
      Company has agreed, upon the terms and subject to the conditions set forth
      in
      the Stock Purchase Agreement, to issue and sell to the Holders (i) shares of
      the
      Company's ordinary stock (the “Exchange
      Shares”)
      and/or
      (ii) convertible notes of the Company (the “Notes”),
      which
      will, among other things, be convertible into shares of the Company’s ordinary
      stock (the “Conversion
      Shares”).
      

     

    B. Unless
      otherwise provided in this Agreement, capitalized terms used herein shall have
      the respective meanings set forth in Section 11 hereof. 

     

    NOW,
      THEREFORE,
      in
      consideration of the above premises and the mutual covenants contained herein
      and other good and valuable consideration, the receipt and sufficiency of which
      are hereby acknowledged, the Company and Holders hereby agree as
      follows:

     

    1. Registration.

     

    (a) Registration
      of Exchange Shares.
      As soon
      as reasonably practicable after the filing of the Company’s Current Report on
      Form 8-K with respect to the consummation of the transaction contemplated under
      the Stock Purchase Agreement (the “Acquisition”),
      the
      Company shall file with the Commission a certain registration statement (the
      “Exchange
      Registration Statement”)
      covering the registration of the Exchange Shares. The
      Company shall be required to include all Exchange Shares for resale and offer
      on
      a continuous basis pursuant to Rule 415 in the Exchange Registration Statement;
      provided,
      however,
      that if
      all of the Exchange Shares of the Holders cannot be so included due to
      Commission Comments, then the Company may reduce, in accordance with the
      provisions of Section 1(c) hereof, the number of securities covered by the
      Exchange Registration Statement to the maximum number which would enable the
      Company to conduct such offering in accordance with the provisions of Rule
      415.

     

    (b) Registration
      of Conversion Shares.
      Within
      thirty (30) days of the conversion of the Notes, the Company shall file with
      the
      Commission a certain registration statement (the “Conversion
      Registration Statement”)
      covering the registration of the Conversion Shares. The
      Company shall be required to include all Conversion Shares for resale and offer
      on a continuous basis pursuant to Rule 415 in the Conversion Registration
      Statement; provided,
      however,
      that if
      all of the Conversion Shares of the Holders cannot be so included due to
      Commission Comments, then the Company may reduce, in accordance with the
      provisions of Section 1(c) hereof, the number of securities covered by the
      Conversion Registration Statement to the maximum number which would enable
      the
      Company to conduct such offering in accordance with the provisions of Rule
      415.

     

    (c) Cutback
      Provisions.
      In the
      event all of the Registrable Securities cannot be included in a specific
      Registration Statement due to Commission Comments, the Holders agree that
      securities shall be removed from such Registration Statement in the following
      order until no further removal is required by Commission Comments: 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (i) First,
      any securities included in the Registration Statement other than Registrable
      Securities shall be removed;

     

    (ii) Second,
      the Registrable Securities held by the Holders and their respective transferees
      shall be removed, pro rata based on the number of such Registrable Securities
      held by the Holders and their respective transferees. 

     

    (d) Mandatory
      Registrations.
      In the
      event all of the Registrable Securities of the Holders are not included in
      either the Exchange Registration Statement or the Conversion Registration
      Statement, as the case may be, due to Commission Comments, the Company shall
      prepare and file an additional Registration Statement (the “Follow-up
      Registration Statement”)
      with
      the Commission within sixty (60) days following the effectiveness of the
      previously filed applicable Registration Statement; provided,
      however,
      that
      the time period for filing the Follow-up Registration shall be extended to
      the
      extent that the Commission publishes written Commission Guidance or the Company
      receives written Commission Guidance which provides for a longer period before
      a
      Follow-up Registration Statement may be filed. The Follow-up Registration
      Statement shall cover the resale of all of the Registrable Securities that
      were
      excluded from the previously filed applicable Registration Statement.

     

    (e) Effectiveness
      of a Registration Statement.
      The
      Company shall cause the Exchange Registration Statement and Follow-up
      Registration Statement with respect to the Exchange Shares, if any, to be
      declared effective under the Securities Act as promptly as possible after the
      filing thereof and shall keep such Registration Statement continuously effective
      under the Securities Act until the earlier of (i) two years after its Effective
      Date (provided, however, the two year period shall be extended for any Grace
      Period), (ii) such time as all of the Registrable Securities covered by such
      Registration Statement have been publicly sold by the Holders, or (iii) such
      time as all of the Registrable Securities covered by such Registration Statement
      may be sold by the Holders pursuant to Rule 144 without regard to the volume
      limitations for such sales provided in Rule 144, as determined by the counsel
      to
      the Company pursuant to a written opinion letter to such effect, addressed
      and
      acceptable to the Company's transfer agent and the affected Holder (the
      "Exchange
      Effectiveness Period”).
      The
      Company shall cause the Conversion Registration Statement and Follow-up
      Registration Statement with respect to the Conversion Shares, if any, to be
      declared effective under the Securities Act within one hundred twenty (120)
      days
      after the filing thereof and shall keep such Registration Statement continuously
      effective under the Securities Act until the earlier of (i) one year after
      its
      Effective Date (provided, however, the one year period shall be extended for
      any
      Grace Period), or (ii) such time as all of the Registrable Securities covered
      by
      such Registration Statement have been publicly sold by the Holders (the
      "conversion
      Effectiveness Period”).
      By
      5:00 p.m. (New York City time) on the business day immediately following the
      Effective Date of a Registration Statement, the Company shall file with the
      Commission in accordance with Rule 424 under the Securities Act the final
      Prospectus to be used in connection with sales pursuant to such Registration
      Statement (whether or not such filing is technically required under such
      Rule).

     

    (f) Liquidated
      Damages.
      In the
      event that (i) the Exchange Registration Statement becomes not effective at
      any
      time after its being declared effective by the Commission, or (ii) the
      Conversion Registration Statement is not filed with the Commission within the
      time period required under Section 1(b) or not declared effective by the
      Commission within the time period required under Section 1(e) (each an
“Event”),
      the
      Company shall pay liquidated damages in shares of Common Stock to the affected
      Holders in an amount equal to one percent (1.0%) of the number of shares of
      Registrable Securities included in such Registration Statement per month, to
      be
      paid in arrears on the first day of the month after the occurrence of the Event,
      and each month thereafter until, (y) with respect to the Exchange Registration
      Statement, such Registration Statement is effective for sale of the Registrable
      Securities or until the expiration of the exchange Effectiveness Period, or
      (z)
      with respect to the Conversion Registration Statement, such Registration
      Statement is filed with the Commission or is effective for sale of the
      Registrable Securities, as the case may be, or until the expiration of the
      conversion Effectiveness Period. 

