Document:

EXHIBIT
      10.5

     

    

    September
      26, 2006

    

    

    China
      Fortune Acquisition Corp.

    Jinmao
      Tower

    88
      Century Boulevard, Suite 4403

    Pudong,
      Shanghai

    People’s
      Republic of China 200121

    

     

    EarlyBirdCapital,
      Inc.

    275
      Madison Avenue

    Suite
      1203

    New
      York,
      New York 10016

    

    
      	 	 	
              Re:

            	
              Initial
                Public Offering

            

    

    

    Gentlemen:

    

    The
      undersigned shareholder and direc-tor of China Fortune Acquisition Corp.
      (“Company”), in consideration of EarlyBirdCapital, Inc. (“EBC”) entering into a
      letter of intent (“Letter of Intent”) to underwrite an initial public offering
      of the securities of the Company (“IPO”) and embarking on the IPO process,
      hereby agrees as follows (certain capitalized terms used herein are defined
      in
      paragraph 14 hereof):

    

    1. If
      the
      Company solicits approval of its shareholders of a Business Combination, the
      undersigned will vote all Insider Shares owned by him in accordance with the
      majority of the votes cast by the holders of the IPO Shares. 

    

    2. In
      the
      event that the Company fails to consummate a Business Combination within 24
      months from the effective date (“Effective Date”) of the registration statement
      relating to the IPO, the undersigned will (i) cause the Trust Fund (as defined
      in the Letter of Intent) to be liquidated and distributed to the holders of
      IPO
      Shares and (ii) take all reasonable actions within his power to cause the
      Company to liquidate as soon as reasonably practicable. The undersigned hereby
      waives any and all right, title, interest or claim of any kind in or to any
      distribution of the Trust Fund and any remaining net assets of the Company
      as a
      result of such liquidation with respect to his

    
      
         

         

      

      
         

        
          

        

      

      
         

        China
          Fortune Acquisition Corp.

        EarlyBirdCapital,
          Inc.

        September
          26, 2006

        Page
          2

      

    

    Insider
      Shares (“Claim”) and hereby waives any Claim the undersigned may have in the
      future as a result of, or arising out of, any contracts or agreements with
      the
      Company and will not seek recourse against the Trust Fund for any reason
      whatsoever. In the event of the liquidation of the Trust Fund, the undersigned
      agrees to indemnify and hold harmless the Company, pro rata with the holders
      of
      the Insider Shares based on the number of Insider Shares held by each such
      individuals, against any and all loss, liability, claims, damage and expense
      whatsoever (including, but not limited to, any and all legal or other expenses
      reasonably incurred in investigating, preparing or defending against any
      litigation, whether pending or threatened, or any claim whatsoever) which the
      Company may become subject as a result of any claim by any vendor or other
      person who is owed money by the Company for services rendered or products sold
      or contracted for, or by any target business, but only to the extent necessary
      to ensure that such loss, liability, claim, damage or expense does not reduce
      the amount in the Trust Fund.

    

    3. In
      order
      to minimize potential conflicts of inter-est which may arise from multiple
      affiliations, the undersigned agrees to present to the Company for its
      consideration, prior to presentation to any other person or entity, any suitable
      opportunity to acquire an operating business, until the earlier of the
      consummation by the Company of a Business Combination, the liquidation of the
      Company or until such time as the undersigned ceases to be an officer or
      director of the Company, subject to any pre-existing fiduciary and contractual
      obligations the undersigned might have.

    

    4. The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination which involves a company which is affiliated with any
      of
      the Insiders unless
      the Company obtains an opinion from an independent investment banking firm
      reasonably acceptable to EBC that the business combination is fair to the
      Company’s shareholders from a financial perspective.

     

    5. Neither
      the undersigned, any member of the family of the undersigned, nor any affiliate
      (“Affiliate”) of the undersigned will be entitled to receive and will not accept
      any compensation for services rendered to the Company prior to or in connection
      with the consummation of the Business Combination; provided that commencing
      on
      the Effective Date, Cathay Fortune Corp. (“Related Party”), shall be allowed to
      charge the Company $7,500 per month, representing an allocable share of Related
      Party’s overhead, to compensate it for the Company’s use of Related Party’s
      offices, utilities and personnel. Related Party and the undersigned shall also
      be entitled to reimbursement from the Company for their out-of-pocket expenses
      incurred in connection with seeking and consummating a Business Combination.
       

