Document:

Exhibit 4.24

 

Asset Lease Agreement

 

Party A: China Southern Air Holding Company
(Lessor)

 

Party B: China Southern Airlines Company Limited
(Lessee)

 

In consideration of Party
B’s business development needs, upon mutual friendly consultation, Party A and Party B reach the following agreement in connection
with Party B’s lease of the assets of Party A and its wholly-owned subsidiaries.

 

Article 1 Undertakings

 

1 Party A is a Chinese enterprise
lawfully subsisting and has obtained a business license from the industrial and commercial administrative department according
to PRC laws and regulations and fulfilled its obligations of annual inspection according to relevant provisions.

 

2 Party A and its wholly-owned
subsidiaries lawfully have the legal and compete titles to the properties listed in Annex 1 hereto and the corresponding legal
land use right. Party A agrees that Party B and its subsidiaries have an option to utilize the leased properties and land within
the scope hereunder.

 

3 Party B, a Chinese enterprise
legally subsisting, has obtained a business license from the industrial and commercial administrative department according to PRC
laws and regulations. It has also fulfilled its obligations of annual inspection according to relevant provisions.

 

Article 2 Lease Subject
and Rental

 

Upon mutual consultation
and confirmation, the annual rental payable by Party B for lease of the assets listed in Annex 1 hereto is RMB 86,268,700 (Say
RMB Eighty-six Million Two Hundred and Sixty-eight Thousand Seven Hundred only). The price agreed by both parties conforms to the
fair and reasonable principles, based on the market fair value and the asset appraisal report. Party A undertakes that the price
offered to Party B is not higher than the average rental prevailing in comparable regions and locations.

 

Article 3 Lease Term

 

It is agreed that the lease
term hereunder shall be 3 years from 1 January 2015 to 31 December 2017. Upon expiration of the lease term, the two parties will
either terminate or renew the Agreement as case may be.

 

Article 4 Payment of Rental

 

The rental shall be paid
on a quarterly basis. Party B shall pay a quarter of the annual rental within 15 days from the first date of the first month of
every quarter by bank transfer. Party A shall issue an invoice of the same amount within 15 business days after receipt of the
rental.

 

Article 5 Rights and Obligations
of The Two Parties

 

(I) Rights and obligations of Party
A

 

    	1

    	 

    

 

(1) Party A shall have the
right to collect the rental in accordance with the Agreement.

 

(2) Party A shall deliver
the leased property to Party B in accordance with the Agreement.

 

(3) During the lease term,
where Party A has to take back the leased property for its own use, Party A shall inform Party B in writing 3 months in advance,
and shall adjust and reduce the rental accordingly based on the actual lease scope at the same time.

 

(4) Party A shall bear the
repair expenses for natural damages to the main structures of the properties as listed in Annex 1 hereto.

 

(5) Party A shall bear the
property tax and the land use tax for the assets listed in the annex hereto. Party A shall pay such taxes to Party B within 15
business days after Party B provides Party A with the original tax payment certificates and the tax return. The property tax shall
be settled on a quarterly basis, and the land use tax shall be settled on a yearly basis.

 

(II) Rights and obligations
of Party B

 

(1) Party B shall pay the
rental to Party A in accordance with the Agreement.

 

(2) Party B shall bear heating
fee, water fee, electricity charge, gas fee, property management fee and other relevant expenses incurred during the lease term.

 

(3) As appointed by Party
A, Party B shall declare and pay the property tax and the land use tax (except Guangzhou) for and on behalf of Party A according
to the relevant regulations of the local competent tax authorities.

 

(4) Party B shall be responsible
for the daily repair and maintenance of the main structures other than natural damage during the lease term, such as roof leakage,
and shall be cooperative in the insurance claims and remedial work related to house repair.

 

(5) Party B shall use, cherish
and normally use the properties and equipment pertaining thereto based on the nature of the leased assets, shall pay attention
to fire control, and shall not illegally store any inflammable, explosive and other dangerous articles in the properties.

 

(6) Without Party A’s
consent, Party B shall not change the floor structure and purpose of the properties during the lease term. Any fitment of the properties
shall be subject to the prior consent of Party A. Party B may either transfer at a discount or remove any attachments it increased
at the time of fitment when Party B has to move out the leased assets upon expiration of the Agreement, provided that Party B must
restore the original state of the leased assets. During the lease term, Party A shall not increase the rental due to rise in the
property value arising from Party B’s fitment and reconstruction.

 

Where Party B has to increase
additional houses or buildings on the leased land, Party B shall comply with the urban planning and general land utilization planning
requirements, and shall complete the approval formalities with the appropriate authorities upon Party A’s prior written consent.
Party A shall offer necessary assistance. Party A acknowledges that the new houses or buildings built on the leased land are owned
by Party B, and that Party A shall not increase the rental to this end. Upon expiration of the lease term, when Party A does not
renew the Agreement with Party B, such new houses or buildings shall be owned by Party A, provided that Party A shall make appropriate
compensations to Party B therefor. The specific compensation amount shall be agreed by Party A and Party B separately.

