Document:

Employment Agreement between the Registrant and Rixin Liang

 Exhibit 10.4 
 Labor Contract 
 Home Inns Hotel Management (Beijing Limited) 
 Shanghai Home Inns Hotels Management Limited 

 Party A: Home Inns Hotels Management (Beijing) Limited 
 Signature of Legal Representative: [seal] 
 Or Signature of Appointed Proxy: 
 Address of Party A: Number 3, Yongxiang Lane, Xizhimennei, Beijing 
 Party B: Liang Ri Xin 
 Educational Level: Postgraduate 
 Sex: Female 
 Date of birth: March 1, 1955 
 ID Number: 110102195503012764 
 Postal Code: 
 Residential Address: No. 6-2-502, 240, Xie Street, Gao Liang Bridge, [illegible] District, Beijing 
 Street Office: Zhanlan Road Office 
 I) Term of the Labor Agreement 
 Article 1 
 The term of this agreement
is 2 years. This agreement shall come into effect on June 1, 2006, and shall expire on December 31, 2008. The term for this agreement includes (excludes) a probation period and an internship period, where the probation period is
1 month. 
 II) Job Content 
 Article 2 
 Party B shall take up the
role of a COO in the Company Head Office department. Party B shall, as requested by Party A, complete the specified job responsibilities based on the required quantity and the required quality within the specified time. 
 Article 3 
 If work requires, Party A shall have the right to change the department and job position of Party B. 

 III) Working Hours 
 Article 4 
 Party A shall arrange Party B to work under an integrated work system. 
 Party B shall work at fixed hours,
and work for 8 hours a day, 40 hours a week (excluding lunch hours and rest periods). 
 Party B shall hold a job whose working hours is computed on an
integrated basis, and within an approved working hours cycle, the average number of working hours shall not exceed that allowed by the law. 
 If Party B
will work without fixed hours, he/she may organize his/her work and rest hours on his/her own discretion as long as he/she can guarantee that the work assigned by Party A can be completed. 
 Article 5 
 If Party A arranges Party B to work overtime, it shall make time for Party B to take breaks with corresponding lengths. 
 IV) Job Remuneration 
 Article 6 
 Party A shall pay job remuneration in accrual, where salary shall be paid to Party B on the 10th day of each month in cash or through bank transfer. The salary standard shall strictly comply with the “Regulations for Salary Management” and the “Regulations for the Management of Work Attendance” that are
formulated by Party A. 
 Article 7 
 Other provisions that are made between Party A and Party B regarding salary. 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
  

 V) Labor Protection 
 Article 8 
 Party A shall provide
Party B with a working environment and labor tools that comply with the State regulations, and provide for labor protection equipment that are safe, suitable and effective. 
 Article 9 
 Party A is responsible
for the education and training of Party B with regard to political ideologies, work ethics, business technologies, labor health and safety, and relevant rules and regulations. 
 VI) Insurance and Benefits 
 Article 10 
 Party A and Party B shall make various social insurance payments for care of the elderly, unemployment
and basic medical treatment in accordance with the relevant regulations of the State and the Beijing Municipality. 
 VII)
Labor Discipline 
 Article 11 
 Party B shall comply with the State laws and regulations, the “Staff Handbook” and various items in the rules and regulations that are stipulated by Party A in accordance with the law, and shall take good care of Party A’s
property, comply with the work ethics, and uphold Party A’s business confidentiality. 
 VIII) Modifications,
Discharge, Termination and Renewal of Labor Agreement 
 Article 12 
 If there are changes to the laws, administrative rules and regulations that are relied upon when this agreement is executed, both Parties A and B shall modify the
relevant contents through negotiation. 

