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Exhibit 10.29    
    

Exclusive Option Agreement  

        This Exclusive Option Agreement (this "Agreement") is executed by and among the parties below as of April 29, 2004 in Beijing: 

Walker
House, Mary Street, P.O. Box 908GT,

George Town, Grand Cayman, Cayman Island; 

	Party
	 A: China Hospitals, Inc., a limited liability company organized and existing under the laws of Cayman Islands ("Cayman"), with
its address at Walker House, Mary Street, P.O. Box 908GT, George Town, Grand Cayman, Cayman Island;

	Party
	 B: Zhengmao Hu, a citizen of China, his/her identification card No.: 410221700414021, with address at: 701 Building 18, Yimei Garden,
Haidian, Beijing; and

	Party
	 C: Beijing Dongjun Hospitals Investment and Management Co., Ltd., a limited liability company organized and existing under the
laws of the People's Republic of China ("China" or "PRC"), with its address at 2501, China World Tower 1, No. 1 Jianguomenwai Avenue, Beijing 100004, P. R. China. 

        In
this Agreement, each of Party A, Party B and Party C shall be referred to as a "Party," and they shall be collectively referred to as the "Parties". 

        Whereas: 

	1.
	Party
B holds 99.9% of the equity interest in Party C;

	2.
	Party
A and Party B executed a loan agreement on April 9, 2004 (the "Loan Agreement"); 

        Now
therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement: 

	1.
	Sale and Purchase of Equity Interest

	1.1
	Option Granted

In
consideration of the payment of RMB10.00 by Party A, the receipt and adequacy of which is hereby acknowledged by Party B, Party B hereby irrevocably grants Party A an irrevocable right to purchase,
or designate one or more persons (each, a "Designee") to purchase, the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party A's sole and
absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein (such right being the "Equity Interest Purchase Option"). Except for Party A and the
Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of
the Equity Interest Purchase Option to Party A. The term "person" as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate
organizations. 

	1.2
	Steps for Exercise of Equity Interest Purchase Option

Subject
to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written notice to Party B (the "Equity Interest Purchase Option
Notice") and specifying: (a) Party A's decision to exercise the Equity Interest Purchase Option; (b) the portion of
equity interests to be purchased from Party B (the "Optioned Interests"); and (c) the date for purchasing the Optioned Interests. 

	1.3
	Equity Interest Purchase Price

Unless
an appraisal is required by the laws of China applicable to the Equity Interest Purchase Option when exercised by Party A, the purchase price of the Optioned Interests (the 

 

"Equity
Interest Purchase Price") shall equal the actual capital contributions paid in the registered capital of Party C by Party B for the Optioned Interests. 

	1.4
	Transfer of Optioned Interests

For
each exercise of the Equity Interest Purchase Option: 

	1.4.1
	Party
B shall cause Party C to promptly convene a shareholders meeting, at which a resolution shall be adopted approving Party B's transfer of the Optioned Interests to Party A
and/or the Designee(s);

	1.4.2
	Party
B shall execute a share transfer contract with respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions of this
Agreement and the Equity Interest Purchase Option Notice regarding the Optioned Interests;

	1.4.3
	The
relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all necessary actions, to
transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interest, and cause Party A and/or the Designee(s) to become the registered owner(s)
of the Optioned Interests. For the purpose of this section and this Agreement, "security interest" shall include security, mortgages, third party's rights or interests, any stock options, acquisition
right, right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by this Agreement and Party B's Share
Pledge Agreement. "Party B's Share Pledge Agreement" as used in this section and this Agreement shall refer to the Share Pledge Agreement executed by and between Party A and Party B as of the date
hereof, whereby Party B pledges all of the equity interest in Party C to Party A, in order to guarantee Party C's performance of its obligations under the Exclusive Business Corporation Agreement
executed by and between Party C and Party A.

