Document:

EMPLOYMENT
      AGREEMENT

    

    This
      employment agreement
      (this
      "Agreement") dated as of December1, 2008 (the
      "Effective Date"), is made by and between China Advanced Construction Materials
      Group, Inc., a Delaware corporation (the "Company") and Chin Hsiao (the
“Executive”) (collectively, the “Parties”).

    

    WHEREAS,
      the Company is a publicly traded company whose shares are quoted on the OTC
      Bulletin Board;

    

    WHEREAS,
      the Executive will have the duties and responsibilities as described in Section
      1 of the Agreement during the period when the Executive is the Chief Financial
      Officer of the Company; and

    

    WHEREAS,
      the Parties wish to establish the terms of the Executive’s employment with the
      Company;

    

    NOW,
      THEREFORE, in consideration of the foregoing, of the mutual promises contained
      herein and of other good and valuable consideration, the receipt and sufficiency
      of which are hereby acknowledged, the Parties, intending to be legally bound,
      hereby agree as follows:

    

    1. POSITION/DUTIES.

    

    (a) During
      the Employment Term, the Executive shall serve as the Chief Financial Officer
      of
      the Company. In this capacity the Executive shall be responsible to lead and
      manage all of the operations of the Company that are related to finance and
      capital market, including, but is not limited to, providing expertise in making
      financial plan and strategy, and working with the Company’s U.S. legal counsel
      and auditors to implement, monitor and oversee the Company’s compliance with the
      requirements of the Sarbanes-Oxley Act, Securities Act of the 1933, Exchange
      Act
      of the 1934, and the listing rules of the OTC Bulletin Board and to advise
      the
      Board of the Directors with respect to the Company’s internal controls and
      procedures, including disclosure controls and procedures. 

    

    (b) 
      During
      the Employment Term, the Executive shall report directly to the Chief Executive
      Officer and the Board of Directors of the Company. The Executive shall obey
      the
      lawful directions of the Chief Executive Officer and the Board of Directors
      to
      whom the Executive reports and shall use his diligent efforts to promote the
      interests of the Company and to maintain and promote the reputation thereof.
      

    

    (c) During
      the Employment Term (as defined in Section 2 below), the Executive shall
      initially be based in the United States and shall be expected to travel
      extensively between and within China and the United States. In the event that
      the Executive is required by the Company to be relocated to China at any time
      during the Employment Term, the Company shall provide the Executive with
      necessary allowance and full coverage of all the costs in connection with the
      relocation. 

     

    
      
         

      

      
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    (d) During
      the Employment Term, the Executive shall lead and coordinate the Company’s
      investor relations activities which shall include, but is not limited to,
      communications with investors, analysts and media, and the Company’s public
      disclosure, and shall implement and monitor the corporate governance of the
      Company in compliance with the applicable laws and regulations. The Executive
      shall work in conjunction with other members of the executive management team
      to
      support the Company’s business growth. 

    

    (e) During
      the Employment Term, in the event that the Company engages in any capital
      markets activities, the Executive shall take a leading role in such transactions
      by overseeing underwriters, counsels and auditors, and preparing and/or
      reviewing requisite documentations in connection with such transactions.

    

    (f) During
      the Employment Term, the Executive shall use his best efforts to perform his
      duties under this Agreement and shall devote all of his business time, energy
      and skill in the performance of his duties with the Company. The Executive
      shall
      not during the Employment Term (except as a representative of the Company or
      with consent in writing of the Board) be directly or indirectly engaged or
      concerned in any other business activity. 

    

    2. EMPLOYMENT
      TERM.
      Except
      for earlier termination as provided in Section 6, the Executive's employment
      under this Agreement shall be for three (3) years starting on the Effective
      Date
      and ending on December 1, 2011 (the "Initial Term"). Subject to Section 5,
      at
      the end of the Initial Term this Agreement may be extended for additional terms
      by mutual agreement of the parties (“Additional Term”). The amount of
      compensation payable to the Executive during any extension of the Initial Term
      shall be discussed and agreed upon by both parties 30 days before the Agreement
      termination date. The Initial Term and any Additional Term shall be referred
      to
      herein as the "Employment Term."

     

    3. COMPENSATION.
      

    

    (a) Base
      Salary.
      In
      consideration of the services to be rendered hereunder, the Company hereby
      agrees to pay the Executive an annual base salary of $120,000 payable in equal
      semimonthly installments in accordance with the usual practice of the Company
      (the “Base Salary”). The Executive will be responsible for his own income tax
      payable to relevant federal and state authorities in the United States. The
      Executive's Base Salary shall be subject to annual review by the Board (or
      a
      committee thereof). 