     

    
      
        
        

      

      
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    (g) Termination
      of Registration Rights.
      The
      registration rights afforded to the Holders under this Section 1 shall terminate
      on the earliest date when all Registrable Securities of the Holder either:
      (i)
      have been publicly sold by the Holder pursuant to a Registration Statement,
      (ii)
      have been covered by an effective Registration Statement which has been
      effective for an aggregate period of not less than twelve (12) months, subject
      to the provisions of Section 1(e) hereof (whether or not consecutive);
provided,
      however,
      the
      time period shall be calculated so as to exclude any Grace Period, or (iii)
      may
      be sold by the Holder pursuant to Rule 144 without regard to the volume
      limitations for such sales provided in Rule 144, as determined by the counsel
      to
      the Company pursuant to a written opinion letter to such effect, addressed
      and
      acceptable to the Company's transfer agent and the affected Holder.

     

    2. Registration
      Procedures.
      Whenever any Registrable Securities are to be registered pursuant to this
      Agreement, the Company shall use its best efforts to effect the registration
      and
      sale of such Registrable Securities in accordance with the intended method
      of
      disposition thereof, and pursuant thereto the Company shall have the following
      obligations:

     

    (a) The
      Company shall prepare and file with the Commission a Registration Statement
      with
      respect to such Registrable Securities and use its best efforts to cause such
      Registration Statement to become effective.

     

    (b) The
      Company shall prepare and file with the Commission such amendments (including
      post-effective amendments) and supplements to a Registration Statement and
      the
      Prospectus used in connection with such Registration Statement, which Prospectus
      is to be filed pursuant to Rule 424 promulgated under the Securities Act, as
      may
      be necessary to keep such Registration Statement effective at all times during
      the applicable Effectiveness Period, and, during such period, comply with the
      provisions of the Securities Act with respect to the disposition of all
      Registrable Securities of the Company covered by such Registration Statement
      until such time as all of such Registrable Securities shall have been disposed
      of in accordance with the intended methods of disposition by the seller or
      sellers thereof as set forth in such Registration Statement. In the case of
      amendments and supplements to a Registration Statement which are required to
      be
      filed pursuant to this Agreement by reason of the Company filing a report on
      Form 10-Q Form 10-K or any analogous report under the Securities Exchange Act,
      the Company shall have incorporated such report by reference into such
      Registration Statement, if applicable, or shall file such amendments or
      supplements with the Commission on the same day on which the Securities Exchange
      Act report is filed which created the requirement for the Company to amend
      or
      supplement such Registration Statement. 

     

    (c) The
      Company shall furnish to each seller of Registrable Securities in any
      Registration Statement, without charge, (i) promptly after the same is prepared
      and filed with the Commission at least one copy of such Registration Statement
      and any amendment(s) thereto, including financial statements and schedules,
      all
      documents incorporated therein by reference, if requested by such seller, all
      exhibits and each preliminary Prospectus, (ii) upon the effectiveness of any
      Registration Statement, ten (10) copies of the Prospectus included in such
      Registration Statement and all amendments and supplements thereto (or such
      other
      number of copies as such seller may reasonably request) and (iii) such other
      documents, including copies of any preliminary or final Prospectus, as such
      seller may reasonably request from time to time in order to facilitate the
      disposition of the Registrable Securities owned by such seller.

     

    
      
        
        

      

      
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    (d) The
      Company shall use its best efforts to (i) register and qualify, unless an
      exemption from registration and qualification applies, the resale by any seller
      of the Registrable Securities covered by a Registration Statement under such
      other securities or "blue sky" laws of all applicable jurisdictions in the
      United States, (ii) prepare and file in those jurisdictions, such amendments
      (including post-effective amendments) and supplements to such registrations
      and
      qualifications as may be necessary to maintain the effectiveness thereof during
      the applicable Effectiveness Period, (iii) take such other actions as may be
      necessary to maintain such registrations and qualifications in effect at all
      times during the applicable Effectiveness Period, and (iv) take all other
      actions reasonably necessary or advisable to qualify the Registrable Securities
      for sale in such jurisdictions; provided,
      however,
      that
      the Company shall not be required in connection therewith or as a condition
      thereto to (x) qualify to do business in any jurisdiction where it would not
      otherwise be required to qualify but for this Section 2(d), (y) subject itself
      to general taxation in any such jurisdiction, or (z) file a general consent
      to
      service of process in any such jurisdiction. 

     

    (e) The
      Company shall use its best efforts to prevent the issuance of any stop order
      or
      other suspension of effectiveness of a Registration Statement, or the suspension
      of the qualification of any of Registrable Securities for sale in any
      jurisdiction and, if such an order or suspension is issued, to obtain the
      withdrawal of such order or suspension at the earliest possible moment and
      to
      notify the Holder of any Registrable Securities being sold of the issuance
      of
      such order and the resolution thereof or its receipt of actual notice of the
      initiation or threat of any proceeding for such purpose. 

     

    (f) The
      Company shall notify the Holder in writing of the happening of any event, as
      promptly as practicable after becoming aware of such event, as a result of
      which
      the Prospectus included in a Registration Statement, as then in effect, includes
      an untrue statement of a material fact or omission to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      the light of the circumstances under which they were made, not misleading
      (provided that in no event shall such notice contain any material, nonpublic
      information), and, subject to Section 2(q), promptly prepare a supplement or
      amendment to such Registration Statement to correct such untrue statement or
      omission, and deliver ten (10) copies of such supplement or amendment to the
      Holder (or such other number of copies as the Holder may reasonably request).
      

     

    (g) The
      Company shall promptly notify the Holder in writing (i) when a Prospectus or
      any
      Prospectus supplement or post-effective amendment has been filed, and when
      a
      Registration Statement or any post-effective amendment has become effective
      (notification of such effectiveness shall be delivered to the Holder by
      facsimile on the same day of such effectiveness and by overnight mail), (ii)
      of
      any request by the Commission for amendments or supplements to a Registration
      Statement or related Prospectus or related information, and (iii) of the
      Company's reasonable determination that a post-effective amendment to a
      Registration Statement would be appropriate.

     

    (h) If
      the
      Holder is required under applicable securities laws to be described in a
      Registration Statement as an underwriter, at the reasonable request of such
      Holder, the Company shall furnish to such Holder, on the date of the
      effectiveness of such Registration Statement and thereafter from time to time
      on
      such dates as the Holder may reasonably request (i) a letter, dated such date,
      from the Company's independent certified public accountants in form and
      substance as is customarily given by independent certified public accountants
      to
      underwriters in an underwritten public offering, addressed to the Holder, and
      (ii) an opinion, dated as of such date, of counsel representing the Company
      for
      purposes of such Registration Statement, in form, scope and substance as is
      customarily given in an underwritten public offering, addressed to the
      Holder.

