Document:

EX-4.15

 Exhibit 4.15 

Chengdu Liwu Apartment Management Co., Ltd. 

and 
 Beijing
LianULife Technology Co., Ltd., 
 Beijing LianULife Property Management Co., Ltd. 

Beijing LianULife Zhixuan Property Management Co., Ltd. 

Beijing Beautiful House Asset Management Co., Ltd. 

Between 
 Asset Transfer
Agreement 

 Contents 
  

							
	 Article 1
	 	 Definitions
	  	 	4	 
	 Article 2
	 	 Target Assets and Transfer Consideration
	  	 	5	 
	 Article 3
	 	 Assets Delivery
	  	 	6	 
	 Article 4
	 	 Transition Period
	  	 	7	 
	 Article 5
	 	 Representations and Warranties of the Parties
	  	 	8	 
	 Article 6
	 	 Commitments of the Transferors
	  	 	10	 
	 Article 7
	 	 Confidentiality
	  	 	11	 
	 Article 8
	 	 Effective Date, Modification and Termination of this Agreement
	  	 	12	 
	 Article 9
	 	 Liability for Breach
	  	 	13	 
	 Article 10
	 	 Governing Law and Dispute Resolution
	  	 	14	 
	 Article 11  
	 	 Miscellaneous
	  	 	14	 
		
	 Annex I  List of Target Assets
	  			
	 Annex II  Disclosure Letter
	  			

  
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 This Asset Transfer Agreement (hereinafter referred to as the “Agreement”) is made and
entered into by the following parties on July 22, 2020 in Shanghai, the People’s Republic of China (hereinafter referred to as the “PRC”, for the purpose of this Agreement, excluding the Hong Kong Special Administrative
Region, the Macau Special Administrative Region and Taiwan Region): 
 Party A: Chengdu Liwu Apartment Management Co., Ltd., a
limited liability company legally established and validly existing under the laws of the PRC with the unified social credit code of 91510100MA6A2T5H8J, whose registered address is at the East Section of Ningbo Road, Zhengxing Sub-district, Tianfu New Area, Chengdu, China (Sichuan) Pilot Free Trade Zone, and whose legal representative is Qu Chengcai (hereinafter referred to as the “Transferee”); 

Party B: Beijing LianULife Technology Co., Ltd., a limited liability company legally established and validly existing under the laws of
the PRC with the unified social credit code of 91110228MA01HDM06C, whose registered address is at Room 501-2441 (Centralized Office Area of Economic Development Zone), Development Zone Office Building,
No. 8 South Xingsheng Road, Economic Development Zone, Miyun District, Beijing, China, and whose legal representative is Han Guang (hereinafter referred to as “Transferor I”); 

Party B: Beijing LianULife Property Management Co., Ltd., a limited liability company legally established and validly existing under the
laws of the PRC with the unified social credit code of 91110228MA01HY951Q, whose registered address is at Room 501-2503 (Centralized Office Area of Economic Development Zone), Development Zone Office Building,
No. 8 South Xingsheng Road, Economic Development Zone, Miyun District, Beijing, China, and whose legal representative is Han Guang (hereinafter referred to as “Transferor II”); 

Party B: Beijing LianULife Zhixuan Property Management Co., Ltd., a limited liability company legally established and validly existing
under the laws of the PRC, whose unified social credit code is 91110228MA01K8076P, whose registered address is at Room 501-2567 (Centralized Office Area of the Economic Development Zone), Development Zone
Office Building, No. 8 South Xingsheng Road, Economic Development Zone, Miyun District, Beijing, China, and whose legal representative is Wang Bin (hereinafter referred to as “Transferor III”); and 

Party B: Beijing Beautiful House Asset Management Co., Ltd., a limited liability company legally established and validly existing under
the laws of the PRC with the unified social credit code of 911101133530090944, whose registered address is at Room 128, 1F, No. 12 West Shuangqiao Road, Chaoyang District, Beijing, China, and whose legal representative is Han Guang (hereinafter
referred to as “Transferor IV”); 
 The above-mentioned Transferors I to IV are hereinafter collectively referred to as the
“Transferors”. 
 In this Agreement, the above-mentioned parties are referred to collectively as the
“Parties” and individually as a “Party”. Whereas: 
  

	 	A.	 The Transferors and the Transferee are long-term rental apartment operators in China. The Transferors currently
operate a total of 72,181 rental apartments as long-term rental apartments in Beijing and other areas (such apartments are hereinafter referred to as the “Subject Apartments”, of which the area and ownership are set out in Annex
I hereto “List of Target Assets”). 

  
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	 	B.	 The Transferors intend to transfer all the Target Assets relating to the Subject Apartments owned by them to
the Transferee in a package, and the Transferee agrees to purchase such Target Assets and pay to the Transferors the corresponding asset transfer consideration (hereinafter referred to as the “Transfer of the Target Assets”); and

 Now, Therefore, in accordance with the Contract Law of the People’s Republic of China and other laws and
regulations, the Parties have reached the following agreement through friendly consultation for abiding by in the future: 
 Article 1
Definitions 
 Unless otherwise agreed herein or the context otherwise requires, the following terms are defined in this Agreement as
follows: 
  

	 	1.1	 “The Agreement” means this Asset Transfer Agreement, including the main body and all Annexes
and Appendices hereof. 

  

	 	1.2	 “Affiliated Assets” mean all fixed assets and equipment owned by the Transferors and located
in the Subject Apartments, of which the details are set forth in Annex I hereto “List of Target Assets”. 

  

	 	1.3	 “Force Majeure” means all events occurring after the date of this Agreement which are not
foreseeable at the signature of this Agreement and of which the occurrence and consequences can not be avoided or overcome and which hinder, in whole or in part, any Party’s performance hereof or impede the performance of this Agreement,
including but not limited to fire, flood, earthquake, typhoon, tsunami, war, terrorist act or any other act of violence, accident, strike, epidemic and quarantine control. 

 

	 	1.4	 “Contracts to be Transferred” mean all lease contracts signed by the Transferors in respect of
the Subject Apartments, including: (1) the apartment lease contracts or apartment trusteeship contracts signed between the Transferors as the lessee and the right-holders of the Subject Apartments (including the owners and the lessors or the
principals who may legally lease the Apartments to the public) (hereinafter referred to as the “Apartment Contracts”); and (2) the apartment lease contracts signed between the Transferors as the sublessor and the
sublessees (hereinafter referred to as the “Apartment Lease Contracts”). 

  

	 	1.5	 “Meiliwu APP” means all APP products developed by or available to be used by the
Transferors, and the Transferors currently manage the operation of the Subject Apartments through such APP products. 

  

	 	1.6	 “Working Day” means a calendar day other than a Saturday, Sunday, or holiday as defined by
Chinese and U.S. laws. 

  
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	 	1.7	 “Related Party” means, in relation to a Party, any other person who directly or indirectly
controls, is controlled by, or is under common control with, that Party. “Control” means having, directly or indirectly, the power to direct or cause (others) to direct the management and policies of a person, whether through owning
voting securities, or by contract or otherwise, including (1) directly or indirectly owning 50% or more of the outstanding shares of or other equity interests in such person, (2) directly or indirectly owning 50% or more of the voting
power of such person, or (3) having direct or indirect power to appoint a majority of the members of the board of directors or similar management organization of such person. “Controlling” and “controlled” shall have the
meanings associated with the above explanation. 

  

	 	1.8	 “Delivery Action” means each of the actions to be completed by the Transferors prior to or on
the Asset Delivery Date as set forth in Article 3.3 hereof. 

  

	 	1.9	 “Target Assets” include (1) the Contracts to be Transferred and the relevant data of the
landlords, tenants and the Subject Apartments; (2) the Affiliated Assets; (3) the trademark rights of “Meiliwu” and “Jinxuan” (including all the trademark application rights under application by the Transferors), see
Annex I for details; (4) the relevant computer software copyrights, see Annex I for details; and (5) the relevant domain name certificates, see Annex I for details. 

 

	 	1.10	 “Losses” mean all losses, penalties, damages, liabilities, claims, litigations, costs and
expenses incurred by the Party suffering damages (including attorneys’ fees, expenses and other charges incurred in connection with any claim or assertion in any litigation between the Transferee and the Transferors, or between the Transferee
and any third party). 

  

	 	1.11	 “Assets Delivery” means the Transferors’ completion of all Delivery Actions in
respect to the transfer and handing over of the Target Assets and related materials in accordance with Article 3.2 of this Agreement. 

  

	 	1.12	 “Asset Delivery Date” means the date on which the Assets Delivery is fully completed.

 1.13     “Transition Period” means the period from the date of this
Agreement to the Asset Delivery Date. 
 Article 2 Target Assets and Transfer Consideration 

 

	 	2.1	 Subject to the terms and conditions agreed herein, the Transferors agree to transfer the Target Assets to the
Transferee and the Transferee agrees to purchase the Target Assets from the Transferors. As of the date of this Agreement, the Transferors has provided the Transferee with all the information about the list of Subject Apartments in total.

  

	 	2.2	 Considering the operating conditions of the Transferors and the Target Assets, and that the Delivery Date
Liabilities (as defined in Article 4.2) will be transferred to the Transferee with the Transfer of the Target Assets, the Parties acknowledge and agree that the total consideration for the Transfer of the Target Assets is set at RMB one
(1) yuan. The method of payment for the consideration for the Transfer of the Target Assets may be negotiated separately by the Parties. 

  
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 Article 3 Assets Delivery 

 

	 	3.1	 The Transferors and the Transferee agree to initially set June 30, 2020 as the Asset Delivery Date. The
Assets Delivery shall be carried out on the Asset Delivery Date at a location agreed upon by the Transferors and the Transferee. 

  

	 	3.2	 On the Asset Delivery Date, the Transferors must complete or have completed the following actions (hereinafter
collectively referred to as the “Delivery Actions”): 

  

	 	(1)	 For the Contracts to be Transferred: (1) in respect of the Apartment Contracts, the Transferors shall
(i) have terminated the Apartment Contracts signed by them with the right-holders of the Apartments, with the right-holders of the Apartments whose Apartment Contracts have been terminated and the Transferee or its designees having entered into
new Apartment Lease Contracts (with the Transferee or its designees as the new lessees) and/or Apartment Trusteeship Lease Contracts (the terms and conditions in such newly signed Apartment Trusteeship Lease Contracts shall be consistent with the
contract template provided by the Transferee to the Transferors), and have completed the corresponding switch in the electronic management system of the Apartment Contracts (hereinafter referred to as “Apartment Contracts
Transfer”); or (ii) have transferred all the Apartment Contracts to the control of the Transferee by ways agreed upon by the Transferors and the Transferee; and (2) the transfer of the Subject Apartments shall have been completed
by the Transferors and the Transferee in accordance with normal and reasonable standards of commercial practices, and the Transferors shall have handed over all the keys, access cards, parking spaces, keys to affiliated facilities and equipment (if
any) of the Subject Apartments to the Transferee or the Transferee’s designees for management; 

  

	 	(2)	 For the Affiliated Assets, the Transferors shall have physically delivered such Assets to the Transferee and
have delivered all the documents and information relating to such Assets to the Transferee at the same time; 

  

	 	(3)	 The Transferors shall have delivered the originals of all licenses, qualification documents, approvals, filing
documents, etc. relating to the Target Assets (if any) to the Transferee, and have completed or assisted the Transferee to complete the procedures of changing the relevant license, qualification, approval, filing and other documents (if any) in
accordance with the requirements of the relevant competent authorities; and 

  

	 	(4)	 The Transferors shall have delivered to the Transferee all other contracts, agreements, title documents,
business records, databases, drawings, information about suppliers, customers, landlords and tenants, correspondence and all other information related to the Target Assets. 

The Assets Delivery will be verified item by item according to the details of the Target Assets listed in Annex I. When the Transferors
transfer and hand over the Target Assets to the Transferee, the Transferors and the Transferee shall sign a delivery list of which the form and contents are acceptable to the Transferee. The Assets Delivery will be deemed to be completed when all
the Target Assets have been transferred and handed over to the Transferee and confirmed in writing by the Transferee. 

  
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	 	3.3	 From the Asset Delivery Date, the Transferee shall become the legal right-holder of the Target Assets and enjoy
all rights, interests and fruits related to the Target Assets; the Transferors shall no longer enjoy any rights related to the Target Assets. 