    

    (b)  Stock
      Options. Subject
      to the terms and conditions provided in this Agreement and the Stock Option
      Agreement between the Company and the Executive, the Company agrees to grant
      the
      Executive stock options to purchase a maximum of 200,000 shares of the common
      stock of the Company from the option bonus pool. The option bonus pool consists
      of four equal tranches of 50,000 options, with the first tranche of 50,000
      options carrying an exercise price of $3.00, the second tranche of 50,000
      options carrying an exercise price of $3.50, the third tranche of 50,000 options
      carrying an exercise price of $4.00, and the fourth tranche of 50,000 options
      carrying an exercise price of $4.50. A quarter (25%) of each tranche of options
      will vest at the end of each twelve month period of the Employment Term of
      the
      Executive. 

     

    
      
         

      

      
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    4. EMPLOYEE
      BENEFITS.

    

    (a) Benefit
      Plans.
      The
      Executive shall be eligible to participate in any employee benefit plan of
      the
      Company, including, but not limited to, equity, pension, thrift, profit sharing,
      medical coverage, education, or other retirement or welfare benefits that the
      Company has adopted or may adopt, maintain or contribute to the benefit of
      its
      senior executives, at a level commensurate with his positions, subject to
      satisfying the applicable eligibility requirements. The Company may at any
      time
      or from time to time amend, modify, suspend or terminate any employee benefit
      plan, program or arrangement for any reason in its sole discretion.

    

    (b) Vacation.
      The
      Executive shall be entitled to an annual paid vacation in accordance with the
      Company's policy applicable to senior executives from time to time in effect,
      but in no event less than two weeks per calendar year (as prorated for partial
      years), which vacation may be taken at such times as the Executive elects with
      due regard to the needs of the Company. The carry-over of vacation days shall
      be
      in accordance with the Company's policy applicable to senior executives from
      time to time in effect.

    

    (c) Business
      and Entertainment Expenses.
      Upon
      presentation of appropriate documentation, the Executive shall be reimbursed
      for
      all reasonable and necessary business and entertainment expenses incurred in
      connection with the performance of his duties hereunder, all in accordance
      with
      the Company's expense reimbursement policy applicable to senior executives
      from
      time to time in effect.

    

    (d) Insurance.
      The
      Executive and each individual family member of the Executive shall be entitled
      to heath and insurance plan providing international standard coverage as
      determined by the Company after consultation with the Executive. 

    

    5. TERMINATION.
      The
      Executive's employment and the Employment Term shall terminate on the first
      of
      the following to occur:

    

    (a) Disability.
      The
      thirtieth (30th)
      day
      following a written notice of termination by the Company to the Executive due
      to
      Disability. For purposes of this Agreement, "Disability" shall mean a
      determination by the Company in accordance with applicable law that due to
      a
      physical or mental injury, infirmity or incapacity, the Executive is unable
      to
      perform the essential functions of his job with or without accommodation for
      180
      days (whether or not consecutive) during any 12-month period.

    

    (b) Death.
      Automatically on the date of death of the Executive.

     

    
      
         

      

      
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    (c) Cause.
      Immediately upon written notice of termination by the Company to the Executive
      for Cause. "Cause" shall mean, as determined by the Board (or its designee)
      (1)
      conduct by the Executive in connection with his employment duties or
      responsibilities that is fraudulent, unlawful or grossly negligent; (2) the
      willful misconduct of the Executive; (3) the willful and continued failure
      of
      the Executive to perform the Executive's duties with the Company (other than
      any
      such failure resulting from incapacity due to physical or mental illness);
      (4)
      the commission by the Executive of any felony (or the equivalent under the
      law
      of the People's Republic of China) (other than traffic-related offenses) or
      any
      crime involving moral turpitude; (5) violation of any material policy of the
      Company or any material provision of the Company's code of conduct, employee
      handbook or similar documents; or (6) any material breach by the Executive
      of
      any provision of this Agreement or any other written agreement entered into
      by
      the Exployee with the Company. 

    

    (d) Without
      Cause.
      On the
      sixtieth (60th) day following written notice by either Party to the other Party
      without Cause, other than for death or Disability of the Executive. The Company
      may also terminate this Agreement for cause at any time in the event of the
      failure of the Executive to perform duties assigned by the Company in a correct,
      timely and expeditious manner or in the event of material violation by the
      Executive of any term or condition of this Agreement. 

