Document:

EX-4.56

 Exhibit 4.56 
  

			
	ICBC	 	Fixed Asset Loan Contract

 Contract Number: [Not disclosed in this translation] 

The Lender: ICBC Zhoukou Dong Cheng Branch  
 The
Borrower: China Glorious City Investments (Zhoukou) Co., Ltd. 
 This Contract regarding the loan grant to the Borrower by the Lender, is
entered into upon mutual agreement between the Borrower and the Lender through negotiation. 
 Part I: Basic Agreement 

 

	1.	Use of Loan Proceeds 

 The Loan under this Contract shall be used for the purpose of
China Glorious City – Zhoukou AB land construction costs. Without the written consent of the Lender, the Borrower shall not use the Loan for any other purposes and the Lender shall have the right to supervise the use of the Loan.

  

	2.	Loan Amount and Tenure 

  

	2.1	The currency of the Loan under this Contract is RMB. The amount shall be 150,000,000 (In words: One Hundred and Fifty million). 

 

	2.2	The term of the Loan under this Contract is 2 years from the date of drawdown (in case of multiple drawdowns, from the date of first drawdown), the actual drawdown date to be determined based on the date
of the drawdown voucher. 

  

	3.	Interest Rate, Interest and Fees 

  

	3.1	Determination Method of RMB Loan Interest Rate 

 RMB loan interest rate shall be based on method
2 below: 
  

	 	(1)	Fixed rate, annual interest rate of [blank]% which remain unchanged throughout the tenure of the Loan. 

  

	 	(2)	Floating rate, the Loan interest rate shall be based on the base lending rate plus a margin, base lending rate being 6.15% per annum (as of date of drawdown/Contract) and base lending rate for loans
with similar tenure as published by the People’s Bank of China, plus a margin of 10%. From date of drawdown by the Borrower, the interest rate shall be reset at end of each period of 12 months, whereas
interest shall be calculated in segment. The interest rate reset date for 2nd period shall be the corresponding date when first period is fall due. In case where the month when the interest rate shall be reset does not contain a corresponding date
to the drawdown, the last day of that month shall be used as interest rate reset date. This method shall be applied throughout all subsequent period. In case of multiple drawdowns by the Borrower, the interest rate shall be reset using method
B below: 

  

	 	A.	Regardless the number of drawdowns during a period, interest rate fixed for that period shall be implemented for those drawdowns and to be reset during the next period. 

 

	 	B.	Interest rate shall be set and reset for each drawdown. 

  

	 	(3)	Interest rates for each of the Loan are determined based on the base lending rate plus margin, and the base lending rate shall be the base [blank] month/year lending rate as published by the National Interbank
Lending Center one day before each drawdown, plus/minus [blank]% or plus/minus [blank] basis points (1 basis point equals 0.01%). Interest rate for each of the Loan shall be reset based on method [blank] below: 

 

	 	A.	The interest rate shall be reset at end of each period of 12 months, whereas interest shall be calculated in segment. The interest rate reset date for 2nd period and subsequent periods shall be the corresponding date
when first or previous period is fall due. The Lender shall reset the interest rate based on the lending rate as published on the previous working day by the National Interbank Lending Center and margin. In case where the month when the interest
rate shall be reset does not contain a corresponding date to the drawdown, the last day of that month shall be used as interest rate reset date. In case where the National Interbank Lending Center did not publish any base lending rate on that day, a
base lending rate as published by the National Interbank Lending Center on a previous working day shall be use and so forth. 

  

	 	B.	Interest rate remain unchanged throughout the tenure of the Loan. 

  

	 	(4)	Other: [blank]: 

			
	ICBC	 	Fixed Asset Loan Contract

  

	3.2	Determination Method of Foreign Currency Loan Interest Rate 

 Foreign currency loan interest
rate shall be based on method [blank] below: 
  

	 	(1)	Fixed rate, annual interest rate of [blank]% which remain unchanged throughout the tenure of the Loan. 

  

	 	(2)	Floating rate, the Loan interest rate shall be [blank] months [blank] (LIBOR/HIBOR) as base lending rate plus [blank] basis points (each basis point represents 0.01%). The
spread shall remain fixed throughout the tenure of the Loan. In case of multiple drawdown, interest rate shall be determined individually for each drawdown. Subsequent to drawdown by the Borrower, the interest rate shall be calculated in segment and
reset using method [blank] below: 

  

	 	A.	The base interest rate shall be floating based on its corresponding period. The interest rate reset date for the 2nd period shall be one day after when the first period fall due. In case where the month when the
interest rate shall be reset does not contain a corresponding date to the drawdown, the last day of that month shall be used as interest rate reset date. This method shall be applied throughout all subsequent period. 

 

	 	B.	The base interest rate shall be reset on first day of each interest calculation period. 

  

	 	(3)	Other: [blank]: 

  

	3.3	The interest for the Loan under this Contract shall be calculated and settled on a quarterly basis. Principal of the Loan shall be repaid together with any unpaid interest upon maturity. Daily interest
rate shall be annual interest rate/360 days. 

  

	3.4	Penalty interest rate for any overdue payments of interest and the Loan under this Contract shall be 50% on top of the original interest rate applicable to the Loan at the time. Penalty interest rate for
any misappropriation of the Loan under this Contract shall be 100% on top of the original interest rate applicable to the Loan at the time. 

  

	3.5	In addition to interest, the Borrower shall also pay to the Lender a commitment fee. The commitment fee payable by the Borrower to the Lender shall be calculated based on the difference between the Loan granted (as
stipulated in clause 2) and the amount drawn down (average during the fee calculation cycle) multiply by a rate of 0% per annum and shall be paid under method 1 below: 

 

	 	(1)	Pay in full upon the expiry of the fee calculation cycle. 

  

	 	(2)	Upon the effectiveness of this Contract, payable by installments on the 20th day of each [blank] (month/quarter/year), until the expiry of fee calculation cycle. 

In case where the Loan under this Contract can be revolved, the fee calculation cycle refers to the period in which the Loan may be revolved.
In case where the Loan under this Contract may not be revolved, the fee calculation cycle refers to period from date of this Contract to the date of the final drawdown of the Loan. 

In case where commitment fee is payable by installments and the Borrower fails to settle the commitment fee, the Lender has the right to stop
or cancel the granting any unutilized portion of the Loan. 
  

	4.	Drawdown 

  

	4.1	The Borrower shall make drawdown of the Loan according to its needs using method 2 below: 

  

	 	(1)	Entirety of the Loan in a single drawdown on or before [blank]; 

  

	 	(2)	Entirety of the Loan in a single or multiple drawdowns from date of this Contract to June 30, 2014; 

  

	 	(3)	To make drawdown based on the following timetable. In case where the Borrower wishes to change the drawdown timetable based on its needs, consent must be obtained from the Lender and the Borrower shall complete its
drawdowns before [blank]. 

  

			
	Drawn down date	 	Drawdown amount
	Blank	 	Blank

  

	4.2	In case where the Borrower fails to make drawdown in a manner as agreed under this Contract, the Lender has the right to cancel part or all of the unutilized portion of the Loan. 

			
	ICBC	 	Fixed Asset Loan Contract

  

	5.	Repayment 

  

	5.1	The Borrower shall repay the Loan based on following schedules: 

  

			
	Planned repayment date	 	Planned repayment amount
	Blank	 	Blank

  

	5.2	In case where the Loan under this Contract is obtained under the following circumstances, the Borrower shall repay the Loan immediately after corresponding funds has been received. The Borrower shall not be liable to
any compensation for early repayment of the Loan arising from this circumstances. 

 [Blank] 

 

	5.3	In case other than circumstances agreed in clause 5.2, the Borrower shall pay to the Lender a compensation for early repayment of the Loan, calculated based on the following: 

Amount early repaid × remainder of the Loan tenure in months × [blank]%, in case where the remainder of the Loan tenure is
less than one month, one month shall be used. 
  