  

	 	3.4	 The Parties agree that the Transferors will complete the Apartment Contracts Transfer within six
(6) months after the Asset Delivery Date. Notwithstanding the foregoing, in the event that the percentage of the Apartment Contracts Transfer completed by the Transferors reaches 80%, if the transfer of the remaining Apartment Contracts cannot
be completed due to any third party’s reasons, the Parties agree and acknowledge that the Transferors may legally and effectively transfer the rights and obligations under the remaining Apartment Contracts to the Transferee by way of negotiated
whole transfer (hereinafter referred to as the “Negotiated Transfer of Apartment Contracts”), and the Transferee shall agree to accept the Negotiated Transfer of Apartment Contracts. For the avoidance of doubt, the Transferors shall
be deemed to have completed all of the Apartment Contracts Transfer after the Transferors have completed the Negotiated Transfer of Apartment Contracts; and the Transferee shall enjoy the same rights and bear the same obligations with respect to the
Subject Apartments transferred through the Negotiated Transfer of Apartment Contracts as those with respect to the Subject Apartments transferred through the Apartment Contracts Transfer. 

Article 4 Transition Period 
  

	 	4.1	 The Transferors make the following Transition Period commitments to the Transferee: 

 

	 	(1)	 The Transferors shall use their best efforts to ensure the normal operation of the Subject Apartments and the
normal maintenance of the Target Assets; 

  

	 	(2)	 Without the prior written consent of the Transferee, the Transferors shall not dispose of or pledge, directly
or indirectly, any of the Target Assets or set any right restriction over the Target Assets or their income right (except for the guarantees relating to rent loans over the Target Assets disclosed in Annex II).. 

 

	 	(3)	 The tax liabilities and tax risks related to the Target Assets before the Asset Delivery Date shall be borne by
the Transferors; and 

  

	 	(4)	 Except as already disclosed by the Transferors to the Transferee, the Transferors shall use their best efforts
to ensure that there is no dispute, controversy, indemnification obligation or other contingent liability of any kind over or in connection with the Target Assets as of the Asset Delivery Date. 

For the purposes of this Agreement, “Disposition” means a voluntary or involuntary sale, assignment, mortgage, grant, pledge,
exchange, delivery, transfer, encumbrance or other disposition of any kind or manner (including a disposition of a legal interests and actual benefit), and the entering into of an agreement, contract, arrangement or making commitment to do so. 

  
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	 	4.2	 The Transferee and the Transferors agree that, subject to the provisions of Article 4.3 hereof, all liabilities
over the Target Assets incurred as of the Asset Delivery Date (including but not limited to the rent prepaid to the landlord, the rent payable to the landlord, the rent received from the tenant in advance, the security deposit paid to the landlord,
the security deposit paid by the tenant, current tenant’s rent loan balance, liquidated damages and overdue fine (if any)) (hereinafter referred to as the “Delivery Date Liabilities”) shall be borne by the Transferee.

  

	 	4.3	 For the Target Assets, there are customers who have left the apartments but their rent loan balances have not
yet been paid off (hereinafter referred to as the “Left Customers’ Rent Loan Balances”), and it is estimated that the Left Customers’ Rent Loan Balances with respect of the Target Assets as of the Asset Delivery Date are
approximately RMB100 million. The Transferee and the Transferors agree that, with respect to such Left Customers’ Rent Loan Balances, if the Transferors have reached written documents or written disposal plans on deferred payments as
agreed by the Transferors and the Transferee with the corresponding financial institutions prior to the Asset Delivery Date, such Balances will be included in this transaction, which means that the Left Customers’ Rent Loan Balances will be
included in the Delivery Date Liabilities and be borne by the Transferee; if the Transferors fail to reach written documents or written disposal plans on deferred payments with the corresponding financial institutions prior to the Asset Delivery
Date, the Left Customers’ Rent Loan Balances will not be included in this transaction and will be borne by the Transferors, and the Transferee shall not be liable for such Balances. For the avoidance of doubt, if the Left Customers’ Rent
Loan Balances are not included in this transaction, the Delivery Date Liabilities shall not include the Left Customers’ Rent Loan Balances, and the Left Customers’ Rent Loan Balances shall be borne by the Transferors separately outside
this transaction, and the Transferee shall not be liable for such Left Customers’ Rent Loan Balances. The Left Customers’ Rent Loan Balances as of the Asset Delivery Date to be included in this transaction in accordance with this Article
4.3 shall be the amount mutually confirmed in writing by the Transferors and the Transferee (see Annex III for details); if any additional Left Customers’ Rent Loan Balance incurred prior to the Asset Delivery Date is added to the amount
confirmed in writing by the Parties, such additional amount shall be borne by the Transferors themselves. 

 Article 5
Representations and Warranties of the Parties 
  

	 	5.1	 Each Party represents and warrants to the other Parties as follows: 

 

	 	(1)	 Such Party is a legal person legally established and validly existing under the laws of the PRC and has full
legal rights and capacity to sign and perform this Agreement and other transaction documents; 

  

	 	(2)	 Such Party has obtained all consents and approvals necessary to sign and deliver this Agreement and the other
transaction documents necessary to effect the transactions contemplated by this Agreement (hereinafter referred to as the “Other Transaction Documents”), to perform its obligations under this Agreement and the Other Transaction
Documents and to complete the Transfer of the Target Assets. Upon being signed, this Agreement and each of the Other Transaction Documents shall constitute legal, valid, binding and enforceable obligations of such Party and shall be enforceable
against such Party in accordance with their respective terms; 

  
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	 	(3)	 The signing and performance of this Agreement by such Party will not conflict with or be inconsistent with the
following documents or matters: 

  

	 	(i)	 its articles of association or other similar organizational documents; 

 

	 	(ii)	 contracts and agreements to which it is a party; or 

 

	 	(iii)	 applicable laws and regulations in effect at the time; 

 

	 	(4)	 Such Party is not required to obtain the consent of any third party for signing this Agreement; and

  

	 	(5)	 Such Party warrants that it will perform its obligations and commitments under this Agreement.

  

	 	5.2	 Each of the Transferors represents and warrants to the Transferee as follows: 

 

	 	(1)	 Each of the representations and warranties made by the Transferors in this Agreement (including Articles 5.1
and 5.2 hereof) is true, complete and accurate and not misleading as of the date of this Agreement and the Asset Delivery Date; 

  

	 	(2)	 To the knowledge of the Transferors, as of the Asset Delivery Date, (i) each of the Target Assets is owned
solely and exclusively by the Transferors in its entirety and there is no mortgage, lien, pledge, third party right or any other encumbrance on each of the Target Assets, no license to use any of the Target Assets or their interests has been granted
to any third party, and none of the Target Assets or their interests has been assigned to any third party; (ii) to the knowledge of the Transferors, each of the Target Assets owned, used or employed by the Transferors does not infringe any
rights of any third party; and (iii) except as already disclosed in Annex II hereto “Disclosure Letter” (hereinafter referred to as the “Disclosure Letter”), each of the Target Assets is not subject to any litigation,
arbitration, detention, seizure, or legal, administrative or other proceeding or governmental investigation which is pending or, to the knowledge of the Transferors, may be lodged against any of them, nor is there any obligation, debt, liability to
any subject or any dispute, claim, assertion lodged by any subject against any of them; 

  

	 	(3)	 As of the date of this Agreement, the following information regarding the Subject Apartments that the
Transferors have provided to the Transferee is true and complete in all material respects without any concealment, omission and reservation: (i) lease information, including lease contracts, lease terms, rents, security deposits, etc.; (ii)
debt information, including debt amounts, creditors, time limits for performance, etc.; (iii) renovation information, including apartment renovation contracts, renovation status, renovation amounts, payment terms, etc.; (iv) rent loan information,
including loan contracts, installment contracts, installment amounts, settlement status, etc.; and (v) other information and documentary materials already provided by the Transferors to the Transferee; 

  
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	 	(4)	 With respect to each of the Subject Apartments, as of the Asset Delivery Date, (i) the lessor thereof is
the owner of the Subject Apartment or a lessor legally authorized to lease the Subject Apartment; (ii) the Transferor has fully disclosed to the Transferee all the mortgages, guarantees and other encumbrances on the Subject Apartment learnt by
it from the lessor and, except as aforesaid, the Transferor has not created any other encumbrances on the Subject Apartment; (iii) to the best of the Transferor’s knowledge, the Apartment Contract corresponding to the Subject Apartment can
continue to be legally and unimpededly performed; 

  

	 	(5)	 As of the Asset Delivery Date, each of the Affiliated Assets, classified according to its nature, is in a
natural physical state or legal status acknowledged by the Parties at the time of the signing of this Agreement, in good working and service conditions and subject to regular and proper maintenance so that it meets good technical standards, free of
any quality defects and safety hazards that would have a material adverse effect on its proper use; 

  

	 	(6)	 As of the Asset Delivery Date, there is no government notice, demand, repair order, demolition notice, land
resumption notice, legal proceeding or third party claim that relates to the Subject Apartments and/or may create any material impediment to the performance of this Agreement; 

 

	 	(7)	 Except as already disclosed in the Disclosure Letter, as of the Asset Delivery Date, there is no pending
administrative penalty, litigation, arbitration or other legal proceeding (including any investigation, interrogation, dispute over arrears or debts) relating to the Target Assets, and there is no dispute or potential dispute between any of the
Transferors and any right-holder or sublessee of the Apartments; 

  

	 	(8)	 All the licenses, documents, representations and materials relating to the Target Assets owned, held or
obtained from any governmental agency by the Transferors have been fully disclosed to the Transferee, and such licenses, documents, representations and materials and any statements relating thereto that have been provided by the Transferors are
valid, true, accurate, complete and not misleading in all material respects. 

 Article 6 Commitments of the
Transferors 
  

	 	6.1	 Each of the Transferors makes the following commitments to the Transferee: 

 

	 	(1)	 After the signing of this Agreement, the Transferors shall fully open the access to the Meiliwu APP to the
Transferee, so as to ensure that the Transferee can view and retrieve at any time the basic information of the Subject Apartments, the rents collected by the right-holders of the Apartments, the rents paid by the sublessees and other information
necessary for the Transferee to complete the Transfer of the Target Assets. 

  
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	 	(2)	 The Transferors ensure that the Affiliated Assets are properties owned or legally leased by them and being able
to be used properly. If any of the Affiliated Assets fails and does not function properly within one (1) year after the Asset Delivery Date, the Transferee has the right to, at its sole discretion, either (i) require the Transferor to be
responsible for the repair free of charge; or (ii) separately entrust a third party to carry out the repair, provided that all repair expenses incurred as a result thereof shall be borne by the Transferors. 

 

	 	(3)	 After the Asset Delivery Date, in any of the following circumstances: 

(i) there is an unresolved dispute or controversy regarding the Subject Apartments between any of the Transferors and any right-holder or
sublessee of the Apartments; or 
 (ii) any dispute between any of the Transferors and any other third party arising out of the Target
Assets, including but not limited to any dispute arising between any of the Transferors and any supplier of the Target Assets, or any unresolved dispute or controversy arising from any commitment made by the Transferors to any third party (including
but not limited to income sharing, payment of asset transfer consideration due, if any); 
 the Transferors shall bear the consequences of
such dispute or controversy and indemnify the Transferee for any loss arising therefrom, and the Transferee shall be entitled to hold the Transferors liable for breach of contract in accordance with the provisions of Article 8 hereof. 

 

	 	(4)	 The Transferors will complete the Apartment Contracts Transfer specified in Article 3.4 hereof within six
(6) months after the Asset Delivery Date. 

 Article 7 Confidentiality 

 

	 	7.1	 Each Party shall use all reasonable efforts to keep confidential the following information (hereinafter
referred to as the “Confidential Information”) and to ensure that its Related Parties and their respective directors, officers, employees, agents, partners, banks, accountants, attorneys, financial advisors, and other relevant
persons will keep confidential the following information: 

  

	 	(1)	 All information relating to the Transfer of the Target Assets, including but not limited to the terms of this
Agreement and the existence hereof, and the progress of the Transfer of the Target Assets, etc. 

  

	 	(2)	 The information that has been identified by the Parties as being within the scope of Confidential Information
and for which appropriate confidentiality measures have been taken. 

  

	 	(3)	 The information about the other Parties learnt by each Party as a result of its participation in the Transfer
of the Target Assets. 

  
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	 	7.2	 No Party may disclose, reveal, send or permit the use of such Confidential Information to any third party
without the prior written consent of the other Parties. 

  

	 	7.3	 The Confidential Information shall not include any information which: 

 

	 	(1)	 is or becomes publicly known otherwise than through any Party’s breach of its confidentiality obligations;

  

	 	(2)	 is independently developed or lawfully obtained by any Party without breaching its confidentiality obligations.

