Document:

<PAGE>

                                                               Exhibit 10(b)(I)

             LOAN CONTRACT OF RMB OF THE CONSTRUCTION BANK OF CHINA

Type of loan:
Code of the contract:

Borrower: Shenyang Haitong House Properties Development Co.,Ltd
Address:386,Qingnian street, Heping District
Tel: 23180318
Legal representative: Lee Shouzheng
Banking institution and the account number: 449-239003038
Fax: 23180944
Post Code: 110003

Lender: The Construction Bank of China, The Construction Subbranch
Address: 109, Minzhu Road
Tel: 23847490
Legal representative:
Fax:
Post Code:

BORROWER (HEREINAFTER IS REFERRED TO AS PARTY A): Shenyang Haitong House
Properties Development Co.Ltd.

LENDER (HEREAFTER IS REFERRED TO AS PARTY B): The Construction Bank of China,
The Construction Subbranch

Party A applies a loan to Party B, while Party B examines and agrees to grant
the loan according to ______ .. In accordance with relevant laws and
regulations, the contract hereunder is concluded the two parties to define
rights and obligations of each party upon negotiated consultation.

ARTICLE 1:Amount of loan.

         Party A borrows from Party B RMB(in words): forty million and eight
hundred thousand yuan.

ARTICLE 2:Purpose of loan
Party A will use the loan to purchase architectural decorating materials.

ARTICLE 3: Life of loan
The life of loan from December 30th 1999 to December 29th , 2000.

ARTICLE 4: Interest rate and interest of loan
The interest of loan shall be calculated monthly at 5.85/oo, and be settled
monthly .

                                       1

<PAGE>

         The interest of loan shall be calculated since the date when the loan
is deposited at the account of Party A. During the period of vitality of the
contract, the interest adjustment shall be conducted according to stipulations
of the People's Bank.

ARTICLE 5: Plan of utilizing the loan
The plan of repaying the loan of Party A
  __Year _month_ten thousand yuan__Year_month_ten thousand yuan
  __Year _month_ten thousand yuan__Year_month_ten thousand yuan
  __Year _month_ten thousand yuan__Year_month_ten thousand yuan

ARTICLE 6:Plan of repaying the loan
The plan of repaying the loan of Party A
  __Year _month_ten thousand yuan__Year_month_ten thousand yuan
  __Year _month_ten thousand yuan__Year_month_ten thousand yuan
  __Year _month_ten thousand yuan__Year_month_ten thousand yuan

         In case Party A repays the loan ahead of time, it shall inform Party B
10 workdays in advance for approval.

ARTICLE 7:Mode of paying interests
Party A ensures that it shall pay the interests on schedule : ________________

In case Party A does not pay the interests on time, Party B has the right to
withhold the amount from the account of Party A or suspend offering the loan.

ARTICLE 8:Mode of withholding payment

Party A ensures that it shall repay the loan s the stipulated in Article 6,
otherwise

Party B has the right, directly or to entrust other party, to withhold the
capital and interest of the loan and relating expenses from the account of Party
A.

ARTICLE 9:Amendment and termination of the contract

1. After the contract is put into force, neither party shall amend or terminate
the contract arbitrarily.

2. In case Party A is not able to repay the loan through efforts when the loan
   becomes due, Party A may apply for a extension of repaying to Party B, one
   loan may only be extended once. Party A shall make a written application to
   Party B __ workdays in advance, and submit a written letter of guarantee with
   a third Party A's guarantor or mortgager who agrees to the extension. Upon
   the approval of Party B an extension agreement of repaying shall be signed as
   an appendix to the contract.

3. Shall Party A transfer the rights or obligations under the contract to a
   third party, a written consent shall be obtained from Party B in advance. The
   transferring becomes effective after the signing of a new loan contract
   between the transferee and Party B.

4. Shall change of systems such as of mergence, separation, contracting and
   transform of stock system etc. Occurs in either Party A or B, the rights or
   obligations under the contract shall be enjoyed or borne by the party
   concerned after the change.

                                       2

<PAGE>

ARTICLE 10:Guarante of loan

To the capital and interest and expenses of loan under the contract, the unit
of __ will act as the guarantor of Party A or (and )the property offered by
Shenyang Haitong House Properties Development co.,Ltd. As the mortgage.A
separate contract of guarantee or (and) mortgage shall be signed as the
subordinated contract.

ARTICLE 11:Within the vitality of the contract, shall change of operation
mode occurs in Party A such as contracting, lease, mergence, joint-venture,
separation, transformation of stock system, Party A shall inform Party B __
days in advance. Upon the written approval of contract of system
transformation from Party B, Party A may carry out the action of change.