     

    6. Neither
      the undersigned, any member of the family of the

    
      
         

         

      

      
         

        
          

        

      

      
         

        China
          Fortune Acquisition Corp.

        EarlyBirdCapital,
          Inc.

        September
          26, 2006

        Page
          3

      

    

    undersigned,
      nor any Affiliate of the undersigned will be entitled to receive or accept
      a
      finder’s fee or any other compensation in the event the undersigned, any member
      of the family of the undersigned or any Affiliate of the undersigned originates
      a Business Combination. 

    

    7. On
      the
      Effective Date, the undersigned will escrow half of his Insider Shares acquired
      prior to the IPO until nine months after the Company consummates a Business
      Combination and will escrow the remaining half of his Insider Shares acquired
      prior to the IPO until one year after the Company consummates a Business
      Combination subject to the terms of a Stock Escrow Agreement which the Company
      will enter into with the undersigned and an escrow agent acceptable to the
      Company.

    

    8. The
      undersigned agrees to be a Director of the Company until the earlier of the
      consummation by the Company of a Business Combination or the liquidation of
      the
      Company. The undersigned’s biographical information furnished to the Company and
      EBC and attached hereto as Exhibit A is true and accurate in all respects,
      does
      not omit any material information with respect to the undersigned’s background
      and contains all of the information required to be disclosed pursuant to Item
      401 of Regulation S-K, promulgated under the Securities Act of 1933. The
      undersigned’s Questionnaire furnished to the Company and EBC and annexed as
      Exhibit B hereto is true and accurate in all respects. The undersigned
      represents and warrants that:

    

    (a) he
      is not
      subject to, or a respondent in, any legal action for, any injunction,
      cease-and-desist order or order or stipulation to desist or refrain from any
      act
      or practice relating to the offering of securities in any
      jurisdiction;

    

    (b) he
      has
      never been convicted of or pleaded guilty to any crime (i) involving any fraud
      or (ii) relating to any financial transaction or handling of funds of another
      person, or (iii) pertaining to any dealings in any securities and he is not
      currently a defendant in any such criminal proceeding; and

    

    (c) he
      has
      never been suspended or expelled from membership in any securities or
      commodities exchange or association or had a securities or commodities license
      or registration denied, suspended or revoked.

    

    9. The
      undersigned has full right and power, without violating any agreement by which
      he is bound, to enter into this letter agreement and to serve as a Director
      of
      the Company.

    
      
         

         

      

      
         

        
          

        

      

      
         

        China
          Fortune Acquisition Corp.

        EarlyBirdCapital,
          Inc.

        September
          26, 2006

        Page
          4

      

    

    10. The
      undersigned hereby waives his right to exercise conversion rights or appraisal
      rights with respect to any Ordinary Shares of the Company owned or to be owned
      by the undersigned, directly or indirectly, and agrees that he will not seek
      conversion or appraisal with respect to such shares in connection with any
      vote
      to approve a Business Combination.

    

    11. The
      undersigned hereby agrees to not propose, or vote in favor of, an amendment
      to
      the Company’s Memorandum and Articles of Association to extend the period of
      time in which the Company must consummate a Business Combination prior to its
      liquidation. Should such a proposal be put before shareholders other than
      through actions by the undersigned, the undersigned hereby agrees to vote
      against such proposal. This paragraph may not be modified or amended under
      any
      circumstances.

    

    12. In
      the
      event that the Company does not consummate a Business Combination and must
      liquidate and its remaining net assets are insufficient to complete such
      liquidation, the undersigned agrees to advance such funds necessary to complete
      such liquidation, pro rata with the holders of the Insider Shares based on
      the
      number of Insider Shares held by each such individuals, and agrees not to seek
      repayment for such expenses.