  

	 	7.4	 Any Party shall not be deemed to have disclosed or divulged any Confidential Information if:

  

	 	(1)	 such Confidential Information was publicly known prior to its disclosure (except to the extent that it was
disclosed in a manner breaching this Article); 

  

	 	(2)	 the disclosure of such Confidential Information is carried out with the prior written consent of the other
Parties hereto; 

  

	 	(3)	 such Confidential Information is disclosed by such Party to its professional advisors, who are required to
assume confidentiality obligations, for the purpose of the Transfer of the Target Assets; 

  

	 	(4)	 Any Party and its Related Parties have the right to disclose the Confidential Information in accordance with
applicable laws or a binding written judgment, order or requirement of a court of competent jurisdiction, governmental authority, official agency, regulatory authority or any other competent authority; for the avoidance of doubt, such judgment,
order or requirement must be issued in a formal written document by a competent authority, failing which such Party shall not disclose or divulge any Confidential Information; such Party shall give at least three (3) days’ prior written
notice to the other Parties and consult with the other Parties in order to use its best efforts to avoid or minimize the loss of the other Parties. 

Article 8 Effective Date, Modification and Termination of this Agreement 

 

	 	8.1	 This Agreement shall become effective on the date on which it is duly signed by the Parties or their authorized
representatives. 

  

	 	8.2	 No change or addition to this Agreement shall be valid unless made in writing and signed by the Parties.

  

	 	8.3	 This Agreement may be terminated in the following manners: 

 

	 	(1)	 The Parties hereto mutually agree in writing to terminate this Agreement and the termination date shall be the
termination date agreed in writing by the Parties; 

  
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	 	(2)	 The Transferee has the right to terminate this Agreement at any time by giving written notice to the other
Parties without bearing any liability for breach (with the termination date being the effective date of the termination as specified by the Transferee in the written notice) in any of the following circumstances: (i) any of the representations
or warranties of the Transferors is materially untrue or materially omitted; or (ii) the Assets Delivery is not completed within six (6) months from the date of this Agreement for reasons attributable to the Transferors; or

  

	 	(3)	 If the Transferee fails to pay the consideration for the Transfer of the Target Assets in a timely manner as
otherwise agreed by the Parties for reasons attributable to the Transferee, any of the Transferors has the right to terminate this Agreement at any time by giving written notice to the other Parties without bearing any liability for breach (with the
termination date being the effective date of the termination as specified by the Transferor in the written notice). 

  

	 	8.4	 Upon the termination of this Agreement in accordance with Article 8.3 above, unless otherwise agreed by the
Parties at that time, each Party hereto shall return the consideration received from the other Parties under this Agreement in a fair, reasonable and good faith manner and restore the Target Assets as nearly as possible to their states before the
signing of this Agreement. Upon the termination of this Agreement, all rights and obligations of the Parties hereto under this Agreement shall be terminated, without prejudice to the rights of the
non-breaching Parties to claim damages against the breaching Party. 

 Article
9 Liability for Breach 
  

	 	9.1	 The representations and warranties made by Transferors as set forth in Article 5.2 hereof shall remain in force
for a period of two (2) years after the completion of the Apartment Contracts Transfer. 

  

	 	9.2	 The Parties acknowledge and agree that, unless otherwise agreed in this Agreement, if any Party breaches this
Agreement, the breaching Party shall compensate the non-breaching Party for all losses caused to the breaching party as a result thereof. 

 

	 	9.3	 Notwithstanding the foregoing, in any of the following circumstances: 

 

	 	(1)	 Any representation made by the Transferors in this Agreement (except as already disclosed in the Disclosure
Letter) is false, untrue, inaccurate, incomplete or misleading (including, but not limited to, any information regarding the Target Assets provided by them is false, untrue, inaccurate, incomplete, etc.), which materially and adversely affects the
Transfer of the Target Assets, and fails to be corrected within fifteen (15) working days after the Transferee’s written notice; or 

  

	 	(2)	 the Transferors unilaterally terminate this Agreement for reasons not attributable to the Transferee or the
Transferee’s group, 

 the Transferors shall pay the Transferee the liquidated damages of USD2,000,000 (or its
equivalent in RMB) in a lump sum in cash within ten (10) working days from the date of termination of this Agreement. 

  
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 Article 10 Governing Law and Dispute Resolution 

 

	 	10.1	 The conclusion, validity, interpretation, performance and dispute resolution of this Agreement shall be
governed by and construed in accordance with the laws of the PRC. 

  

	 	10.2	 All disputes arising out of or in connection with the performance of this Agreement shall be resolved by the
Parties through friendly negotiations. If any dispute cannot be resolved by negotiation within fifteen (15) days after the dispute arises, the Parties shall submit the dispute to the Shanghai International Economic and Trade Arbitration
Commission (“SIETAC”) for arbitration in Shanghai in accordance with the arbitration rules of the SIETAC then in effect. The arbitration tribunal shall be comprised of three (3) arbitrators appointed by the SIETAC in accordance
with its arbitration rules, of which one (1) arbitrator shall be selected by the claimant, one (1) arbitrator shall be selected by the respondent and the third arbitrator shall be selected by the first two arbitrators through consultation.
The language of the arbitration shall be Chinese. The arbitral award shall be final and binding upon all the Parties. 

Article 11 Miscellaneous 
  

	 	11.1	 For anything not covered in this Agreement, the Parties may enter into separate supplemental agreements, which
shall become effective upon being duly signed by the authorized representatives of the Parties. 

  

	 	11.2	 The Annexes to this Agreement include (1) the List of Target Assets; (2) the Disclosure Letter; and
(3) the Further Representations and Warranties Made by the Transferors. The Annexes to this Agreement shall form an integral part of this Agreement and shall have the same legal effect as the main body of this Agreement. 

 

	 	11.3	 This Agreement represents the entire agreement between the Parties with respect to this transaction and
supersedes and terminates any other prior written and oral agreements between the Parties with respect to this transaction, including but not limited to any agreement of intent. All the Annexes and Appendices to this Agreement shall form an integral
part of this Agreement and shall have the same force and effect as this Agreement. 

  

	 	11.4	 The failure of any Party to exercise or delay in exercising any right, power or remedy hereunder shall not be
deemed a waiver, nor shall any single exercise or partial exercise of any right, power or remedy preclude that Party from further exercising such right, power or remedy or exercising any other right, power or remedy. 

 

	 	11.5	 This Agreement is made in five (5) originals, one (1) for each Party, with the same legal effect.

 (The remainder of this page intentionally left blank) 

  
 14 

 (This is the signature page of the Asset Transfer Agreement without text) 

Transferee: 
 Chengdu Liwu Apartment Management Co., Ltd.
(Official Seal) 
 Chengdu Liwu Apartment Management Co., Ltd. (Seal) 

/s/ Qu
Chengcai                                        
         
 Legal Representative: Qu Chengcai 

  
 15 

 (This is the signature page of the Asset Transfer Agreement without text) 

Transferor I: 
 Beijing LianULife Technology Co., Ltd. (Official
Seal) 
 Beijing LianULife Technology Co., Ltd. (Seal) 
 /s/
Han
Guang                                        
         
 Legal Representative: Han Guang 

  
 16 

 (This is the signature page of the Asset Transfer Agreement without text) 

Transferor II: 
 Beijing LianULife Property Management Co., Ltd.
(Official Seal) 
 Beijing LianULife Property Management Co., Ltd. (Seal) 

/s/ Han
Guang                                        
         
 Legal Representative: Han Guang 

  
 17 

 (This is the signature page of the Asset Transfer Agreement without text) 

Transferor III: 
 Beijing LianULife Zhixuan Property Management
Co., Ltd. (Official Seal) 
 Beijing LianULife Zhixuan Property Management Co., Ltd. (Seal) 

/s/ Wang
Bin                                         
        
 Legal Representative: Wang Bin 

  
 18 

 (This is the signature page of the Asset Transfer Agreement without text) 

Transferor IV: 
 Beijing Beautiful House Asset Management Co.,
Ltd. (Official Seal) 
 Beijing Beautiful House Asset Management Co., Ltd. (Seal) 

/s/ Han
Guang                                        
         
 Legal Representative: Han Guang 

  
 19 

 Annex I List of Target Assets 

 

	1.	 Copyrights 

  

									
	 	  	 Software Name/Work

Name
	  	 Holder
	  	 Registration No.
	  	 Registration Date

	 1.
	  	Meiliwu Mei Plus Platform (IOS Version)	  	Transferor IV	  	2017SR605967	  	November 6, 2017
					
	 2.
	  	Meiliwu Mei Plus Platform (Android Version)	  	Transferor IV	  	2017SR602993	  	November 3, 2017
					
	 3.
	  	Xiaomei	  	Transferor IV	  	GuoZuoDengZi-2016-F-00308966	  	November 1, 2016

  

	2.	 Trademarks 

 

											
	 #
	  	 Trademark
	  	 Holder
	  	 Category
	  	 Registration

No./Application
No.
	  	Application Date
	 1.
	  	

	  	Transferor IV	  	42	  	16851956	  	April 30, 2015
						
	 2.
	  	

	  	Transferor IV	  	42	  	16155256	  	January 14, 2015
						
	 3.
	  	

	  	Transferor IV	  	42	  	16155162	  	January 14, 2015
						
	 4.
	  	

	  	Transferor III	  	36	  	24476292	  	June 5, 2017

  

	3.	 Domain Name Certificates 

 

							
	 #
	  	 Domain Name
	  	 Holder
	  	 Validity

	 1.
	  	mlwplus.com	  	Transferor IV	  	From August 12, 2016 to August 12, 2021
				
	 2.
	  	meiliwu.com	  	Transferor IV	  	From June 16, 2007 to June 16, 2024
				
	 3.
	  	lianuhome.com	  	Transferor I	  	From June 14, 2019 to June 14, 2022
				
	 4.
	  	lianulife.com	  	Transferor I	  	From June 14, 2019 to June 14, 2022
				
	 5.
	  	lianutech.com	  	Transferor I	  	From June 14, 2019 to June 14, 2022
				
	 6.
	  	jinxuangongyu.com	  	Transferor III	  	From January 13, 2018 to January 13, 2021
				
	 7.
	  	jinxuangongyu.cn	  	Transferor III	  	From September 10, 2019 to September 10, 2020

 A list of the remaining Target Assets is separately attached. 

  
 20 

 Annex II Disclosure Letter 

July 22, 2020 
 This
Disclosure Letter and the information disclosed herein constitute the Disclosure Letter referred to in Article 5 of the Asset Transfer Agreement dated July 22, 2020 (hereinafter referred to as the “Asset Transfer Agreement”)
among Chengdu Liwu Apartment Management Co., Ltd., Beijing LianULife Technology Co., Ltd., Beijing LianULife Property Management Co., Ltd., Beijing LianULife Zhixuan Property Management Co., Ltd. and Beijing Beautiful House Asset Management Co.,
Ltd. 
 This Disclosure Letter shall form a part of the Asset Transfer Agreement. The Article Numbers in this Disclosure Letter correspond to those of the
Asset Transfer Agreement, and the disclosures under any Article Number shall be deemed to be disclosures made in response to a specific representation or warranty in Article 5 of the Asset Transfer Agreement, notwithstanding that such disclosures
may remain applicable under other representations and warranties and are therefore subject to other disclosures. Any term used but not otherwise defined in this Disclosure Letter shall have the same meaning as that defined in the Asset Transfer
Agreement. 
 The disclosure in this Disclosure Letter of any possible breach or violation of any agreement, law or regulation shall not be
construed as an acknowledgement or representation that such breach or violation exists or actually occurred, and none of the matters in this Disclosure Letter shall constitute an acknowledgement of any liability or obligation on the part of the
Transferors to any third party, or an acknowledgement unfavorable to the Transferors. 
 This Disclosure Letter and the information disclosed
herein are subject to the terms of the Asset Transfer Agreement, including the confidentiality provisions. 

  
 21 

 5.2 (2) 

As of the date of this Disclosure Letter, some of the software copyrights and registered trademarks held by Beijing Beautiful House Asset Management Co., Ltd.
were pledged to Wuhu Yinghua No. Nine Investment Center (Limited Partnership), as follows: 
  

	1.	 Trademark Pledged 

  

											
	 No.
	  	 Trademark
	  	Registration No.	 	  	Registration Date	 
	 1.
	  	

	  	 	16851956	 	  	 	July 14, 2016	 
	 2.
	  	 

	  	 	16155162	 	  	 	March 21, 2016	 
	 3.
	  	

	  	 	16155256	 	  	 	March 21, 2016	 

  

	2.	 Software Copyright Pledged 

 

							
	 No.
	  	 Software Name
	  	Registration No.	  	Registration Date
	1.	  	Meiliwu Mei Plus Platform (IOS Version)	  	2017SR605967	  	November 6, 2017
				
	2.	  	Meiliwu Mei Plus Platform (Android Version)	  	2017SR602993	  	November 3, 2017

 As of the date of this Disclosure Letter, some of the rent loans on the Target Assets involve guarantees, and the total amount
of such rent loans is RMB138,911,398.14. 