	6.	Revolving Loan Special Agreement (elective clause, this clause is  ̈ applicable n not applicable)

  

	7.	Undertakings 

  

	7.1	The Loan under this Contract is secured by way of guarantee. 

  

	7.2	In case where the Loan under this Contract is secured by way of guarantee with maximum ceiling limit, the details of guarantee contract with maximum ceiling are as follows: 

Maximum Ceiling Limit Guarantee Contract Name: [blank] (Contract Number: [blank]) Guarantor: [blank].

  

	8.	Financial Covenants (elective clause, this clause is  ̈ applicable n not applicable) 

 

	9.	Resolution of Disputes 

 Resolution of disputes arising under this Contract shall be
resolved use method 2 below: 
  

	 	(1)	Through submission of the dispute to [blank] arbitration committee, and to carry out the arbitration in [blank] (location) in accordance with the rules and regulations of such arbitration committee that
are in effect at the time of submission. The ruling from the arbitration shall be final and shall be binding to both parties. 

  

	 	(2)	Through litigation at local court to which where the Lender is located. 

  

	10.	Others 

  

	10.1	There are two copies of this Contract, 1 copies for the Borrower and 1 copies for the Lender, all copies carry the same legal status. 

 

	10.2	The following appendices and other attachments that have been confirmed by both parties shall form an integral and inseparable part of this Contract and shall bear the same legal effect as this Contract:

  

	 	Appendix 1: Drawdown Application (Form) 

	 	Appendix 2: Entrusted Payment Agreement 

  

	11.	Other Agreed Matters 

 1. The Borrower shall open a Construction Designated Fund
Account with the Lender and the purpose of which is to collect and allocate all the proceeds arising from the phase 1 trade centers of China Glorious City – Hengyang and to accept the supervision by the Lender; 2. The Lender shall has the first
priority in granting loans to the Borrower for subsequent project loans for phase 1 of the trade centers development of China Glorious City – Hengyang. Without the prior written consent from the Lender, the Borrower shall not obtain extending
financing, provide guarantee to third parties or to make external investments. 

			
	ICBC	 	Fixed Asset Loan Contract

  

 Part II: Detailed Terms 

 

	1.	Interest Rate and Interest 

  

	1.1	In case of foreign currency loan, LIBOR shall be interbank offered rate displayed on the Reuters terminal under the page of “LIBO=” for the same currency as the Loan under this Contract two bank business days
before the drawdown day or reset day at 11:00am London time; HIBOR shall be interbank offered rate displayed on the Reuters terminal under the page of “HIBO=” for the same currency as the Loan under this Contract two bank business days
before the drawdown day or reset day at 11:15am Hong Kong time. 

  

	1.2	The interest of the Loan shall be calculated on monthly basis and shall be on the 20th day of the month; In case of settlement of interest on quarterly basis, the 20th day of last month of each quarter; In case of
settlement of interest on half yearly basis, June 20 and December 20 of each year. 

  

	1.4	The first interest period is from the day on which the Borrower has drawn down the Loan to the first interest calculation day. The last interest period is the day after the previous interest calculation day to the day
of the repayment. The remaining interest period is from the day after the previous interest calculation day to the next interest calculation day. 

  

	1.4	In case where floating interest rate is used for the Loan under this Contract, the interest rate reset rules shall continue to apply subsequent to overdue in payments. 

 

	1.5	In the event where the People’s Bank of China has adjusted the way to determine interest rate, the interest would be calculated based on the applicable rules and regulations of the People’s Bank of China
without notifying the Borrower by the Lender. 

  

	1.6	In case where the interest rate enforced under this Contract is below the benchmark lending rate as published by the People’s Bank of China, the Lender has the right to re-assess the preferential rates offered to
the Borrower each year, and at the Lender’s discretion, based on national policy, credit status of the Borrower and changes in status of guarantees provided for the Loan, to cancel part or all of the preferential interest rate offered to the
Borrower and shall notify the Borrower on a timely manner. 

  

	2.	Drawdown of the Loan 

  

	2.1	The Borrower must fulfil the precedents as agreed under this Contract prior to the drawdown of the Loan or the Lender does not has the obligation to grant any of the Loan to the Borrower, unless as otherwise agreed by
the Lender. 

  

	2.2	Precedents before first drawdown: 

  

	 	(1)	Project to which the Loan is granted has been reviewed, approved or put on record by relevant authorities, unless such review, approval and filing is not required; 

 

	 	(2)	Project capital fund or other funding is injected in full in accordance with the required timetable and ratio ; 

  

	 	(3)	Except in the case of credit loan, the Borrower has completed all relevant pledge procedures as required by the Lender; 

  

	 	(4)	Completed the submission of Drawdown Notification Form to the Lender; 

  

	 	(5)	Any other information as requested by the Lender. 

  

	2.3	Prior to each drawdown, in addition to fulfilment of all the precedents for first drawdown, the Borrower shall also satisfy the following precedents: 

 

	 	(1)	In case where the project capital funds are to be injected by instalments, the capital funds for that period must be injected to the required ratio; 

 

	 	(2)	The budgeted costs for the project has not been exceeded or the has been covered by the Borrower; 

  

	 	(3)	The progress of the project has completed according to plan and the actual progress matches with the investment made; 

  

	 	(4)	There has been no event of the default by the Borrower under the terms of this Contract or contracts with other third parties; 

  

	 	(5)	Supporting documents provided by the Borrower matches the agreed purpose of the Loan; 

  

	2.4	Written documents provided by the Borrower to the Lender for the purpose of drawdown application must be in their original form. In case where the document is not original, consent must be obtained from the Lender and
the copy must be stamped with a company seal of the Borrower. 

			
	ICBC	 	Fixed Asset Loan Contract

  

	2.5	The Borrower shall submit the drawdown notification at least 5 bank business days prior to the drawdown of the Loan. Once submitted, the application shall not be withdrawn unless with the written consent of the Lender.

  

	2.6	In event where the Loan is granted after all precedents are satisfied by the Borrower or waived by the Lender, and the Lender has transfer the Loan into the Borrower’s bank account, it is deemed that the Lender has
granted the Loan to the Borrower pursuant to this Contract. 

  

	2.7	In accordance with the requirements of relevant supervisory regulations and the management of the Lender, in the case where the Loan has exceeded certain amount, entrusted payment method shall be used and the Lender
shall payment to the designated payee according to the drawdown and entrusted payment application. For this purpose, the Borrower and the Lender shall enter into a separate entrusted payment contract as a supplement to this Contract and the Borrower
shall open or designate a bank account to process the entrusted payments. 

  

	3.	Repayment 

  

	3.1	The Borrower shall repay the Loan, interest and other expense payable to the Lender in full as agreed under this Contract on a timely basis. On the day of repayment and 1 bank business day prior to the interest
calculation day, the Borrower shall ensure there is sufficient funds in the bank account opened at the Lender for the interest, principal and other expenses payable for the period and the Lender has the right to deduct directly, or to request the
Borrower to complete all procedures for the deduction, from the Borrower’s bank account. In case where the funds is insufficient to repay all of the amount payable, the Lender has the right to decide the sequence for which of the overdue is
settled. 

  

	3.2	In case where the Borrower wishes to early repay the Loan, the Borrower shall submit to the Lender a written application 10 bank business days prior to the proposed early repayment day, and to compensate the Lender in
accordance with terms agreed under this Contract. 

  

	3.3	In case where the Lender agreed for the early repayment, the Borrower shall repay in full the principal, interest and other expenses that fall due on the proposed early repayment day, as agreed under this Contract.

  

	3.4	In case where the tenure of the Loan has shortened as a result of agreement between the Borrower and Lender in accordance with this Contract, the interest rate class shall remain in force and unchanged.