	1.5
	Payment of the Equity Interest Purchase Price

The
Parties have agreed in the Loan Agreement that any proceeds obtained by Party B through the transfer of its equity interests in Party C shall be used for repayment of the loan provided by Party A
in accordance with the Loan Agreement. Accordingly, upon exercise of the Equity Interest Purchase Option, Party A may elect to make payment of the Equity Interest Purchase Price through cancellation
of the outstanding amount of the loan owed by Party B to Party A, in which case Party A shall not be required to pay any additional Equity Interest Purchase Price to Party B. 

	2.
	Covenants regarding Equity Interest Purchase Option

	2.1
	Covenants regarding Party C

Party
B (as a shareholder of Party C) and Party C hereby covenant as follows: 

	2.1.1
	Without
the prior written consent of Party A, they shall not in any manner supplement, change or amend the articles of association and bylaws of Party C, increase or decrease its
registered capital, or change its structure of registered capital;

	2.1.2
	They
shall maintain Party C's corporate existence in accordance with good financial and business standards and practices by prudently and effectively operating its business and
handling its affairs;

	2.1.3
	Without
the prior written consent of Party A, they shall not at any time following the date hereof, sell, transfer, mortgage or dispose of in any manner any assets of Party C or 

2

 

legal
or beneficial interest in the business or revenues of Party C, or allow the encumbrance thereon of any security interest; 

	2.1.4
	Without
the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer the existence of any debt, except for (i) debts incurred in the ordinary
course of business other than through loans; and (ii) debts disclosed to Party A for which Party A's written consent has been obtained;

	2.1.5
	They
shall always operate all of Party C's businesses during the ordinary course of business to maintain the asset value of Party C and refrain from any action/omission that may
affect Party C's operating status and asset value;

	2.1.6
	Without
the prior written consent of Party A, they shall not cause Party C to execute any major contract, except contracts in the ordinary course of business (for purpose of this
subsection, a contract with a value exceeding RMB100,000 shall be deemed a major contract);

	2.1.7
	Without
the prior written consent of Party A, they shall not cause Party C to provide any person with any loan or credit;

	2.1.8
	They
shall provide Party A with information on Party C's business operations and financial condition at Party A's request;

	2.1.9
	If
requested by Party A, they shall procure and maintain insurance in respect of Party C's assets and business from an insurance carrier acceptable to Party A, at an amount and type
of coverage typical for companies that operate similar businesses;

	2.1.10
	Without
the prior written consent of Party A, they shall not cause or permit Party C to merge, consolidate with, acquire or invest in any person;

	2.1.11
	They
shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Party C's assets, business
or revenue;

	2.1.12
	To
maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate documents, take all necessary or appropriate actions and file all
necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

	2.1.13
	Without
the prior written consent of Party A, they shall ensure that Party C shall not in any manner distribute dividends to its shareholders, provided that upon Party A's written
request, Party C shall immediately distribute all distributable profits to the respective shareholders; and

	2.1.14
	At
the request of Party A, they shall appoint any persons designated by Party A as directors of Party C.

	2.2
	Covenants of Party B and Party C

Party
B hereby covenants as follows: 

	2.2.1
	Without
the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the equity interests
in Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party B's Share Pledge agreement;

	2.2.2
	Party
B shall cause the shareholders' meeting or the board of directors of Party C not to approve the sale, transfer, mortgage or disposition in any other manner any legal or 

3

 

beneficial
interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, without the prior written consent of Party A, except for the pledge
placed on these equity interests in accordance with Party B's Share Pledge Agreement; 

	2.2.3
	Party
B shall cause the shareholders' meeting or the board of directors of Party C not to approve the merger or consolidation with any person, or the acquisition of or investment in
any person, without the prior written consent of Party A;

	2.2.4
	Party
B shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to the equity interests in
Party C held by Party B;

	2.2.5
	Party
B shall cause the shareholders' meeting or the board of directors of Party C to vote their approval of the transfer of the Optioned Interests as set forth in this Agreement
and to take any and all other actions that may be requested by Party A;