  
 22 

 5.2 (7) 

As of the date of this Disclosure Letter, the Transferors have the following disputes or potential disputes with the right-holders or sublessees of the
Apartments: 
  

	1.	 Cases at Bar 

  

									
	 No.
	  	 Plaintiff
	  	 Defendant
	  	 Cause of Action
	  	 Case

Status

	1.	  	Lu Xinxin	  	Beijing Beautiful House Asset Management Co., Ltd.; Beijing Yihongyue Real Estate Brokerage Co., Ltd.	  	The plaintiff and the defendant signed an apartment lease contract. As the apartment leased is partitioned room, the plaintiff can not live in it. The plaintiff’s claims: to request the court to order the defendant to return
all the rent and the security deposit to the plaintiff, and to compensate the plaintiff for the loss arising from looking for an alternative apartment during the epidemic period.	  	In the course of the first instance
					
	2.	  	Wu Sheng	  	Tianjin Beautiful House Asset Management Co., Ltd.; Tianjin Hongsheng Property Management Co., Ltd.; Beijing LianULife Property Management Co., Ltd.	  	Tianjin Hongsheng and the plaintiff signed an apartment rental trusteeship contract, which was terminated on August 4, 2019. Beijing LianULife and the plaintiff signed an asset management service contract, and the plaintiff
signed a rental trusteeship contract with Tianjin Beautiful House. The plaintiff deems that the defendant Tianjin Beautiful House has unilaterally breached the contract. The plaintiff’s claims: to request the court to order the defendant to pay
the liquidated damages in accordance with the contract and the rent for the previous rent-free period of three months.	  	In the course of the first instance
					
	3.	  	Wu Di	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant refused to fulfill the obligation of paying rent. The plaintiff’s claims: to request the court to order 1. the defendant to pay
the liquidated damages to the plaintiff and terminate the contract; 2. the defendant to pay the rent for the period from February 1, 2020 to the date of the actual return of the apartment; 3. the defendant to restore the apartment to its
original condition, or pay an amount of RMB20,000 for the plaintiff’s restoration work; 4. the defendant to compensate therefor at the original price in case of any damage to the facilities in the apartment.	  	In the course of the first instance
					
	4.	  	Zhou Sheng	  	Nanchang Beautiful House Apartment Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent of RMB8,250 on time. The plaintiff’s claims: to request the court to order the defendant to immediately
pay the rent of RMB7,000 and compensate an amount of RMB300 for damage to the items in the room; 2. the defendant to pay the liquidated damages of RMB28,050.	  	In the course of the first instance

  
 23 

									
					
	5.	  	Sun Tianxiong	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the utility bills on time, and failed to repair and replace the equipment as agreed. The plaintiff’s claims: to
request the court to order 1. the defendant to compensate an amount of RMB7,350 for the intentionally artificial damages to the apartment; 2. the defendant to pay the utility bills of RMB362.22.	  	In the course of the first instance
					
	6.	  	Zhang Liang	  	Beijing Beautiful House Asset Management Co., Ltd.; Beijing LianULife Property Management Co., Ltd.	  	The plaintiff signed an asset management service contract with the defendant, and the defendant required a rent-free period which was rejected by the plaintiff, and the defendant refused to pay the housing income. The
plaintiff’s claims: to request the court to order 1. the defendant to pay the remaining income of RMB19,800; 2. the defendant to pay the liquidated damages of RMB13,200; 3. the defendant to pay the expenses for the vacancy period of RMB6,600;
4. the defendant to pay the unpaid utilities bills.	  	In the course of the first instance
					
	7.	  	Xu Jialiang	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court 1. to confirm that the contract has been terminated
and to order the defendant to vacate the disputed apartment within 5 days after the judgment came into effect; 2. to order the defendant to pay the unpaid rent of RMB8,700; 3. to order the defendant to pay the liquidated damages of RMB33,575.	  	In the course of the first instance
					
	8.	  	Xu Fangcheng	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court 1. to confirm that the contract has been terminated
and to order the defendant to vacate the disputed apartment within 5 days after the judgment came into effect; 2. to order the defendant to pay the unpaid rent of RMB8,700; 3. to order the defendant to pay the liquidated damages of RMB33,575.	  	In the course of the first instance
					
	9.	  	Li Hao	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court 1. to terminate apartment rental trusteeship
contract; 2. to order the defendant to pay the unpaid rent of RMB3,250; 3. to order the defendant to pay the actual occupancy fee of the apartment; 4. to order the defendant to pay the liquidated damages of RMB19,337.5; 5. to order the defendant to
pay the rent for the rent-free period of RMB7,475; 6. to order the defendant to pay the utilities bills of the apartment.	  	In the course of the first instance

  
 24 

									
					
	10.	  	Yang Xingquan	  	Beijing Beautiful House Asset Management Co., Ltd.; Beijing Yihongyue Real Estate Brokerage Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court 1. to confirm that the trusteeship contract between
the plaintiff and the defendant has been terminated; 2. to order the defendant to pay the liquidated damages of RMB13,300; 3. to order the defendant to vacate the apartment and pay the utilities bills and other expenses; 4. to order the defendant to
pay the occupancy fee of the unreturned apartment of RMB6,650.	  	In the course of the first instance
					
	11.	  	Wang Xiaodong	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court to order 1. the defendant to pay the rent of
RMB31,800; 2. the defendant to pay the liquidated damages of RMB63,070 to the plaintiff.	  	In the course of the first instance
					
	12.	  	Wang Chao	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court to order 1. the defendant to pay the liquidated
damages to the plaintiff and terminate the contract; 2. the defendant to pay the rent for the period from February 1, 2020 to the date of actual return of the apartment; 3. the defendant to demolish the additional rooms and repair the damages
to the floor, wall and ceiling or pay an amount of RMB22,257 for the plaintiff’s restoration work; 4. the defendant to compensate the plaintiff an amount of RMB1,500 for the damages to the closet.	  	In the course of the first instance
					
	13.	  	Beijing Beautiful House Asset Management Co., Ltd.; Beijing Yihongyue Real Estate Brokerage Co., Ltd.	  	Shi Qiuxiang	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the apartment was ordered by the court to be returned due to the plaintiff’s reasons. The plaintiff’s claims: to request the court 1. to
terminate the apartment rental trusteeship contract between the plaintiff and the defendant; 2. to order the defendant to return the plaintiff the apartment rent of RMB13,167.12; 3. to order the defendant to pay the liquidated damages of RMB9,000;
4. to order the defendant to pay the loss of apartment decoration and accessories of RMB3,636.24; 5. to order the defendant to pay the plaintiff the liquidated damages of RMB11,740 for the breach of the contract with the tenant as the apartment can
not continue to be used.	  	In the course of the first instance

  
 25 

									
					
	14.	  	Xiao Wanlin	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court to order the defendant to pay the plaintiff the
liquidated damages of RMB20,757 and the rent for the quarter of RMB6,300 which shall be paid to the plaintiff on February 27, 2020.	  	In the course of the first instance
					
	15.	  	Beijing Beautiful House Asset Management Co., Ltd.; Beijing Yihongyue Real Estate Brokerage Co., Ltd.	  	Mai Guicong	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant’s seizure of the apartment made it impossible to continue to perform the contract. The plaintiff’s claims: to request the
court 1. to terminate the apartment rental trusteeship contract between the plaintiff and the defendant; 2. to order the defendant to return the plaintiff the apartment rent of RMB7,627; 3. to order the defendant to pay the liquidated damages of
RMB8000.	  	In the course of the first instance
					
	16.	  	Long Yu	  	Nanchang Beautiful House Apartment Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court 1. to order the defendant to pay the rent and the
interest; 2. to terminate the apartment rental trusteeship contract;	  	In the course of the first instance
					
		  		  		  	3. to order the defendant to pay the occupancy fee of the apartment; 4. to order the defendant to pay the liquidated damages; 5. to order the defendant to move out of the apartment and return the key within 5 days from the date of
judgment; 6. to order the defendant to pay the utilities bills for the occupancy period.	  	
					
	17.	  	Gong Lifen	  	Beijing Beautiful House Asset Management Co., Ltd.	  	The plaintiff and the defendant signed an apartment rental trusteeship contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court 1. to terminate the apartment rental trusteeship
contract between the plaintiff and the defendant; 2. to order the defendant to pay the liquidated damages; 3. to order the defendant to pay the rent for the period from March 2020 to the effective date of the judgment in this case.	  	In the course of the first instance
					
	18.	  	Sun Qingqing	  	Beijing LianULife Property Management Co., Ltd.; Beijing LianULife Property Management Co., Ltd. Jinan Branch	  	The plaintiff and the defendant signed an apartment lease contract, and the defendant required to terminate the contract and threatened the plaintiff to move out. The plaintiff’s claims: to request the court to order 1. the
defendant to be liable for breach of contract and pay the liquidated damages of RMB2,760; 2. the defendant to compensate for the economic loss brought to the plaintiff by malicious termination of the contract.	  	In the course of the retrial of the first instance

  
 26 

									
					
	19.	  	Lin Jun	  	Beijing LianULife Property Management Co., Ltd.; Beijing LianULife Property Management Co., Ltd. Nanjing Branch	  	The plaintiff and the defendant signed an asset management service contract, and the defendant failed to pay the rent on time. The plaintiff’s claims: to request the court 1. to terminate the asset management service contract
signed between the two parties; 2. to order the defendant to pay the rent and interest to the plaintiff; 3. to order the defendant to pay the occupancy fee of the apartment until the date of actually vacating and returning the apartment; 4. to order
the defendant to pay the liquidated damages; 5. to order the defendant to restore the apartment to its original state.	  	Objection to jurisdiction
					
	20.	  	Bai Shanshan	  	Beijing LianULife Property Management Co., Ltd.; Beijing LianULife Property Management Co., Ltd. Ningbo Branch; Ningbo Nuanzu Apartment Management Co., Ltd.	  	The legal representative of Ningbo Nuanzu and LianULife Ningbo Branch Chen Xing signed a contract with the plaintiff in the name of Ningbo Nuanzu, and then withdrew such contract and signed a contract with the plaintiff in the name
of LianULife, and now the two defendants refuse to pay the rent. The plaintiff’s claims: to request the court 1. to terminate the asset management service contract signed between the plaintiff and Beijing LianULife; 2. to order Beijing
LianULife to pay the rent for the rent-free period of RMB14,000 to the plaintiff; 3. to order the defendant Beijing LianULIfe to pay the unpaid rent of RMB7,000 to the plaintiff; 4. to order the defendant Beijing LianULIfe to pay the liquidated
damages of RMB7,000 to the plaintiff; 5. to order the defendant LianU Life Ningbo Branch and Ningbo Nuanzu to be jointly and severally liable for the above 2-4 requests.	  	Objection to jurisdiction
					
	21.	  	Beijing LianULife Property Management Co., Ltd.	  	Yuan Liying	  	The plaintiff and the defendant signed an asset management service contract, and the defendant changed the lock of the apartment without negotiation with the plaintiff and under the circumstance that the contract has not been
terminated, resulting in that the asset user of the apartment No.106 can not normally enter or use the apartment. The parties failed to settle the dispute through negotiation, and the defendant refused to deliver the keys to the new lock to the
plaintiff. The plaintiff’s claims: to request the court 1. to terminate the asset management service contract	  	The court of first instance dismissed all the claims of LianULife;
					
		  		  		  	signed between the plaintiff and the defendant; 2. to order the defendant to return to the plaintiff the remaining expected asset income of RMB9,277.74 which has been paid by the plaintiff; 3. to order the defendant to pay the
plaintiff the liquidated damages of RMB6,800; 4. to order the defendant to compensate the plaintiff for the losses of renovation, and items and furniture added in the apartment; 5. to order the defendant to pay the plaintiff the asset user
liquidated damages of RMB2,440; 6. to order the defendant to pay the plaintiff the loss of broadband fee of RMB1,150.	  	LianULife filed an appeal

  
 27 

	2.	 Completed Cases 

  

							
	 No.
	  	 Plaintiff
	  	 Defendant
	  	 Judgment Document No.