    

    6. CONSEQUENCES
      OF TERMINATION.

    

    (a) Disability.
      Upon
      termination of the Employment Term because of the Executive's Disability, the
      Company shall pay or provide to the Executive (1) any unpaid Base Salary and
      any
      accrued vacation through the date of termination; (2) any unpaid Annual Bonus
      accrued with respect to the fiscal year ending on or preceding the date of
      termination; (3) reimbursement for any unreimbursed expenses properly incurred
      through the date of termination; and (4) all other payments or benefits to
      which
      the Executive may be entitled under the terms of any applicable employee benefit
      plan, program or arrangement (collectively, "Accrued Benefits").

    

    (b) Death.
      Upon the
      termination of the Employment Term because of the Executive's death, the
      Executive's estate shall be entitled to any Accrued Benefits.

    

    (c) Termination
      for Cause.
      Upon the
      termination of the Employment Term by the Company for Cause or by either party
      in connection with a failure to renew this Agreement, the Company shall pay
      to
      the Executive any Accrued Benefits.

    

    (d) Termination
      without Cause.
      Upon the
      termination of the Employment Term by the Company without Cause, the Company
      shall pay or provide to the Executive (1) the Accrued Benefits, and (2) (A)
      a
      payment equal to one and a half of the monthly Base Salary, and (B) a payment
      of
      (x) one monthly Base Salary multiplied by (y) the number of full years the
      Executive has served as the Chief Financial Officer of the Company when the
      Employment Term is terminated without Cause. In addition, in the event of
      termination without Cause, the Company shall provide the Executive with the
      opportunity to vest and exercise all stock options issued to the Executive
      pursuant to Section 3(b) of this Agreement. 

    
 

    
      
         

      

      
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    7. NO
      ASSIGNMENT.
      This
      Agreement is personal to each of the Parties. Except as provided below, no
      Party
      may assign or delegate any rights or obligations hereunder without first
      obtaining the written consent of the other Party hereto; provided,
      however,
      that
      the Company may assign this Agreement to any successor (whether direct or
      indirect, by purchase, merger, consolidation or otherwise) to all or
      substantially all of the business or assets of the Company.

    

    8. NOTICES.
      For the
      purpose of this Agreement, notices and all other communications provided for
      in
      this Agreement shall be in writing and shall be deemed to have been duly given
      (1) on the date of delivery if delivered by hand, (2) on the date of
      transmission, if delivered by confirmed facsimile, (3) on the first business
      day
      following the date of deposit if delivered by guaranteed overnight delivery
      service, or (4) on the fourth business day following the date delivered or
      mailed by United States registered or certified mail, return receipt requested,
      postage prepaid, addressed as follows:

    

    If
      to the
      Executive: 

    Chin
      Hsiao 

    62
      Watson
      Drive 

    Mount
      Laurel, NJ 08054 

    

    If
      to the
      Company:

     

    China
      Advanced Construction Material Groups, LLC\

    Attn.:
      Xianfu Han

    Yingu
      Plaza, 9 Beisihuanxi Road, Suite 1708 

    Haidian
      District, Beijing 100080 PRC 

    Tel.:
      +86
      10 82525301 

    

    With
      a
      copy to:

     

    Anslow
      & Jaclin, LLP

    195
      Route
      9 South, Suite 204

    Manalapan,
      New Jersey, 07726

    Attention:
      Kristina Trauger, Esq. 

    Tel.:732-409-1212

    Fax:
      (732) 577-1188

     

    or
      to
      such other address as either Party may have furnished to the other in writing
      in
      accordance herewith, except that notices of change of address shall be effective
      only upon receipt.

     

    
      
         

      

      
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    9. PROTECTION
      OF THE COMPANY'S BUSINESS.

