RECITALS

                                                                    EXHIBIT 10.2

                          China World Trade Corporation

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                              SETTLEMENT AGREEMENT

This Agreement dated 8 September, 2002 entered into between and by:

PARTY A: China World Trade Corporation, x/x 0xx Xxxxx Xxxxxxxx Network Center,
         138 Tiyu Road East, Tianhe, Guangzhou, the PRC 510620

PARTY B: Xxxxx Xxx

                                    RECITALS

         Party A is a public company with business provided in the major areas
of business recreational club, online trading services, and trading brokerage
and agency services; and Party A owed Party B a total amount of US$44,301.00
(the "Consideration Amount") of consultant fee as of 31 July 2002.

WHEREAS:

1.       Party B agrees to convert the Consideration Amount that Party A owned
         into the shares of the common stock of Party A which shall rank
         pari-passu to the existing common stock; and Party A agrees to issue or
         cause to issue a total of THIRTY-FIVE THOUSAND (35,000) POST 30-TO-1
         REVERSE SPLIT SHARES of its common stock to Party B for the settlement
         of the Consideration Amount (the "Transaction").

2.       Party A agrees to pay for all the expenses in relation to the issuance
         of its shares of common stock to Party B.

3.       Upon signing of this Agreement and the completion of the issuance of
         shares of the common stock of Party A to Party B, neither Party A nor
         Party B would claim the counter party for any form of additional damage
         and/or settlement regarding the Consideration Amount and Party B shall
         immediately resign as a consultant of the Company.

4.       Both parties agree to keep all information regarding the Transaction
         and its business or affairs which are known to the Parties in
         connection with this Agreement strictly confidential and shall release
         such information only to parties authorized by either party.

5.       This Agreement shall be governed by the laws of the Hong Kong Special
         Administrative Region and the Parties shall submit to the jurisdiction
         thereof.

For and on behalf of                        For and on behalf of
Party A                                     Party B

/s/ Xxxx Xxx                                /s/ Xxxxx Xxx
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Xx. Xxxx XXX                                Xxxxx Xxx