	1.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	Liang Yong	  	(2020) Xiang 0102 Min Chu No.1571
				
	2.	  	ZhaoDeqiang	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2019) Jing 0109 Min Chu No.327
				
	3.	  	ZhaoDeqiang	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2020) Jing 01 Min Zhong No.2212
				
	4.	  	Fan Qiaonan	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2019) Zhe 02 Min Zhong No.4746
				
	5.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	Wang Chunyan	  	(2019) Jing 0114 Min Chu No.20524
				
	6.	  	Wang Tifa	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2019) Jing 0114 Min Chu No.20179
				
	7.	  	Wang Tifa	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2020) Jing 01 Min Zhong No.2471
				
	8.	  	Cao Biying	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2020) Chuan 0191 Min Chu No.1887
				
	9.	  	Ma Qun	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2019) Jing 0115 Min Chu No.10847
				
	10.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	Wang Yingjun	  	(2019) Jing 0114 Min Chu No.17247
				
	11.	  	Beijing Beautiful House Asset Management Co., Ltd.	  	Xu Jialiang	  	(2019) Lu 0191 Min Chu No.3962
				
	12.	  	Beijing Beautiful House Asset Management Co., Ltd.	  	Tan Shunfen	  	(2019) Yu 0105 Min Chu No.14718
				
	13.	  	Beijing Beautiful House Asset Management Co., Ltd.	  	Liu Xianyin	  	(2019) Wan 0104 Min Chu No.7656
				
	14.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	Liang Jijun	  	(2019) Jing 0115 Min Chu No.17250
				
	15.	  	Beijing Beautiful House Asset Management Co., Ltd.	  	Sun Tianxiong	  	(2019) Yun 0103 Min Chu No.9683

  
 28 

							
				
	 16.
	  	Xie Yingqian	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2019) Jing 0111 Min Chu No.20328
				
	 17.
	  	Zhao Gongbin	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2019) Jing 0115 Min Chu No.9689
				
	 18.
	  	Lin Peng	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2019) Jing 0115 Min Chu No.9961
				
	 19.
	  	Zhao Wei	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2019) Jing 0115 Min Chu No.12811
				
	 20.
	  	Liu Hailong	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2019) Jing 0115 Min Chu No.8822
				
	 21.
	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	Lei Xiaoyan	  	(2019) Jing 0115 Min Chu No.10903
				
	 22.
	  	Beijing Beautiful House Asset Management Co., Ltd.	  	Zhang Zhanjun	  	(2019) Lu 0202 Min Chu No.5005
				
	 23.
	  	Beijing Beautiful House Asset Management Co., Ltd.	  	Sun Tianxiong	  	(2019) Yun 0103 Min Chu No.5321
				
	 24.
	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	Lei Xiaoyan	  	(2019) Jing 0115 Min Chu No.6274
				
	 25.
	  	Beijing Beautiful House Asset Management Co., Ltd.	  	Chen Tong, Peng Changhui	  	(2018) Yu 0112 Min Chu No.13192
				
	 26.
	  	Chen X	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Gan 0102 Min Chu No.6538
				
	 27.
	  	Wang XX	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Gan 0102 Min Chu No.6541
				
	 28.
	  	Wu X	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Gan 0102 Min Chu No.6537
				
	 29.
	  	Shi Dandan	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Shan 0113 Min Chu No.2162
				
	 30.
	  	Chen Yang	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Yu 0112 Min Chu No.18111
				
	 31.
	  	Xu Huaxin	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2018) Jing 0114 Min Chu No.665
				
	 32.
	  	Zhang Ge	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2018) Jing 0108 Min Chu No.2780

  
 29 

							
				
	33.	  	Zhang Ge	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2018) Jing 01 Min Zhong No.5666
				
	34.	  	Shi Wen	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Jing 0115 Min Chu No.5621
				
	35.	  	Wang Zhihan	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Jing 0115 Min Chu No.5622
				
	36.	  	Li Huabai	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2017) Chuan 0116 Min Chu No.4776
				
	37.	  	Wang Jun	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Chuan 0191 Min Chu No.8450
				
	38.	  	Beijing Beautiful House Asset Management Co., Ltd.	  	XX	  	(2018) Yun 0102 Min Chu No.4910
				
	39.	  	Shang Wenbing, Shang Wenli etc.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2017) Jing 0114 Min Chu No.12243
				
	40.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	Yin Xiaojun	  	(2017) Jing 0114 Min Chu No.11128
				
	41.	  	Shang Wenbing, Shang Wenli etc.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2016) Jing 0114 Min Chu No.14768
				
	42.	  	Yue Bing	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2016) Jing 0115 Min Chu No.18723
				
	43.	  	Xu Huaxin etc.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2018) Jing 01 Min Zhong No.95
				
	44.	  	Zhao Shanzhong etc.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2017) Jing 01 Min Zhong No.9629
				
	45.	  	Xu Huaxin etc.	  	Beijing Beautiful House Asset Management Co., Ltd. etc.	  	(2017) Jing 0114 Min Chu No.845
				
	46.	  	Shen Daming	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Jing 0108 Min Chu No.63152
				
	47.	  	Chen Suqin	  	Beijing Beautiful House Asset Management Co., Ltd.	  	(2018) Gan 0102 Min Chu No.6538
				
	48.	  	Yao Mei	  	Beijing LianULife Property Management Co., Ltd.	  	(2020) Jin 0104 Min Chu No.2759
				
	49.	  	Xu Tengfei	  	Beijing LianULife Property Management Co., Ltd.	  	(2020) Jin 0106 Min Chu No.971
				
	50.	  	Zhou Aijie	  	Beijing LianULife Property Management Co., Ltd.	  	(2020) Lu 0103 Min Chu No.2531
				
	 51.
	  	Yang Wenzhi	  	Beijing LianULife Property Management Co., Ltd.	  	(2020) Jin 0104 Min Chu No.2451
				
	 52.
	  	Chen Lipin	  	Beijing LianULife Property Management Co., Ltd.	  	(2020) Chuan 0191 Min Chu No.1463
				
	 53.
	  	Ge Meng	  	Beijing LianULife Property Management Co., Ltd.	  	(2019) Su 0505 Min Chu No.7153
				
	 54.
	  	Lin Zhongyi	  	Beijing LianULife Property Management Co., Ltd.	  	(2019) Jing 0101 Min Chu No.8994

  
 30 

 Annex III Rent Loan Balance Acknowledged by the Parties 

The Left Customers’ Rent Loan Balances included in this transaction in accordance with Article 4.3 

of the Agreement as of the Asset Delivery Date is RMB102,469,713.88. 

  
 31EX-4.16

 Exhibit 4.16 

Chengdu Liwu Apartment 

Management Co., Ltd. 

and 
 Beijing
Yihongyue Real Estate 
 Agency Co., Ltd. 

and 
 Han Guang

 Between 

Contracted Operation 

Agreement 

  
 1 

 Contents 
  

							
	 1.
	 	 Contracting Scope
	  	 	4	 
			
	 2.
	 	 Contracting Term
	  	 	4	 
			
	 3.
	 	 Performance Assessment Criteria
	  	 	5	 
			
	 4.
	 	 Disposal of Rent Loan Balance
	  	 	7	 
			
	 5.
	 	 Escrow Account
	  	 	8	 
			
	 6.
	 	 Undertakings of Party B and C
	  	 	8	 
			
	 7.
	 	 Confidentiality
	  	 	10	 
			
	 8.
	 	 Liability for Breach of Contract
	  	 	11	 
			
	 9.
	 	 Governing Law and Dispute Resolution
	  	 	12	 
		
	 10. Miscellaneous
	  	 	12	 
		
	 Appendix 1 List of the Subject Apartments
	  	 	17	 
		
	 Appendix 2 Contracting Items
	  	 	18	 
		
	 Appendix 3 Assessment Criteria of Contracting Performance
	  	 	22	 

  
 2 

 This Contracted Operation Agreement (hereinafter referred to as the “Agreement”) is made
and entered into by the following parties on July 22, 2020 in Shanghai, the People’s Republic of China (hereinafter referred to as the “PRC”, for the purpose of this Agreement, excluding the Hong Kong Special
Administrative Region, the Macau Special Administrative Region and Taiwan Region): 
 Party A: Chengdu Liwu Apartment Management Co.,
Ltd., a limited liability company legally established and validly existing under the laws of the PRC with the unified social credit code of 91510100MA6A2T5H8J, whose registered address is at the East Section of Ningbo Road, Zhengxing Sub-district, Tianfu New Area, Chengdu, China (Sichuan) Pilot Free Trade Zone, and whose legal representative is Qu Chengcai (hereinafter referred to as the “Entrusting Party”); 

Party B: Beijing Yihongyue Real Estate Agency Co., Ltd., a limited liability company legally established and validly existing under the
laws of the PRC with the unified social credit code of 91110108MA001HP67B, whose registered address is at Room 8408, Floor 2, Building 5, Beichang, Weizikeng 149, Songjiazhuang Road 149, Fengtai District, Beijing, and whose legal representative is
Fu Ruiyu (hereinafter referred to as the “Contractor”); 
 Party C: Han Guang, a Chinese citizen with the ID number of
110106198207193635, residing in Room 301, Unit 6, Building 8, Dahongmen Nanli, Fengtai District, Beijing. 
 The parties mentioned above are
hereinafter individually referred to as a “Party” and collectively referred to as the “Parties”. 

Whereas: 
  

	 	A.	 Party A is a long-term rental apartment operator in China. On July 22, 2020, Party A entered into the
Asset Transfer Agreement (hereinafter referred to as the “Asset Transfer Agreement”) with Beijing LianULife Technology Co., Ltd., Beijing LianULife Property Management Co., Ltd., Beijing LianULife Zhixuan Property Management Co.,
Ltd. and Beijing Beautiful House Asset Management Co., Ltd. (collectively referred to as the “Transferors”). Party A will purchase and accept the target assets in connection with the 72181 rental apartments located in Beijing and
other regions of China (hereinafter referred to as the “Subject Apartments”, see Appendix 1 hereto for details). 

  

	 	B.	 According to the Asset Transfer Agreement, the date of completing asset delivery is the “Asset
Delivery Date”; subject to other provisions of the Asset Transfer Agreement, both Party A and the Transferors agree that the Delivery Date of Asset is June 30, 2020. According to the Asset Transfer Agreement, both Part A and the
Transferors agree that all the liabilities (including but not limited to the rent prepaid to the landlord, the rent payable to the landlord, the rent received from the tenant in advance, the security deposit paid by the landlord, the security
deposit paid by the tenant, current tenant’s balance of rent loan, liquidated damages and overdue fine (if any)) incurred by the target assets as of the Asset Delivery Date shall be borne by Party A. 

  
 3 

	 	C.	 As a professional talent apartment operator, Party B intends to operate the Subject Apartments and the
apartments newly acquired by Party B for Party A by means of contracting, and share the contracting earnings and bear the contracting risks. 

Now, Therefore, in accordance with the Contract Law of the People’s Republic of China and other laws and regulations, the Parties
have reached the following agreement through friendly consultation for abiding by in the future: 
 1.
Contracting Scope 
  

	 	1.1	 Both Party A and Party B agree that the following long-term rental apartments are operated and managed by Party
B: (1) the Subject Apartments listed in Appendix 1, and (2) the contract for newly increase apartments acquired by Party B for Party A after the execution date of this agreement and the apartment lease contract (hereinafter referred
to as the “Newly Increased Apartments”, collectively referred to as the “Contracted Apartments” together with the Subject Apartments). Party B shall share the earnings from the Contracted Apartments and bear the
contracting risks (hereinafter referred to as this “Contracting Activity”). Both Party A and Party B further agree that the working capital necessary for the contracted operation shall be provided by Party B itself, and Party A will
not be responsible for providing funds or prepaying for any operating activity. 

  

	 	1.2	 The Parties agree that for the purpose of this Contracting Activity, Party B shall be responsible for the
management and operation of items as mentioned in Appendix 2 hereto (hereinafter referred to as the “Contracting Items”). To the extent mentioned above, Party A shall authorize Party B to manage the Contracted Apartments. To
the extent of the Contracting Items listed in Appendix 2, under no circumstance shall Party B conduct any activity in connection with the Contracted Apartments or Party A by representing Party A or in the name of Party A, including but not
limited to discussion, negotiation, employment, financing from the bank or the third party, providing guarantee for the third party, or entering into agreement with the third party. 

 

	 	1.3	 For the avoidance of doubt, this Contracting Activity and other agreements hereunder shall not be individually
or jointly deemed that the Parties have established a partnership; for operation of the Contracted Apartments, Party B may exercise its authority over the entrusted contracting items hereunder only; without the prior written consent of Party A,
Party B shall not subcontract its obligations hereunder to any third party or entrust the third party to fulfill its obligations hereunder. 

2. Contracting Term 
  

	 	2.1	 The Parties acknowledge and agree that the term of this Contracting Activity (hereinafter referred to as the
“Contracting Term”) is eight (8) years, from the next day of the Asset Delivery Date (hereinafter referred to as the “Start Date of Contracting”). 