 Article 13 
 If there are material changes to the business conditions, business scope and business scale from those at the time of execution of this agreement, both Parties A and B may modify the relevant contents through
negotiation. 
 Article 14 
 This agreement may be discharged in the event that both Parties A and B come to a unanimous agreement after negotiations. 
 Article 15 
 In the event that any one of the following circumstances occurs to Party B, Party A may
discharge this agreement: 
 1. It is proven during the probation period that Party B does not satisfy the conditions of employment; 
 2. Party B violates labor disciplines or the rules and regulations of Party A; 
 3. Party B is involved in breach of duties or malpractices for selfish ends, thereby causing significant damages to the economic interests or reputation of Party A; 
 4. Party B is investigated by a judicial unit for his criminal act in accordance with the law; 
 Article 16 
 In the event that any
one of the following circumstances occurs vis-à-vis Party B, Party A may discharge this agreement provided that Party A informs Party B in writing 30 days in advance: 
 1. Party B suffers from sickness or non-work-related injuries, and after completion of medical treatment is unable to take up his original job nor any other kind of job reassigned by Party A; 
 2. Party B is incompetent at his job, even after training or after readjusting the job position; 
 3. There are significant changes to the objective circumstances that are relied upon when this contract is executed, resulting in the failure of execution of this contract. In addition, an agreement cannot be reached
in relation to the modification of this Labor Agreement after negotiation between Parties A and B. 

 Article 17 
 In the event that any one of the following circumstances occurs vis-à-vis Party B, Party A cannot discharge this agreement: 
 1. Party B suffers from sickness or non-work-related injuries, and is within the prescribed period for receiving medical treatment; 
 2. Party B is in pregnancy, delivery or breast-feeding period; 
 3. Party B has completed his/her active period of military
service or has been reallocated new job in the industrial field due to rural land requisition, and has joined the work force for no more than three years; 
 4. Party B is serving his/her period of military service obligations. 
 Article 18 
 If Party B is desirous
of discharging this agreement, he/she shall give a written notification to Party A 30 days in advance, and only upon the consent of Party A shall he/she be able to go through the procedures of resigning from his/her job position in accordance with
the provisions in this Labor Agreement, and the agreement shall be terminated immediately. If, prior to obtaining Party A’s consent, Party B leaves his/her job position on his/her own discretion, the leave shall be deemed as a strike and
handled accordingly, and for any economic loss that is caused to Party A consequently, Party A shall have the right to request economic compensation from Party B and the work unit that employs Party B. 
 Article 19 
 In the event that any
one of the following circumstances occurs, Party B can at any time notify Party A and discharge this agreement: 
 1. During
the probation period; 

 2. Party A forces Party B to work by way of violence, threats, or illegal restriction of
personal liberty; 
 3. Party A fails to pay the labor remuneration or provide the labor conditions in accordance to the provisions in this agreement.

 Article 20 
 Upon
expiration of this agreement, this Labor Agreement shall terminate immediately, and the Labor Agreement may be renewed by negotiations between Parties A and B. Upon the retirement or resignation of Party B, or upon the occurrence of a condition for
discharge as stipulated in this agreement, this agreement shall be terminated immediately. 
 IX) Liabilities for Breach of
the Labor Agreement 
 Article 21 
 If Party A or B breaches this agreement and thereby causes economic loss to the other party, it shall make compensation to the other party in accordance with the magnitude of the consequences and responsibilities involved. 
 Article 22 
 If Party B breaches the
stipulations relating to business and technology confidentiality of the company, and thereby causes damages to Party A, it shall bear all the legal responsibilities. 
 Article 23 
 In the event that this
agreement cannot be performed due to reasons of force majeure, the parties herein shall not bear any legal responsibilities. 
 X) Resolution of Labor Disputes 
 Article 24 
 In the event that any dispute occurs during the performance of this agreement, both Parties A and B may seek mediation at the Labor Dispute Mediation Committee of this company. If the mediation is unsuccessful, either
party may apply for arbitration, and shall apply for an arbitration from the local Labor Dispute Arbitration Committee within 60 days from the date the dispute arises. The parties may also directly apply for arbitration without going through the
Labor Dispute Mediation Committee of the company. If there is any dissatisfaction with the arbitration award, an appeal can be made to the People’s Court within 15 days after receiving the arbitration award. 

 XI) Miscellaneous 
 Article 25 
 The aforesaid agreements
of Party A, the current regulations that have been discussed and passed by the Board of Directors of the company, and future regulations that may be established shall be attached to this agreement and have the same legal binding force as this
agreement. 
 Article 26 
 If there are any changes to the legal representative of Party A or the appointed proxy of the legal representative, this agreement shall continue to be effective. 
 Article 27 
 If there are any
unresolved matters in this agreement, this agreement may be modified or supplemented with a unanimous consent of both Parties A and B after negotiations. If there is any conflict between this agreement and the relevant stipulations of the State and
the Beijing Municipality, the relevant stipulations of the State and the Beijing Municipality shall prevail. 
 Article
28 
 This agreement shall have two counterparts, and Parties A and B shall each hold one counterpart. 