  

	4.	Revolving Loan 

  

	4.1	In case where the Loan under this Contract is revolving in nature, the first loan period shall be from the day of first drawdown, the commencement day for second loan period shall be one day after the end of first loan
period. In case where the month in which the commencement day of any of the loan period does not contain a day corresponding to the day of first drawdown, the last day of that month shall be used and so forth. Unless otherwise agreed by the Lender,
a set of loan period shall not be changed once it is confirmed. 

  

	4.2	The loan amount for each of the loan periods subsequent to the first loan period must be less than the previous loan period. Upon maturity of each loan period, the Borrower shall repay the Loan as per agreement. The
loan within a single loan period shall not be revolved. 

  

	4.3	In case where floating rate is used for the RMB revolving loan, the benchmark lending rate shall be determined based on the benchmark lending rate as published by the People’s Bank of China for loans tenure
corresponding to the loan period. 

  

	5.	Undertakings 

  

	5.1	Except in the case of credit loan, the Borrower shall provide a legally valid guarantee which is approved by the Lender as its responsibilities under this Contract and to enter into guarantee contract separately.

  

	5.2	In case where assets pledged under this Contract is damaged, depreciated, become subject of ownership dispute, foreclosed or retained, or being disposed of by mortgagor without the consent of the Lender, or event
financially unfavourable guarantor or the Borrower has occurred, the Borrower shall notify the Lender promptly and to provide other undertakings which is approved by the Lender. 

 

	5.3	In case where the Loan under this Contract is secured by trade receivables of the Borrower, during the tenure of this Contract, the Lender has the right to declare early maturity of the Loan in the event of any one of
the following, and to demand for immediate repayment for principal and interest, or to request for additional legally valid, effective and sufficient collateral: 

  

	 	(1)	Bad debts ratio from debtors of the trade receivables provided by mortgagor increase for 2 consecutive months; 

  

	 	(2)	the receivables overdue but remained outstanding of the trade receivables provided by mortgagor exceeded 5% of the total trade receivables of the mortgagor. 

			
	ICBC	 	Fixed Asset Loan Contract

  

	 	(3)	trade dispute (including but not limited to quality, technology and service aspects dispute) between the mortgagor of the trade receivable and its debtors or other third parties which result in receivables fails to
recover on time. 

  

	6.	Insurance 

  

	6.1	The Borrower shall, at the request of the Lender, to purchase insurance for the equipment, construction, transportation of goods and risks relating to the project from an insurer that is recognised by the Lender, where
the nature and tenure of the insurance must comply with the Lender’s requirements and the insured sum must be suffice to cover the risks relating to the Loan. 

 

	6.2	During the tenure of this Contract, the Borrower shall not terminate its insurance. In case where the insurance is terminated, the Lender shall has the right to renew or purchase another insurance on behalf of the
Borrower and the Borrower shall bear these expenses. In case where the Borrower and its counterparty intended to make any substantive changes regarding the insurance policy or to terminate the insurance policy prematurely, the Borrower shall notify
the Lender 30 days prior to such change or termination, otherwise the Borrower shall bear all the losses suffer by the Lender resulting from such change or termination. 

 

	6.3	The Insurance policy shall state that the Lender shall be the first benefactor of the policy and the insurer shall pay to the Lender directly any compensation arising thereof, and the policy shall not contain any terms
that are restrictive as to the rights of the Lender. 

  

	6.4	The Borrower shall notify the Lender within 3 days from any insured incident and to lodge claims to insurer promptly in accordance with the terms of the insurance policy. The insurance compensation shall be used for
repayment of the Loan under this Contract, or with the Lender’s consent to restore the value of the project, or to deposit into a bank account designated by the Lender as guarantee for execution of liabilities of the Borrower under this
Contract. 

  

	7.	Representations and Guarantees 

 The Borrower has made to the Lender the following representations, and
shall remain in effect during the tenure of this Contract: 
  

	7.1	The project and matters for which the Loan is related are in compliance with the laws and regulations. 

  

	7.2	The Borrower is legally qualified as a borrower, capable to enter into and execute this Contract. 

  

	7.3	The execution of this Contract has obtained all necessary authorization and approval, and the execution and fulfilment of this Contract does not in breach with the Borrower’s articles of association and relevant
laws and regulations and does not contradict to terms of other contracts of the Borrower. 

  

	7.4	All debts fall due has been settled on time, there is no delay in payment of interest on bank loans with malicious intent. 

  

	7.5	There are sound organization structure and financial management system. There is no event of major violation in the past year of operation. There is no major unhealthy record caused by present senior management.

  

	7.6	Documents and information provided to the Lender are true, accurate, complete and valid, where false records, material omission and misleading representation do not exist. 

			
	ICBC	 	Fixed Asset Loan Contract

  

	7.7	Financial reports provided to the Lender are prepared in accordance with accounting standard of the PRC and are truly, fairly and completely reflect the Borrower’s operating status indebtedness. Since the date of
the latest financial reports, there is no material unfavourable financial change to the Borrower. 

  

	7.8	There is no event of litigations, arbitration or compensation conceal from the Lender. 

  

	8.	The Borrower’s Undertakings 

  

	8.1	To drawdown and use the Loan in accordance to the terms and tenure of this Contract, the Loan shall not be used for the purpose of securities market, futures market or for any other purpose that is prohibited or
restricted by relevant laws and regulations. 

  

	8.2	To fully repay the principal, interest and other expenses payable in accordance with this Contract. 

  

	8.3	To actively cooperate with the Lender to inspect and supervise the usage of the Loan through bank account analysis, voucher inspection, site visit, etc. and to report to the Lender the utilization status of the Loan at
the Lender’s request. 

  

	8.4	To accept the Lender’s credit inspection, to provide to the Lender financial information including balance sheet and profit and loss account and other documents reflecting the Borrower’s repayment ability at
the Lender’s request. To actively assist and cooperate with the Lender in the investigation, understanding and supervision of the operation and financial status of the Borrower. 

 

	8.5	Shall not distribute any form of dividends prior to the full repayment of principal, interest and other expenses of the Loan. 

  

	8.6	Prior to proposed consolidation, spin-off, capital reduction, change in ownership, material assets and liabilities transfer, material external investment, increase in debt financing and any other actions that may
negatively affect the Lender’s rights, the Borrower shall obtain the Lender’s written consent or to provide an arrangement for the realization of the Lender’s right that is satisfied by the Lender. 

 

	8.7	In case of occurrence of any one of the following, to notify the Lender immediately: 

  

	 	(1)	Change of articles of association, area of business, registered capital, legal representative, address and form of contact; 

  

	 	(2)	Out of business, dismissal, liquidation, suspension of business, revocation of business licence, being revoked or applied (or being applied) for bankruptcy; 

 

	 	(3)	involvement or potential involvement of material economic dispute, litigation, arbitration, or seizure or retention of assets by laws; 

 

	 	(4)	involvement of material case or economic dispute by shareholders, directors or existing senior management; 

  

	8.8	Prompt disclosure of related parties and their transactions to the Lender. 

  

	8.9	To sign off receipt of the various notifications sent or delivered by the Lender. 

  

	8.10	Shall not dispose of the Borrower’s assets which would reduce the repayment ability of the Borrower; guarantee provided to third party shall not damage the Lender’s rights. 

 

	8.11	In case the Loan under this Contract is a credit loan, the Borrower shall completely, truly and accurately report to the Lender all guarantees given, and at the request of the Lender, to execute account supervision
agreement. In case guarantee given may affect the execution of responsibilities under this Contract, prior written consent from the Lender must be obtained. 

  

	8.12	Support the Lender in participation of review of estimation, budgeting and preparation of final accounts for the project, and matters relating to tendering and work inspection upon completion. 

 

	8.13	The Borrower shall bear all expenses relating to the execution and fulfilment of this Contract and all expenses paid or payable by the Lender during the realization of its rights under this Contract, which include but
not limited to litigation and arbitration costs, asset safeguarding costs, legal costs, execution costs, valuation costs, auction costs and publication costs. 