     

    
      
        
        

      

      
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    (i) If
      the
      Holder is required under applicable securities laws to be described in a
      Registration Statement as an underwriter, then at the request of such Holder
      in
      connection with such Holder's due diligence requirements, the Company shall
      make
      available for inspection by (i) the Holder, (ii) the Holder’s legal counsel, and
      (iii) one firm of accountants or other agents retained by the Holder
      (collectively, the "Inspectors"),
      all
      pertinent financial and other records, and pertinent corporate documents and
      properties of the Company (collectively, the "Records"),
      as
      shall be reasonably deemed necessary by each Inspector, and cause the Company's
      officers, directors and employees to supply all information which any Inspector
      may reasonably request; provided,
      however,
      that
      each Inspector shall agree to hold in strict confidence and shall not make
      any
      disclosure (except to the Holder) or use of any Record or other information
      which the Company determines in good faith to be confidential, and of which
      determination the Inspectors are so notified, unless (a) the disclosure of
      such
      Records is necessary to avoid or correct a misstatement or omission in any
      Registration Statement or is otherwise required under the Securities Act, (b)
      the release of such Records is ordered pursuant to a final, non-appealable
      subpoena or order from a court or government body of competent jurisdiction,
      or
      (c) the information in such Records has been made generally available to the
      public other than by disclosure in violation of this or any other agreement
      of
      which the Inspector has knowledge. Each Holder agrees that it shall, upon
      learning that disclosure of such Records is sought in or by a court or
      governmental body of competent jurisdiction or through other means, give prompt
      notice to the Company and allow the Company, at its expense, to undertake
      appropriate action to prevent disclosure of, or to obtain a protective order
      for, the Records deemed confidential. 

     

    (j)The
      Company shall hold in confidence and not make any disclosure of information
      concerning the Holder provided to the Company unless (i) disclosure of such
      information is necessary to comply with federal or state securities laws, (ii)
      the disclosure of such information is necessary to avoid or correct a
      misstatement or omission in any Registration Statement, (iii) the release of
      such information is ordered pursuant to a subpoena or other final,
      non-appealable order from a court or governmental body of competent
      jurisdiction, or (iv) such information has been made generally available to
      the
      public other than by disclosure in violation of this Agreement or any other
      agreement. The Company agrees that it shall, upon learning that disclosure
      of
      such information concerning the Holder is sought in or by a court or
      governmental body of competent jurisdiction or through other means, give prompt
      written notice to the Holder and allow the Holder, at the Holder’s expense, to
      undertake appropriate action to prevent disclosure of, or to obtain a protective
      order for, such information.

     

    (k)The
      Company shall use its best efforts either to cause all of the Registrable
      Securities covered by a Registration Statement to be listed on each securities
      exchange on which securities of the same class or series issued by the Company
      are then listed, if any, if the listing of such Registrable Securities is then
      permitted under the rules of such exchange. The Company shall pay all fees
      and
      expenses in connection with satisfying its obligation under this Section
      2(k).

     

    (l)The
      Company shall cooperate with each Holder who holds Registrable Securities being
      offered and, to the extent applicable, facilitate the timely preparation and
      delivery of certificates (not bearing any restrictive legend) representing
      the
      Registrable Securities to be offered pursuant to an effective Registration
      Statement and enable such certificates to be in such denominations or amounts,
      as the case may be, as the Holder may reasonably request and registered in
      such
      names as the Holder may request.

     

    (m)If
      requested by the Holder, the Company shall (i) as soon as practicable
      incorporate in a Prospectus supplement or post-effective amendment such
      information as the Holder reasonably requests to be included therein relating
      to
      the sale and distribution of Registrable Securities, including, without
      limitation, information with respect to the number of Registrable Securities
      being offered or sold, the purchase price being paid therefor and any other
      terms of the offering of the Registrable Securities to be sold in such offering;
      (ii) as soon as practicable make all required filings of such Prospectus
      supplement or post-effective amendment after being notified of the matters
      to be
      incorporated in such Prospectus supplement or post-effective amendment; and
      (iii) as soon as practicable, supplement or make amendments to any Registration
      Statement if reasonably requested by the Holder holding any Registrable
      Securities.

     

    
      
        
        

      

      
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    (n)The
      Company shall use its best efforts to cause the Registrable Securities covered
      by a Registration Statement to be registered with or approved by such other
      governmental agencies or authorities as may be necessary to consummate the
      disposition of such Registrable Securities.

     

    (o)The
      Company shall otherwise use its best efforts to comply with all applicable
      rules
      and regulations of the Commission in connection with any registration
      hereunder.

     

    (p)Notwithstanding
      anything to the contrary herein, at any time after the Effective Date of a
      Registration Statement, the Company may delay the disclosure of material,
      non-public information concerning the Company the disclosure of which at the
      time is not, in the good faith opinion of the Board of Directors of the Company
      and its counsel, in the best interest of the Company and, in the opinion of
      counsel to the Company, otherwise required (a "Grace
      Period");
      provided,
      that
      the Company shall promptly (i) notify the Holder in writing of the existence
      of
      material, non-public information giving rise to a Grace Period (provided that
      in
      each notice the Company will not disclose the content of such material,
      non-public information to the Holder) and the date on which the Grace Period
      will begin, and (ii) notify the Holder in writing of the date on which the
      Grace
      Period ends; and, provided further,
      that no
      Grace Period shall exceed sixty (60) consecutive days and during any three
      hundred sixty five (365) day period such Grace Periods shall not exceed an
      aggregate of one hundred twenty (120) days and the first day of any Grace Period
      must be at least two (2) trading days after the last day of any prior Grace
      Period (each, an "Allowable
      Grace Period").
      For
      purposes of determining the length of a Grace Period above, the Grace Period
      shall begin on and include the date the Holder receives the notice referred
      to
      in clause (i) and shall end on and include the later of the date the Holder
      receives the notice referred to in clause (ii) and the date referred to in
      such
      notice. The provisions of Section 2(e) hereof shall not be applicable during
      the
      period of any Allowable Grace Period. Upon expiration of the Grace Period,
      the
      Company shall again be bound by Section 2(f) with respect to the information
      giving rise thereto unless such material, non-public information is no longer
      applicable. Notwithstanding anything to the contrary, the Company shall cause
      its transfer agent to deliver unlegended shares of Common Stock to a transferee
      of the Holder in connection with any sale of Registrable Securities with respect
      to which the Holder has entered into a contract for sale, and delivered a copy
      of the Prospectus included as part of the applicable Registration Statement
      (unless an exemption from such Prospectus delivery requirements exists), prior
      to the Holder’s receipt of the notice of a Grace Period and for which the Holder
      has not yet settled. 

     

    3. Obligations
      of the Holders.
      

     

    (a) At
      least
      five (5) business days prior to the first anticipated filing date of a
      Registration Statement, the Company shall notify the Holders in writing of
      the
      information the Company requires from each Holder if the Holder’s Registrable
      Securities are to be included in such Registration Statement. It shall be a
      condition precedent to the obligations of the Company to complete the
      registration pursuant to this Agreement with respect to the Registrable
      Securities of the Holder that the Holder shall furnish to the Company such
      information regarding itself, the Registrable Securities held by it and the
      intended method of disposition of the Registrable Securities held by it as
      shall
      be reasonably required to effect the effectiveness of the registration of such
      Registrable Securities and shall execute such documents in connection with
      such
      registration as the Company may reasonably request.