    

    (a) Confidentiality.
      The
      Executive acknowledges that during the course of his employment by the Company
      (prior to and during the Employment Term) he has and will occupy a position
      of
      trust and confidence. The Executive shall hold in a fiduciary capacity for
      the
      benefit of the Company and shall not disclose to others or use, whether directly
      or indirectly, any Confidential Information regarding the Company, except (i)
      as
      in good faith deemed necessary by the Executive to perform his duties hereunder,
      (ii) to enforce any rights or defend any claims hereunder or under any other
      agreement to which the Executive is a party, provided that
      such
      disclosure is relevant to the enforcement of such rights or defense of such
      claims and is only disclosed in the formal proceedings related thereto, (iii)
      when required to do so by a court of law, by any governmental agency having
      supervisory authority over the business of the Company or by any administrative
      or legislative body (including a committee thereof) with jurisdiction to order
      him to divulge, disclose or make accessible such information, provided that
      the
      Executive shall give prompt written notice to the Company of such requirement,
      disclose no more information than is so required, and cooperate with any
      attempts by the Company to obtain a protective order or similar treatment,
      (iv)
      as to such Confidential Information that shall have become public or known
      in
      the Company's industry other than by the Executive's unauthorized disclosure,
      or
      (v) to the Executive's spouse, attorney and/or his personal tax and financial
      advisors as reasonably necessary or appropriate to advance the Executive's
      tax,
      financial and other personal planning (each an "Exempt Person"), provided,
      however,
      that
      any
      disclosure or use of Confidential Information by an Exempt Person shall be
      deemed to be a breach of this Section 9(a) by the Executive. The Executive
      shall
      take all reasonable steps to safeguard the Confidential Information and to
      protect it against disclosure, misuse, espionage, loss and theft. The Executive
      understands and agrees that the Executive shall acquire no rights to any such
      Confidential Information. "Confidential Information" shall mean information
      about the Company, its subsidiaries and affiliates, and their respective clients
      and customers that is not disclosed by the Company and that was learned by
      the
      Executive in the course of his employment by the Company, including, but not
      limited to, any proprietary knowledge, trade secrets, data and databases,
      formulae, sales, financial, marketing, training and technical information,
      client, customer, supplier and vendor lists, competitive strategies, computer
      programs and all papers, resumes, and records (including computer records)
      of
      the documents containing such Confidential Information.

    

    (b) Non-Competition.
      During
      the Employment Term and for the one-year period following the termination of
      the
      Executive's employment for any reason (the "Restricted Period"), the Executive
      shall not, directly or indirectly, without the prior written consent of the
      Company, provide employment (including self-employment), directorship,
      consultative or other services to any business, individual, partner, firm,
      corporation, or other entity that competes with any business conducted by the
      Company or any of its subsidiaries or affiliates on the date of the Executive's
      termination of employment or within one year of the Executive's termination
      of
      employment in the geographic locations where the Company and its subsidiaries
      or
      affiliates engage or propose to engage in such business (the "Business").
      Nothing herein shall prevent the Executive from having a passive ownership
      interest of not more than 2% of the outstanding securities of any entity engaged
      in the Business whose securities are traded on a national securities
      exchange.

     

    
      
         

      

      
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    (c) Non-Solicitation
      of Employees.
      The
      Executive recognizes that he possesses and will possess confidential information
      about other employees of the Company and its subsidiaries and affiliates
      relating to their education, experience, skills, abilities, compensation and
      benefits, and inter-personal relationships with customers of the Company and
      its
      subsidiaries and affiliates. The Executive recognizes that the information
      he
      possesses and will possess about these other employees is not generally known,
      is of substantial value to the Company and its subsidiaries and affiliates
      in
      developing their business and in securing and retaining customers, and has
      been
      and will be acquired by him because of his business position with the Company.
      The Executive agrees that, during the Restricted Period, he will not, directly
      or indirectly, (i) solicit or recruit any employee of the Company or any of
      its subsidiaries or affiliates (a "Current Employee") or any person who was
      an
      employee of the Company or any of its subsidiaries or affiliates during the
      twelve (12) month period immediately prior to the date the Executive's
      employment terminates (a "Former Employee") for the purpose of being employed
      by
      him or any other entity, or (ii) hire any Current Employee or Former
      Employee.

    

    (d) Non-Solicitation
      of Customers.
      The
      Executive agrees that, during the Restricted Period, he will not, directly
      or
      indirectly, solicit
      or attempt to solicit (i)
      any
      party who is a customer or client of the Company or its subsidiaries, who was
      a
      customer or client of the Company or its subsidiaries at any time during the
      twelve (12) month period immediately prior to the date the Executive's
      employment terminates or who is a prospective customer or client that has been
      identified and targeted by the Company or its subsidiaries for the purpose
      of
      marketing, selling or providing to any such party any services or products
      offered by or available from the Company or its subsidiaries, or (ii) any
      supplier or vendor to the Company or any subsidiary to terminate, reduce or
      alter negatively its relationship with the Company or any subsidiary or in
      any
      manner interfere with any agreement or contract between the Company or any
      subsidiary and such supplier or vendor.