	2.2.6
	To
the extent necessary to maintain Party B's ownership in Party C, Party B shall execute all necessary or appropriate documents, take all necessary or appropriate actions and file
all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

	2.2.7
	Party
B shall appoint any designee of Party A as director of Party C, at the request of Party A;

	2.2.8
	At
the request of Party A at any time, Party B shall promptly and unconditionally transfer its equity interests in Party C to Party A's Designee(s) in accordance with the Equity
Interest Purchase Option under this Agreement, and Party B hereby waives its right of first refusal (if any) to the share transfer by the other existing shareholder of Party C (if any); and

	2.2.9
	Party
B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among Party B, Party C and Party A, perform the
obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining rights with
respect to the equity interests subject to this Agreement hereunder or under the Share Pledge Agreement among the same parties hereto or under the Power of Attorney granted in favor of Party A, Party
B shall not exercise such rights except in accordance with the written instructions of Party A.

 

	3.
	Representations and Warranties

Party
B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests, that: 

	3.1
	They
have the authority to execute and deliver this Agreement and any share transfer contracts to which they are a party concerning the Optioned Interests to be transferred thereunder
(each, a "Transfer Contracts"), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer Contracts consistent with the terms
of this Agreement upon exercise of the option. This Agreement and the Transfer Contracts to which they are a party constitute or will constitute their legal, valid and binding obligations and shall be
enforceable against them in accordance with the provisions thereof;

	3.2
	The
execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement or any Transfer Contracts shall not: (i) cause any violation of
any 

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applicable
laws of China; (ii) be inconsistent with their articles of association, bylaws or other organizational documents of Party C; (iii) cause the violation of any contracts or
instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them;
(iv) cause any violation of any condition for the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of
or imposition of additional conditions to any licenses or permits issued to either of them; 

	3.3
	Party
B has a good and merchantable title to the equity interests in Party C he holds. Except for Party B's Share Pledge Agreement, Party B has not placed any security interest on
such equity interests;

	3.4
	Party
C has a good and merchantable title to all of its assets, and has not placed any security interest on the aforementioned assets;

	3.5
	Party
C does not have any outstanding debts, except for (i) debt incurred in the ordinary course of business; and (ii) debts disclosed to Party A for which Party A's
written consent has been obtained.

	3.6
	Party
C has complied with all laws and regulations of China applicable to asset acquisitions; and

	3.7
	There
are no pending or threatened litigation, arbitration or administrative proceedings relating to the equity interests in or assets of Party C.

 

	4.
	Effective Date

This
Agreement shall become effective upon the date hereof, and remain effective for a term of 10 years, and may be renewed for an additional 10 years at Party A's election. 

	5.
	Governing Laws and Resolution of Disputes

	5.1
	Governing laws

The
execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the formally published and publicly
available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed by international legal principles and practices. 

	5.2
	Methods of Resolution of Disputes

In
the event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the
Parties fail to reach an agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations, any Party may submit the
relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its then-effective arbitration rules. The arbitration shall be
conducted in Beijing, and the language used during arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties. 

	6.
	Taxes and Fees

Each
Party shall pay any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance with the laws of China in connection with the preparation and
execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts. 

5

 
	7.
	Notices

	7.1
	All
notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a
commercial courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall
be deemed to have been effectively given shall be determined as follows:

	7.1.1
	Notices
given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at the address
specified for notices.

	7.1.2
	Notices
given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of
transmission).

	7.2
	For
the purpose of notices, the addresses of the Parties are as follows:

	1.
	

  

	Party
	 A: Suite 704, 26 Information Road, Haidian District, Beijing 100083, P.R.China

Attn: Frank Hu

Phone: +86-10-62960888

Facsimile: +86-10-82898737

E-mail: fhu2002@sohu.com

	Party
	 B: 701, Building 18, Yimei Garden, Haidian District, Beijing

Attn: Mr. Zhengmao Hu

Phone: +86-10-82758574

Facsimile: +86-10-82758574

	Party
	 C: 2501, China World Tower 1, No. 1 Jianguomenwai Avenue, Beijing 100004, P. R. China

Attn: Frank Hu

Phone: +86-10-65059999

Facsimile: +86-10-65059468

E-mail: fhu@chospitals.com

	7.3
	Any
party may at any time change its address for notices by a notice delivered to the other party in accordance with the terms hereof.