     

    (b) The
      Holder, by the Holder’s acceptance of the Registrable Securities, agrees to
      cooperate with the Company as reasonably requested by the Company in connection
      with the preparation and filing of any Registration Statement hereunder, unless
      the Holder has notified the Company in writing of the Holder's election to
      exclude all of the Holder’s Registrable Securities from such Registration
      Statement.

     

    
      
        
        

      

      
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    (c) The
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of any event of the kind described in Sections 2(e) or 2(f), the Holder will
      immediately discontinue disposition of Registrable Securities pursuant to any
      Registration Statement(s) covering such Registrable Securities until the
      Holder’s receipt of the copies of the supplemented or amended Prospectus
      contemplated by Sections 2(e) or 2(f) or receipt of notice that no supplement
      or
      amendment is required. Notwithstanding anything to the contrary, the Company
      shall cause its transfer agent to deliver unlegended shares of Common Stock
      to a
      transferee of the Holder in connection with any sale of Registrable Securities
      with respect to which the Holder has entered into a contract for sale prior
      to
      the Holder’s receipt of a notice from the Company of the happening of any event
      of the kind described in Sections 2(e) or 2(f) and for which the Holder has
      not
      yet settled.

     

    (d) The
      Holder covenants and agrees that it will comply with the Prospectus delivery
      requirements of the Securities Act as applicable to it or an exemption therefrom
      in connection with sales of Registrable
      Securities pursuant to a Registration Statement.

     

    4. Registration
      Expenses.
      All
      expenses incident to the Company’s performance of or compliance with this
      Agreement, including without limitation all registration and filing fees, fees
      and expenses of compliance with securities or blue sky laws, printing expenses,
      messenger and delivery expenses, fees and disbursements of custodians, and
      fees
      and disbursements of counsel for the Company and all independent certified
      public accountants, underwriters (excluding discounts, commissions and placement
      agent fees) and other Persons retained by the Company (all such expenses being
      herein called “Registration
      Expenses”),
      shall
      be borne by the Company. Further, the Company shall pay its internal expenses
      (including, without limitation, all salaries and expenses of its officers and
      employees performing legal or accounting duties), the expense of any annual
      audit or quarterly review, the expense of any liability insurance and the
      expenses and fees for listing the securities to be registered on each securities
      exchange on which similar securities issued by the Company are then
      listed.

     

    5. Indemnification.

     

    In
      the
      event any Registrable Securities are included in a Registration Statement under
      this Agreement:

     

    (a)To
      the
      fullest extent permitted by law, the Company will, and hereby does, indemnify,
      hold harmless and defend the Holder, the directors, officers, members, partners,
      employees, agents, representatives of, and each Person, if any, who controls
      the
      Holder within the meaning of the Securities Act or the Securities Exchange
      Act
      (each, an "Indemnified
      Person"),
      against any losses, claims, damages, liabilities, judgments, fines, penalties,
      charges, costs, reasonable attorneys' fees, amounts paid in settlement or
      expenses, joint or several, (collectively, "Claims")
      incurred in investigating, preparing or defending any action, claim, suit,
      inquiry, proceeding, investigation or appeal taken from the foregoing by or
      before any court or governmental, administrative or other regulatory agency,
      body or the Commission, whether pending or threatened, whether or not an
      indemnified party is or may be a party thereto ("Indemnified
      Damages"),
      to
      which any of them may become subject insofar as such Claims (or actions or
      proceedings, whether commenced or threatened, in respect thereof) arise out
      of
      or are based upon: (i) any untrue statement or alleged untrue statement of
      a
      material fact in a Registration Statement or any post-effective amendment
      thereto or in any filing made in connection with the qualification of the
      offering under the securities or other "blue sky" laws of any jurisdiction
      in
      which Registrable Securities are offered ("Blue
      Sky Filing"),
      or
      the omission or alleged omission to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, (ii) any
      untrue statement or alleged untrue statement of a material fact contained in
      any
      preliminary Prospectus if used prior to the effective date of such Registration
      Statement, or contained in the final Prospectus (as amended or supplemented,
      if
      the Company files any amendment thereof or supplement thereto with the
      Commission) or the omission or alleged omission to state therein any material
      fact necessary to make the statements made therein, in the light of the
      circumstances under which the statements therein were made, not misleading,
      (iii) any violation or alleged violation by the Company of the Securities Act
      or
      the Securities Exchange Act, any other law, including, without limitation,
      any
      state securities law, or any rule or regulation thereunder relating to the
      offer
      or sale of the Registrable Securities pursuant to a Registration Statement
      or
      (iv) any violation of this Agreement (the matters in the foregoing clauses
      (i)
      through (iv) being, collectively, "Violations").
      Subject to Section 5(c), the Company shall reimburse the Indemnified Persons,
      promptly as such expenses are incurred and are due and payable, for any legal
      fees or other reasonable expenses incurred by them in connection with
      investigating or defending any such Claim. Notwithstanding anything to the
      contrary contained herein, the indemnification agreement contained in this
      Section 5(a): (i) shall not apply to a Claim by an Indemnified Person arising
      out of or based upon a Violation which occurs in reliance upon and in conformity
      with information furnished in writing to the Company by such Indemnified Person
      for such Indemnified Person expressly for use in connection with the preparation
      of the Registration Statement or any such amendment thereof or supplement
      thereto, if such Prospectus was timely made available by the Company pursuant
      to
      Section 2(c); (ii) shall not be available to the extent such Claim is based
      on a
      failure of the Holder to deliver or to cause to be delivered the Prospectus
      made
      available by the Company, including a corrected Prospectus, if such Prospectus
      or corrected Prospectus was timely made available by the Company pursuant to
      Section 2(c); and (iii) shall not apply to amounts paid in settlement of any
      Claim if such settlement is effected without the prior written consent of the
      Company, which consent shall not be unreasonably withheld or delayed. Such
      indemnity shall remain in full force and effect regardless of any investigation
      made by or on behalf of the Indemnified Person and shall survive the transfer
      of
      the Registrable Securities by the Holder pursuant to Section 9.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    (b)In
      connection with any Registration Statement in which the Holder is participating,
      each Holder, severally and not jointly, agrees to indemnify, hold harmless
      and
      defend, to the same extent and in the same manner as is set forth in Section
      5(a), the Company, each of its directors, each of its officers who signs the
      Registration Statement and each Person, if any, who controls the Company within
      the meaning of the Securities Act or the Securities Exchange Act (each, an
      "Indemnified
      Party"),
      against any Claim or Indemnified Damages to which any of them may become
      subject, under the Securities Act or the Securities Exchange Act or otherwise,
      insofar as such Claim or Indemnified Damages arise out of or are based upon
      any
      Violation, in each case to the extent, and only to the extent, that such
      Violation occurs in reliance upon and in conformity with written information
      furnished to the Company by the Holder expressly for use in connection with
      such
      Registration Statement; and, subject to Section 5(c), the Holder will reimburse
      any legal or other expenses reasonably incurred by an Indemnified Party in
      connection with investigating or defending any such Claim; provided,
      however,
      that
      the indemnity agreement contained in this Section 5(b) and the agreement with
      respect to contribution contained in Section 6 shall not apply to amounts paid
      in settlement of any Claim if such settlement is effected without the prior
      written consent of the Holder, which consent shall not be unreasonably withheld
      or delayed; provided
      further,
      however,
      that
      the Holder shall be liable under this Section 5(b) for only that amount of
      a
      Claim or Indemnified Damages as does not exceed the net proceeds to the Holder
      as a result of the sale of Registrable Securities pursuant to such Registration
      Statement. Such indemnity shall remain in full force and effect regardless
      of
      any investigation made by or on behalf of such Indemnified Party and shall
      survive the transfer of the Registrable Securities by the Holder pursuant to
      Section 9.