    

    13. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to EBC and its legal representatives or agents
      (including any investigative search firm retained by EBC) any information they
      may have about the undersigned’s background and finances (“Information”).
      Neither EBC nor its agents shall be violating the undersigned’s right of privacy
      in any manner in requesting and obtaining the Information and the undersigned
      hereby releases them from liability for any damage whatsoever in that
      connection.

    

    14. This
      letter agreement shall be governed by and construed and enforced in accor-dance
      with the laws of the State of New York, without
      giving effect to conflicts of law principles that would result in the
      application of the substantive laws of another jurisdiction.
      The
      undersigned hereby (i) agrees that any action, proceeding or claim against
      him
      arising out of or relating in any way to this letter agreement (a “Proceeding”)
      shall be brought and enforced in the courts of the State of New York of the
      United States of America for the Southern District of New York, and irrevocably
      submits to such jurisdiction, which jurisdiction shall be exclu-sive, (ii)
      waives any objection to such exclusive jurisdiction and that such courts
      represent an inconvenient forum and (iii) irrevocably agrees to appoint Graubard
      Miller as agent for the service of process in the State of New York to receive,
      for the undersigned and on his behalf, service of process in any Proceeding.
      If
      for any reason such agent is unable to act as such, the undersigned will
      promptly notify the Company and EBC and appoint a substitute agent acceptable
      to
      each

    
      
         

         

      

      
         

        
          

        

      

      
         

        China
          Fortune Acquisition Corp.

        EarlyBirdCapital,
          Inc.

        September
          26, 2006

        Page
          5

      

    

    of
      the
      Company and EBC within 30 days and nothing in this letter will affect the right
      of either party to serve process in any other manner permitted by law.
 

    

    15. As
      used
      herein, (i) a “Business Combination” shall mean the acquisition, through a stock
      exchange, asset acquisition or other similar business combination, of an
      operating business, or control of such operating business, through contractual
      arrangements, that has its principal operations located in the People’s Republic
      of China; (ii) “Insiders” shall mean all officers, directors and shareholders of
      the Company immediately prior to the IPO; (iii) “Insider Shares” shall mean all
      of the shares of Common Stock of the Company acquired by an Insider prior to
      the
      IPO; and (iv) “IPO Shares” shall mean the shares of Common Stock issued in the
      Company’s IPO.

    

    James
      Walsh

    Print
      Name of Insider

    

    

    

    /s/
      James Walsh

    Signature

    

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

        
           

        

      

    

     

    Exhibit
      A

    

    James
      Walsh
      has
      served as a member of our board of directors since our inception. Since
      July 2006, Mr. Walsh has been a consultant to Cathay Fortune.
      From
      January 2005 to June 2006, Mr. Walsh served as a director of WindyPoint Capital
      Corp. From March 1999 to December 2005, Mr. Walsh served as a senior vice
      president of Broadmark Capital Corp. From September 1996 to February 1999,
      Mr.
      Walsh served as an account executive at Honeywell International Inc., a New
      York
      Stock Exchange listed manufacturer of civil and military avionics and other
      aerospace products. Mr. Walsh received a B.A. from Duke University and an M.B.A.
      from the University of Washington, Graduate School of Business.EXHIBIT
        10.6

      

      INVESTMENT
        MANAGEMENT TRUST AGREEMENT

       

      This
        Agreement is made as of _____________, 2006 by and between China Fortune
        Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
        Company (“Trustee”).

      

      WHEREAS,
        the Company’s registration statement on Form F-1, No. 333-______
        (“Registration Statement”), for its initial public offering of securities
        (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by
        the Securities and Exchange Commission (capitalized terms used herein and
        not
        otherwise defined shall have the meanings set forth in the Registration
        Statement); and 

      

      WHEREAS,
        EarlyBirdCapital, Inc. (“EBC”) is acting as the representative of the
        underwriters in the IPO; and

      

