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Exhibit 99.1
MANAGEMENT CONTRACT
Owner: Shenyang Haitong House Properties Development Ltd.(Party A)
Legal representative: Lee Shou-cheng
Address: No.386 Qingnian Street, Heping District, Shenyang
Tel: 23180688 23180988
Operator: Huayang Real Estate Management (Shenyang) Co.,Ltd (Party B)
Legal representative: Wang Xiaoluan
Address: No.386 Qingnian Street, Heping District, Shenyang
TEL: 23180921 23180922
The above two parties have agreed upon the following terms under the
Economic Contract Law of the People's Republic of China concerning the
management of "Huayang International Mansion":
1 Party A agreed to assign to Party B with the management of "Huayang
International Mansion" A (hereafter "Mansion") located in No.386 Qingnian
Street, Heping Distric, Shenyang.
2 Party B's management responsibilities include: keep good condition of
Owner's property and public facilities; keep the public area tidy and
clean; offer a green living environment and good security service.
3 Party A is responsible for offering Party B with office space (500m(2))
free of charge.
4 Party B should establish a Property Management Procedure and submit to
Party A for review. Party B should manage the building according to the
approved Procedure. Tenants of the Mansion shall sign a Property Contract
with Party B.
5 Party B should determine the level of management fees based on related
rules and regulations and submit the fee standard to Shenyang Price
Administration for approval. The management fee should be used by Party B
for the management of the Mansion.
6 Party B is responsible for the management of the units in Building A of the
Mansion that have not been sold or leased. Sales Department of Party A
should inform Party B promptly of the information about unsold and unleased
units.
7 Party B has the right to restrain the noncompliance action of the rules and
regulations.
8 Party A shall monitor and inspect Party B's work and fees charged according
to the management contract and related rules and regulations.
9 Party A may give Party B warnings, order Party B to make timely correction,
ask Party B to compensate for any loss incurred, and charge a penalty to
Party B for any action resulted from the following:
9.1 The repair of public facilities is not in time.
9.2 The management system is not sound.
9.3 Fees are increased without permission.
9.4 The noncompliance of this contract.
10 Any transfer or subcontracting of this contract shall be agreed by Party A.
11 Any issues unsettled in this contract shall be negotiated between Party A
and Party B. Amendments to this Contract may be signed and shall have legal
validity.
12 The contract is in quadruple with two original copies.
13 The contract shall go into effect upon being signed by the two parties.
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Owner (Party A): (seal)
Legal representative: (signature)
Date:
Operator (Party B): (seal)
Legal representative: (signature)
Date:
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