     

    (c)Promptly
      after receipt by an Indemnified Person or Indemnified Party under this Section
      5
      of notice of the commencement of any action or proceeding (including any
      governmental action or proceeding) involving a Claim, such Indemnified Person
      or
      Indemnified Party shall, if a Claim in respect thereof is to be made against
      any
      indemnifying party under this Section 5, deliver to the indemnifying party
      a
      written notice of the commencement thereof, and the indemnifying party shall
      have the right to participate in, and, to the extent the indemnifying party
      so
      desires, jointly with any other indemnifying party similarly noticed, to assume
      control of the defense thereof with counsel mutually satisfactory to the
      indemnifying party and the Indemnified Person or the Indemnified Party, as
      the
      case may be; provided,
      however,
      that an
      Indemnified Person or Indemnified Party shall have the right to retain its
      own
      counsel with the fees and expenses of not more than one counsel for such
      Indemnified Person or Indemnified Party to be paid by the indemnifying party,
      if, in the reasonable opinion of counsel retained by the indemnifying party,
      the
      representation by such counsel of the Indemnified Person or Indemnified Party
      and the indemnifying party would be inappropriate due to actual or potential
      differing interests between such Indemnified Person or Indemnified Party and
      any
      other party represented by such counsel in such proceeding. The Indemnified
      Party or Indemnified Person shall cooperate fully with the indemnifying party
      in
      connection with any negotiation or defense of any such action or Claim by the
      indemnifying party and shall furnish to the indemnifying party all information
      reasonably available to the Indemnified Party or Indemnified Person which
      relates to such action or Claim. The indemnifying party shall keep the
      Indemnified Party or Indemnified Person reasonably apprised at all times as
      to
      the status of the defense or any settlement negotiations with respect thereto.
      No indemnifying party shall be liable for any settlement of any action, claim
      or
      proceeding effected without its prior written consent, provided, however, that
      the indemnifying party shall not unreasonably withhold, delay or condition
      its
      consent. No indemnifying party shall, without the prior written consent of
      the
      Indemnified Party or Indemnified Person, consent to entry of any judgment or
      enter into any settlement or other compromise which does not include as an
      unconditional term thereof the giving by the claimant or plaintiff to such
      Indemnified Party or Indemnified Person of a release from all liability in
      respect to such Claim or litigation, and such settlement shall not include
      any
      admission as to fault on the part of the Indemnified Party. Following
      indemnification as provided for hereunder, the indemnifying party shall be
      subrogated to all rights of the Indemnified Party or Indemnified Person with
      respect to all third parties, firms or corporations relating to the matter
      for
      which indemnification has been made. The failure to deliver written notice
      to
      the indemnifying party within a reasonable time of the commencement of any
      such
      action shall not relieve such indemnifying party of any liability to the
      Indemnified Person or Indemnified Party under this Section 5, except to the
      extent that the indemnifying party is prejudiced in its ability to defend such
      action.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d)The
      indemnification required by this Section 5 shall be made by periodic payments
      of
      the amount thereof during the course of the investigation or defense, as and
      when bills are received or Indemnified Damages are incurred.

     

    (e) The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of
      action or similar right of the Indemnified Party or Indemnified Person against
      the indemnifying party or others, and (ii) any liabilities the indemnifying
      party may be subject to pursuant to the law. 

     

    6. Contribution.
      To the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 5 to the
      fullest extent permitted by law; provided,
      however,
      that:
      (i) no Person involved in the sale of Registrable Securities which Person is
      guilty of fraudulent misrepresentation (within the meaning of Section 10(f)
      of
      the Securities Act) in connection with such sale shall be entitled to
      contribution from any Person involved in such sale of Registrable Securities
      who
      was not guilty of fraudulent misrepresentation; and (ii) contribution by any
      seller of Registrable Securities shall be limited in amount to the net amount
      of
      proceeds received by such seller from the sale of such Registrable Securities
      pursuant to such Registration Statement

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    7. Participation
      in Underwritten Registrations.
      No
      Person may participate in any registration hereunder which is underwritten
      or
      sold through a placement agent unless such Person (i) agrees to sell such
      Person’s securities on the basis provided in any underwriting or placement
      agency arrangements approved by the Company, and (ii) completes and executes
      all
      questionnaires, powers of attorney, indemnities, underwriting or placement
      agency agreements and other documents required under the terms of such
      underwriting or placement agency arrangements.

     

    8. Reports
      under Securities Exchange Act.
      With a
      view to making available to the Holder the benefits of Rule 144 promulgated
      under the Securities Act or any other similar rule or regulation of the
      Commission that may at any time permit the Holder to sell securities of the
      Company to the public without registration, the Company agrees, for so long
      as
      the Holders or their transferees own Registrable Securities, to: 

     

    (a) make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144;

     

    (b) not
      to
      take any actions to terminate its status as a reporting company under the
      Securities Exchange Act or to terminate its obligations to file periodic reports
      under the Securities Exchange Act; 

     

    (c) file
      with
      the Commission in a timely manner all reports and other documents required
      of
      the Company under the Securities Act and the Securities Exchange Act to maintain
      its status as reporting company under the Securities Exchange Act;
      and

     

    (d) furnish
      to the Holder so long as the Holder owns Registrable Securities, promptly upon
      request, (i) a written statement by the Company, if true, that it has complied
      with the reporting requirements of Rule 144, the Securities Act and the
      Securities Exchange Act, (ii) a copy of the most recent annual or quarterly
      report of the Company and such other reports and documents so filed by the
      Company, and (iii) such other information as may be reasonably requested to
      permit the Holder to sell such securities pursuant to Rule 144 without
      registration.