      WHEREAS,
        as described in the Registra-tion Statement, and in accordance with the
        Company’s Memorandum and Articles of Association, $61,120,000 of the gross
        proceeds of the IPO and sale of the Insider Units (as defined in the
        Registration Statement) ($70,336,000 if the underwriters over-allotment option
        is exercised in full) will be delivered to the Trustee to be deposited and
        held
        in a trust account for the benefit of the Company and the holders of the
        Company’s common stock, par value $.0001 per share, issued in the IPO as
        hereinafter provided and in the event the Units are registered in Colorado,
        pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy
        of the
        Colorado Statute is attached hereto and made a part hereof (the amount to
        be
        delivered to the Trustee will be referred to herein as the “Property”; the
        stockholders for whose benefit the Trustee shall hold the Property will be
        referred to as the “Public Stockholders,” and the Public Stockholders and the
        Company will be referred to together as the “Beneficiaries”); and 

      

      WHEREAS,
        the Company and the Trustee desire to enter into this Agreement to set forth
        the
        terms and con-di-tions pursuant to which the Trustee shall hold the
        Property;

      

      IT
        IS
        AGREED:

      

      1. Agreements
        and Covenants of Trustee.
        The
        Trustee hereby agrees and covenants to:

       

      (a) Hold
        the
        Property in trust for the Beneficiaries in accordance with the terms of this
        Agreement, including the terms of Section 11-51-302(6) of the Colorado Statute,
        in a segregated trust account (“Trust Account”) established by the
        Trustee; 

      

      (b) Manage,
        supervise and administer the Trust Account subject to the terms and conditions
        set forth herein;

      

      (c) In
        a
        timely manner, upon the instruction of the Company, to invest and reinvest
        the
        Property in United States “government securities” within the meaning of
        Section

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      2(a)(16)
        of the Investment Company Act of 1940 having a maturity of 180 days or
        less,
        and/or
        in any open ended investment company registered under the Investment Company
        Act
        of 1940 that holds itself out as a money market fund selected by the Company
        meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7
        promulgated under the Investment Company Act of 1940, as determined by the
        Company;

      

      (d) Collect
        and receive, when due, all principal and income arising from the Property,
        which
        shall become part of the “Property,” as such term is used herein;

      

      (e) Notify
        the Company of all communications received by it with respect to any Property
        requiring action by the Company;

      

      (f) Supply
        any necessary information or docu-ments as may be requested by the Company
        in
        connection with the Com-pany’s preparation of its returns;

      

      (g) Participate
        in any plan or proceeding for protect-ing or enforcing any right or interest
        arising from the Property if, as and when instructed by the Company to do
        so;

      

      (h) Render
        to
        the Company and to EBC, and to such other person as the Company may instruct,
        monthly written statements of the activities of and amounts in the Trust
        Account
        reflecting all receipts and disbursements of the Trust Account; and

      

      (i) Commence
        liquidation of the Trust Account only after and promptly after receipt of,
        and
        only in accordance with, the terms of a letter (“Termination Letter”), in a
        form substantially similar to that attached hereto as either Exhibit A or
        Exhibit B hereto, signed on behalf of the Company by its President or
        Chairman of the Board and Secre-tary or Assistant Secretary and affirmed
        by
        counsel for the Company, and complete the liquidation of the Trust Account
        and
        distribute the Property in the Trust Account only as directed in the Termination
        Letter and the other documents referred to therein; provided,
        however,
        that in
        the event that a Termination Letter has not been received by the Trustee
        by the
        24-month anniversary of the effective date of the Registration Statement
        (“Last
        Date”), the Trust Account shall be liquidated in accordance with the procedures
        set forth in the Termination Letter attached as Exhibit B hereto and distributed
        to the stockholders of record on the Last Date. In all cases, the Trustee
        shall
        provide EBC with a copy of any Termination Letters and/or any other
        correspondence that it receives with respect to any proposed withdrawal from
        the
        Trust Account promptly after it receives same. The provisions of this Section
        1(i) may not be modified, amended or deleted under any
        circumstances.

