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<SEC-DOCUMENT>0000950134-07-019319.txt : 20070830
<SEC-HEADER>0000950134-07-019319.hdr.sgml : 20070830
<ACCEPTANCE-DATETIME>20070830152555
ACCESSION NUMBER:		0000950134-07-019319
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070827
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070830
DATE AS OF CHANGE:		20070830

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRIO TECH INTERNATIONAL
		CENTRAL INDEX KEY:			0000732026
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				952086631
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0625

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14523
		FILM NUMBER:		071091155

	BUSINESS ADDRESS:	
		STREET 1:		14731 CALIFA STREET
		CITY:			VAN NUYS
		STATE:			CA
		ZIP:			91411
		BUSINESS PHONE:		818-787-7000

	MAIL ADDRESS:	
		STREET 1:		14731 CALIFA STREET
		CITY:			VAN NUYS
		STATE:			CA
		ZIP:			91411
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a33424e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT PURSUANT<BR>
TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Date of report (Date of earliest event reported): August&nbsp;27, 2007</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TRIO-TECH INTERNATIONAL</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">California</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(State or Other Jurisdiction of Incorporation)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">1-14523
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95-2086631</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">14731 Califa Street, Van Nuys, California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91411</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(818)&nbsp;787-7000</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Registrant&#146;s Telephone Number, Including Area Code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">&nbsp;</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former Name or Former Address, if Changed Since Last Report)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General
Instruction A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;27, 2007, Trio-Tech Chongqing Co. Ltd.,
a wholly owned subsidiary of Trio-Tech
International Pte. Ltd, which in turn is a wholly owned subsidiary of the Registrant in carrying
out its plans to expand into Chongqing, China, entered into a &#147;Contract for Joint Investment to
Develop and Construct NO.B48 lot in Beibei District Beibei New Town Construction Area&#148;, with Jia
Sheng Property Development Co. Ltd. (&#147;JiaSheng&#148;) to jointly develop and construct real property
of 24.91 acres (Identified as B48) owned by JiaSheng located in Chongqing, China. Under the terms
of the agreement, the Company is required to invest RMB$10,000,000 (Chinese yuan), or approximately
$1,322,681 (U.S.&nbsp;dollars) based on the exchange rate as of August&nbsp;27, 2007 published by the Federal Reserve
Statistical Release which will be used for joint development of the land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing is a summary of the terms and conditions of the agreement and is qualified in its
entirety by the terms and conditions set forth in the agreement itself, a copy of which is attached
hereto as Exhibit&nbsp;99.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Contract for Joint Investment to Develop and Construct NO.B48 lot in Beibei District Beibei
New Town Construction Area&#148;, dated as of August&nbsp;27, 2007, by and between Trio-Tech Chongqing Co.
Ltd. and Jia Sheng Property Development Co. Ltd. with respect to property (B48) located in
Chongqing, China. (The attached exhibit is an English translation of the original agreement, which
is written in Chinese.)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: August&nbsp;27, 2007
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TRIO-TECH INTERNATIONAL<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ VICTOR H.M. TING
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Victor H.M. Ting, Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">and Vice President (Principal Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Contract for Joint Investment to Develop and Construct NO.B48 lot in Beibei District
Beibei New Town Construction Area&#148;, dated as of August&nbsp;27, 2007, by and between Trio-Tech
Chongqing Co. Ltd. and Jia Sheng Property Development Co. Ltd. with respect to a property
(B48) located in Chongqing, China. (The attached exhibit is an English translation of the
original agreement, which is written in Chinese).</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a33424exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<HEAD>
<TITLE>exv99w1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Contract for Joint Investment to Develop and<BR>
Construct NO.B48 lot in Beibei District Beibei New<BR>
Town Construction Area</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(NO.SX2007001)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CHAPTER ONE</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This contract is made and entered into by and between Chongqing City Hechuan District Jiasheng
Property development Co. Ltd.(&#147;Party A&#148;) and Huayufeng industry (Chongqing) Co. Ltd. (&#147;Party B&#148;)To
exert the preponderance of each party and to make some contributions to the urbanization
construction of Beibei District Chongqing City together, through mutual friendly negotiation, Party
A agrees to invest the NO.B48 lot owned by himself in Beibei District Beibei new town construction
area to develop and construct commercial residential building jointly with Party B. In accordance
with the relevant provisions of the Contract Law of the People&#146;s Republic of China and the City
real estate development and business management Ordinance of Chongqing City and on the basis of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">principal of equality, free will, reciprocity and mutual benefit and with a view to make the
rights and obligations of the parties hereto clear, Party A and Party B hereby agree to enter into
this contract.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER TWO PARTIES TO THIS INVESTMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chongqing City Hechuan District Jiasheng Property development Co. Ltd. (hereinafter called
Party A), Address for service of process: NO. 2 of West Ruishan Street, Hechuan District, Chongqing