 

Where Party B has to remove
Party A’s original houses due to construction of new buildings, Party B must obtain Party A’s prior written consent,
and shall make appropriate compensations to Party A if necessary. The specific compensation amount shall be agreed by both parties
separately.

 

(7) During the lease term,
where Party B has to increase or reduce the lease scope, Party B must inform Party A in writing 3 months in advance, and the rental
shall be increased or reduced accordingly based on the actual lease scope at the same time.

 

    	2

    	 

    

 

Article 6 Liability for
Breach of Contract

 

(I) Party A’s liability
for breach of contract

 

(1) Where Party A fails
to provide the leased assets to Party B on schedule hereunder, Party A shall pay to Party B the liquidated damages at 1/1000 of
the rental payable per overdue day, and shall return to Party B the rental paid by Party B during the overdue delivery period.

 

(2) Where Party A fails
to repair the natural damage to the main structure of the houses, Party B may surrender the tenancy or repair such damage for Party
A with the repair costs deductible from the rental.

 

(3) Where Party A cannot
continue fulfilling the obligations hereunder due to government decrees, urban planning or other special reasons, Party A may terminate
or alter the Agreement early, and take back the leased properties or lands hereunder in whole or part, provided that Party A is
obligated to make compensations to Party B for the recovered assets within the government compensation scope according to the relevant
regulations.

 

(II) Party B’s
liability for breach of contract

 

(1) Party B shall use the
leased assets strictly in accordance with the relevant government laws and regulations. Without permission of Party A, Party B
shall not transfer, sub-let or mortgage the leased properties or land. Where losses are incurred to Party A due to illegal use
by Party B of the leased assets, Party B shall make compensations accordingly.

 

(2) Party B shall pay the
rental as agreed. Where Party B is behind in payment of the rental, Party B shall pay the overdue fine at 1/1000 of the rental
payable every overdue day. Where Party B’s default in payment of rental exceeds 3 months, Party A may take back the houses,
and recover the rental in arrears and the liquidated damages according to laws.

 

(3) Where Party B damages
the houses and the inherent facilities and fixtures pertaining thereto on purpose or due to negligence, Party B shall restore the
original state or make compensation for the losses.

 

Article 7 Force Majeure

 

1 If this Agreement cannot
be performed due to force majeure, neither party shall bear any liability and this Agreement shall terminate automatically. If
this Agreement cannot be performed in part due to force majeure, the party affected by force majeure shall be exempted from relevant
liabilities. However, continuous performance is required for other parts of this Agreement not affected by force majeure. No liability
shall be exempted if any force majeure arises after delay in performance of this Agreement.

 

Force majeure refers to
any unforeseeable, unavoidable or insurmountable events, including but not limited to war, plague, strike, earthquake and flood.

 

2 Where either party cannot
perform this Agreement because of any force majeure, the said party shall notify the other party within 48 hours in order to reduce
possible losses of the other party, and shall provide evidence within 15 workdays. If the said party fails to fulfil its notification
obligations and provide evidence for reasonable grounds, the time limit herein may be extended according to actual circumstances.

 

Article 8 Settlement of
Disputes

 

Any dispute arising from
the conclusion or performance of this Agreement shall preferably be settled through friendly negotiation. If negotiation fails,
either party may initiate legal proceedings to the people’s court with jurisdiction.

 

 

    	3

    	 

    

 

Article 9 Other Matters

 

(I) The Agreement shall
become effective from the date when both parties sign and affix seal hereon.

 

(II)For any matter not
covered herein, the two parties may sign a supplementary agreement, which shall have the same legal force as this Agreement. This
Agreement shall be performed in strict accordance with the PRC laws and regulations and relevant laws and regulations and listing
rules at the location where Party A is listed.

 

(III) The original Agreement
shall be in six identical counterparts, with each party holding three copies respectively, all of which shall have the same legal
effect.

 

	Party A: China Southern Air Holding Company 	 	Party B: China Southern Airlines Company Limited 
	 	 	 
	Authorized Representative: 	 	Authorized Representative: 

 

This Agreement was executed in Guangzhou on
DD MM YYYY.