     

    9. Assignment
      of Registration Rights.
      The
      rights under this Agreement shall be automatically assignable by the Holder
      to
      any transferee of all or any portion of the Holder’s Registrable Securities if:
      (i) the Holder agrees in writing with the transferee or assignee to assign
      such
      rights, and a copy of such agreement is furnished to the Company within a
      reasonable time after such assignment; (ii) the Company is, within a reasonable
      time after such transfer or assignment, furnished with written notice of (a)
      the
      name and address of such transferee or assignee, and (b) the securities with
      respect to which such registration rights are being transferred or assigned;
      (iii) immediately following such transfer or assignment the further disposition
      of such securities by the transferee or assignee is restricted under the
      Securities Act and applicable state securities laws; and (iv) at or before
      the
      time the Company receives the written notice contemplated by clause (ii) of
      this
      sentence the transferee or assignee agrees in writing with the Company to be
      bound by all of the provisions contained herein. 

     

    10. Amendment
      of Registration Rights.
      Provisions of this Agreement may be amended and the observance thereof may
      be
      waived (either generally or in a particular instance and either retroactively
      or
      prospectively), only with the written consent of the Company and each Holder.
      

     

    11. Definitions.

     

    (a) “Commission”
means
      the Securities and Exchange Commission.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    (b) “Commission
      Comments”
means
      written comments pertaining solely to Rule 415 which are received by the Company
      from the Commission to a filed Registration Statement which limit the amount
      of
      shares which may be included therein to a number of shares which is less than
      such amount sought to be included thereon as filed with the
      Commission.

     

    (c) “Commission
      Guidance”
means
      (i) any publicly-available written or oral guidance, comments, requirements
      or
      requests of the Commission staff, and (ii) the Securities Act.

     

    

    (d) “Common
      Stock”
means
      the ordinary stock of the Company.

     

    (e) “Effective
      Date”
means,
      as to a Registration Statement, the date on which such Registration Statement
      is
      first declared effective by the Commission.

     

    (f) “Person”
means
      an individual, a partnership, a limited liability company, a corporation, an
      association, a joint stock company, a trust, a joint venture, an unincorporated
      organization and a governmental entity or any department, agency or political
      subdivision thereof. 

     

    (g) "Prospectus"
      means
      the prospectus included in the Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective Registration Statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by any prospectus supplement, with respect to the terms of the offering of
      any
      portion of the Registrable Securities covered by the Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus

     

    (h) “Registrable
      Securities”
means,
      as the context warrants, (i) the Exchange Shares issued to the Holder or its
      assignees pursuant to the terms of the Stock Purchase Agreement, or (ii) the
      Conversion Shares issuable upon conversion of the Notes issued to the Holder
      or
      its assignees pursuant to the terms of the Stock Purchase Agreement.

     

    (i) "Registration
      Statement"
      means
      any registration statement (including, without limitation, the Exchange
      Registration Statement, the Conversion Registration Statement and the Follow-up
      Registration Statement) required to be filed hereunder, including (in each
      case)
      the Prospectus, amendments and supplements to the Registration Statement or
      Prospectus, including pre- and post-effective amendments, all exhibits thereto,
      and all material incorporated by reference or deemed to be incorporated by
      reference in the Registration Statement.

     

    (j) “Rule
      144”
means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission that may at any time permit the Holder
      to
      sell securities of the Company to the public without registration. 

     

    (k) "Rule
      415"
      means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule. 

     

    (l) “Rule
      424"
      means
      Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    (m) “Securities
      Act”
means
      the Securities Act of 1933, as amended from time to time.

     

    (n) “Securities
      Exchange Act”
means
      the Securities Exchange Act of 1934, as amended from time to time.

     

    12. Miscellaneous.

     

    (a) A
      Person
      is deemed to be a holder of Registrable Securities whenever such Person owns
      or
      is deemed to own of record such Registrable Securities. If the Company receives
      conflicting instructions, notices or elections from two or more Persons with
      respect to the same Registrable Securities, the Company shall act upon the
      basis
      of instructions, notice or election received from the such record owner of
      such
      Registrable Securities.

     

    (b) Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      or (iii) one business day after deposit with a nationally recognized overnight
      delivery service, in each case properly addressed to the party to receive the
      same. The addresses and facsimile numbers for such communications shall
      be:

     

    If
      to the
      Company:

    

    Green
      China Resources, Inc. 

    29
      Level,
      Central Plaza

    381
      Huai
      Hai Zhong Road

    Shanghai
      200020 China

    ____________________fax

    Attention:
      Mr. David Y. Chen

    

    and

    

    If
      to any
      Holder, at the address for such Holder on the records of the Company.

    

    or
      to
      such other address and/or facsimile number and/or to the attention of such
      other
      Person as the recipient party has specified by written notice given to each
      other party five (5) days prior to the effectiveness of such change. Written
      confirmation of receipt (A) given by the recipient of such notice, consent,
      waiver or other communication, (B) mechanically or electronically generated
      by
      the sender's facsimile machine containing the time, date, recipient facsimile
      number and an image of the first page of such transmission or (C) provided
      by a
      courier or overnight courier service shall be rebuttable evidence of personal
      service, receipt by facsimile or receipt from a nationally recognized overnight
      delivery service in accordance with clause (i), (ii) or (iii) above,
      respectively.

     

    (c) Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, shall not operate as
      a
      waiver thereof.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    (d) All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by the internal laws of the State of
      Delaware, without giving effect to any choice of law or conflict of law
      provision or rule (whether of the State of Delaware or other jurisdictions)
      that
      would cause the application of the laws of any jurisdictions other than the
      State of Delaware. Each party hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in the State of Delaware,
      for the adjudication of any dispute hereunder or in connection herewith or
      with
      any transaction contemplated hereby or discussed herein, and hereby irrevocably
      waives, and agrees not to assert in any suit, action or proceeding, any claim
      that it is not personally subject to the jurisdiction of any such court, that
      such suit, action or proceeding is brought in an inconvenient forum or that
      the
      venue of such suit, action or proceeding is improper. Each party hereby
      irrevocably waives personal service of process and consents to process being
      served in any such suit, action or proceeding by mailing a copy thereof to
      such
      party at the address for such notices to it under this Agreement and agrees
      that
      such service shall constitute good and sufficient service of process and notice
      thereof. Nothing contained herein shall be deemed to limit in any way any right
      to serve process in any manner permitted by law. If any provision of this
      Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
      or unenforceability shall not affect the validity or enforceability of the
      remainder of this Agreement in that jurisdiction or the validity or
      enforceability of any provision of this Agreement in any other jurisdiction.
      EACH
      PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
      CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
      CONTEMPLATED HEREBY.