City; Legal representative (corporation&#146;s initial agent for service of process): Zhang Xiaodong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huayufeng industry (Chongqing) Co. Ltd. (hereinafter called Party B), Address for service of
process: Wushan Industrial park, NO.57 added NO.9 of Jiefang Road, Shuitu Town, Beibei District,
Chongqing City. Legal representative (corporation&#146;s initial agent for service of process): Chen
Xuemin.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER THREE GENERAL SITUATION OF THIS<BR>
PROJECT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;1 The lot of this project is suited at Jinyun avenue, Beibei new town, Beibei
District, one part of the land being numbered as B48-1/01 and B48-2/01 ascertained in Controlling
detailed plan of B standard sub area Beibei group Chongqing City (See Appendix&nbsp;A).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;2 The acreage of the NO.B48 lot is about 24.91mu, boundary of the lot: it is subject
to the red line of land delivery made by the State-owned land administration department and the
planning building area is about 40,000 square meters.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER FOUR APPROACHES TO INVESTMENT<BR>
AND COOPERATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;3 It operates as setting a project section for part A separately: this project needs
about 62,000,000yuan RMB after checking (See Appendix&nbsp;B). Party A shall contribute 52,000,000yuan
and Party B shall contribute 10,000,000yuan as per this contract. Party A shall be responsible for
the bulk of business management and operation of the development of the project. Except Party B
participates in all the business
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">management pursuant to this contract, as to this project, the two parties shall be independent
in finance and sharing risks. The two parties hereto shall enjoy rights and undertake obligations
under proportion, Party A accounting for 80% and Party B accounting for 20%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 The term for a financial return on the investment is 24&nbsp;months from the date that Party B
transfers the funds to the account appointed by Party A and Party B. Where it comes due the two
parties hereto shall allocate profits and undertake obligations at the ratio of the actual total
investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 The funds shall be contributed by Party A and Party B respectively in installments. The
10,000,000yuan RMB (&#165;10000000.00yuan) which is Party B&#146;s share shall be contributed in a lump,
that is to say Party B shall remit 10000000yuan (&#165;10000000.00yuan) to the project special account
appointed by Party A and Party B within 10&nbsp;days from this agreement is signed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 The aggregate price of the land subtracting the funds contributed by Party B and the prior construction funds (the cost for planning and
designing, construction, city supporting installations, subdivision construction, Water and
electricity installment and place renovation) is about 52000000yuan, and Party A shall be
responsible for raising, investing and application of the funds therein. Party A may use the land
use right of NO.B48 lot to finance or raise funds from the financial departments, other units or
individuals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 The contribution made by Party A shall be accounting for 80% of the total amount and Party B
shall be accounting for 20% of the total amount. Where the total investment stipulated in chapter
four is insufficient, Party A shall be responsible for the increased investment separately. After
the termination of this project, the two parties hereto shall share profits or undertake losses at
the ratio of their respective contributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;4 Party A shall be responsible for the related procedures for the development and
construction of the NO.B48 lot, and the two parties hereto shall be jointly
responsible for the land leveling, infrastructure construction and the development,
construction, sale and business management of this Project.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;5 The two parties hereto shall be jointly responsible for the supervision of the
development, construction, sale and business management of the Project and correlative audit. Where
it needs the financial audit separately, Party B shall be responsible for the expense.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER FIVE TERM OF INVESTMENT AND<BR>
COOPERATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;6 The term of this investment and cooperation shall be two years determined by the two
parties hereto, commencing from the date on which Party B deposit the funds to the account
appointed by Party A and Party B.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;7 Investment by Party A and Party B shall be made in RMB or equivalent in RMB.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER SIX DISTRIBUTION OF PROFITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;8 After paying the taxes the profits in net will be distributed according to the
proportion of each party&#146;s investment. Party B agrees to distribute in kind, and it shall be
distributed 6600 square meters floor space of the commercial residential building in the price of
each square meter unit: 2,560 Yuan. Party A shall sell it on consignment for Party B.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;9 The 6600 square meters floor space distributed to Party B pursuant to article 8
shall be sold by Party A on consignment. Party A shall guarantee that the amount of the sales shall
not less than 16,600,000yuan RMB (after paying the taxes) and shall pay the money to Party B by way
of remittance pursuant to provisions contained herein. Where Party B obtains the profits and by the
virtue of policy, other fees and taxes are needed, Party B shall bear them by himself.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment of the amount of sales on consignment is in two installments, the time for the
first installment is: prior to the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the 13<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> month from the date that
Party B transfers the funds of 10,000,000yuan to the account appointed by Party A
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and Party B, Party A shall transfer the
3,300,000yuan of amount of sales to the account appointed by Party B; The time for the second
installment is: prior to the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> month from the date that Party