 Party A (Seal): [seal: Home Inns Hotels Management (Beijing) Limited] 
 Signature of Legal Representative: /s/ 
  

	Date	of signature: January 1, 2006 

 Signature of Party B: /s/ Liang Ri Xin 
 Date of signature: January 1, 2006Employment Agreement between the Registrant and May Y. Wu

 Exhibit 10.5 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and
between Home Inns and Hotels Management (Hong Kong) Limited, a Hong Kong incorporated company (the “Employer”), and May Yihong Wu (the “Employee”), effective as of March 1 2006 (“Effective
Date”). 
 RECITALS 
 A. Employer desires to employ Employee on the terms and conditions set forth herein; and 
 B. Employee
desires to be employed by Employer in such capacity on such terms and conditions. 
 AGREEMENT 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
agree as follows: 
 1 Employment. Employer agrees to employ Employee, and Employee hereby accepts such employment, on the terms and
conditions set forth herein commencing on March 1, 2006 (the “Commencement Date”). 
 2 Duties. 
 a. Employee shall initially have the title of Senior Vice President of Finance and be appointed as Chief Financial Officer [6] months from the starting
date of employment. Employee shall concentrate on her duties; and such other responsibilities, consistent with Employee’s position, as may reasonably be assigned to her from time to time by Employer while being employed. 
 b. Employee shall at all times comply, to the best of Employee’s knowledge, with (i) all material applicable laws, rules and regulations that
are related to Employee’s responsibilities assumed hereunder, and (ii) all material written corporate and business policies and procedures of Employer whether generally applicable to all of Employer’s employees or made specifically
applicable to Employee as advised in advance by Employer to Employee in writing but only to the extent such policies and procedures are not inconsistent with the other provisions of this Agreement. 
 c. Employee shall not, without the prior written approval of Employer, receive compensation or any direct or indirect financial benefit for services
rendered while being employed to any Person other than the Employer. As used herein, the term “Person” shall include all natural persons, corporations, business trusts, associations, companies, partnerships, joint ventures and other
entities and governments and agencies and political subdivisions. 

 3 Location. Employee’s office shall be located at Employer’s offices in Shanghai, provided that
Employee is expected to travel to the extent reasonably necessary. 
 4 Compensation. As compensation for Employee’s services, Employee
shall be paid the following compensation, subject to Section 6 below: 
 a. Employee shall be paid a base salary (“Base
Salary”) of USD 92,750 per calendar year (payable in accordance with Employer’s payroll policies, but in no event less frequently than once every month). 
 b. In addition to the Base Salary, Employee will be eligible to receive discretionary bonuses from time to time as determined by Employer at its discretion. 
 c. Employee shall be granted 300,000 options with strike price of US$1.53 per share as part of Employee Stock Option Program (“ESOP”)

 d. Employee shall be reimbursed for all reasonable expenses for travel, lodging, entertainment, and other business expenses in connection
with Employer’s business to the extent such expenses are consistent with Employer’s internal reimbursement guidelines. 
 e.
Employee shall be afforded health insurance-and retirement benefits in accordance with the prevailing market practice in Shanghai and the applicable laws and regulations. 
 f. Employee shall be entitled to up to 20 days of vacation days in any given calendar year provided that Employee remains a full time employee during such period of time. If Employee’s employment falls short of
twelve months in any given calendar year, Employee’s entitlement to 20 days of vacation days shall be reduced on a pro rata basis. 
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Termination. Notwithstanding Section 1 above, Employee’s employment with Employer shall be terminable at any time (“Early Termination”) as follows: 
 a. by Employer, subject only to such notification requirements as are required by this Section 5a: 
  

	 	(i)	upon Employee’s incapacitation by accident, sickness or other circumstance which renders him mentally or physically incapable of performing the duties and services required of
him hereunder for a period of at least 180 days during any 12-month period; 

  