 

	8.
	The Duty to Maintain Confidentiality

The
Parties acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information. Each Party shall maintain the confidentiality of all such
information, and without obtaining the written consent of other Parties, it shall not disclose any relevant information to any third parties, except in the following circumstances: (a) such
information is or will be in the public domain (provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as required by applicable laws or
rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor regarding the transaction contemplated hereunder,
and such legal counsel or financial advisor are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the staff members or agency
hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This section shall survive the termination
of this Agreement for any reason. 

6

 
	9.
	Further Warranties

The
Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that
are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 

	10.
	Miscellaneous

	10.1
	Amendment, change and supplement

Any
amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties. 

	10.2
	Entire contract

Except
for amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto
with respect to the subject matter hereof, and shall supercede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement. 

	10.3
	Headings

The
headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement. 

	10.4
	Language

This
Agreement is written in both Chinese and English language in three copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the
English version, the Chinese version shall prevail. 

	10.5
	Severability

In
the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality
or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the
intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 

	10.6
	Successors

This
Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such Parties. 

	10.8
	Survival

	10.8.1
	Any
obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or early
termination thereof.

	10.8.2
	The
provisions of Articles 5, 7, 8 and this Section 10.8 shall survive the termination of this Agreement.

	10.9
	Waivers

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Any
Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in
certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances. 

IN
WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to execute this Agreement as of the date first above written. 

Party A: China Hospitals, Inc.  

/s/
Frank Hu

By: Frank Hu

Name: Frank Hu

Title: Board Chairman 

Party B: Zhengmao Hu  

/s/
Zhengmao Hu

By: Zhengmao Hu

Party C: Beijing Dongjun Hospitals Investment and Management Co., Ltd.  

/s/
Frank Hu

By: Frank Hu

Name: Frank Hu

Title: Board Chairman 

8

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Exhibit 10.30    
    

Exclusive Option Agreement  

        This
Exclusive Option Agreement (this "Agreement") is executed by and among the parties below as of April 29, 2004 in Beijing: 

Party A: China Hospitals, Inc., a limited liability company organized and existing under the laws of Cayman Islands ("Cayman"), with its address
at Walker House, Mary Street, P.O. Box 908GT, George Town, Grand Cayman, Cayman Islands; 

Party B: Min Hu, a citizen of China, his/her identification card No.: 41071119640703102X, with address at: 701, Building 18, Yimei Garden,
Haidian, Beijing; and 

Party C: Beijing Dongjun Hospitals Investment and Management Co., Ltd., a limited liability company organized and existing under the laws of the
People's Republic of China ("China" or "PRC"), with its address at 2501, China World Tower 1, No. 1 Jianguomenwai Avenue, Beijing 100004, P. R. China. 

        In
this Agreement, each of Party A, Party B and Party C shall be referred to as a "Party," and they shall be collectively referred to as the "Parties". 

Whereas:

	1.
	Party
B holds 0.1% of the equity interest in Party C;

	2.
	Party
A and Party B executed a loan agreement on April 9, 2004 (the "Loan Agreement"); 

        Now
therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement: 

1.     Sale and Purchase of Equity Interest  

	1.1
	Option Granted

In
consideration of the payment of RMB10.00 by Party A, the receipt and adequacy of which is hereby acknowledged by Party B, Party B hereby irrevocably grants Party A an irrevocable right to purchase,
or designate one or more persons (each, a "Designee") to purchase, the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party A's sole and
absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein (such right being the "Equity Interest Purchase Option"). Except for Party A and the
Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of
the Equity Interest Purchase Option to Party A. The term "person" as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate
organizations. 