     

    (e) This
      Agreement and the instruments referenced herein and therein constitute the
      entire agreement among the parties hereto with respect to the subject matter
      hereof and thereof. There are no restrictions, promises, warranties or
      undertakings, other than those set forth or referred to herein and therein.
      This
      Agreement and the instruments referenced herein and therein supersede all prior
      agreements and understandings among the parties hereto with respect to the
      subject matter hereof and thereof.

     

    (f) Subject
      to the requirements of Section 9, this Agreement shall inure to the benefit
      of
      and be binding upon the permitted successors and assigns of each of the parties
      hereto.

     

    (g) The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    (h) This
      Agreement may be executed in identical counterparts, each of which shall be
      deemed an original but all of which shall constitute one and the same agreement.
      This Agreement, once executed by a party, may be delivered to the other party
      hereto by facsimile transmission of a copy of this Agreement bearing the
      signature of the party so delivering this Agreement. This Agreement may also
      be
      executed by electronic signature of such Person.

     

    (i) Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as any other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    (j) All
      consents and other determinations required to be made by the Holder pursuant
      to
      this Agreement shall be made, unless otherwise specified in this Agreement,
      by
      the Holder.

     

    (k) The
      language used in this Agreement will be deemed to be the language chosen by
      the
      parties to express their mutual intent and no rules of strict construction
      will
      be applied against any party. 

     

    (l) This
      Agreement is intended for the benefit of, and shall be binding upon, the parties
      hereto and their respective successors and permitted assigns, and is not for
      the
      benefit of, nor may any provision hereof be enforced by, any other
      Person.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    (m) The
      obligations of each Holder hereunder are several and not joint with the
      obligations of any other Holder, and no provision of this Agreement is intended
      to confer any obligations on a Holder vis-à-vis any other Holder. Nothing
      contained herein, and no action taken by any Holder pursuant hereto, shall
      be
      deemed to constitute the Holder as a partnership, an association, a joint
      venture or any other kind of entity, or create a presumption that the Holder
      are
      in any way acting in concert or as a group with respect to such obligations
      or
      the transactions contemplated herein.

     

    [signature
      pages follow immediately]

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Registration Rights Agreement as of the date first
      written above.

     

    
      	 	
              COMPANY:

            
	 	 
	 	
              Green
                China Resources, Inc.

            
	 	 
	 	
              By:

            	 
	 	 	
              David
                Yu Chen,

            
	 	 	
              Director

            
	 	 	 
	 	
              HOLDER:

            
	 	 
	 	
               

            
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

    

    List
      of Holders

    

    
      	
              Chardan
                China Investments, LLC

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Ancora
                Greater China Fund, LP

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              GB
                Global Private Balanced Fund I

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              China
                Private Equity Partners Co., Limited

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Jeff
                Feinberg Family Trust

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Jeff
                Feinberg

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              MidSouth
                Investor Fund LP

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Renaissance
                US Growth and Income Trust, PLC

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    
      	
              Premier
                Renn US Emerging Growth Fund Limited

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              US
                Special Opportunities Trust PLC

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Egatniv,
                LLC

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Orion
                KF Partners

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Nicole
                Kubin

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Liping
                He

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Tiffany
                He

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Kelell
                Inc.

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              Coway
                Asia Pacific Limited

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    
      	
              Max
                Sea Group Limited

            
	
              ____________________

            
	
              ____________________

            
	
              ____________________

            
	 
	
              ____________________

            

    

     

    
      
        
        

      

      
        18Exhibit
      x.x

    Exhibit
      10.27

    

    FORM
      OF

    PROMISSORY
      NOTE

    

    
      	
              $________

            	 	
              As
                of _______, 2008

            
	 	 	
              New
                York, New York

            

    

    

    Green
      China Resources, Inc., a British Virgin Islands company (“Maker”), promises to
      pay to the order of ___________ (“Payee”) with an address at ____________, the
      principal sum of ____________ ($________) in lawful money of the United States
      of America on the terms and conditions described below.

     

    1. Payment.
      This
      Promissory Note (this “Note”) shall initially be payable only from the cash
      proceeds actually received by the Maker from the cash exercise of those certain
      warrants to purchase capital stock of Maker (the “Warrants”) originally issued
      by Shine Media Acquisition Corp. (“Shine”) and assumed by Maker in connection
      with the redomestication merger of Shine with and into Maker. For the purposes
      of clarity, any cashless exercise of any of the Warrants, including as herein
      provided, will not occasion the obligation to repay any portion of the
      outstanding principal of the Note.

     

    (a) Exercise
      of Warrants.
      Upon
      the cash exercise of the Warrants in excess of the first $30,000,000 received
      in
      respect of the cash exercise price, Maker shall deposit the proceeds thereof,
      up
      to a maximum of $25,000,000, in an account (the “Cash Consideration Account”)
      maintained with its United States transfer or warrant agent. The proceeds shall
      be disbursed from the Cash Consideration Account (each a “disbursement”) to each
      holder (including Payee) of those certain promissory notes issued by Maker
      in
      connection with the exchange by Maker of its shares of common stock for all
      the
      outstanding common shares and Class A Preferred Shares and Class C Preferred
      Shares of China Greenscape Co., Ltd., a British Virgin Islands company, of
      which
      this Note is one (the “Consideration Notes”), pro-rated among the holders of all
      the Consideration Notes based upon the principal amount of the Consideration
      Notes then outstanding, within three business days after any of the following
      conditions is met:

     

    (i) if
      the
      aggregate balance of the Cash Consideration Account equals or exceeds
      $3,000,000; 

     

    (ii) if
      the
      aggregate balance of the Cash Consideration Account is greater than $1,000,000,
      but less than $3,000,000, and there has either not yet been a disbursement
      from
      the Cash Consideration Account or the last disbursement occurred 60 days prior;
      or 

     

    (iii) if
      more
      than 60 days have elapsed since either the establishment of the Cash
      Consideration Account without a disbursement having occurred or since the last
      disbursement from the Cash Consideration Account, and the balance in the Cash
      Consideration Account equals or exceeds $1,000,000.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) Call
      of Warrants.
      In the
      event that the Warrants are exercised as a result of Maker’s call of the
      Warrants, Maker shall hold the cash proceeds of the exercised Warrants in escrow
      until such amount equals the aggregate outstanding principal then remaining
      due
      under all of the Consideration Notes (including this Note) subject to the
      provisions of Section 1(a) above, and Maker shall pay in full the remaining
      principal (as set forth on Schedule A annexed hereto) then due under the
      Consideration Notes (including this Note) to the Payee(s), pro rata based on
      the
      outstanding principal, within three business days thereafter in accordance
      with
      the terms of this Note.