 

    	4

    	 

    

 

Annex 1: Rental Summary Table

Unit: RMB’00,000

 

	S/N	 	Area	 	Properties/
 Buildings	 	 	Land Use
 Right	 	 	Structures	 	 	Equipment
 Assets	 	 	Total	 
	1	 	Wuhan	 	 	155.86	 	 	 	1,466.74	 	 	 	0.77	 	 	 	 	 	 	 	1,623.37	 
	2	 	Changsha	 	 	157.05	 	 	 	11.85	 	 	 	-	 	 	 	 	 	 	 	168.90	 
	3	 	Haikou	 	 	327.67	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	327.67	 
	4	 	Zhanjiang	 	 	14.56	 	 	 	37.33	 	 	 	-	 	 	 	 	 	 	 	51.89	 
	5	 	Guangzhou	 	 	886.44	 	 	 	530.13	 	 	 	-	 	 	 	 	 	 	 	1,416.57	 
	6	 	Nanyang	 	 	507.07	 	 	 	2097.59	 	 	 	1765.53	 	 	 	625.43	 	 	 	4995.62	 
	7	 	Hengyang	 	 	16.31	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	16.31	 
	8	 	Shashi	 	 	26.54	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	26.54	 
	 	 	Total	 	 	2,091.50	 	 	 	4,143.64	 	 	 	1,766.30	 	 	 	625.43	 	 	 	8,626.87	 

 

    	5Exhibit 4.25

 

CSN-FLB-14103000226

 

 

Supplemental Agreement to the 

 

Media Services Framework Agreement

 

Party A: China Southern Airlines Company Limited

 

Party B: Southern Airlines Culture and Media
Co., Ltd.

 

Based on the Media Services
Framework Agreement (hereinafter referred to as “the Original Agreement”) concluded between them on 19 April 2013,
Party A and Party B, in the spirit of equality and mutual benefit and upon negotiation, enter into this supplemental agreement,
with the specific clauses set out as follows:

 

I. Party A shall comprise
China Southern Airlines Company Limited and its wholly-owned or holding subsidiaries.

 

Party B shall comprise Southern
Airlines Culture and Media Co., Ltd. and its wholly-owned or holding subsidiaries, including but not limited to Guangzhou Guangtianhe
Media Co., Ltd., Shenyang Guangtianhe Media Consultation Co., Ltd., Xinjiang Guangtianhe Media Co., Ltd., Beijing Guangtianhe Culture
Media Co., Ltd., Xiamen Airlines Media Co., Ltd. and Guangdong South Pearl Media Co., Ltd.

 

II. Article 1 of the Original
Agreement shall be amended as follows: “The scope and content of the media services in this framework agreement shall include
exclusive advertising agency of China Southern Airlines Company Limited and advertising agency of its wholly-owned and holding
subsidiaries, planning, purchase and production agency of entertainment programs on Party A’s flights, channel publicity
and production, recruitment of public relations practitioners, placement of journals and other media services.”

 

III. Clause 5 of Article
11 of the Original Agreement shall be amended as follows: “Party B shall, according to the contract, be responsible for the
whole process of selection, negotiation, purchase, implementation and supervision relating to the media or media agency, implement
media assessment and purchase, and publish ads in time. Party B shall set up a supplier purchase management system, subdivide the
process of selection, negotiation, purchase and implementation relating to media suppliers, define the suppliers’ qualification
criteria, asset size and credit standing, specify the procedures for ad purchase and contract conclusion and performance, purchase
in strict accordance with regulations and rules and carefully select large and experienced ad suppliers."

 

    	1

    	 

    

 

CSN-FLB-14103000226

 

 

IV. Clause 6 of Article
11 of the Original Agreement shall be amended as follows: “After Party B publishes the ads as an agent for Party A, Party
B shall monitor the actual effect of ad publication and provide Party A with a monitoring report before the 30th day
every month. The monitoring report shall be a part of the settlement voucher between the two parties, with its content including
but not limited to general information of ad publication such as ad position, date and time of publication, and format, specifications
and number of ads; gap between the actual time and scheduled time for ads display (give reasons); and the advertising coverage.
Moreover, supporting evidence like photos and pictures shall be attached. The two parties may, according to the actual circumstances,
separately specify the time of providing the monitoring report and the specific form and content of the report in the advertising
agency agreement.”

 

V. Article 13 of the Original
Agreement shall be amended as follows: “Party A and Party B unanimously confirm that the transaction amount for the media
services under this agreement shall be capped at RMB105 million at most in 2014 and RMB118.5 million in 2015.”

 

VI. This supplemental agreement
shall be deemed as supplement to the Original Agreement. In the event of any discrepancy between the Original Agreement and this
supplemental agreement, the latter shall prevail.

 

VII. After consideration
and approval by the boards of directors of the two parties, this supplemental agreement shall take effect upon affixing of signatures
and seals by the two parties. This supplemental agreement shall be executed in four counterparts with equal legal force, with
two held by Party A and Party B respectively.

 

Party A: China Southern Airlines Company Limited

 

Signature:

 

Party B: Southern Airlines Culture and Media
Co., Ltd.

 

Signature:

 

Date:           DD
MM YYYY

 

    	2

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