SURETYSHIP CONTRACT
Party
A:
Shanghai JinYuan real estate development Co., Ltd. (JinYuan)
Party
B:
Shanghai Wanxing Bio-Pharmaceutical Co., Ltd. (Wanxing)
Base
on
the trust gained through economic cooperation, in order to help JinYuan to
overcome the short-term capital shortage, both parties agreed to enter the
following agreement:
| 1. |
Party
B agreed to lend his own capital in amount of RMB 8.0 million to Party
A
for his use in real estate development.
|
| 2. |
The
said money shall not be used for any other
intentions.
|
| 3. |
This
agreement is a three-year-extension based on the agreement sign on
May 18,
2000. Duration for this extension is from May 15, 2001 to May 14, 2004.
In
case there is a need for further extension, a written approval shall
be
obtained from Party B and signing a supplementary agreement shall be
followed.
|
| 4. |
Party
A shall be charged for the interest. Interest rate is in accordance
with
the bank regulated rate.
|
| 5. |
Party
A shall return the principle interest in three working days before
the due
date.
|
| 6. |
No
matter whatever excuses he has, Party A shall not delay the return
of
principle and interest. In case of delay, a bank regulated penalty
interest rate shall be applied.
|
| 7. |
This
agreement shall be in effect after both parties’
signatures.
|
| 8. |
In
case dispute arising when executing the agreement, negotiation shall
be
performed to settle the dispute. If agreement cannot be reached through
negotiation, dispute shall be settled through jurisdiction from Party
B’s
local court.
|
| 9. |
this
agreement is in four copies. Each party has two copies.
|
Party
A:
Shanghai JinYuan real estate development Co., Ltd. (stamp)
Party
B:
Shanghai Wanxing Bio-Pharmaceutical Co., Ltd. (stamp)
Signature
May
14,
2001