  

	8.14	The Loan under this Contract is senior to the debt the Borrower owe to its shareholders, and shall have the same seniority to other similar debts of the Borrower. 

 

	8.15	Strengthen environmental and social risk management, and to accept inspection and supervision by the Lender. If requested by the Lender, to submit to the Lender environmental and social risk assessment reports.

			
	ICBC	 	Fixed Asset Loan Contract

  

	9.	The Lender’s Undertakings 

  

	9.1	To grant the Loan in accordance with terms under this Contract 

  

	9.2	To maintain confidential the non-public document and information provided by the Borrower, unless as otherwise required under relevant laws and regulations or as agreed under this Contract. 

 

	10.	Default 

  

	10.1	The following constitute a default by the Borrower: 

  

	 	(1)	The Borrower fails to repay principal, interest and other expenses payable as agreed under this Contract, or fails to fulfil any of the Borrower’s responsibilities under this Contract, or in breach of any of the
representations, guarantees or undertaking provided under this Contract; 

  

	 	(2)	A change of the guarantee provided under this Contract which has an unfavourable impact to the Lender’s right as a creditor and the Borrower fails to provide other form of guarantees which is approved by the
Lender; 

  

	 	(3)	The Borrower fails to repay any of its other liabilities (including those declared early matured) when they fall due, or fails to fulfil or in breach of its responsibilities under other agreements, which has or may has
affected the Borrower’s ability to fulfil its responsibilities under this Contract; 

  

	 	(4)	The Borrower’s profitability, repayment ability, operation ability and cash flows has exceeded target agreed under this Contract, or has deteriorate, which has or may has affected the Borrower’s ability to
fulfil its responsibilities under this Contract; 

  

	 	(5)	A material unfavourable change in the Borrower’s ownership structure, production, external investment which has or may has affected the fulfilment of the responsibilities by the Borrower under this Contract;

  

	 	(6)	The Borrower’s involvement in material economic dispute, litigation, arbitration, or seizure, retention or foreclosure of assets, or investigation carried out or penalty imposed by relevant judicial authorities, or
in violation of the country’s regulations and policies which has been exposed by media, which has or may has affected the fulfilment of the responsibilities of the Borrower’s under this Contract; 

 

	 	(7)	An unusual change, disappearance, or the investigation carried out by judicial authorities or limitation of freedom of major investor or key management, which has or may has affected the fulfilment of the
responsibilities of the Borrower’s under this Contract; 

  

	 	(8)	The creation of false contract between the Borrower and its related parties to obtain the Loan using non-existence transactions, or through related party transactions for the avoidance of debts due to the Lender;

  

	 	(9)	The Borrower has or may has already out of business, dismissal, liquidation, suspension of business, revocation of business licence, being revoked or applied (or being applied) for bankruptcy; 

 

	 	(10)	The violation of relevant laws and regulations, supervisory requirements or industry standards relating to food safety, safety of production, environmental protection and other environmental and social risk management,
which has resulted in liability or material environmental and social event and has or may has affected the fulfilment of the responsibilities of the Borrower’s under this Contract; 

 

	 	(11)	Project capital funds were not injected according to required plan or ratio, or within the timeframe required by the Lender. 

  

	 	(12)	The project was not complete in accordance with planned progress, or there was a material negative changes in terms of the construction and operating environment and conditions. 

 

	 	(13)	In case where the Loan under this Contract is a credit loan, where the Borrower’s credit rating, profitability level, gearing ratios, cash flows from operations, etc. fails to comply with the Lender’s credit
loan requirements, or the Borrower has provided securities to external parties using its operating assets without the prior written consent from the Lender, which has or may has affected the fulfilment of the responsibilities of the Borrower’s
under this Contract; 

  

	 	(14)	Any other circumstances which may affect the realization of the rights of the Lender under this Contract. 

  

	10.2	In an event of default by the Borrower, the Lender has the right to: 

  

	 	(1)	Request for the correction by the Borrower; 

  

	 	(2)	Stop granting the Loan or other financing to the Borrower under this Contract or other contracts, cancel part or all of the Loan that is unused or other financing; 

			
	ICBC	 	Fixed Asset Loan Contract

  

	 	(3)	Declare immediate maturity on the Loan under this Contract or other loans to the Borrower and to recall for the repayment of the Loan; 

 

	 	(4)	Demand for the loss suffered due to default by the Borrower; 

  

	 	(5)	Other procedures as required by the Lender, the Contract or relevant laws and regulations; 

  

	10.3	In case where the Borrower fails to repay the Loan on due day (including loans declared early matured), the Lender has the right to charge penalty interest on the overdue loan from the day of overdue at interest rate as
agreed under this Contract. In case where the Borrower fails to pay penalty interest on time, such overdue penalty interest shall be subject to compound interest. 

 

	10.4	In case where the Borrower misused the Loan for purpose other than those agreed under this Contract, the Lender has the right to charge penalty interest on the misused Loan from the day of the misuse. In case where the
Borrower fails to pay penalty interest on time, such penalty interest shall be subject to compound interest. 

  

	10.5	In case where the circumstances stated in 10.3 and 10.4 above occurred concurrently, the Borrower shall subject to the more serious penalty interest but not both. 

 

	10.6	In case where the Borrower fails to repay principal, interest (including penalty interest and its compound interest) or other expenses payable to the Lender on time, the Lender may publish notice in the media for debt
chasing. 

  

	10.7	In case where the controlling relationship between related parties of the Borrower and the Borrower has occurred or any of the circumstances (except those stated under 10.1(1) and (2)) has occurred to the related
parties of the Borrower, which has or may has affected the fulfilment of the responsibilities of the Borrower’s under this Contract, the Lender has the right to carry out any of the procedures under this Contract. 

 

	11.	Deductions 

  

	11.1	In case where the Borrower fails to repay the Loan on due day (including loans declared early matured) or committed an event of default, the Lender has the right to deduct the relevant amount from the Borrower’s
bank account at the Lender or any of its branches, until the indebtedness under this Contract is fully repaid. 

  

	11.2	In case where the deduction is in a currency different from the currency under this Contract, the deduction shall be exchanged at a rate applicable to the Lender on the day of deduction. Interest, other expenses and
exchange differences arising from exchange fluctuations between the day of deduction and repayment day (the day on which the Lender exchanged the deduction to the currency under this Contract in accordance with national exchange policy and repaid
all debts under this Contract) shall be borne by the Borrower. 

  

	11.3	In case where the deductions made by the Lender is insufficient to repay all of the indebtedness payable by the Borrow to the Lender, the Lender has the right to decide the sequence for which of the overdue is settled.

  

	12.	Transfer of Rights and Obligations 

  

	12.1	The Lender has the right to transfer part of all its rights under this Contract to third parties and does not require the consent of the Borrower. Unless otherwise the Borrower has obtained the written consent of the
Lender, the Borrower shall not transfer any of its rights and obligations under this Contract. 

  

	12.2	The Borrower confirms and approves that the Lender may, according its management needs, assign its rights and obligations under this Contract, or the management of the Loan under this Contract, to other branches of
Industrial and Commercial Bank of China Limited (“ICBC”) and to be carry out by those branches and does not require the consent of the Borrower. Other branches of Bank of Tieling which undertook the rights and obligations under this
Contract shall have the rights to exercise all of the Lender’s rights under this Contract, and shall has to right to act on behalf the Lender for any legal proceedings (include litigations, arbitration, or application for mandatory execution)
brought to court. 

  

	13.	Validity, Modifications and Termination 

  

	13.1	This Contract shall become in effect upon execution by all parties, and shall remain in effect until all of the responsibilities under this Contract has been fulfilled. 

 

	13.2	Any proposed modifications to this Contract shall be in written form as negotiated and agreed by all parties. Modifications in clauses or agreement shall form an integral part of this Contract and shall bear the same
legal effect to this Contract. Except for the modified clause, the remainder of this Contract shall remain in effect and the original clause shall remain in effect prior to the effectiveness of the modification. 