ARTICLE 12:Principal rights and obligations of Party A and Party B

1.   Party A is entitled to demand Party B to grant loan as stipulated by the
     contract;
2.   Party A shall repay the capital and interest of the loan within the period
     stipulated by the contract;
3.   Party A shall use the loan as stipulated and shall not transfer it for
     other purpose without the written approval of Party B.
4.   Party A shall provide relevant schedule, statistics, financial statement,
     etc. Demanded by Party B;
5.   Party B is entitled to check the application of the loan;
6.   Party B is entitled to supervise capitals and operating conditions of Party
     A;
7.   Party B shall grant the loan on schedule stipulated by the contract.

ARTICLE 13:Liabilities for breach of the contract

1.   In case Party A does not utilize the loan s agreed upon, Party B has the
     right to charge interest by a daily rate of __ to the sum during the period
     of breach.

2.   The party of the loan Party A does not repay on time is regarded as overdue
     loan , Party B has the right to charge interest by a daily rate of __
     during the overdue period. In case Party A is able to repay the loan but
     transfers the capital on purpose to avoid repaying, Party B has the right
     to impose joint loan sanctions, and charge interest by a daily rate of __
     to the sum during the overdue period

3.   In case Party A arbitrarily change the system of the enterprise violating
     stipulations of ARTICLE 11 under the contract which results in the falling
     through of the obligatory right of the loan and loss of capital, Party B
     has the right to withhold part or all of the loan, and charge a fine of __
     of the sum borrowed.

4.   In case Party A violates stipulations of ARTICLE 15 under the contract,
     Party B has the right to charge a fine of __ of the sum borrowed.

5.   Within the period of validity, in any one case of the following, Party B
     has the right to stop granting the loan, withhold the capital and interest
     of the loan or deal with the mortgage in advance, and to directly deduct
     from the account of Party A:

5.1  Party A does not use the loan to purpose stipulated, and will not correct
     by limited warning of Part B;

5.2  Party A submits Party B false plan, statistics and financial statement,
     etc;

5.3  In case of a loan contract with a guarantee or (and ) mortgage from a third
     party , when the guarantor violates the contract or loses the capacity of
     bearing joint liability, mortgager violates mortgage agreement or the
     mortgage does not

                                       3

<PAGE>

     compensate for the capital and interest of the loan, Party a can not
     provide new guarantee or (and) mortgage demanded by Party B

5.4  Party A is or well be involved in major legal action or arbitration and
     other legal disputes;

5.5  Other actions caused by Party A which impair its paying capacity or want of
     paying intent.

ARTICLE 14:Settlement of disputes

The disputes aroused in the execution of the contract may be resolved through
negotiations between the two parties, or a suit may be started in the local
iople's court where loan bank 9of Party B) resides.

ARTICLE 15: Other issues mutually agreed upon by the two parties:

1.   Before Party A pays off the capital and interest of loan, it shall not use
     the fixed assets coming from the loan of Party B to mortgage to a third
     party
2.   Before Party a pays off the capital and interest of loan, it shall not
     provide a credit guarantee which exceeds it capacity;
3.
4.

ARTICLE 16:Any outstanding issue shall be settled according to Chinese laws,
regulations and financial rules.

ARTICLE 17:The contract shall come into force upon signing of the legal
representatives or their authorized agents with seal of the companies, till the
completion of paying off of the capital and interest of loan under the contract.

ARTICLE 18:There are __ original copies of the contract, Party A and Party B
hold one each, the guarantor (if any) holds one. There are __ duplicates.

THE PARTY A:
Shenyang Haitong House Properties Development Co.,Ltd(Seal)
Legal representative(or authorizaiton agent):Lee Shouzheng (Signature)

THE PARTY B:
Construction Bank of China Construction Subbranch.(Seal)
Legal representative(or authorizaiton agent):Wang Zhicheng (Signature)

                                       4<PAGE>

                                                               Exhibit 10(b)(ii)

MSCM No.01
Code:___

Loan Contract

LENDER: Merchants Bank Shenyang Branch

BORROWER: Shenyang Haitong House Properties Development Co., Ltd.

                                       1

LENDER (HEREINAFTER IS REFERRED TO AS PARTY A): Merchants Bank Shenyang Branch
LEGAL REPRESENTATIVE: Sun Peipan
POST: President of The Bank
ADDRESS: 82, 11 Wei Road, Heping District
TEL: 22853476

BORROWER (HEREINAFTER IS REFERRED TO AS PARTY B): Shenyang Haitong House
Properties Development Co., Ltd.
LEGAL REPRESENTATIVE: Lee Shouzheng
POST: Chairman of Board
ADDRESS: 386, Qingnian Street, Heping District
TEL: 23180318

Party B applies a loan of circulating capital to Party A because of short of
capitals.

Party A examines and agrees to grant the loan. In accordance with relevant laws
and regulations, the contract hereunder is concluded by the two parties upon
negotiated consultation.

ARTICLE 1 Type of loan:
This is the loan on mortgage.