      

      2. Agreements
        and Covenants of the Company.
        The
        Company hereby agrees and covenants to:

      

      (a) Give
        all
        instructions to the Trustee here-under in writing, signed by the Company’s
        Chairman of the Board or President. In addi-tion, except with respect to
        its
        duties under paragraph 1(i) above, the Trustee shall be entitled to rely
        on, and
        shall be protected in relying on, any verbal or telephonic advice or instruction
        which it in good faith believes to be given by any one of the persons authorized
        above to give written instructions, provided that the Company shall promptly
        confirm such instructions in writing;

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      (b) Hold
        the
        Trustee harmless and indemnify the Trustee from and against, any and all
        expenses, includ-ing reason-able counsel fees and disbursements, or loss
        suf-fered by the Trustee in connection with any action, suit or other
        pro-ceeding brought against the Trustee involving any claim, or in connection
        with any claim or demand which in any way arises out of or relates to this
        Agreement, the services of the Trustee hereunder, or the Property or any
        income
        earned from investment of the Property, except for expenses and losses resulting
        from the Trustee's gross negligence or willful misconduct. Promptly after
        the
        receipt by the Trustee of notice of demand or claim or the commencement of
        any
        action, suit or proceeding, pursuant to which the Trustee intends to seek
        indemnifica-tion under this paragraph, it shall notify the Company in writing
        of
        such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee
        shall have the right to conduct and manage the defense against such Indemnified
        Claim, provided, that the Trustee shall obtain the consent of the Company
        with
        respect to the selection of coun-sel, which consent shall not be unreasonably
        withheld. The Trustee may not agree to settle any Indemnified Claim without
        the
        prior written consent of the Company unless such settlement includes a full
        release of the Company with respect to such Indemnified Claim. The Company
        may
        participate in such action with its own counsel; 

      

      (c) Pay
        the
        Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it
        being expressly understood that the Property shall not be used to pay such
        fee).
        The Company shall pay the Trustee the initial acceptance fee and first year’s
        fee at the consummation of the IPO and thereafter on the anniversary of the
        Effective Date. The Trustee shall refund to the Company the fee (on a pro
        rata
        basis) with respect to any period after the liquidation of the Trust Fund.
        The
        Company shall not be responsible for any other fees or charges of the Trustee
        except as may be provided in paragraph 2(b) hereof (it being expressly
        understood that the Property shall not be used to make any payments to the
        Trustee under such paragraph);

      

      (d) Provide
        to the Trustee any letter of intent, agreement in principle or definitive
        agreement for a Business Combination that is executed on or prior to the
        First
        Date; and

      

      (e) In
        connection with any vote of the Company’s stockholders regarding a Business
        Combination, provide to the Trustee an affidavit or certificate of a firm
        regularly engaged in the business of soliciting proxies and/or tabulating
        stockholder votes (which firm may be the Trustee) verifying the vote of the
        Company’s stockholders regarding such Business Combination.

      

      3. Limitations
        of Liability.
        The
        Trustee shall have no responsibility or liability to:

      

      (a) Take
        any
        action with respect to the Property, other than as directed in paragraph
        1
        hereof and the Trustee shall have no liability to any party except for liability
        arising out of its own gross negligence or willful misconduct;

      

      (b) Institute
        any proceeding for the collection of any principal and income arising from,
        or
        institute, appear in or defend any proceeding of any kind with respect to,
        any
        of the Prop-erty unless and until it shall have received instructions from
        the
        Company given as provided here-in to do so and the Company shall have advanced
        or guaranteed to it funds sufficient to pay any expenses incident
        thereto;

      

      (c) Change
        the investment of any Property, other than in compliance with

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      paragraph 1(c);

      

      (d) Refund
        any depreciation in principal of any Property;

      

      (e) Assume
        that the authority of any person designated by the Company to give instructions
        here-under shall not be continuing unless provided otherwise in such
        designa-tion, or unless the Company shall have delivered a written revocation
        of
        such authority to the Trustee;

      

      (f) The
        other
        parties hereto or to anyone else for any action taken or omitted by it, or
        any
        action suffer-ed by it to be taken or omitted, in good faith and in the exercise
        of its own best judgment, except for its gross negligence or willful misconduct.
        The Trustee may rely con-clusively and shall be protected in acting upon
        any
        order, notice, demand, certificate, opinion or advice of counsel (including
        counsel chosen by the Trustee), statement, instru-ment, report or other paper
        or
        document (not only as to its due execution and the validity and effectiveness
        of
        its provisions, but also as to the truth and acceptability of any information
        therein con-tained) which is believed by the Trustee, in good faith, to be
        genuine and to be signed or presented by the proper person or persons. The
        Trustee shall not be bound by any notice or demand, or any waiver, modification,
        termination or rescis-sion of this Agreement or any of the terms hereof,
        unless
        evidenced by a written instrument delivered to the Trustee signed by the
        proper
        party or par-ties and, if the duties or rights of the Trustee are affected,
        unless it shall give its prior written consent thereto;