B transfers the funds of 10,000,000yuan to the account appointed by Party A and Party B, Party A
shall transfer another 3,300,000yuan of amount of sales to the account appointed by Party B.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;10 When Party A pursuant to provisions contained herein sells out the houses on
consignment and pays the amount of sales to Party B, the termination of the allocation of profits
by Party B shall be regarded arrival. The residual assets and problems left over of this project
shall be disposed and assumed by Party A separately and Party B shall have no dissent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;11 The proceeds of sales of this project shall be deposited in a separate account, and
firstly used for construction funds and paying national fees and taxes, construction fees, city
supporting installations fees,
infrastructure construction fees and returning bank advances and project financing money;
secondly the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">funds shall be used to ensure the payment of the amount of sales on consignment to
Party B. The funds shall not be withdrawal or used for any other purpose by Party A without the
consent of Party B.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER SEVEN FINANCE MANAGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;12 In order to strengthen the project funds management, a separate bank account shall
be opened, special financial bookkeeping shall be set and a special funds management system shall
be adopted. Any party hereto shall not be in violation of regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles 13 In order to guarantee the project funds security and be earmarked for specific
purpose, the two parties hereto supervise and manage the project funds jointly. Party A shall
provide a copy of financial statement to Party B each month and accept audit by correlative
financial accountant sent by Party B each quarter and bear the travel charge of the audit party.
Party B shall pick up the tab for audit.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;14 Party B shall contribute 10,000,000yuan. 7,000,000yuan of them shall be earmarked
for NO.B48 lot in Beibei, and another 3,000,000yuan shall be used to return the partner&#146;s prior
period investment funds.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER EIGHT LIABILITY FOR BREACH OF<BR>
CONTRACT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1, Where Party A changes the usage of the funds contributed by Party B, financing funds
getting though bank loan and the proceeds of sales without authorization, misappropriates them or
carries on the use which has nothing to do with this project, it shall be treated as breach of the
contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2, Where Party B dose not contribute the funds under the time frame stipulated herein or
required by Party A or terminates the contract unilaterally or withdraws the funds ahead of time
without the consent of Party A, it shall be treated as breach of the contract by Party B, and Party
B shall pay 30% of the total amount of investment overdue as liquidated damages (except the cause
of financial policy, procedure of the bank and so on).
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3, Where Party A fails to sell out Party B&#146;s house property, when more than 15&nbsp;days are
overdue, Party A shall pay 3&#137; of the total amount of the arrearage each day as overdue fine. Where
more than 60&nbsp;days are overdue, Party B has the right to get 25% of the total amount of the real
estate building property right and the value of the house shall be fixed subject to the development
cost price. The cost price is include development cost and correlative fees and taxes at the stage
of sale and the fees for water, electricity, gas, telephone and cable television and environmental
greening of the subdivision fees. All of them shall be settled by Party B.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER NINE MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;15 For safety of the funds contributed by Party B, the certificate of land use right
for NO.B48 lot shall be kept by Party B. Where it is needed by Party A to go through correlative
development formalities, Party B shall offer it unconditionally and assist to go through the
related formalities (See Appendix&nbsp;C).
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;16 The two parties hereto assent to allow Party A to use this lot to finance in the
form of project loan or give it as security for mortgage credit. The amount financed shall only be
used for the development and construction of this project and be put in the special bank account
for unified management and supervision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;17 After the completion of the whole project, Party A shall liquidate the creditor&#146;s
rights and debts of the whole project without delay. After squaring the investment and profits with
Party B, all debts due to, and owing by, shall be owned by Party A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;18 Termination of contract: After the completion of this project, from the date on
which Party A squares the amount of sales on consignment with Party B, this contract terminates
automatically.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;19 This contract is in four originals, two originals for each party and all of them
are legally of the equal effect. It comes into effect upon the signature and seal. Where no
agreement can be reached after consolation, any or all disputes arising out of or relating to this
contract shall be submitted to the Arbitration
Committee in Chongqing City for arbitration.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
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<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 0px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Party A :( signature and seal)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Party B: (signature and seal)</TD>
</TR>
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<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 0px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
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</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Legal representative:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal representative:</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
</TR>
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