    

    (e) Property.
      The
      Executive acknowledges that all originals and copies of materials, records
      and
      documents generated by him or coming into his possession during his employment
      by the Company or its subsidiaries are the sole property of the Company and
      its
      subsidiaries ("Company Property"). During the Employment Term, and at all times
      thereafter, the Executive shall not remove, or cause to be removed, from the
      premises of the Company or its subsidiaries, copies of any record, file,
      memorandum, document, computer related information or equipment, or any other
      item relating to the business of the Company or its subsidiaries, except in
      furtherance of his duties under this Agreement. When the Executive's employment
      with the Company terminates, or upon request of the Company at any time, the
      Executive shall promptly deliver to the Company all copies of Company Property
      in his possession or control.

    

    (f) Non-Disparagement.
      Executive shall not, and shall not induce others to, Disparage the Company
      or
      its subsidiaries or affiliates or their past and present officers, directors,
      employees or products. "Disparage" shall mean making comments or statements
      to
      the press, the Company's or its subsidiaries' or affiliates' employees or any
      individual or entity with whom the Company or its subsidiaries or affiliates
      has
      a business relationship which would adversely affect in any manner (1) the
      business of the Company or its subsidiaries or affiliates (including any
      products or business plans or prospects), or (2) the business reputation of
      the
      Company or its subsidiaries or affiliates, or any of their products, or their
      past or present officers, directors or employees.

     

    
      
         

      

      
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    (g) Cooperation.
      Subject
      to the Executive's other reasonable business commitments, following the
      Employment Term, the Executive shall be available to cooperate with the Company
      and its outside counsel and provide information with regard to any past,
      present, or future legal matters which relate to or arise out of the business
      the Executive conducted on behalf of the Company and its subsidiaries and
      affiliates, and, upon presentation of appropriate documentation, the Company
      shall compensate the Executive for any out-of-pocket expenses reasonably
      incurred by the Executive in connection therewith.

    

    (h) Equitable
      Relief and Other Remedies.
      The
      Executive acknowledges and agrees that the Company's remedies at law for a
      breach or threatened breach of any of the provisions of this Section 9 would
      be
      inadequate and, in recognition of this fact, the Executive agrees that, in
      the
      event of such a breach or threatened or attempted breach, in addition to any
      remedies at law, the Company, without posting any bond, shall be entitled to
      obtain equitable relief in the form of specific performance, a temporary
      restraining order, a temporary or permanent injunction or any other equitable
      remedy which may then be available. In addition, without limiting the Company's
      remedies for any breach of any restriction on the Executive set forth in this
      Section 9, except as required by law, the Executive shall not be entitled to
      any
      payments set forth in Section 6(d) hereof if the Executive has breached the
      covenants applicable to the Executive contained in this Section 9, the Executive
      will immediately return to the Company any such payments previously received
      under Section 6(d) upon such a breach, and, in the event of such breach, the
      Company will have no obligation to pay any of the amounts that remain payable
      by
      the Company under Section 6(d).

    

    (i) Reformation.
      If it is
      determined by a court of competent jurisdiction in any state that any
      restriction in this Section 9 is excessive in duration or scope or is
      unreasonable or unenforceable under the laws of that state, it is the intention
      of the parties that such restriction may be modified or amended by the court
      to
      render it enforceable to the maximum extent permitted by the law of that state.
      The
      Executive acknowledges that the restrictive covenants contained in this Section
      9 are a condition of this Agreement and are reasonable and valid in temporal
      scope and in all other respects.

    

    (j) Liability. Notwithstanding
      the provisions in this Section 9 the Executive shall not be liable for any
      mistakes of fact, errors of judgment, for losses sustained by the Company or
      any
      subsidiary or for any acts or omissions of any kind, unless caused by the
      negligence or willful or intentional misconduct of the Executive or any person
      or entity acting for or on behalf of the Executive.

    

    (k) Survival
      of Provisions.
      The
      obligations contained in this Section 9 shall survive in accordance with their
      terms the termination or expiration of the Executive's employment with the
      Company and shall be fully enforceable thereafter.

    

    10. INDEMNIFICATION.
      The
      Executive shall be indemnified to the extent permitted by the Company's
      organizational documents and to the extent required by law. 