      

      (g) Verify
        the correctness of the information set forth in the Registra-tion Statement
        or
        to confirm or assure that any acquisition made by the Company or any other
        action taken by it is as contemplated by the Registration Statement;
        and

      

      (h) Pay
        any
        taxes on behalf of the Trust Account (it being expressly understood that
        the
        Property shall not be used to pay any such taxes and that such taxes, if
        any,
        shall be paid by the Company from funds not held in the Trust
        Account).

      

      4. Termination.
        This
        Agreement shall terminate as follows:

      

      (a) If
        the
        Trustee gives written notice to the Company that it desires to resign under
        this
        Agreement, the Company shall use its reasonable efforts to locate a successor
        trustee. At such time that the Company notifies the Trustee that a successor
        trustee has been appointed by the Company and has agreed to become subject
        to
        the terms of this Agreement, the Trustee shall transfer the management of
        the
        Trust Account to the successor trustee, including but not limited to the
        transfer of copies of the reports and statements relating to the Trust Account,
        whereupon this Agreement shall terminate; provided, however, that, in the
        event
        that the Company does not locate a successor trustee within ninety days of
        receipt of the resignation notice from the Trustee, the Trustee may submit
        an
        application to have the Property deposited with any court in the State of
        New
        York or with the United States District Court for the Southern District of
        New
        York and upon such deposit, the Trustee shall be immune from any liability
        whatsoever; or 

      

      (b) At
        such
        time that the Trustee has completed the liquidation of the Trust Account
        in
        accordance with the provi-sions of paragraph 1(i) hereof, and dis-tributed
        the
        Property in accordance with the provisions of the Termination Letter, this
        Agreement shall terminate except

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      with
        respect to Paragraph 2(b).

      

      5. Miscellaneous.

      

      (a) The
        Company and the Trustee each acknowledge that the Trustee will follow the
        security procedures set forth below with respect to funds transferred from
        the
        Trust Account. Upon receipt of written instructions, the Trustee will confirm
        such instructions with an Authorized Individual at an Authorized Telephone
        Number listed on the attached Exhibit C. The Company and the Trustee will
        each restrict access to confidential information relating to such security
        procedures to authorized persons. Each party must notify the other party
        immediately if it has reason to believe unauthorized persons may have obtained
        access to such information, or of any change in its authorized personnel.
        In
        executing funds transfers, the Trustee will rely upon account numbers or
        other
        identifying numbers of a beneficiary, beneficiary's bank or intermediary
        bank,
        rather than names. The Trustee shall not be liable for any loss, liability
        or
        expense resulting from any error in an account number or other identifying
        number, provided it has accurately transmitted the numbers
        provided.

      

      (b) This
        Agreement shall be governed by and construed and enforced in accordance with
        the
        laws of the State of New York, without giving effect to conflicts of law
        principles that would result in the application of the substantive laws of
        another jurisdiction. It may be executed in several original or facsimile
        counterparts, each one of which shall constitute an original, and together
        shall
        constitute but one instrument.

      

      (c) This
        Agreement contains the entire agreement and understanding of the parties
        hereto
        with respect to the subject matter hereof. Except for Section 1(i) (which
        may
        not be amended under any circumstances), this Agreement or any provision
        here-of
        may only be changed, amended or modified by a writing signed by each of the
        parties hereto; provided, however, that no such change, amendment or
        modification may be made without the prior written consent of EBC. As to
        any
        claim, cross-claim or counterclaim in any way relating to this Agreement,
        each
        party waives the right to trial by jury.

      

      (d) The
        parties hereto consent to the jurisdiction and venue of any state or federal
        court located in the City of New York, Borough of Manhattan, for purposes
        of
        resolving any disputes hereunder.