 

	13.3	The modification or termination of this Contract does not affect the rights for damages by any party to this Contract. The termination of this Contract does not affect the effectiveness of clauses relating to dispute
resolution. 

			
	ICBC	 	Fixed Asset Loan Contract

  

	14.	Applicable Laws and Dispute Resolution 

 The execution, effectiveness, interpretations, fulfilment and
the dispute resolution shall be construed under the laws of the People’s Republic of China. Any disputes so arising under this Contract shall be resolved through negotiation or otherwise through procedures as agreed under this Contract. 

 

	15.	Entirety of Contract 

 Section 1 “Basic Agreement” and Section 2 “Detailed
Terms” shall form a complete set of loan contract, the terms used in both sections shall have the same meaning. The Loan obtained by the Borrower shall be binding by the above sections. 

 

	16.	Notifications 

  

	16.1	All notifications under this Contract shall be made in written form. Unless as otherwise agreed, the Borrower’s address stated under this Contract shall be the correspondence address for the purpose of this
Contract. Any change in the Borrower’s address or method of communication shall be notified to the Lender immediately. 

  

	16.2	In case a party to this Contract refused to accept delivery of the notification or undeliverable of notification, the other party to this Contract may deliver the notification in form of notary or public announcement.

  

	17.	Others 

  

	17.1	The non-execution or delay in the execution on part of all of the rights by the Lender does not deemed as forfeiture of change of such rights by the Lender, and shall not affect the Lender’s right in executing such
or other rights. 

  

	17.2	Any of the clauses under this Contract become void or unenforceable shall not affect the effectiveness and the enforceability of other clauses. 

 

	17.3	The Lender has the right to provide relevant information of this Contract or the Borrower to People’s Bank of China information system or other credit information database set up in accordance with relevant laws so
as to allow enquiries from and use by qualified institutes or individuals. The Lender also has the right, for the purpose of this Contract, enquire from such system and database information relating to the Borrower. 

 

	17.4	Terms including “related parties”, “relationships with related parties”, “related party transactions”, “individual major shareholder”, “key management personnel”, etc.
shall have the same meaning of terms contained in “Accounting Standards for Enterprises No. 36 – Related Party Disclosures” and its amendments as published by the Ministry of Finance. 

 

	17.5	Environmental and social risks mentioned in this Contract refer to risks of jeopardizing the environment and society that may arise from the construction, manufacturing, operating activities by the Borrower and its
important related parties, which include squander of energy consumption, contamination, land, health, safety, resettlement, environmental protection, climate changes, etc. 

 

	17.6	The Lender invoices and vouchers prepared and retained by the Lender for the purpose of the Loan under this Contract and for the Lender’s operations practice shall be an evidence of the borrower-lender relationship
between the Borrower and the Lender and shall be legally binding to the Borrower. 

  

	17.7	Within this Contract, (1) the term “this Contract” shall include its amendments and supplements; (2) the headings for each of the clauses are for reference only and shall not constitute any
interpretation to the related clause itself and shall not constitute any form of restriction as to the contents and coverage of related clause; (3) In case where drawdown day or/and repayment day is not bank business day, it shall postpone to
the next available bank business day. 

 Both parties confirm: The Borrower and the Lender has negotiated all the terms and conditions under
this Contract. The Lender has reminded the Borrower to pay special attention to the terms relating to the rights and obligations of both parties and to fully understand their meaning and has explained to the Borrower the meaning and interpretations
of those terms. The Borrower has read and fully understood all of the terms (including Sections 1 and 2) under this Contract. Both parties under this Contract fully understand the terms of this Contract and no objection to those terms. 

The Lender: Stamped with a Seal of ICBC Hengyang Hua Xin branch 

Authorised Signature: 
 The Borrower: Stamped with a Seal of
China Glorious City (Hengyang) Co., Ltd. 
 Authorised Signature: Xu Zhu Qi 

Date: 4 May 2014EX-4.57

 Exhibit 4.57 
  

			
	Bank of China	  	Working Capital Loan Contract

 The Borrower: China Glorious City Investments (Zhoukou) Co., Ltd. 

The Lender: Bank of China, Zhoukou Branch 
 The
Borrower and the Lender has entered into this contract (this “Contract”) upon mutual agreement regarding granting of working capital loan. 

Section 1       Loan Amount 

Currency type: RMB 
  

			
	 Loan amount:
	  	(In words) Ten Million
		  	(In numbers) 10,000,000

 Section 2       Tenure of the Loan 

Tenure of the Loan: 12 months, from the day of the drawdown. In case of drawdown in stages, from the day of the first drawdown. 

The Borrower shall strictly follow the timetable of the drawdown. In case where the drawdown of the Loan is later than the timetable, the Borrower shall repay
the Loan as agreed under this Contract. 
 Section 3       Purpose of the Loan 

Loan Purpose: Advertising expenses 
 Unless
otherwise agreed by the Lender in writing, the Borrower shall not change the purpose of the Loan. The Borrower shall not, including but not limited to, use the Loan for the purpose of fixed assets and securities investments, and used for the purpose
of production and business operations that are prohibited by the country. 
 Section 4       Interest Rate and
Interest Calculations 
  

	1.	Loan interest 

 The interest rate shall fixed interest rate, with annual rate of
6.6%, and shall not change for the tenure of the Loan. 
  

	2.	Interest calculation 

 Interest shall be calculated from the day of the drawdown based on the
drawdown amount and the actual days of outstanding. 
 Interest calculation formula: Interest = Principal X Actual Days the Loan remained
outstanding X Daily interest rate 
 Daily interest rate is calculated based on 360 days per year, i.e. Daily interest rate = Annual rate/360

  

	3.	Interest settlement method 

 The Borrower shall use method (2) of the
following: 
  

	 	(1)	Calculated quarterly, the 20th day of last month of each quarter shall be the interest calculation day, 21st day of that month shall be the interest payment day; 

 

	 	(2)	Calculated monthly, the 20th day of each month shall be the interest calculation day, 21st day of the that month shall be the interest payment day; 

In case where the Borrower’s final repayment day is not an interest payment day, the final repayment day shall become interest payment day
and the Borrower shall settle all interest payable thereon. 
  

	4.	Penalty interest 

  

	 	(1)	In case of the Loan become overdue or being misused for purpose other than agreed under this Contract, penalty interest shall be calculated based on the penalty interest rate as agreed under this Contract from the date
on which the Loan become overdue or being misused until the date when the Loan and interest are repaid. 

 In case where the
Loan is overdue and being misused, a higher penalty interest rate shall be used for the calculation of penalty interest. 

			
	Bank of China	  	Working Capital Loan Contract

  

	 	(2)	In case where the Borrower fails to pay interest and penalty interest promptly, compound interest shall be calculated based on penalty interest rate as agreed under this Contract, and shall be settled in accordance with
Section 3 of this Contract. 

  

	 	(3)	Penalty interest rate 

 Fixed rate loan penalty interest rate 

The overdue penalty interest rate for shall be 50% above the interest rate of this Contract and misappropriation interest rate shall be 50%
above the interest rate of this Contract. 
 Section 5       Drawdown Conditions 

The Borrower shall satisfy the following prior to drawdown: 
  

	1.	This Contract and its supplement is effective; 

  

	2.	The Borrower has provided guarantees as requested by the Lender and guarantee contract has been executed and has been approved, registered and filed; 

 

	3.	The Borrower has reserved or executed and fulfilled for the Lender relevant documents, invoices, chops, personnel list, signature samples, and has completed relevant vouchers; 

 

	4.	The Borrower has opened all necessary bank account for the fulfillment of this Contract at the request of the Lender; 

  

	5.	The Borrower has submitted to the Lender a copy of written drawdown application and related supporting documents for the purpose of the Loan 3 bank business days prior to the drawdown, to process the
drawdown application; 

  

	6	The Borrower has submitted to the Lender a copy of authorization letter for the execution of this Contract from Board of Director or other departments with the power to authorize the execution of this Contract; and

  

	7	Other conditions as required by laws and regulations and both parties under this Contract. 

 Unless otherwise
agreed by the Lender, the Lender has the right to refuse the drawdown application in case any of the above is not fulfilled. 
 Section 6
      Drawdown Day and Method 
  

	1.	The Borrower shall make drawdown based on method (2) below: 

  

	 	(1)	One single drawdown on [blank]. 