ARTICLE 2 Currency and amount of loan: The loan is in Rmb of 25.8 million yuan.

ARTICLE 3 Purpose of loan:
         The loan will be used to purchase architectural decorating materials.
Without the written approval of Party A, Party B shall not use the loan for
other purpose.

ARTICLE 4 Life loan:

The life of loan is for 12 months from November. 15th 1999 to November.. 15th
2000.

ARTICLE 5 Interest rate and interest of loan:

1.   INTEREST RATE: the interest of loan shall be calculated monthly at
     5.3625/oo. During the period of vitality of the contract, the interest
     adjustment shall be conducted as stipulated by the People's Bank.

2.   INTEREST CALCULATING: The interest of loan shall be calculated since the
     date when the loan is deposited to the account of Party B and by the actual
     amount of loan and days of use, once quarterly, on the 20th day of the
     third month of each quarter.

3.   INTEREST PAYING: Party B shall pay the interest on the very interest-paying
     day, Party A may directly collect from the account of Party B; in case
     Party B does not pay the interest on time, Party A has the right to charge
     extra interest on the interest of loan not paid off.

ARTICLE 6 Repayint the loan:

1.   Party B shall repay the capital and interest of the loan within the period
     stipulated by the contract;

2.   Party B may repay the loan ahead of time through negotiation with Party B
     and obtain its approval.

ARTICLE 7 Clauses of guarantee:

1.   To the capital and interest and expenses of loan under the contract, the
     unit of ___________ appointed by Party B will act as the guarantor, which
     shall provide Party A with irrevocable letter of guarantee. Or ___________

2.   Shenyang Haitong House Properties Development Ltd. shall provide mortgage
     with its self-owned

                                       2

<PAGE>

     house (Huayang International Mantion) to the loan under the contract. A
     separate contract of mortgage shall be signed. Or _____

3.   Shall provide mortgage with ______ property to the loan under the contract.
     A separate contract of mortgage shall be signed.

ARTICLE 8 Rights of Party B:

1.   To draw and use all the loan;

2.   To refuse any additional condition;

3.   To be entitled to transfer obligations to a third party with consent from
     Party A.

ARTICLE 9 Obligations of Party B:

1.   To provide accurate documents demanded by Party A and conditions including
     opening bank, account number and balance of loan deposit, and cooperates
     with Party A in the investigation, examination and inspection;

2.   To accept the supervision of Party A in the application of loan capitals,
     production operation and financial activities;

3.   To spend the loan to purpose stipulated by the contract;

4.   To fully repay the capital and interest of the loan within the period
     stipulated by the contract;

5.   Shall Party B transfer the rights or obligations under the contract to a
     third party, a written consent shall be obtained from Party A in advance.

6.   Shall change of system occurs in Party B such as contracting, lease,
     mergence, joint-venture, separation, joint operation, capital reformation,
     paid transfer of property, transformation of stock system, etc. Party B
     shall inform Party A in advance and prepare the measures to guarantee the
     paying of capital an interest of loan and all other expenses.

ARTICLE 10 Rights of Party A:

Party A is entitled:

1.   To demand Party B to fully repay the capital and interest of the loan
     within the period stipulated by the contract;

2.   To demand Party B to provide materials relating to loan;

3.   To understand the production operations and financial activities of Party
     B;

4.   To supervise party B to spend the loan to purpose stipulated by the
     contract;

5.   To collect the capital and interest of the loan directly from the account
     of Party B;

6.   In case Party B does not fulfill the obligations under the contract, Party
     A has the right to demand, as stipulated in the contract, an advance
     payment of loan or stop granting the loan not used by Party B.

7.   Shall change of system occurs in Party B such as contracting, lease,
     mergence, joint-venture, separation, joint operation, capital reformation,
     paid transfer of property, transformation of stock system, etc. Party A is
     entitled to demand Party B to pay off capital and interest of loan and all
     other expenses under the contract; or all the obligations under the
     contract be put to the transferee approved by Party A; or execute the
     guarantee approved by Party A.

ARTICLE 11 Obligations of Party A:

1.   To grant the loan on schedule stipulated by the contract.

2.   To keep obligations, finance, Production and operation of Party B secret
     unless otherwise stipulated by law.

ARTICLE 12 Party B shall specially guarantee the following:

1.   Party B is established according to Chinese laws and operated legally with
     legal personality, and has complete civil capacity to sign and execute the
     contract.

                                       3

<PAGE>

2.   The signing and executing of the contract has been fully authorized by the
     board of directors or any other competent authorization.

3.   The documents, Materials and vouchers etc. on Party B, guarantors, mortgage
     are authentic, accurate, complete and effective, without major errors nor
     neglecting important facts.