	1.2
	Steps for Exercise of Equity Interest Purchase Option

Subject
to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written notice to Party B (the "Equity Interest Purchase Option
Notice") and specifying: (a) Party A's decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased from Party B (the "Optioned
Interests"); and (c) the date for purchasing the Optioned Interests. 

	1.3
	Equity Interest Purchase Price

Unless
an appraisal is required by the laws of China applicable to the Equity Interest Purchase Option when exercised by Party A, the purchase price of the Optioned Interests (the 

 

"Equity
Interest Purchase Price") shall equal the actual capital contributions paid in the registered capital of Party C by Party B for the Optioned Interests. 

	1.4
	Transfer of Optioned Interests

For
each exercise of the Equity Interest Purchase Option: 

	1.4.1
	Party
B shall cause Party C to promptly convene a shareholders meeting, at which a resolution shall be adopted approving Party B's transfer of the Optioned Interests to Party A
and/or the Designee(s);

	1.4.2
	Party
B shall execute a share transfer contract with respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions of this
Agreement and the Equity Interest Purchase Option Notice regarding the Optioned Interests;

	1.4.3
	The
relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all necessary actions, to
transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interest, and cause Party A and/or the Designee(s) to become the registered owner(s)
of the Optioned Interests. For the purpose of this section and this Agreement, "security interest" shall include security, mortgages, third party's rights or interests, any stock options, acquisition
right, right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by this Agreement and Party B's Share
Pledge Agreement. "Party B's Share Pledge Agreement" as used in this section and this Agreement shall refer to the Share Pledge Agreement executed by and between Party A and Party B as of the date
hereof, whereby Party B pledges all of the equity interest in Party C to Party A, in order to guarantee Party C's performance of its obligations under the Exclusive Business Corporation Agreement
executed by and between Party C and Party A.

	1.5
	Payment of the Equity Interest Purchase Price

The
Parties have agreed in the Loan Agreement that any proceeds obtained by Party B through the transfer of its equity interests in Party C shall be used for repayment of the loan provided by Party A
in accordance with the Loan Agreement. Accordingly, upon exercise of the Equity Interest Purchase Option, Party A may elect to make payment of the Equity Interest Purchase Price through cancellation
of the outstanding amount of the loan owed by Party B to Party A, in which case Party A shall not be required to pay any additional Equity Interest Purchase Price to Party B. 

2.     Covenants regarding Equity Interest Purchase Option  

	2.1
	Covenants regarding Party C

Party
B (as a shareholder of Party C) and Party C hereby covenant as follows: 

	2.1.1
	Without
the prior written consent of Party A, they shall not in any manner supplement, change or amend the articles of association and bylaws of Party C, increase or decrease its
registered capital, or change its structure of registered capital;

	2.1.2
	They
shall maintain Party C's corporate existence in accordance with good financial and business standards and practices by prudently and effectively operating its business and
handling its affairs;

	2.1.3
	Without
the prior written consent of Party A, they shall not at any time following the date hereof, sell, transfer, mortgage or dispose of in any manner any assets of Party C or 

2

 

legal
or beneficial interest in the business or revenues of Party C, or allow the encumbrance thereon of any security interest; 

	2.1.4
	Without
the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer the existence of any debt, except for (i) debts incurred in the ordinary
course of business other than through loans; and (ii) debts disclosed to Party A for which Party A's written consent has been obtained;

	2.1.5
	They
shall always operate all of Party C's businesses during the ordinary course of business to maintain the asset value of Party C and refrain from any action/omission that may
affect Party C's operating status and asset value;

	2.1.6
	Without
the prior written consent of Party A, they shall not cause Party C to execute any major contract, except contracts in the ordinary course of business (for purpose of this
subsection, a contract with a value exceeding RMB100,000 shall be deemed a major contract);

	2.1.7
	Without
the prior written consent of Party A, they shall not cause Party C to provide any person with any loan or credit;

	2.1.8
	They
shall provide Party A with information on Party C's business operations and financial condition at Party A's request;