  

	 	(2)	One single drawdown within 5 days from June 30, 2014. 

  

	 	(3)	To drawdown based on the following timetable: 

 [Blank] 

 

	2.	The Lender has the right to refuse the Borrower’s drawdown application in case the drawdown application is beyond the above timetable for any unutilized loan amount. 

Section 7       Granting of the Loan 
  

	1.	Loan grant account 

 The Borrower shall open account at the Lender for the purpose of the loan
grant, the grant and payment of the Loan shall be made through this bank account. 
 Account name: China Glorious City Investments
(Zhoukou) Co., Ltd. 
 Account Number: [Not disclosed in this translation] 

 

	2.	Loan payment method 

  

	 	(1)	The payment of the Loan is made in accordance with relevant laws and regulations and as agreed under this Contract, the method of the payment of the Loan shall be stated and confirmed in the drawdown application of the
Loan. The Lender has the right to change the granting/payment method in case where the Lender considers that the payment method chosen by the Borrower does not comply with the requirements. 

			
	Bank of China	  	Working Capital Loan Contract

  

	 	(2)	Lender’s entrusted payment, which means the Lender shall make payments to trading third parties of the Borrower in accordance with the purpose of the Loan under this Contract. In accordance with the rules and
regulations of China Banking Regulatory Commission and the Lender’s internal requirements, purpose for which the Loan is granted satisfied the one of the followings shall use lender’s entrusted payment method: 

 

	 	(A)	The credit relationship between the Borrower and the Lender is newly established and the Borrower’s credit rating has not reached the required level by the Lender; 

 

	 	(B)	At the time of drawdown application, the payee is clear as to name of bank account and bank account number and the drawdown of the Loan exceeded RMB10,000,000. 

 

	 	(C)	Other conditions agreed between the Borrower and the Lender [blank]. 

  

	 	(3)	The Borrower ‘s payment method, which means the Lender would transfer the Loan to the Borrower’s bank account at the Lender in accordance with the drawdown application and the Borrower shall make payments on
its own to its trading parties that is complied with the conditions under this Contract. Except for the circumstances agreed above which shall use entrusted payment method, the Borrower shall make payment on its own on other amount of the Loan.

  

	 	(4)	Change of payment method. In case where after the submission of the drawdown application there is a change in the Borrower’s payment to third parties and/or change in credit rating where such change has satisfied
the requirement under paragraph 2(2) under this Section, the payment method shall be changed. In case where there is change in the payment method, or in the case a change in the payment amount, payee or a change of the purpose of the Loan, the
Borrower shall submit to the Lender a change application in writing, to re-submit a drawdown application and supporting documents for the purpose of the Loan. 

  

	3.	Specified requirements on entrusted payment method 

  

	 	(1)	Entrusted payment. In case where payment is in compliance with the conditions of entrusted payment method, the Borrower shall clearly include in its drawdown application such entrust, which shall authorize and entrust
the Lender to transfer to drawdown of the Loan from the Borrower’s account to the bank account of the trading party for which the purpose of the Loan is in compliance with the conditions under this Contract, and shall include the name, account
number and amount of the payment of the trading party, which is necessary for the entrusted payment. 

  

	 	(2)	Provision of transaction information. For payment in compliance with the conditions of entrusted payment method, the Borrower shall, at each drawdown, submit to the Lender its account details, trading party’s
account details and documents to prove that such drawdown is in compliance with the purpose of the Loan under this Contract. The Borrower shall undertake that all documents provided to the Lender are true, complete and valid. The Lender shall not be
held responsible in case where information provided by the Borrower is false, inaccurate or incomplete and as a result the entrusted payment is unable to complete on time. The Borrower’s responsibility on repayment of the Loan from past
drawdown shall not be affected. 

  

	 	(3)	The fulfillment of the Lender’s responsibilities under entrusted payment method 

  

	 	(A)	In case where Lender’s entrusted payment method is used, the Lender shall transfer to the Borrower’s trading part upon review and approval of drawdown application after submission of related documents and
application by the Borrower. 

  

	 	(B)	The Lender has the right to request the Borrower for supplements, replace, elaborate or re-submit relevant materials in case where the documents provided by the Borrower do not satisfy the requirements under this
Contract or are incomplete. The Lender has the right to refuse any payment of the Loan prior to the provision of documents by the Borrower are satisfied by the Lender. 

 

	 	(C)	The Lender shall not be responsible in case where the Borrower is unable to make payment under entrusted payment method to its trading party due to funds being returned from bank of the trading party of the Borrower. In
case where funds being returned from the bank of the Borrower’s trading party, the Borrower hereby authorize the Lender to freeze such funds. Under this circumstances, the Borrower shall re-submit the entrusted payment application and related
supporting documents to the Lender. 

  

	 	(4)	The Borrower shall not split the amount into smaller amount to avoid the Lender’s entrusted payment method. 

  

	4.	Subsequent to the granting of the Loan, as requested by the Lender, the Borrower shall provide to the Lender records and information regarding usage of the Loan, including but not limited to procurement contracts, etc.

			
	Bank of China	  	Working Capital Loan Contract

  

	5.	In the event of any of the following, the Lender has the right to re-establish the terms for the granting and payment of the Loan or to stop granting and payment of the Loan: 

 

	 	(1)	The Borrower breach the terms as agreed under this Contract and has split the amount into smaller amount to avoid the Lender’s entrusted payment method; 

 

	 	(2)	The credit rating of the Borrower dropped or the profitability of the Borrower’s main business is not strong; 

  

	 	(3)	Abnormally occurred in the use of the Loan proceeds; 

  

	 	(4)	The Borrower fails to provide record and information to the Lender promptly as requested by the Lender; 

  

	 	(5)	The Borrower made payments using the Loan which has violated the purpose of the Loan as agreed under this Contract. 

Section 8       Repayment of the Loan 
  

	1.	The Borrower designates the following bank account as funds collection account, any funds collected by the Borrower shall be deposited into the funds collection account. The Borrower shall provide details of funds
movement of the funds collection account. The Lender has the right to supervise and request the Borrower to provide explanation on significant or abnormal fund movements in the funds collection account. 

Account name: China Glorious City Investments (Zhoukou) Co., Ltd. 

Account Number: [Not disclosed in this translation] 
  

	2.	Unless otherwise agreed by both parties, the Borrower shall repay the Loan under this Contract under method (1): 

  

	 	(1)	The Borrower shall repay the entire Loan under this Contract upon maturity of the Loan tenure. 

  

	 	(2)	To repay the Loan under this Contract based on the following repayment plan: 

  

			
	Repayment Date	  	Repayment Amount
	[Blank]	  	[Blank]

 In case where the Borrower wants to change the above repayment plan, the Borrower shall submit in writing to
the Lender 15 bank business days prior to the maturity of the related installment. Such change in repayment shall only take effect upon written confirmation by both parties. 

 

	3.	Unless otherwise agreed by both parties, in the case where the principal and interest overdue by the Borrower to the Lender at the same time, the Lender shall has the right to decide the order of repayment. In case
where there are multiple loans overdue by the Borrower to the Lender at the same time, the Lender has the right to decide the order repayment of different loans. 

  

	4.	Unless otherwise agreed by both parties, the Borrower may repay the Loan earlier, by notifying the Lender in writing 30 bank business days before the early repayment. The early repayment shall first repay the loan which
has the latest due date, in descending order of maturity. 

 The Lender has the right to charge the Borrower a change of
repayment terms fee at a rate of 0.1% for early repayment of the Loan from the Borrower. 
  