4.   Party B shall respect the policy of "combined deposit, loan and settlement"
     of party A: it ensures to deposit the intermittent capitals in the process
     of production and operation to Party A, and entrust Party A to carry out
     the settlement of Rmb and foreign currencies, to deepen the foundation of
     cooperation of the two parties.

ARTICLE 13 Extension of loan:

         In case Party B is not able to repay the loan due to special conditions
of production and capital operations when the loan becomes due, Party B may
apply for a extension of repaying to Party A. Party B shall make a written
application to Party A one month in advance; upon the approval of Party A, the
two parties shall sign separately an "extension agreement of the loan contract",
the contract is still good when Party A does not approve the extension; the loan
already used by Party B and the interests payable shall be paid off by Party B
as stipulated by the contract.

ARTICLE 14 Expenses:

The expenses occurred from credit investigation, inspection and notarization
etc, capital and interest of loan and all other expenses under the contract not
timely paid by Party B, Counsel fees, legal costs and travelling expenses of
Party A in order to realize the obligatory right shall all be borne by Party B,
who shall authorize Party A to collect directly from its account; for the
insufficient part, Party B ensures to pay off upon receipt of notice from Party
A, without Party A providing any certificates.

ARTICLE 15 Liabilities for breach of the contract:

1.   In case Party B violates the stipulations of clause 1 and 2 of Article 9,
     Party A has the right to demand a quick correction; to cases of serious
     nature or Party B's not correcting exceeding the time limit, Party A has
     the right to stop granting the remained loan till recovering part of all of
     the loan.

2.   In case Party B violates the stipulations of clause 3 of Article 9, Party A
     has the right to charge an interest by daily rate of 0.5/oo to the part of
     all of the loan occupied by Party B according to regulations of the
     People's Bank; to cases of serious nature, Party A has the right to stop
     granting the loan remained till recovering part or all of the loan.

3.   In case Party B violates the stipulations of clause 4 of Article 9, Party A
     has the right to charge an interest by daily rate of 0.21/ooto the loan
     overdue according to regulations of the People's Bank;

4.   In case Party B violates the stipulations of clause 5 and 6 of Article 9
     and the obligatory rights under the contract fall through, Party A has the
     right to stop granting the loan remained till recovering part or all of the
     loan; to the credit capital loss of Party A due to fault of Party B, Party
     A has the right to investigate and affix to part or all the responsibility
     of compensation to Party B.

ARTICLE 16 Amendment and termination of the contract:

         The contract may be amended and terminated upon written agreement
through negotiations or the two parties; the contract is still good before the
conclusion of the written agreement; neither party shall amend or terminate the
contract arbitrarily.

ARTICLE 17 Others

1.   During execution of the contract, any tolerance of extension of Party A to
     Party B's infringement or action of delay, can not damage, impair of limit
     the rights and interests of Party A as the loaner; can

                                       4

<PAGE>

     not be regarded as the approval to any sabotage of the contract; Party A
     can not be considered to give up the right of action to present or future
     infringement of Party B.

2.   Party B shall still fulfill the responsibility of repaying even when the
     contract or part of the clauses become invalid. In that case, Party A has
     the right to terminate the contract, and demand repayment of the capital
     and interest of loan and all other expenses under the contract.

3.   Any notice and demand etc. Relating to the contract between Party A and
     Party B shall be in written form; any telex and telegram of Party A to
     Party B once sent, letters delivered to the post office, are considered to
     have been received by Party B.

4.   The receipt for the loan and written supplemental agreements on the
     outstanding issues through negotiation are regarded as appendix to the
     contract which form indivisible parts of the contract.

ARTICLE 18 Applicable laws and settlement of disputes:

1.   The conclusion and termination of the contract and settlement of disputes
     are subject to laws and regulations of PR china, rights and interests of
     the two parties are subject to protection by laws of PR china.

2.   The disputes aroused in the execution of the contract may be resolved
     through negotiations between the two parties if the negotiation fails to
     resolve, any party may:

1. start a suit in ______ ;

2. apply for arbitration to ______

3.   After the notarization of compulsory execution of the contract, Party A may
     apply to a competent people's court for compulsory execution in order to
     demand the obligations overdue of Party B.

ARTICLE 19 Other supplementary terms:

ARTICLE 20 Supplementary rules

1.   The contract shall come into force upon signing by the competent signers
     with seal of the companies, till the completion of paying off of the
     capital and interest of loan under the contract.

2.   The subordinated contracts and the contract are equally authentic.

3.   There are ______ original copies of the contract which are equally
     authentic; Party A, Party B, the ___ and the ___ hold one each.

Party A:
Merchants Bank Shenyang Branch (Seal)
Competent Signer: Sun Peipan (Signature)

Party B:
Shenyang Haitong House Properties Development Co., Ltd. (Seal)
Competent Signer: Lee Shouzheng (Signature)

November 8th, 1999

                                       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]