	2.1.9
	If
requested by Party A, they shall procure and maintain insurance in respect of Party C's assets and business from an insurance carrier acceptable to Party A, at an amount and type
of coverage typical for companies that operate similar businesses;

	2.1.10
	Without
the prior written consent of Party A, they shall not cause or permit Party C to merge, consolidate with, acquire or invest in any person;

	2.1.11
	They
shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Party C's assets, business
or revenue;

	2.1.12
	To
maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate documents, take all necessary or appropriate actions and file all
necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

	2.1.13
	Without
the prior written consent of Party A, they shall ensure that Party C shall not in any manner distribute dividends to its shareholders, provided that upon Party A's written
request, Party C shall immediately distribute all distributable profits to the respective shareholders; and

	2.1.14
	At
the request of Party A, they shall appoint any persons designated by Party A as directors of Party C.

	2.2
	Covenants of Party B and Party C

Party
B hereby covenants as follows: 

	2.2.1
	Without
the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the equity interests
in Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party B's Share Pledge agreement;

	2.2.2
	Party
B shall cause the shareholders' meeting or the board of directors of Party C not to approve the sale, transfer, mortgage or disposition in any other manner any legal or 

3

 

beneficial
interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, without the prior written consent of Party A, except for the pledge
placed on these equity interests in accordance with Party B's Share Pledge Agreement; 

	2.2.3
	Party
B shall cause the shareholders' meeting or the board of directors of Party C not to approve the merger or consolidation with any person, or the acquisition of or
investment in any person, without the prior written consent of Party A;

	2.2.4
	Party
B shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to the equity interests in
Party C held by Party B;

	2.2.5
	Party
B shall cause the shareholders' meeting or the board of directors of Party C to vote their approval of the transfer of the Optioned Interests as set forth in this Agreement
and to take any and all other actions that may be requested by Party A;

	2.2.6
	To
the extent necessary to maintain Party B's ownership in Party C, Party B shall execute all necessary or appropriate documents, take all necessary or appropriate actions and file
all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

	2.2.7
	Party
B shall appoint any designee of Party A as director of Party C, at the request of Party A;

	2.2.8
	At
the request of Party A at any time, Party B shall promptly and unconditionally transfer its equity interests in Party C to Party A's Designee(s) in accordance with the Equity
Interest Purchase Option under this Agreement, and Party B hereby waives its right of first refusal (if any) to the share transfer by the other existing shareholder of Party C (if any); and

	2.2.9
	Party
B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among Party B, Party C and Party A, perform the
obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining rights with
respect to the equity interests subject to this Agreement hereunder or under the Share Pledge Agreement among the same parties hereto or under the Power of Attorney granted in favor of Party A, Party
B shall not exercise such rights except in accordance with the written instructions of Party A. 

3.     Representations and Warranties  

Party
B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests, that: 

	3.1
	They
have the authority to execute and deliver this Agreement and any share transfer contracts to which they are a party concerning the Optioned Interests to be transferred thereunder
(each, a "Transfer Contracts"), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer Contracts consistent with the terms
of this Agreement upon exercise of the option. This Agreement and the Transfer Contracts to which they are a party constitute or will constitute their legal, valid and binding obligations and shall be
enforceable against them in accordance with the provisions thereof; 

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	3.2
	The
execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement or any Transfer Contracts shall not: (i) cause any violation of
any applicable laws of China; (ii) be inconsistent with their articles of association, bylaws or other organizational documents of Party C; (iii) cause the violation of any contracts or
instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them;
(iv) cause any violation of any condition for the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of
or imposition of additional conditions to any licenses or permits issued to either of them;

	3.3
	Party
B has a good and merchantable title to the equity interests in Party C he holds. Except for Party B's Share Pledge Agreement, Party B has not placed any security interest on
such equity interests;

	3.4
	Party
C has a good and merchantable title to all of its assets, and has not placed any security interest on the aforementioned assets;

	3.5
	Party
C does not have any outstanding debts, except for (i) debt incurred in the ordinary course of business; and (ii) debts disclosed to Party A for which Party A's
written consent has been obtained.