	5.	The Borrower shall repay the Loan by following method. 

 The Borrower shall deposit sufficient
funds into the following bank account for the portion of the Loan and its interest 1 bank business days prior to the due date. The Lender shall have the right to deduct the money from this bank account upon the due date of portion of
the Loan. 
 Name of Account: China Glorious City Investments (Zhoukou) Co., Ltd. 

Account Number: [Not disclosed in this translation]. 

Section 9       Guarantees 
  

	1.	The indebtedness under this Contract shall be guaranteed by: 

 A “Maximum Ceiling Gaurantee
Contract” is entered into between the China Northeast Logistics City Dezhou Co., Ltd. and the Lender with serial number of “2014 ZKH Gao Bao Zong Zi 002” for a guarantee limited by a ceiling provided by China Northeast Logistics City
Dezhou Co., Ltd. 

			
	Bank of China	  	Working Capital Loan Contract

  

	2.	In case where the Lender believe there are some issues adversely affecting the Borrower’s or Guarantor’s fulfillment ability of the contract, or the Guarantee becoming invalid, being revoked or cancelled, or
Borrower’s or Guarantor’s financial situation deteriorating or involving in material litigation or arbitration, or other reasons adversely influencing Borrower’s or Guarantor’s repayment ability, or any breach of contracts,
depreciation, damage, loss, closed down of the guaranty in any other contracts between Borrower and Guarantor which might deducing or losing the value of the guaranty, the Lender shall have the right, as the same time, the Borrower shall have the
responsibility to provide the new guaranty, increase or replace guarantor, in order to guarantee the liability. 

 Section 10
      Representations and Undertakings 
  

	1.	The following representations are made by the Borrower: 

  

	 	(1)	The Borrower is legally registered and existed, and the Borrower possess a complete civic and behavioral ability to enter and execute this Contract. The Borrower is the legal representative of the new project and its
controlling shareholder is of sound credit status and there were no significant adverse record. The new investment project shall fulfill the requirement regarding main investor qualification and operating capital set by the central government of The
People’s Republic of China. 

  

	 	(2)	The execution and fulfillment of this Contract represent true intent of the Borrower, and has legally and effectively completed all necessary authorizations in accordance with its articles of association and internal
management requirements and does not breach any other agreements, contracts and other legal documents that are binding to the Borrower. The Borrower has or will have obtained all the approvals, permissions, filings and registrations related to the
execution and fulfillment of this Contract. 

  

	 	(3)	All documents, financial reports, vouchers and other information provided from the Borrower to the Lender are true, complete, accurate and valid. 

 

	 	(4)	The business transaction background described to the Lender by the Borrower is real, legitimate and is not undertake for the purpose of money laundering. 

 

	 	(5)	The Borrower is of sound credit and there were no significant adverse record. The Borrower did not hide any issue which will adversely affect the financial position and fulfillment of contract of Borrower and the
Guarantor. 

  

	 	(6)	The Borrower and the project for the Loan achieved the environmental protection standard and the Borrower and the project are not being published and confirmed as high energy wastage and high pollution enterprise by
non-governmental organizations, and the issues of high energy wastage and pollution do not exist for the Borrower and the project. 

  

	 	(7)	Other representations by the Borrower: [Blank]. 

  

	2.	The following undertakings made by the Borrower: 

  

	 	(1)	At the request of the Lender, periodically or promptly provide financial reports (including but not limited to annual report, quarterly reports and monthly reports) and other relevant information to the Lender. The
Borrower shall also ensures that the gearing ratio shall not exceed 90% on a continuous basis. 

  

	 	(2)	In case where the Borrower has entered into a reverse-guarantee agreement or similar agreement with the guarantor, such agreement, such agreement shall not damage any of the Lender’s rights under this Contract.

  

	 	(3)	To accept, and to provide sufficient assistance and coordination to the Lender’s credit checks and supervision. In case where the Borrower make payments from the Loan on its own, to provide report on payment of the
Loan, usage status to the Lender periodically on a monthly basis before 5th day of each month. 

  

	 	(4)	In case of consolidation, spin-off, capital reduction, transfer of ownership, external investment, increase in debt financing, material asset or indebtedness transfer and other events that may affect the Borrower’s
repayment ability, the Borrower shall obtain a prior written consent from the Lender. 

 In the event of the following the
Borrower shall notify the Lender immediately: 
  

	 	(A)	Change in articles of association, area of business, registered capital and legal representatives of the Borrower or its guarantor; 

  

	 	(B)	Change of business model by conducting any form of joint ventures, joint venture, cooperation, subcontracting restructuring, reform, plan of listing with foreign enterprise, etc. 

 

	 	(C)	Involvement in material litigation or arbitration, or seizure, retention or supervision of assets or collateral, or set up of new collateral on secured assets. 

			
	Bank of China	  	Working Capital Loan Contract

  

	 	(D)	Out of business, dismissal, liquidation, suspension of business, revocation or cancellation of business license, apply for (or being applied for) bankruptcy. 

 

	 	(E)	Involvement of material case or economic dispute by shareholders, directors and existing senior management; 

  

	 	(F)	Breach of other contracts by the Borrower; 

  

	 	(G)	Event of operational difficulty and deterioration of financial status, etc. 

  

	 	(5)	The Loan shall rank senior to loans from shareholders of the Borrower and shall not rank junior to similar debts of the Borrower. 

  

	 	(6)	The Borrower shall not distribute any form of dividend prior to the full repayment of principal, interest and other related expenses of the Loan under this Contract. 

 

	 	(7)	The Borrower shall not dispose of its assets which would result in the lowering of its repayment capacity and the Borrower undertakes it shall not provide guarantee to third parties to an aggregate value of exceeding
its net assets value and single or aggregate value of guarantees provided shall not exceed the restrictions as stipulated in its articles of association. 

  

	 	(8)	Unless as otherwise agreed by the Lender and terms under this Contract, the Borrower shall not transfer the Loan to other bank accounts of the Borrower or its related parties. 

In case where transfer is made to the Borrower’s other bank accounts or related parties bank account, the Borrower shall provide relevant
supporting documents. 
  

	 	(9)	Guarantees provided by the Borrower to the Lender, pricing of interest rate and repayment order of the Loan under this Contract shall not below current or future terms offer to other financial institute.

  

	 	(10)	The Lender has the right to request early repayment of the Loan depending on the funds collection status of the Borrower. 

  

	 	(11)	Other undertakings by the Borrower: [Blank]. 

 Section 11
      The Disclosures of Related Party Transactions within the Group of the Borrower 
 Both parties agreed to use method
2 of the following: 
  

	1.	[Not applicable] 

  

	2.	The Borrower has been confirmed as a group customer of the Lender in accordance with “Guide on Risk Management of Credit Business of Group Customers of Commercial Bank” (thereafter the “Guide”). The
Borrower shall report to the Lender the nature of any related party transactions exceeding 10% of its net assets value, including the relationship between the counterparty and the Borrower, subject of the transaction, amount of the transaction and
its proportion to other transactions and pricing policies (including transactions with no value or of symbolic value). 

 In
the event of the following, the Lender has the right to unilaterally stop further grant of the unused Loan to the Borrower and shall has the right to recall part of all of the principal and interest of the Loan prematurely: Obtain bank credit
through creation of bills receivable, accounts receivable, etc by falsified contracts entered with related parties where such contract does not contain actual trade background; In the event of material merger and acquisition or restructuring which
the Borrower considers may affect the safeguarding of the Loan; Evading of bank liabilities with willful intent; Events stipulated in Section 18 of the Guide. 