  
 4 

	 	2.2	 If Party B intends to continue to contract the apartments under entrusted management of Party A upon expiry of
the Contracting Term, Party B shall give a written application to Party A at least three (3) months in advance. With the consent of Party A, Party and Party B will sign another Contracted Operation Agreement (Party A and Party B shall reach an
agreement on the terms and conditions thereof separately). 

  

	 	2.3	 The Parties acknowledge and agree that Party A will transfer and deliver the Contracted Apartments on the Start
Date of Contracting, and from the Start Date of Contracting, Party B will conduct contracted operation for the Contracted Apartments. 

3. Performance Assessment, Service Fee and Rewards 

 

	 	3.1	 The Parties acknowledge and agree that they have jointly formulated Appendix 3 Assessment Criteria of
Contracting Performance hereto based on the conditions of apartment leasing market. Both Party A and Party B shall implement it. 

  

	 	3.2	 Both Party A and Party B acknowledge and agree that: 

 

	 	(1)	 During the Contracting Term, Party B shall meet the annual and quarterly assessment requirements mentioned in
Appendix 3 Assessment Criteria of Contracting Performance; 

  

	 	(2)	 Party A shall be entitled to supervise and manage conditions of the Contracted Apartments contracted by Party B
for operation when necessary, and put forward reasonable comments and suggestions; 

  

	 	(3)	 Party A shall be entitled to assess Party B’s operation according to Appendix 3 Assessment Criteria
of Contracting Performance hereto, and require Party B to compensate or reward Party B according to the Assessment Criteria of Contracting Performance based on the assessment result; 

 

	 	(4)	 Subject to the provisions of Appendix 3 Assessment Criteria of Contracting Performance, when the escrow
account receives the actual cash flow incurred by operating Contracted Apartments (and such cash flow is at least higher than the service fee charged by Party B as per the following standards), Party A shall pay Party B corresponding service fee.
The Parties acknowledge and agree that the service fee that Party A shall pay Party B hereunder (hereinafter referred to as the “Service Fee”) shall be the sum of the amounts charged as per the following standards: (i) 12% of the tax-inclusive rental income incurred by the Contracted Apartments, plus (ii) 80% of the non-business income (mainly including administration expense and liquidated damages)
incurred by the Contracted Apartments. 

  
 5 

	 	(5)	 On the premise that Party A doesn’t violate the Agreement, if Party B fails to meet the assessment
requirement of Appendix 3 Assessment Criteria of Contracting Performance, the Service Fee received by Party B shall be deducted accordingly as per the calculation method mentioned in Appendix 3; if the Service Fee doesn’t reach
the EBITDA indicator after VAT (for the definition, see Appendix 3 Assessment Criteria of Contracting Performance, the same below), Party B shall pay Party A cash for the balance (“Cash Balance”); the Parties further agree
that if it’s necessary to fulfill the obligation of paying the performance balance as mentioned in Paragraph (5) of this Article 3.2, Party B shall be entitled to require to pay such Cash Difference by installments within no more than
sixty (60) days (“Balance Payment Period”) so that fulfillment of such obligation will not influence Party B’s normal operation; and 

 

	 	(6)	 The Parties acknowledge and agree that Party C shall be responsible to Party A for making up for the poor
performance of Party B’s performance for the Subject Apartments as listed in Appendix 3 Assessment Criteria of Contracting Performance, i.e. if Party B fails to meet relevant performance standard for the Subject Apartments as listed in
Appendix 3, and the Service Fee doesn’t reach the EBITDA indicator after VAT, Party A shall first require Party B to top up the Cash Balance; if Party B fails to fulfill the said obligation within the Balance Payment Period and fails to
do so even after Party A makes a request, Party A shall be entitled to require Party C in written form to pay the Cash Balance payable by Party B for the Subject Apartments. If Party C assumes the joint liability and tops up the EBITDA indicator
after VAT for the Subject Apartments, it will be deemed that Party B has hit the target. 

  

	 	(7)	 The Parties acknowledge and agree that Party C shall be responsible to Party A for making up for the poor
performance of Party B’s performance for the Newly Increased Apartments as listed in Appendix 3 Assessment Criteria of Contracting Performance, i.e. if Party B fails to meet relevant performance standard for the Newly Increased Apartments as
listed in Appendix 3, and the Service Fee doesn’t reach the EBITDA indicator after VAT, Party A shall first require Party B to top up the Cash Balance; if Party B fails to fulfill the said obligation within the Balance Payment Period and fails
to do so even after Party A makes a request, Party A shall be entitled to require Party C in written form to pay the Cash Balance payable by Party B for the Newly Increased Apartments. However, such obligation shall be limited by the shares of Party
A’s overseas related party held by Party C at that time. If Party C assumes the joint liability and tops up the EBITDA indicator after VAT for the Newly Increased Apartments, it will be deemed that Party B has hit the target.

  

	 	3.3	 Party A shall duly pay Party B the Service Fee and rewards (if any) of the prior month through the escrow
account by bank transfer prior to the 15th day of each month. 

  

	 	3.4	 Both Party A and Party B further acknowledge and agree that in order to ensure Party A has the right to assess
and supervise Party B’s contracted operation, Party A shall be entitled to participate in making and developing Party B’s important development strategy, decision and planning, and to assign no more than one third of the total directors to
Party B’s Board of Directors, to assign no less than one third of the total supervisors to Party B’s Board of Supervisors, and independently assign several financial staff to Party B’s Finance Department based on the need of this
Contracting Activity. Party B shall take all the necessary actions and acts required by Chinese laws so that Party A completes its assignment of the personnel mentioned above to Party B, and help the personnel assigned by Party A fulfill their
duties in a reasonable manner. 

  
 6 

 4. Disposal of Rent Loan Balance 

 

	 	4.1	 The Parties acknowledge and agree that subject to relevant provisions of the Asset Transfer Agreement, if the
rent loan balance of the customer who checks out for the Subject Apartment as of the Assets Delivery Date (“Rent Loan Balance of the Customer Who Leaves on Delivery Date”) is recorded as Delivery Date Liabilities according to the
Asset Transfer Agreement, then within six (6) months from the Start Date of Contracting (inclusive), the principal of the amount due and payable in the rent loan balance of the customer who leaves the apartment shall be paid by Party B
(“Advance Principal”). Both Party A and its related party shall repay Party B such Advance Principal by the manner accepted by Party B within six (6) months from the Start Date of Contracting. After six (6) months from the
Start Date of Contracting (inclusive), the principal of the amount due and payable in the rent loan balance of the customer who leaves the apartment shall be borne by Party A and its related party. For the purpose of the Agreement, for the Subject
Apartments, “Rent Loan Balance of the Customer Who Leaves” means the balance of the rent loan applied for the Subject Apartment which is not fully repaid by the tenant who has terminated the lease agreement with the Transferors who
agree with the surrender of tenancy for the Subject Apartment. For the avoidance of doubt, the Parties acknowledge that after the delivery date, the Rent Loan Balance of the Customer Who Leaves on Delivery Date will not increase.

  

	 	4.2	 The Parties acknowledge and agree that 50% of all the interests incurred by current rent loan balance (for the
avoidance of doubt, if the Rent Loan Balance of the Customer Who Leaves is recorded as Delivery Date Liabilities, then such rent loan balance shall include the Rent Loan Balance of the Customer Who Leaves) of the Subject Apartment as of the
execution date of the Agreement in two (2) years from the Start Date of Contracting (inclusive) shall be borne by Party A, and the remaining 50% shall be borne by Party B; the interest on the rent loan balance incurred after two (2) years
(excluding the expiry date) from the Start Date of Contracting shall be borne by Party B. 

  

	 	4.3	 The Parties acknowledge and agree that unless with the prior written consent of Party A, Party B shall ensure
that the rent loan balance of the Subject Apartment as of the Start Date of Contracting(inclusive) will not increase after the Start Date of Contracting; the rent loan balance which can increase with the express consent of Party A shall be allocated
by Party A, with the interest increased thereby shall be borne by Party A. For the avoidance of doubt, if Party B needs to introduce or set up rent loan for the Newly Increased Apartments, Party A’s prior consent shall also be obtained.

  
 7 

 5. Escrow Account 

 

	 	5.1	 In order to achieve the purpose of this Contracting Activity, both Party A and Party B agree to open an escrow
account (“Escrow Account”) with the bank designated by both of them to receive all the rental income, administration expense, liquidated damages, overdue fine and other income in connection with the Contracted Apartments and
incurred during the Contracting Term. Party A shall be the nominal holder and Party B the related party of such Escrow Account. 

  

	 	5.2	 Both Party A and Party B further agree that Party A shall pay Party B the Service Fee with the funds from the
Escrow Account. Setup, change and cancellation of the Escrow Account shall obtain the prior joint written consent of both Party A and Party B, and shall be subject to the format requirement of the deposit bank for using and managing the Escrow
Account. Party A may withdraw the funds from the Escrow Account once within ten (10) days after the end of each quarter, provided that after such withdrawal, the balance of the Escrow Account shall not be less than the total reserve fund
accepted by the two parties. The “Reserve Fund” mentioned in this Article 5.2 means the principal of the Service Fee and the rent loan payable upon departure of the next month and the interests payable by Party A hereunder; if the
Contracted Apartments incur other short-term rigid liabilities for this Contracting Activity, the two parties may negotiate how to share such liabilities. 

6. Undertakings 
  

	 	6.1	 Party B undertakes that it will complete the Contracting Items as agreed herein, including but not limited to:

  

	 	(1)	 Party B shall confirm that Party A has delivered all the Subject Apartments on the Start Date of Contracting,
and the apartments, decorated and fully furnished, are leasable, and that all the furniture, home appliances and other facilities therein are under good working conditions, without any defect or safety hazard; 

 

	 	(2)	 Party B shall properly operate and manage the Contracted Apartments and various articles and facilities
therein. The damaged or destructed furniture, home appliances and other facilities in the apartment during the Contracting Term shall be repaired and replaced by Party B; in case of water leaking, fire disaster or other accident, Party B shall
process it and bear relevant costs; 

  

	 	(3)	 Party B shall provide Party A with the authority of managing the IT management & operation system in
connection with operation of the Contracted Apartments; 

  

	 	(4)	 Party B shall ensure that during the Contracting Term, without the prior written consent of Party A, the
payment method of various expenses incurred by the contracted apartments and the general terms (including but not limited to the standard of charging security deposit) as well as those applicable to such apartments prior to the Start Date of
Contracting will not have any change that is adverse to Party A and/or Party B; 

  
 8 

	 	(5)	 Party B shall be responsible for processing various matters during the Contracting Term, including but not
limited to (1) various disputes incurred by the apartment obligee, sub-tenant and others due to the Contracted Apartments, including but not limited to lawsuit and arbitration; (2) the investigation,
field inspection, administrative penalty and other administrative measures conducted by the government department over the Contracted Apartments; and (3) other disputes and affairs. Party B shall pay the expenses incurred by the matters
mentioned above. If Party A is required to give cooperation, the expenses incurred thereby shall be borne by Party B; notwithstanding the foregoing, if any dispute or penalty mentioned above is caused by Party A or its related party, all the
relevant expenses shall be borne by Party A; 

  

	 	(6)	 Party B shall be responsible for providing and maintaining all the costs and expenses necessary for operation
of the Contracted Apartments during the Contracting Term; if any loss is caused by Party B due to operation of the Contracted Apartments, Party B shall supplement itself the funds necessary for operation of the Contracted Apartments, Party B shall
not require Party A to pay or prepay any cost incurred by operation of the Contracted Apartments by requesting Party A to pay the Service Fee, and Party A will not pay or prepay the startup costs and the funds necessary for subsequent operation of
the Contracted Apartments; 

  

	 	(7)	 Party B shall bear the infrastructure costs in connection with the Contracted Apartments
(“Infrastructure Costs”) during the Contracting Term, including broadband fee and other fees as agreed by Party A and Party B through negotiation. Party A will not pay or prepay the infrastructure costs in connection with the
Contracted Apartments and other operating costs; 

  

	 	(8)	 Party B shall proactively exercise Party A’s rights and properly fulfill Party A’s obligations in
strict accordance with the Apartment Trusteeship and Leasing Contract concluded between Party A and the apartment obligee (including all the obligees, the lessor who leases such apartment and the entrusting party) and the provisions of relevant
contract. Prior to expiry of the lease term of the Apartment Trusteeship and Leasing Contract, with the written consent of Party A, Party B may negotiate renewal of the lease with the apartment obligee on behalf of Party A; 

 

	 	(9)	 Party B shall proactively exercise Party A’s rights and properly fulfill Party A’s obligations in
strict accordance with the Accommodation Service Contract concluded between Party A and the subtenant. Prior to expiry of the lease term of the Accommodation Service Contract, with the written consent of Party A, Party B shall negotiate renewal of
the lease with the subtenant on behalf of Party A; and 

  

	 	(10)	 If the Apartment Trusteeship and Leasing Contract concluded between Party A and the apartment obligee is
terminated upon expiry or cancelled due to other reasons, both Party A and Party B shall remove such apartment from the Contracted Apartments. If, with the help of Party B, Party A enters into the Apartment Trusteeship and Leasing Contract with
other apartment obligee, such apartment shall be included into the Contracted Apartments. When the number of Contracted Apartments changes, Party B shall notify Party A thereof in a timely manner. 