      

      (e) Any
        notice, consent or request to be given in con-nection with any of the terms
        or
        provisions of this Agree-ment shall be in writing and shall be sent by express
        mail or similar private courier service, by certified mail (return receipt
        requested), by hand delivery or by facsimile transmission:

      

      if
        to the
        Trustee, to:

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

      Continental
        Stock Transfer 

      &
        Trust Company

      17
        Battery Place 

      New
        York,
        New York 10004

      Attn: Steven
        G.
        Nelson

      Fax
        No.:
        (212) 509-5150

      

      if
        to the
        Company, to:

       

      
        	 	 	 	
                China
                  Fortune Acquisition Corp.

              

      

      Jinmao
        Tower

      88
        Century Boulevard, Suite 4403

      Pudong,
        Shanghai

      People’s
        Republic of China 200121

      Attn: Chief
        Executive Officer

      Fax
        No.:
(___)
        ___-____

      

      in
        either
        case with a copy to:

      

      EarlyBirdCapital,
        Inc. 

      275
        Madison Avenue, Suite 1203

      New
        York,
        New York 10016

      Attn: David
        M.
        Nussbaum

      Fax
        No.:
        (212) 269-3796

      

      (f) This
        Agreement may not be assigned by the Trustee without the prior consent of
        the
        Company.

      

      (g) Each
        of
        the Trustee and the Company hereby represents that it has the full right
        and
        power and has been duly authorized to enter into this Agreement and to perform
        its respective obligations as contemplated hereunder. The Trustee acknowledges
        and agrees that it shall not make any claims or proceed against the Trust
        Account, including by way of set-off, and shall not be entitled to any funds
        in
        the Trust Account under any circumstance.

      

      (h) Each
        of
        the Company and the Trustee hereby acknowledge that EBC is a third party
        beneficiary of this Agreement.

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

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

      

      CONTINENTAL
        STOCK TRANSFER & TRUST COMPANY, as Trustee

      

      

      By:
        ____________________________

      Name:
        

      Title:
        

      

      

      

      CHINA
        FORTUNE ACQUISITION CORP.

      

      

      By:
        ____________________________

      Name:
        

      Title:  

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

       

      EXHIBIT
        A

      

      [Letterhead
        of Company]

      

      [Insert
        date]

      

      Continental
        Stock Transfer 

      &
        Trust Company

      17
        Battery Place

      New
        York,
        New York 10004

      Attn:
        Steven Nelson

      

      Re: Trust
        Account No. 530- Termination Letter

      

      Gentlemen:

      

      Pursuant
        to paragraph 1(i) of the Investment Management Trust Agreement between China
        Fortune Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
        Company (“Trustee”), dated as of __________, 2006 (“Trust Agreement”), this is
        to advise you that the Company has entered into an agreement (“Business
        Agreement”) with __________________ (“Target Business”) to consummate a business
        combination with Target Business (“Business Combination”) on or about
[insert
        date].
        The
        Company shall notify you at least 48 hours in advance of the actual date
        of the
        consummation of the Business Combination (“Consummation Date”).

      

      In
        accordance with the terms of the Trust Agreement, we hereby authorize you
        to
        commence liquidation of the Trust Account to the effect that, on the
        Consummation Date, all of funds held in the Trust Account will be immediately
        available for transfer to the account or accounts that the Company shall
        direct
        on the Consummation Date.

      

      On
        the
        Consummation Date (i) counsel for the Company shall deliver to you written
        notification that (a) the Business Combination has been consummated and (b)
        the
        provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado Statute
        have
        been met, and (ii) the Company shall deliver to you (a) [an affidavit] [a
        certificate] of __________________, which verifies the vote of the Company’s
        stockholders in connection with the Business Combination and (b) written
        instructions with respect to the trans-fer of the funds held in the Trust
        Account (“Instruction Letter”). You are hereby directed and authorized to
        transfer the funds held in the Trust Account immediately upon your receipt
        of
        the counsel's letter and the Instruction Letter, in accordance with the terms
        of
        the Instruction Letter. In the event that certain deposits held in the Trust
        Account may not be liquidated by the Consummation Date without penalty, you
        will
        notify the Company of the same and the Company shall direct you as to whether
        such funds should remain in the Trust Account and distributed after the
        Consummation Date to the Company. Upon the distribution of all the funds
        in the
        Trust Account pursuant to the terms hereof, the Trust Agreement shall be
        terminated.