     

    2. Cashless
      Exercise.
      The
      principal amount due on this Note may be allocated to the payment of the
      exercise price of any Warrants being exercised either by the Payee or an
      assignee of the Payee. In order to use the principal amount due on this Note
      for
      such payment, the Payee shall surrender the Note to the Maker, with a letter
      of
      instruction indicating the portion of the principal then due and owing which
      is
      to be deducted from the principal and allocated to the exercise of sufficiently
      identified Warrants presented to the warrant agent. The Maker will reissue
      to
      the Payee a new Note for the balance due thereon after deduction of the amount
      indicated by Payee, or alternatively, the Maker may return the original Note
      with a countersigned Schedule A hereto indicating the amount of principal repaid
      and the then current outstanding amount due on the Note after deduction. The
      Maker will give appropriate notice to the warrant agent that a portion of the
      principal has been allocated to the exercise of the Warrants being exercised.
      The Payee will undertake all necessary actions with respect to the presentation
      of the Warrants to the warrant agent and any instructions required by the
      warrant agent and its agent, if any, tendering of the Warrants, at its sole
      effort and expense. The cashless exercise provisions of this section shall
      apply
      only to the exercise of not less than 1,000 Warrants at any one
      time.

     

    3. Expiration
      of the Warrants.
      Notwithstanding anything in this Note to the contrary and subject to the
      provisions of Section 1(a) hereof, if upon the expiration of the Warrants,
      an
      insufficient number of Warrants have been exercised in cash in order to re-pay
      the aggregate outstanding balance then due under the Consideration Notes
      (including this Note) in full, then any outstanding principal balance remaining
      unpaid (the “Deficiency”) shall be paid, at the sole option of Maker, in either
      cash or in ordinary shares of Maker (the “Shares”) at the rate of one share per
      each $5.29 or part thereof of the Deficiency due to each holder (including
      the
      Payee) under the Consideration Notes, within 30 days after the expiration of
      the
      Warrants. Any Shares to be issued in respect of the Deficiency will be subject
      to the terms of a separate registration rights agreement of even date
      herewith.

     

    4. Interest.
      No
      interest shall accrue on the unpaid principal balance of this Note.

     

    5. Events
      of Default.
      The
      following shall constitute Events of Default:

     

    (a) Failure
      to Make Required Payments.
      Failure
      by Maker to make principal payments under this Note within five (5) business
      days following the date when due.

     

    (b) Voluntary
      Bankruptcy, Etc.
      The
      commencement by Maker of a voluntary bankruptcy action or case under any
      applicable bankruptcy, insolvency, reorganization, rehabilitation or other
      similar law, or the consent by it to the appointment of or taking possession
      by
      a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
      similar official) of Maker or for any substantial part of its property, or
      the
      making by it of any assignment for the benefit of creditors, or the failure
      of
      Maker generally to pay its debts as such debts become due, or the taking of
      corporate action by Maker in furtherance of any of the foregoing.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c) Involuntary
      Bankruptcy, Etc.
      The
      entry of a decree or order for relief by a court having jurisdiction in the
      premises in respect of maker in an involuntary case under any applicable
      foreign, federal or state bankruptcy, insolvency or other similar law, or
      appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
      (or similar official) of Maker or for any substantial part of its property,
      or
      ordering the winding-up or liquidation of its affairs, and the continuance
      of
      any such decree or order unstayed and in effect for a period of 60 consecutive
      days.

     

    6. Remedies.

     

    (a) Upon
      the
      occurrence of an Event of Default specified in Section 4(a), Payee may, by
      written notice to Maker, declare this Note to be due and payable, whereupon
      the
      principal amount of this Note shall become immediately due and payable without
      presentment, demand, protest or other notice of any kind, all of which are
      hereby expressly waived, anything contained herein to the contrary
      notwithstanding.

     

    (b) Upon
      the
      occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
      unpaid principal balance of, and all other sums payable with regard to, this
      Note shall automatically and immediately become due and payable, in all cases
      without any action on the part of Payee.

     

    7. Waivers.
      Maker
      and, if any, all endorsers and guarantors of, and sureties for, this Note waive
      presentment for payment, demand, notice of dishonor, protest, and notice of
      protest with regard to the Note, all errors, defects and imperfections in any
      proceedings instituted by Payee under the terms of this Note, and all benefits
      that might accrue to Maker by virtue of any present or future laws exempting
      any
      property, real or personal, or any part of the proceeds arising from any sale
      of
      any such property, from attachment, levy or sale under execution, or providing
      for any stay of execution, exemption from civil process, or extension of time
      for payment; and Maker agrees that any real estate that may be levied upon
      pursuant to a judgment obtained by virtue hereof, on any writ of execution
      issued hereon, may be sold upon any such writ in whole or in part in any order
      desired by Payee.

     

    8. Unconditional
      Liability.
      Maker
      hereby waives all notices in connection with the delivery, acceptance,
      performance, default, or enforcement of the payment of this Note, and agrees
      that its liability shall be unconditional, without regard to the liability
      of
      any other party, and shall not be affected in any manner by any indulgence,
      extension of time, renewal, waiver or modification granted or consented to
      by
      Payee, and consents to any and all extensions of time, renewals, waivers, or
      modifications that may be granted by Payee with respect to the payment or other
      provisions of this Note, and agree that additional makers, endorsers,
      guarantors, or sureties may become parties hereto without notice to them or
      affecting their liability hereunder.

     

    9. Notices.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      dispatched by any form of private or governmental express mail or delivery
      service providing receipted delivery, or (iv) sent by facsimile, to the
      following addresses or to such other address as either party may designate
      by
      notice in accordance with this Section:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    If
      to
      Maker:

     

    
      	
              Green
                China Resources, Inc.

            
	
              29
                Level, Central Plaza

            
	
              381
                Huai Hai Zhong Road,

            
	
              Shanghai
                200020, China

            
	
              Attn:
                Mr. David Y. Chen

            

    

    

    If
      to
      Payee:

    

    
      	
              To
                the address on the first page of this
                note

            

    

    

    Notice
      shall be deemed given on the earlier of (i) actual receipt by the receiving
      party, (ii) the date shown on a telefacsimile transmission confirmation, (iii)
      the date reflected on a signed delivery receipt, or (iv) two (2) business days
      following tender of delivery or dispatch by express mail or delivery
      service.

     

    10. Construction.
      This
      Note shall be construed and enforced in accordance with the domestic, internal
      law, but not the law of conflict of laws, of the State of New York.

     

    11. Severability.
      Any
      provision contained in this Note which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
      Note to be duly executed as of the day and year first above
      written.

     

    
      	 	
              GREEN
                CHINA RESOURCES, INC.

            
	 	
               

            
	 	
              By:  

            	 
	 	 	
              Name:

            
	 	 	
              Title:
                President

            

    

    
       

      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
      A

    

    
      	
              Date

            	 	 	
              Amount
                of Principal Payment

            	 	 	
              Outstanding
                Principal Balance

            	 
	 	 	 $	 	 	
              $

            	
               

            	 
	 	 	 $	 	 	
              $

            	
               

            	 
	 	 	 $	 	 	
              $

            	
               

            	 
	 	 	 $	 	 	
              $

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