  
 9 

	 	6.2	 Party C undertakes to Party A as follows: 

 

	 	(1)	 It will do its best effort to facilitate Party B to perform its obligations and commitments hereunder;

  

	 	(2)	 It will do its best effort to fulfill and perform the obligation of making up for the poor performance
hereunder; and 

  

	 	(3)	 During the Contracting Term, it will always maintain its actual control over Party B (unless the control power
changes with the consent of Party A). 

  

	 	6.3	 Party A undertakes that it will fulfill and perform its obligations and undertakings hereunder, including but
not limited to duly and fully paying Party B the Service Fee and other payables. 

  

	 	6.4	 The Parties acknowledge that Party B operates the Newly Increased Apartments and satisfies corresponding
performance standard depending on the financial support given by Party A or its related party, the Parties will further conduct amicable negotiation about Party A’s provision of funds for the Newly Increased Apartments, and the performance
standard for Newly Increased Apartments as listed in Appendix 3 Assessment Criteria of Contracting Performance hereto will be adjusted based on Party A’s (or its related party’s) provision of funds. 

7. Confidentiality 
  

	 	7.1	 Each Party shall use all reasonable efforts to keep confidential the following information (hereinafter
referred to as the “Confidential Information”) and to ensure that its Related Parties and their respective directors, officers, employees, agents, partners, banks, accountants, attorneys, financial advisors, and other relevant
persons will keep confidential the following information: 

  

	 	(1)	 All the information relating to this Agreement and the Asset Transfer Agreement, including but not limited to
the terms of the Agreement and the existence hereof, and conditions of the Contracted Apartments; 

  

	 	(2)	 The information that has been identified by the Parties as being within the scope of Confidential Information
and for which appropriate confidentiality measures have been taken; and 

  

	 	(3)	 The information about the other parties learnt by each Party as a result of its participation in this
Contracting Activity. 

  

	 	7.2	 No Party may disclose, reveal, send or permit the use of such Confidential Information to any third party
without the prior written consent of the other Parties. 

  

	 	7.3	 The Confidential Information shall not include any information which: 

 

	 	(1)	 Is or becomes publicly known otherwise than through any Party’s breach of its confidentiality obligations;
or 

  
 10 

	 	(2)	 Is independently developed or lawfully obtained by any Party without breaching its confidentiality obligations.

  

	 	7.4	 Any Party shall not be deemed to have disclosed or divulged any Confidential Information if:

  

	 	(1)	 Such Confidential Information was publicly known prior to its disclosure (except to the extent that it was
disclosed in a manner breaching this Article); 

  

	 	(2)	 The disclosure of such Confidential Information is carried out with the prior written consent of the other
Parties hereto; 

  

	 	(3)	 Such Confidential Information is disclosed by such Party to its professional advisors, who are required to
assume confidentiality obligations, for the purpose of this Contracting Activity; 

 Any Party and its Related Parties have
the right to disclose the Confidential Information in accordance with applicable laws or a binding written judgment, order or requirement of a court of competent jurisdiction, governmental authority, official agency, regulatory authority or any
other competent authority; for the avoidance of doubt, such judgment, order or requirement must be issued in a formal written document by a competent authority, failing which such Party shall not disclose or divulge any Confidential Information;
such Party shall give a prior written notice to the other Parties and consult with such other Parties in order to avoid or minimize the loss of such other Parties. 

8. Liability for Breach of Contract 
  

	 	8.1	 The Parties acknowledge and agree that if any Party violates any representation, warranty, obligation and
undertaking hereunder, unless otherwise stipulated herein, the breaching Party shall compensate the non-breaching Parties for all the losses caused thereby, and when such violation severely influences the non-breaching Parties’ realization of the purpose of signing the Agreement, the non-breaching Parties shall have the right to unilaterally cancel the Agreement in advance
without assuming any liability for breach of contract incurred thereby. 

  

	 	8.2	 The Parties acknowledge and agree that if Party B’s performance in any quarter fails to reach the
assessment requirement for the Subject Apartments mentioned in Appendix 3 Assessment Criteria of Contracting Performance, Party A shall have the right to deduct the Service Fee according to Appendix 3 Assessment Criteria of Contracting
Performance and require Party B to make compensation (if the Service Fee is not enough). The Parties further acknowledge and agree that if Party B’s performance fails to reach the standard, Party A shall have the right to unilaterally rescind
the Agreement in advance by giving a ten (10) working days’ written notice and regain all the Contracted Apartments, without assuming any liability for breach of contract incurred thereby or paying the remaining Service Fee for the
Contracting Term. For the avoidance of doubt, even if Party A rescinds the Agreement in advance according to this Article 8.2, it shall also pay Party B the Service Fee that has been incurred as of the date of terminating the Agreement.

  
 11 

	 	8.3	 The Parties acknowledge and agree that if Party A fails to pay Party B the Service Fee, reward or other
payables within the term as agreed herein, then for each day overdue, Party A shall pay Party B the liquidated damages, i.e. 5‰ of the payables. If Party A delays paying the Service Fee for three (3) times accumulatively, Party B shall
have the right to unilaterally rescind the Agreement in advance, without assuming any liability for breach of contract incurred thereby. 

9. Governing Law and Dispute Resolution 

 

	 	9.1	 The conclusion, validity, interpretation, performance and dispute resolution of the Agreement shall be governed
by and construed in accordance with the laws of the PRC. 

  

	 	9.2	 All disputes arising out of or in connection with the performance of the Agreement shall be settled by the
Parties through amicable negotiation. 

  

	 	9.3	 The Agreement shall be governed by and construed in accordance with the laws of the PRC. All the disputes,
controversies and claims arising out of or in connection with the Agreement shall be first settled by the Parties through amicable negotiation; if the negotiation fails, any Party shall have the right to submit the dispute to Shanghai International
Economic and Trade Arbitration Commission for arbitration according the arbitration rules currently in effect in Shanghai. The arbitral award shall be final and binding upon all the Parties. 

10. Miscellaneous 
  

	 	10.1	 Unless otherwise stipulated herein or the context otherwise stated, the terms herein have the same meanings as
those in the Asset Transfer Agreement. 

  

	 	10.2	 The Agreement shall become effective on the date on which it is duly signed by the Parties or their authorized
representatives. 

  

	 	10.3	 For anything not covered herein, the Parties may separately enter into written supplemental agreements, which
shall become effective upon being duly signed by the authorized representatives of the Parties. 

  

	 	10.4	 The Agreement represents the entire agreement between the Parties with respect to this transaction and
supersedes and terminates any other prior written and oral agreements between the Parties with respect to this transaction, including but not limited to any agreement of intent. All the annexes and appendices hereto shall be an integral part of the
Agreement and shall have the same force and effect as the Agreement. 

  

	 	10.5	 The failure of any Party to exercise or delay in exercising any right, power or remedy hereunder shall not be
deemed as a waiver, nor shall any single exercise or partial exercise of any right, power or remedy preclude that Party from further exercising such right, power or remedy or exercising any other right, power or remedy. 

 

	 	10.6	 This Agreement is made in three (3) originals, one for each Party, with the same legal effect.

  
 12 

 (No text below, signature page) 

  
 13 

 (No text below, signature page of the Contracted Operation Agreement) 

Party A: Chengdu Liwu Apartment Management Co., Ltd. (Official Seal) 

Chengdu Liwu Apartment Management Co., Ltd. (Seal) 
  

	
	 /s/ Qu Chengcai

	Legal Representative: Qu Chengcai

  
 14 

 (No text below, signature page of the Contracted Operation Agreement) 

Party B: Beijing Yihongyue Real Estate Agency Co., Ltd. (Official Seal) 

Beijing Yihongyue Real Estate Agency Co., Ltd. (Seal) 
  

	
	 /s/ Fu Ruiyu

	Legal Representative: Fu Ruiyu

  
 15 

 (No text below, signature page of the Contracted Operation Agreement) 

 

	
	Party C: Han Guang

  

	
	 /s/ Han Guang

  
 16 

 Appendix 1 List of the Subject Apartments 

  
 17 

 Appendix 2 Contracting Items 

 

					
	 No.
	  	 Item
	  	 Main Content

	1.	  	Project management service	  	 1. Funds
  

•   Ensure the rent, rental deposit and other incomes incurred by all the Contracted Apartments
have been directly deposited in the Escrow Account.
  
 2. Account book and record:

 
 •   Keep all the records
of the Contracted Apartments in the archives room designated by Party A as per the method, system and format approved by Party A, and provide detailed financial statements and other documents, including but not limited to basic information of the
Contracted Apartments and all the incomes and expenditures that are necessary or convenient to record the property operation result and all the other records.
  

•   One original each of all the lease contracts, apartment trusteeship and leasing contracts,
accommodation service contracts, equipment leasing contracts, maintenance contracts, infrastructure service contracts and other agreements in connection with operation of the Contracted Apartments shall be kept in the archives room. Duplicates of
all these documents shall be immediately transferred to Party A upon execution.
  

•   Help Party A ensure the monthly financial statements are fair and accurate (all the incomes
have been accurately booked, and all the expenses have been correctly presented and fully booked), comply with the accounting principles as designated by Party A, and provide budget support for Party A and interest expense.

 
 3. Cost management:

 
 •   Minimize the cost
according to the annual business plan accepted by Party A, including using all reasonable endeavours, and explain the reason of any cost overrun to Party A.
  

4. Obligation of reporting
  

•   For the obligations of Party B hereunder, submit relevant report to Party A at the request
of Party A.
  
 5. Manage and coordinate third-party suppliers

 
 •   If requested by Party
A, manage and coordinate the matters between Party A and the third-party service providers in connection with the Contracted Apartments.
  

6. Abide by laws
  

•   Abide by all the applicable laws in connection with this Contracting Activity and notify
Party A of their details, including giving advice for the content and requirement of the new laws, regulations and policy documents that influence Party A or the Contracted Apartments.

 
 •   Immediately notify
Party A once any act that is suspected of violating applicable laws. 

  
 18 

					
	 No.
	  	 Item
	  	 Main Content

		  		  	 7. Abide by internal policies
  

		  		  	 •   Do best effort to cooperate with Party A and its shareholders, and give
reasonable advice and assistance to them so that Party A and its shareholders can abide by their own internal policies and requirements.
  

8. Fulfill other obligations
  

•   Keep the contract which Party A shall perform and the list to be provided to the third
party for fulfillment of its obligations, and give advice and conduct supervision on how such obligations have been fulfilled.
  

9. Disputes
  

•   Provide such Party A with duplicates of all the received official notices in connection
with operation of the Contracted Apartments (whether court, regulator or any third party), and if any default or dispute in connection with Party A and the performance of service is found, immediately notify Party A, and give advice on how to take
measures to respond to, correct or avoid such default or dispute.

			
	2.	  	Operations management service	  	  
 1. Strategy

 
 •   Develop business
strategies for the Contracted Apartments, including market positioning, marketing plan, leasing plan and pricing plan.
  

•   Help Party A develop the annual business plan.

 
 2. License and permission

 
 •   Help Party A apply
for, obtain, maintain, change and renew all the permits, certificates, official reply from the government and licenses necessary for operation.
  

3. Leasing
  

•   Give assistance in renewing the lease of Contracted Apartments and empty apartments. The
obligations include but not limited to:
  

•   Answer the questions put forward by potential tenants and provide them with relevant
materials;
  

•   Organize and accompany potential tenants to visit the leased apartment and public area;

 
 •   According to the
annual business plan, budget and leasing plan and strategy approved by Party A, conduct negotiations on new lease and renewal of lease.
  

•   Arrange and help Party A and the tenants to sign new lease agreements or agreements for
renewal of lease.
  
 4. Leasing

 
 •   Give assistance in
leasing the apartments to be leased. The obligations include but not limited to:
  

•   Answer the questions put forward by potential landlords (apartment obligees and subtenants)
and provide them with relevant materials;
  

•   Inspect, assess and accept the apartments of the potential landlords;

 
 •   According to the
annual business plan, budget and leasing plan and strategy approved by Party A, conduct negotiations on renewal of leasing new or original apartments.
  