	 	(ii)	for “Cause,” which for purposes of this Agreement shall mean Employee has (A) engaged in gross negligence or willful misconduct in the performance of the duties
required of him hereunder, (B) materially failed or refused to perform his duties, (C) willfully engaged in conduct that he knows or, based on facts known to him, should know is materially injurious to Employer or any of its affiliates,
(D) materially breached any material provision of this Agreement, (E) been convicted of, or entered a plea bargain or settlement admitting guilt for, any felony under the applicable laws (other than a traffic violation); or (F) been
the subject of any order, judicial or administrative, obtained or issued by the relevant securities regulators for any securities violation including, for example, any such order consented to by Employee in which findings of facts or any legal
conclusions establishing liability are admitted; or 

  

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	 	(iii)	for any other reason whatsoever, upon 90 days written notice to Employee; and 

 b. by Employee, subject only to such notification requirements as are required by this Section 5b: 
  

	 	(i)	for “Good Reason,” which for purposes of this Agreement shall mean (A) a material breach of this Agreement by Employer, or (B) a significant, sustained reduction
in or adverse modification of the nature and scope of Employee’s authority, duties and privileges while being employed (whether or not accompanied by a change in title), but in each case only if such Good Reason has not been corrected or cured
by Employer within 30 days after Employer has received written notice from Employee of Employee’s intent to terminate Employee’s employment for Good Reason and specifying in detail the basis for such termination; or

  

	 	(ii)	for any other reason whatsoever, upon 90 days written notice to Employer. 

 6 Effect of Early Termination. Upon the Early Termination of Employee’s employment, Employee shall be entitled to the following compensation: 
 a. In the event (i) Employee terminates his employment pursuant to Section 5b(i) and Employer could not have terminated Employee’s
employment for Cause pursuant to Section 5a(ii), or (ii) Employee is terminated pursuant to Section 5a(i) or 5a(iii), Employee shall be entitled to a severance pay equal to 3 months salary calculated based on the Base Salary–In
the case of an Early Termination for any reason other than a termination pursuant to Section 5b(i) or 5a(iii), Employer shall pay to Employee within 30 days after the effective date of the Early Termination (to the extent not previously paid),
the Base Salary compensation at the rate then in effect under Section 4a above, but only to the extent such compensation has accrued through the effective date of such Early Termination. 
 7 Indemnification. Employer will indemnify, defend and hold Employee harmless for all losses, costs, expenses or liabilities based upon or related to
acts, decisions or omissions made by Employee in good faith while performing services within the scope of his employment for Employer. Employer’s obligation under this Section 8 shall survive any termination of the Employee’s
employment. 
  

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 8 Complete Agreement. Except as provided below, this Agreement contains the complete agreement and
understanding concerning the employment arrangement between the parties and shall supersede all other agreements, understandings or commitments between the parties as to such subject matter. The parties stipulate that neither of them has made any
representations concerning the subject matter hereof except such representations as are specifically set forth herein. 
 9 Governing Law.
The validity of this Agreement and any of the terms or provisions as well as the rights and duties of the parties hereunder shall be governed by the laws of Hong Kong Special Administrative Region of PRC, without reference to any conflict of law or
choice of law principles thereof. 
 10 Counterparts. This Agreement may be executed in multiple original counterparts, each of which shall
be deemed an original and all of which together shall constitute but one and the same document. 
 11 Arbitration. 
 a. Except as provided in Section 12b, any dispute, claim or controversy arising in connection with this Agreement shall be settled by arbitration in [Hong
Kong] in accordance with [Hong Kong International Arbitration Institute] (except as modified herein). Arbitration shall be the sole method of resolving disputes not settled by mutual agreement. The determination of the arbitrators shall be final,
not subject to appeal, and binding on all parties and may be enforced by appropriate judicial order of any court of competent jurisdiction. 
 b. Notwithstanding the foregoing, in the event of any claim or controversy arising in connection with this Agreement for which the remedy is equitable or injunctive relief, the aggrieved party shall be entitled to seek injunctive or other
equitable relief from any court of competent jurisdiction. 
 [Signature Page to Follow] 
  

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

					
	EMPLOYER:	  	By:	 	/s/
		  		 	Neil Nanpeng Shen
			
	EMPLOYEE:	  	By:	 	/s/
		  		 	May Y. Wu

  

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