Serial No.3201112010CR0018 Electronic Administration No.3201112008B00057Contract for State-Owned Construction Land Use Right Assignment Formulated by: The Ministry of Land and Resources of the Peoples Republic of China and The State Administration for Industry and Commerce of the Peoples Republic of ChinaContract for State-Owned Construction Land Use Right AssignmentThe parties to this Contract:Assignor: Nanjing Land and Resources Bureau, Pukou BranchMailing Address: 16 Wende Road, Jiangpu neighborhood, Pukou districtPostal Code: / Tel: / Fax: / Name of Opening Bank: / Account No.: / Assignee: Nanjing Royal Dock Horse Racing Co., Ltd Mailing Address: / Postal Code: / Tel: / Fax: / Name of Opening Bank: / Account No.: / Contract for State-Owned Construction Land Use Right AssignmentChapter I General ProvisionsArticle 1. The Concerned Parties to the Present Contract:Assignor: Nanjing Land and Resources Bureau, Pukou BranchAssignee: Nanjing Royal Dock Horse Racing Co., LtdIn accordance with such laws as the Law of Land Administration of the Peoples Republic of China, the Law of the Peoples Republic of China on Administration of the Urban Real Estates, the Contract Law of the Peoples Republic of China and relevant administrative regulations and land supply policies, the two parties hereby enter into the present contract on the basis of the principles of equality, voluntariness, compensation, honesty and credibility. Article 2. The Assignor hereby assign the land use right to the Assignee in accordance the authority by laws, notwithstanding the ownership of the assigned land belongs to the Peoples Republic of China. The state shall be entitled to exercise its jurisdiction and administration over the land authorized by the constitution and law and any other power which shall be exercised by the state according to the legal regulation of PRC, and also enjoy any rights and interests necessary for the public benefits. The resources and objects buried there under and municipal public facilities shall not fall into the scope of land use right assignment.Chapter II Delivery of the Assigned Land and Payment of the Assignment ChargeArticle 3. The assigned land is located in group 2, Yuaqi village, Yongning town, Pukou district, with an area east to zhujiashun river bank, west to the 104th national highway, and north to woods of Italian poplars, south to woods of Italian poplars; the plot serial number thereof is No.2008G38. The total land use area is 72,398 square meters, the planning land area for public auxiliary facilities is 4047.2 square meters, and the practical assigned area is 68350.8 square meters. The metes and bounds and the boundary marks as per the Land Survey and delimitation Illustration.Article 4. The using purpose for the assigned land is: hotel industry land.Article 5. After the Assignee pay off the entire price amount according to article 9 of the present contract, the Assignor is responsive for handing over on May 1st of 2009 to the Assignee the practical assigned land in the shape of pure land, namely houses and construction shall be removed to the floor in the scope of the land parcel, with other objects keeping unchanged, and the electric wires and poles shall be removed by the Assignee itself. External conditions (road, water, electricity, gas) shall be maintained as the current situation. The question of entrance road of the said land parcel shall be solved by the Assignee.The ancient or precious trees shall be remained as the assignment condition, as for other trees the Assignee shall carry out relevant procedure according to national regulations.Article 6. The assigned land use term is 40 years, effective from the handover of land by the Assignor to the Assignee.Article 7. The total land knockdown charge is RMB 30,000,000 Yuan (say RMB thirty million Yuan).The above said competing purchase price includes compensation and resettlement fees of expropriation, compensation for removal of auxiliary objects and government land ownership earnings, not including the removal expense of such facilities as electric wires and poles and other taxes.Article 8. Before the signature of the present contract, the Assignee shall pay off the entire price amount totaling RMB 30,000,000 Yuan (say RMB thirty million Yuan). Within which 15% of the total amount equal to RMB 4,500,000 (say RMB four point five million Yuan) sh