	3.6
	Party
C has complied with all laws and regulations of China applicable to asset acquisitions; and

	3.7
	There
are no pending or threatened litigation, arbitration or administrative proceedings relating to the equity interests in or assets of Party C. 

4.     Effective Date  

This
Agreement shall become effective upon the date hereof, and remain effective for a term of 10 years, and may be renewed for an additional 10 years at Party A's election. 

5.     Governing Laws and Resolution of Disputes  

	5.1
	Governing laws

The
execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the formally published and publicly
available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed by international legal principles and practices. 

	5.2
	Methods of Resolution of Disputes

        In
the event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the
event the Parties fail to reach an agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations, any Party may
submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its then-effective arbitration rules. The arbitration
shall be conducted in Beijing, and the language used during arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties. 

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6.     Taxes and Fees  

        Each
Party shall pay any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance with the laws of China in connection with the
preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts. 

7.     Notices  

	7.1
	All
notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a
commercial courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall
be deemed to have been effectively given shall be determined as follows:

	7.1.1
	Notices
given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at the address
specified for notices.

	7.1.2
	Notices
given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of
transmission).

	7.2
	For
the purpose of notices, the addresses of the Parties are as follows: 

Party A: Suite 704, 26 Information Road, Haidian District, Beijing 100083, P.R.China 

Attn:
Frank Hu

Phone: +86-10-62960888

Facsimile: +86-10-82898737

E-mail: fhu2002@sohu.com 

Party B: 701, Building 18, Yimei Garden, Haidian District, Beijing 

Attn:
Min Hu

Phone: +86-10-82758574

Facsimile: +86-10-82758574 

        Party C: 2501, China World Tower 1, No. 1 Jianguomenwai Avenue, Beijing 100004, P. R. China 

Attn:
Frank Hu

Phone: +86-10-65059999

Facsimile: +86-10-65059468

E-mail: fhu@chospitals.com 

	7.3
	Any
party may at any time change its address for notices by a notice delivered to the other party in accordance with the terms hereof. 

8.     The Duty to Maintain Confidentiality  

The
Parties acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information. Each Party shall maintain the confidentiality of all such
information, and without obtaining the written consent of other Parties, it shall not disclose any relevant information to any third parties, except in the following circumstances: (a) such
information is or will be in the public domain (provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as 

6

 

required
by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor regarding the
transaction contemplated hereunder, and such legal counsel or financial advisor are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential
information by the staff members or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement.
This section shall survive the termination of this Agreement for any reason. 

9.     Further Warranties  

The
Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that
are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 

10.   Miscellaneous  

	10.1
	Amendment, change and supplement

Any
amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties. 

	10.2
	Entire contract

Except
for amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto
with respect to the subject matter hereof, and shall supercede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement. 

	10.3
	Headings

The
headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement. 

	10.4
	Language

This
Agreement is written in both Chinese and English language in three copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the
English version, the Chinese version shall prevail. 

	10.5
	Severability

In
the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality
or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall
be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 

	10.6
	Successors

This
Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such Parties. 

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	10.8
	Survival

	10.8.1
	Any
obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or early
termination thereof.

	10.8.2
	The
provisions of Articles 5, 7, 8 and this Section 10.8 shall survive the termination of this Agreement.

	10.9
	Waivers

Any
Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in
certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances. 

        IN
WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to execute this Agreement as of the date first above written. 

Party A: China Hospitals, Inc.  

By:
Frank Hu

Name: Frank Hu

Title: Board Chairman 

Party B: Min Hu  

By:
Min Hu 

Party C: Beijing Dongjun Hospitals Investment and Management Co., Ltd.  

By:
Frank Hu

Name: Frank Hu

Title: Board Chairman 

8

QuickLinks

Exhibit 10.30

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