Section 12       Event of Default and Treatment 

 

	1.	Any of the following constitute an event of the default by the Borrower under this Contract: 

  

	 	(1)	The Borrower fails to repay all liabilities due to the Lender arising from this Contract; 

  

	 	(2)	The Borrower fails to make payments using the funds from the Loan in accordance with terms agreed under this Contract, or use the funds from the Loan for purpose other than those agreed under this Contract, or split the
amount of a payment into smaller payments to avoid the Lender’s entrusted payment; 

  

	 	(3)	Representations made by the Borrower is untrue, or the Borrower is in breach of its undertakings under this Contract; 

			
	Bank of China	  	Working Capital Loan Contract

  

	 	(4)	In any of the events as stated in Section 2(4) where the Borrower considers may affect the financial status of and ability to fulfill this Contract by the Lender or guarantor, and the Borrower fails to provide new
collateral or new guarantor; 

  

	 	(5)	The Borrower is in breach of other contracts with the Lender or any institutes under the Bank of China; 

  

	 	(6)	Deterioration in the Borrower’s credit status, deterioration in the Borrower’s financial indicators such as profitability, debt repayment ability, operating ability or cash flows, and has exceeded threshold
set or agreed under this Contract; 

  

	 	(7)	The guarantor is in breach of guarantee contract with the Lender or other contracts with any institutes under the Bank of China; 

  

	 	(8)	In the event that the Borrower is out of business, dismissed, revoked or bankrupted; 

  

	 	(9)	The Borrower involves or may involve in material economic dispute, litigation or arbitration, or seizure, retention or supervision of assets, or being investigated or punished by judicial authorities, tax bureau, trade
and industry bureau, etc administrative authorities, has or may has affected the fulfillment of responsibilities by the Borrower under this Contract; 

  

	 	(10)	Unusual change of, disappearance of, or investigation or limitation of personal freedom by judicial authorities of, individual shareholders and key management; 

 

	 	(11)	Discovery of event that may affect the Borrower’s or the guarantor’s financial status or contract fulfillment ability during yearly (each anniversary of from the execution of this Contract) review of the
Borrower’s financial status or contract fulfillment ability; 

  

	 	(12)	The Borrower fails to provide explanation materials approved by the Lender in relation to significant or abnormal fund movements in the designated funds collection account. 

 

	 	(13)	The Borrower is in breach of its responsibilities as agreed under this Contract. 

  

	2.	In any of the event of default as stated above, the Lender has the right, according to specific circumstance, to take following actions: 

 

	 	(1)	To request correction by the Borrower or guarantor within deadline; 

  

	 	(2)	Partially or entirely reduce, suspend, cancel or terminate the Loan facility to the Borrower; 

  

	 	(3)	Partially or entirely suspend or terminate drawdown application from the Borrower under this Contract or other contracts with the Lender. Partially or entirely suspend, suspend, terminate the grant, payment and process
of the any loan and loan applications. 

  

	 	(4)	Declare part or all of the Loan under this Contracts, other loans due to the Lender by the Borrower and their interest due immediately. 

 

	 	(5)	Termination or relieve of this Contract, Entirely or partially terminate or relieve other contracts between the Borrower and the Lender. 

 

	 	(6)	Demand the Borrower for loss arising from Borrower’s event of default. 

  

	 	(7)	To deduct funds from the Borrower’s bank account with the Lender, or other institutes under Bank of China to repay the part of all of the Loan under this Contract. Any unexpired loans would be deemed fall due. In
case of difference currencies in other accounts of the Borrower, exchange rates applicable at the time of deduction would be used. 

  

	 	(8)	Exercise the Lender’s right to collateral. 

  

	 	(9)	Request responsibilities from the guarantor. 

  

	 	(10)	Any other measures that the Lender deemed necessary. 

 Section 13
      Reservation of Rights 
 The non exercise of part or all of the rights by any party to this Contract, or absence of
request by that party to the other party for the fulfillment of that other party’s responsibilities shall not be deemed as forfeiture of such rights by or waiver of such responsibilities from that party. 

			
	Bank of China	  	Working Capital Loan Contract

  

 Any tolerance, extension, or delay in the fulfillment of the rights under this Contract from one part to
another party shall affect one party’s entitlement to any of its rights in accordance with laws and regulations and under this Contract, and shall not be deemed to have forfeit any of those rights. 

Section 14       Modification, Amendment and Termination 

This Contract may be amended upon written agreement between both parties to this Contract and such written agreement shall become an integral part of this
Contract. 
 Unless as otherwise agreed or as required by laws and regulations, this Contract shall not be terminated until all rights and obligations under
this Contract have been fulfilled. 
 Unless as otherwise agreed or as required by laws and regulations, invalidation of any of the terms under this
Contract shall not affect the legal validity of other terms under this Contract. 
 Section 15       Applicable Laws
and Dispute Resolution 
 The Contract shall be under the jurisdiction of the laws of People’s Republic of China. 

Upon the effectiveness of this Contract, any dispute arising from the execution, fulfillment of this Contract or related to this Contract shall be first
resolved through negotiation. In case where negotiation fails, the dispute shall be brought to local court in which the Lender (or institutes under Bank of China to which such dispute is related) is located. 

During the period of dispute resolution, other terms under this Contract shall continued to be fulfilled by both parties in case where such dispute does not
affect the fulfillment of other terms under this Contract. 
 Section 16       Supplement 

 

	1.	Drawdown application (Format) 

  

	2.	Loan note 

 Section 17       Other Agreements 

 

	1.	The Borrower shall not transfer any rights and obligations under this Contract to any third party unless with a prior written consent from the Lender. 

 

	2.	The Borrower confirms and approves that the Lender may, according its management needs, assign its rights and obligations under this Contract, or the management of the Loan under this Contract, to other institutes under
Bank of China and to be carry out by those institutes. Other institutes under Bank of China which undertook the rights and obligations under this Contract shall have the rights to exercise all of the Lender’s rights under this Contract, and
shall has to right to act on behalf the Lender for any legal proceedings (include litigations, arbitration, or application for mandatory execution) brought to court. 

 

	3.	Provided that other terms under this Contract are not affected, this Contract shall be binding to both parties to this Contract and their respective legal successors and transferee. 

 

	4.	Unless otherwise agreed, both parties designate addresses stated in this Contract to be used as correspondence addresses and to undertake that to notify the other party in writing in case where there is a change in the
correspondence address. 

  

	5.	The transaction under this Contract is executed based on each party’s individual interests. In case where as required by laws and regulations and supervisory bodies, other parties involved in this transactions
constitute a related party to the Lender, all parties shall not use such relationship to affect the fairness of this transaction. 

  

	6.	Titles and names of businesses are used for ease of reference only and shall not be construed as interpretations to the terms and rights and obligations of both parties of this Contract. 

 

	7.	The Lender has the right to provide relevant information of this Contract or the Borrower to People’s Bank of China information system or other credit information database set up in accordance with relevant laws so
as to allow enquiries from and use by qualified institutes or individuals. The Lender also has the right, for the purpose of this Contract, enquire from such system and database information relating to the Borrower. 

 

	8.	In case where drawdown day, repayment day is statutory holiday, such days shall be postponed to the next available business day. 

  

	9.	In case where the Lender is unable to fulfill this Contract or comply with the terms of this Contract as required by laws and regulations, or supervisory authorities or as a result of a change in supervisory rules, the
Lender shall has the right to terminate, or as required by laws and regulations, or supervisory authorities or as a result of a change in supervisory rules, amend the terms of this Contract. In case where the termination of this Contract is due to
such requirements or change in rules, the Lender is exempted from the responsibilities under this Contract. 

			
	Bank of China	  	Working Capital Loan Contract

  

 Section 18       Effectiveness of Contract 

This Contract shall become effective upon the signatures and stamps from legal representatives of both parties. There are 3 copies of this Contract, one for
each of the Lender, the Borrower and collateral registration department, and shall bear the same legal effect. 
 The Borrower: China Glorious City
Investments (Zhoukou) Co., Ltd. 
 Authorized representative: Xu Zhu Qi 

The Lender: Bank of China, Zhoukou Branch 
 Authorized
representative: 
 Date: June 30, 2014

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