      

      In
        the
        event that the Business Combination is not consummated on the Consummation
        Date
        described in the notice thereof and we have not notified you on or before
        the
        original Consummation Date of a new Consummation Date, then the funds held
        in
        the Trust Account shall be reinvested as provided in the Trust Agreement
        on the
        business day immediately following the Consummation Date as set forth in
        the
        notice.

       

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

       

      Very
        truly yours,

      CHINA
        FORTUNE ACQUISITION CORP.

      

      

      By:________________________________

      Bo
        Yu,
        Chairman of the Board

      

      

      By:________________________________

      Gang
        Chen, Secretary

       

      cc:
        EarlyBirdCapital, Inc.

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      EXHIBIT
        B

      

      

      [Letterhead
        of Company]

      

      [Insert
        date]

      Continental
        Stock Transfer 

      &
        Trust Company

      17
        Battery Place

      New
        York,
        New York 10004

      Attn:
        

      

      Re: Trust
        Account No. 530- Termination Letter

      

      Gentlemen:

      

      Pursuant
        to paragraph 1(i) of the Investment Management Trust Agreement between China
        Fortune Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
        Company (“Trustee”), dated as of ___________, 2006 (“Trust Agreement”),
this
        is
        to advise you that the Company has been unable to effect a Business Combination
        with a Target Company within the time frame specified in the Company’s
        Memorandum and Articles of Association, as described in the Company’s prospectus
        relating to its IPO.

      

      In
        accordance with the terms of the Trust Agree-ment, we hereby (a) certify
        to you
        that the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado
        Statute have been met and (b) authorize you, to commence liquidation of the
        Trust Account as promptly as practicable to stockholders of record on the
        Last
        Date (as defined in the Trust Agreement). You will notify the Company in
        writing
        as to when all of the funds in the Trust Account will be available for immediate
        transfer (“Transfer Date”) in accordance with the terms of the Trust Agreement
        and the Memorandum and Articles of Association of the Company. You shall
        commence distribution of such funds in accordance with the terms of the Trust
        Agreement and the Memorandum and Articles of Association of the Company and
        you
        shall oversee the distribution of the funds. Upon the distribution of all
        the
        funds in the Trust Account, your obligations under the Trust Agreement shall
        be
        terminated.

      

      Very
        truly yours,

      

      CHINA
        FORTUNE ACQUISITION CORP.

      

      

      By:________________________________

      Bo
        Yu,
        Chairman of the Board

      

      

      By:________________________________

      Gang
        Chen, Secretary

      

      cc:
        EarlyBirdCapital, Inc. 

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

      EXHIBIT
        C

      

      

      

      

      
        	
                AUTHORIZED
                  INDIVIDUAL(S)

              	 	
                AUTHORIZED

              
	
                FOR
                  TELEPHONE CALL BACK 

              	 	
                TELEPHONE
                  NUMBER(S)

              
	 	 	 
	 	 	 
	
                Company:

              	 	 
	 	 	 
	
                China
                  Fortune Acquisition Corp.

              	 	 
	
                Jinmao
                  Tower

              	 	 
	
                88
                  Century Boulevard, Suite 4403

              	 	 
	
                Pudong,
                  Shanghai

              	 	 
	
                People’s
                  Republic of China 200121

              	 	 
	
                Attn:
                  Bo Yu

              	 	
                (___)
                  ___-____

              
	 	 	 
	
                Trustee:

              	 	 
	 	 	 
	
                Continental
                  Stock Transfer 

              	 	 
	
                &
                  Trust Company

              	 	 
	
                17
                  Battery Place

              	 	 
	
                New
                  York, New York 10004

              	 	 
	
                Attn:
                  Steven G. Nelson, Chairman

              	 	
                (212)
                  845-3200

              

      

       

      
        
           

        

          -11-

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