•   Arrange and help Party A to sign new lease agreements with potential landlords or sign
agreements for renewal of lease with existing landlords.

  
 19 

					
	 No.
	  	 Item
	  	 Main Content

		  		  	 5. Marketing and advertising
  

		  	 
 

 

 

 

 

 

                

 

 
	  	 •   Help Party A conduct advertising and promotion activities and other
marketing activities, and prepare, produce and distribute all the necessary promotion materials.
  

6. Contract:
  

•   Create and maintain an information sheet for lease contracts, the content of which should
include but not limited to lease term, amount, termination clauses, and date of contract renewal.
  

•   Negotiate all the service agreements necessary for operation of the Contracted Apartments
on behalf of Party A, including but not limited to property service, water, electricity and gas supply, telephone communication, IT system, health, pest control, elevator and boiler maintenance (if applicable).

 
 •   Supervise and purchase
or arrange to economically purchase all the articles necessary and appropriate for operation and management of the Contracted Apartments during the normal business process.
  

7. Repair and maintenance
  

•   Clean, inspect, maintain and repair the Contracted Apartments and their auxiliary
facilities and articles to ensure such Contracted Apartments and their auxiliary facilities and articles are clean, tidy, in order, safe, well maintained and in good working conditions.

 
 •   Frequently inspect
repair conditions and status of the Contracted Apartments and their auxiliary facilities and articles as appropriate to determine all the resources necessary for repair and maintenance of the Contracted Apartments.

 
 •   Arrange all the repair
work and necessary projects to abide by and fulfill Party A’s any existing leasing obligation, investigate all the service requests put forward by the tenants, record such service requests, and take measures that are reasonably required.

 
 •   Supervise how the
Contracted Apartments are repaired and maintained.
  

•   Attend all the on-site meetings required by Party A
and/or the tenants, and answer all the emergency calls during non-office hours.
  

8. Insurance
  

•   Advise Party A on the insurance guidelines on Contracted Apartments that it deems
necessary, reasonable and feasible, such as guidelines of property insurance, business insurance and liability insurance.
  

•   Negotiate the insurance guideline at the request of Party A.

 
 •   Help Party A process
all the insurance claims.
  
 9. Lease management

 
 •   Supervise all the
leasing units within the scope of Contracted Apartments to ensure tenants of such leasing units abide by all the agreements. If any tenant violates any of such agreements, then notify Party A and take appropriate actions to remedy any violation with
the prior written consent of Party A.

  
 20 

					
	 No.
	  	 Item
	  	 Main Content

		  	 •   Charge lease deposit, rent, repair cost, Service Fee and all the other
payables hereunder against tenants of the leasing unit, and deposit all such funds in the Escrow Account.
  

•   Give advice and assistance to Party A, and perform any actions in connection with the rent
unpaid and the payables under all the other lease agreements.
  

•   Check all the rents at the request of Party A.

 
 •   Process the
complaints, queries and comments from Party A.
  

•   Help Party A ensure it fulfills all of its obligations under the lease agreement to the
extent reasonable and possible.
  

•   Cooperate with the tenants and help Party A and the tenants keep a good relationship with
the landlord.
  
 •   Help
Party A submit the leasing documents to relevant government department (if necessary).
  

10. Template of lease agreement
  

•   Prepare templates of the lease agreements and other agreements to be concluded with the
tenants, apartment obligees and subtenants for approval by Party A.

  
 21 

 Appendix 3 Assessment Criteria of Contracting Performance 

 

	 	1.	 Assessment criteria 

During the Contracting Term, the Service Fee paid to Party B shall be increased or decreased according to the assessment mechanism as agreed in
this Assessment Criteria of Contracting Performance when it is actually paid. 
 Party B shall ensure that in each fiscal year between 2021
and 2028 (for the purpose of the Agreement, each fiscal year means the period from July 1 of current year to June 30 of the next year), the EBITDA after deducting VAT1 incurred by the
Contracted Apartments (hereinafter referred to as the “EBITDA After VAT”) will reach the assessment indicators of Subject Apartments and Newly Increased Apartments (hereinafter collectively referred to as the “EBITDA
Indicator After VAT”) below. If Party B fails to reach the EBITDA Indicator After VAT in any fiscal year, the Service Fee shall be deducted accordingly, which means Party A will deduct the difference between the actual EBITDA After VAT
(hereinafter referred to as the “Actual EBITDA After VAT”) in such fiscal year and the EBITDA Indicator After VAT (hereinafter referred to as the “Difference of EBITDA After VAT”) from the Service Fee. If the
Service Fee of such fiscal year cannot cover the Difference of EBITDA After VAT, Party B shall continue to compensate Party A for the balance until full compensation is made for the EBITDA Indicator After VAT. During the process of actual
assessment, for the assessment criteria mentioned above, the quarterly indicator determined by both Party A and Party B through negotiation shall be used. For the avoidance of doubt, Party B shall reach both of the two indicators below in each
fiscal year between 2021 and 2028: (1) assessment indicator of Subject Apartments, and (2) assessment indicator of Newly Increased Apartments, and make compensation for the difference between the Actual EBITDA After VAT and the two indicators
mentioned above. 
 If Party B exceeds the EBITDA After VAT, Party B shall have the right to withdraw 50% of the excess EBITDA After VAT as a
reward. 
  

	 	2.	 Assessment criteria 

 

																																	
	 Indicators of Subject
Apartments
	 
	 (RMB 10,000) 
	  	6/30/21	 	  	6/30/22	 	  	6/30/23	 	  	6/30/24	 	  	6/30/25	 	  	6/30/26	 	  	6/30/27	 	  	6/30/28	 
	 Rental income (pre-tax) 
	  	 	117,000	 	  	 	118,170	 	  	 	119,352	 	  	 	119,352	 	  	 	119,352	 	  	 	119,352	 	  	 	119,352	 	  	 	119,352	 
	 Rent paid to landlord 
	  	 	90,112	 	  	 	91,013	 	  	 	91,923	 	  	 	91,923	 	  	 	91,923	 	  	 	91,923	 	  	 	91,923	 	  	 	91,923	 
	 Administration expense 12% 
	  	 	13,245	 	  	 	13,378	 	  	 	13,512	 	  	 	13,512	 	  	 	13,512	 	  	 	13,512	 	  	 	13,512	 	  	 	13,512	 
	 Taxes 6% 
	  	 	6,623	 	  	 	6,689	 	  	 	6,756	 	  	 	6,756	 	  	 	6,756	 	  	 	6,756	 	  	 	6,756	 	  	 	6,756	 
	 EBITDA After VAT 6%
	  	 	7,020	 	  	 	7,090	 	  	 	7,161	 	  	 	7,161	 	  	 	7,161	 	  	 	7,161	 	  	 	7,161	 	  	 	7,161	 
									
	 Non-business income
(pre-tax)
	  				  				  				  				  				  				  				  			
	 (mainly including administration expense and liquidated damages)
	  				  				  				  				  				  				  				  			
	 Non-business income
(pre-tax)
	  	 	13,000	 	  	 	13,000	 	  	 	13,000	 	  	 	13,000	 	  	 	13,000	 	  	 	13,000	 	  	 	13,000	 	  	 	13,000	 
	 Administration expense 80%
	  	 	9,811	 	  	 	9,811	 	  	 	9,811	 	  	 	9,811	 	  	 	9,811	 	  	 	9,811	 	  	 	9,811	 	  	 	9,811	 
	 Taxes 6%
	  	 	736	 	  	 	736	 	  	 	736	 	  	 	736	 	  	 	736	 	  	 	736	 	  	 	736	 	  	 	736	 
	 EBITDA After VAT 14%
	  	 	2,453	 	  	 	2,453	 	  	 	2,453	 	  	 	2,453	 	  	 	2,453	 	  	 	2,453	 	  	 	2,453	 	  	 	2,453	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total EBITDA Indicators After VAT
	  	 	9,473	 	  	 	9,543	 	  	 	9,614	 	  	 	9,614	 	  	 	9,614	 	  	 	9,614	 	  	 	9,614	 	  	 	9,614	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	1 	 The Parties acknowledge and agree that as of the execution date of the Agreement, Party A has paid taxes based
on the transaction amount; if the way of tax payment (including balancing charge) is changed in future, the EBITDA after VAT and corresponding indicators shall be subject to the latest tax rate. 

  
 22 

																																	
	 Indicators of Newly Increased
Apartments
	 
	 (RMB 10,000)
	  	6/30/21	 	  	6/30/22	 	  	6/30/23	 	  	6/30/24	 	  	6/30/25	 	  	6/30/26	 	  	6/30/27	 	  	6/30/28	 
	 Rental income (pre-tax)
	  	 	18,000	 	  	 	63,000	 	  	 	90,000	 	  	 	90,000	 	  	 	90,000	 	  	 	90,000	 	  	 	90,000	 	  	 	90,000	 
	 Rent paid to landlord
	  	 	13,863	 	  	 	48,522	 	  	 	69,317	 	  	 	69,317	 	  	 	69,317	 	  	 	69,317	 	  	 	69,317	 	  	 	69,317	 
	 Administration expense 12%
	  	 	2,038	 	  	 	7,132	 	  	 	10,189	 	  	 	10,189	 	  	 	10,189	 	  	 	10,189	 	  	 	10,189	 	  	 	10,189	 
	 Taxes 6%
	  	 	1,019	 	  	 	3,566	 	  	 	5,094	 	  	 	5,094	 	  	 	5,094	 	  	 	5,094	 	  	 	5,094	 	  	 	5,094	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 EBITDA After VAT 6%
	  	 	1,080	 	  	 	3,780	 	  	 	5,400	 	  	 	5,400	 	  	 	5,400	 	  	 	5,400	 	  	 	5,400	 	  	 	5,400	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Non-business income
(pre-tax)
	  				  				  				  				  				  				  				  			
	 (mainly including administration expense and liquidated damages)
	  				  				  				  				  				  				  				  			
		  	 	2,000	 	  	 	7,000	 	  	 	10,000	 	  	 	10,000	 	  	 	10,000	 	  	 	10,000	 	  	 	10,000	 	  	 	10,000	 
	 Administration expense 80%
	  	 	1,509	 	  	 	5,283	 	  	 	7,547	 	  	 	7,547	 	  	 	7,547	 	  	 	7,547	 	  	 	7,547	 	  	 	7,547	 
	 Taxes 6%
	  	 	113	 	  	 	396	 	  	 	566	 	  	 	566	 	  	 	566	 	  	 	566	 	  	 	566	 	  	 	566	 
	 EBITDA After VAT 14%
	  	 	377	 	  	 	1,321	 	  	 	1,887	 	  	 	1,887	 	  	 	1,887	 	  	 	1,887	 	  	 	1,887	 	  	 	1,887	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 EBITDA Indicators After VAT
	  	 	1,457	 	  	 	5,101	 	  	 	7,287	 	  	 	7,287	 	  	 	7,287	 	  	 	7,287	 	  	 	7,287	 	  	 	7,287	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 23 

 Upon negotiation by Party A and Party B, the assessment indicators of Newly Increased
Apartments may be adjusted or cancelled. 
  

	 	3.	 Accounting standard 

All the financial indicators involved in this Assessment Criteria of Contracting Performance shall be subject to the auditor’s report
prepared in accordance with the Generally Accepted Accounting Principles (US GAAP). Notwithstanding the foregoing, the Parties acknowledge that the cost of the EBITDA as agreed in this Appendix 3 is calculated with the straight-line amortization
method. The accounting of the landlord’s rental cost will not be affected by the change of US GAAP, and it will not be added when calculating EBITDA. 
  

	 	4.	 Assessment mechanism 

The Parties agree that during the Contracting Term, Party B’s business performance of the Contracted Apartments will be assessed on a
quarterly basis, and adjust the Service Fee of such quarter and the amount of compensation (if the performance fails to reach the standard) based on the assessment result. The specific assessment method is shown below: 

 

	 	(1)	 If the Actual EBITDA After VAT of such quarter is higher than the EBITDA Indicator After VAT, the
excess part shall be shared by the two parties by 50%: 50%; and 

  

	 	(2)	 If the Actual EBITDA After VAT of such quarter is less than the EBITDA Indicator After VAT, Party
B shall pay the Difference of EBITDA After VAT of such quarter, which will be deducted from the Service Fee that Party B may charge in such quarter; when the Service Fee of such quarter fails to cover the Difference of EBITDA After VAT, Party B
shall separately compensate Party A for the remaining Difference of EBITDA After VAT (Party A shall have the right to directly deduct the Difference of EBITDA After VAT that is not compensated by Party B in such quarter from the Service Fee of the
next quarter). 

  
 24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]