    

    11. SECTION
      HEADINGS AND INTERPRETATION.
      The
      section headings used in this Agreement are included solely for convenience
      and
      shall not affect, or be used in connection with, the interpretation of this
      Agreement. Expressions of inclusion used in this agreement are to be understood
      as being without limitation.

     

    
      
         

      

      
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    12. SEVERABILITY.
      The
      provisions of this Agreement shall be deemed severable and the invalidity of
      unenforceability of any provision shall not affect the validity or
      enforceability of the other provisions hereof. 

    

    13. COUNTERPARTS.
      This
      Agreement may be executed in several counterparts, each of which shall be deemed
      to be an original but all of which together will constitute one and the same
      Agreement.

    

    14. GOVERNING
      LAW AND VENUE.
      The
      validity, interpretation, construction and performance of this Agreement shall
      be governed by the laws of Beijing, China without regard to its conflicts of
      law
      principles. The
      Parties agree irrevocably to submit to the exclusive jurisdiction
      of the courts located in Beijing, China, for the purposes of any suit, action
      or
      other proceeding brought by any Party arising out of any breach of any of the
      provisions of this Agreement and hereby waive, and agree not to assert by way
      of
      motion, as a defense or otherwise, in any such suit, action, or proceeding,
      any
      claim that it is not personally subject to the jurisdiction of the above-named
      courts, that the suit, action or proceeding is brought in an inconvenient forum,
      that the venue of the suit, action or proceeding is improper, or that the
      provisions of this Agreement may not be enforced in or by such courts.

    

    15. ENTIRE
      AGREEMENT.
      This
      Agreement contains the entire agreement between the Parties with respect to
      the
      subject matter hereof and supersedes all prior agreements, written or oral,
      with
      respect thereto. No agreements or representations, oral or otherwise, express
      or
      implied, with respect to the subject matter hereof have been made by either
      party which are not expressly set forth in this Agreement.

    

    16. WAIVER
      AND AMENDMENT.
      No
      provision of this Agreement may be modified, amended, waived or discharged
      unless such waiver, modification, amendment or discharge is agreed to in writing
      and signed by the Executive and such officer or director as may be designated
      by
      the Board. No waiver by either Party at any time of any breach by the other
      Party hereto of, or compliance with, any condition or provision of this
      Agreement to be performed by such other Party shall be deemed a waiver or
      similar or dissimilar provisions or conditions at the same or at any prior
      or
      subsequent time. 

    

    17. WITHHOLDING.
      The
      Company may withhold from any and all amounts payable under this Agreement
      such
      federal, state, local and foreign taxes as may be required to be withheld
      pursuant to any applicable law or regulation.

    

    18. AUTHORITY
      AND NON-CONTRAVENTION.
      The
      Executive represents and warrants to the Company that he has the legal right
      to
      enter into this Agreement and to perform all of the obligations on his part
      to
      be performed hereunder in accordance with its terms and that he is not a party
      to any agreement or understanding, written or oral, which could prevent him
      form
      entering into this Agreement or performing all of his obligations
      hereunder.

    

    19. COUNTERPARTS.
      This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original but all of which shall constitute one and the same
      instrument.

     

    
      
         

      

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

     

    
 

    
      	 	
              CHINA
                ADVANCED CONSTRUCTION MATERIALS GROUP, INC.

               

                
                /s/ Xianfu
                Han                                            
                

              By:
                Xianfu Han

              Title:
                Chief Executive Officer

            
	 	 
	 	 
	 	
              EXECUTIVE
                

              

                
                /s/ Chin
                Hsiao                                            

              By:
                Chin Hsiao 

            

    

     

    
      
         

      

      
        10Unassociated Document

    EXHIBIT
      4(7) 

     

     

    [SEAL
      OF
      THE MINISTRY OF FINANCE]

    MINISTRY
      OF FINANCE 

     

    DIRECTOR
      GENERAL

     

    September
      30, 2008

     

     

    CONSENT
      

     

    Re:
      Registration
      Statement on Schedule B,

    Registering
      U.S.$ 2,625,000,000 Aggregate Principal Amount

    of
      State of Israel Bonds

     

         I,
      Yarom Ariav, Director General of the Ministry of Finance of the State of Israel,
      hereby consent to the reference to the Director General under the caption
“Official Statements” in the Prospectus of the State of Israel included in the
      Registration Statement filed by the State of Israel with the United States
      Securities and Exchange Commission. 

     

     

    

     

     

    /s/
      Yarom
      Ariav                

     

    Yarom
      Ariav

    Director
      General

    Ministry
      of Finance

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