Rent & Operation Contract entered by and between Wuxi Nankai Real Estate Development Co., Ltd. and Wuxi the Fifth Season Investment Management Co., Ltd. dated July 28 2009

Exhibit 10.7

Rent & Operation Contract entered by and between Wuxi Nankai Real Estate Development Co., Ltd. and
Wuxi the Fifth Season Investment Management Co., Ltd. dated July 28 2009

Party A: Wuxi Nankai Real Estate Development Co., Ltd

Party B: Wuxi the Fifth Season Investment Management Co., Ltd.

  • General Information of the Rented Room
  • Rent Purpose: business operation
  • Location: Room 205-2F, 202-1F, 202-2F, 202-3F, Nanchan Temple Zijin Square, Wuxi City, Jiangsu Province
  • Area: 9241.12 sq.m.
  • Property Right
  • Party A promises to own the operation right to the rented room, and Party A is totally entitled to rent the room. Party A would settle the problem if there is any third party claims to the property right to the rented room.
  • Term, Rental and Other Fees of Tenancy
  • Term of Tenancy: from December 1, 2009 to December 31, 2013, both Party A and Party B shall have the right to terminate this agreement during the last two years of the tenancy.
  • Free Rental Term: from December 1, 2009 to December 31, 2010
  • Rental: RMB 5,000,000 yuan per year (rental excluding from fees on water, electric, gas, communication, property management and government levy)
  • Annual Rental will rise to RMB 9,700,000 yuan if Party B fails to: a. open the department store on September 28, 2010 with a open rate of 80% in the opening day and no less than 95% for the ground floor; or b. maintain the opening rate of 95% during the lease period; or c. obey the business time from 10 a.m. to 9 p.m..
  • Way of Payment: pay twice per year

Sublease Clause

  • 80% area of the leased building can be subleased to the third party

Breach of the Contract

  • When any Party of the contract breaches the contract and leads the performance of the contract unavailable, the breach party shall bear the responsibility of breach of the contract and pay the indemnities to the observed party and pay the liquidated damages of 50% of the remained un-paid rental.
  • Headlines of the articles omitted
  • Decoration & Fitment
  • Sales & Property Management
  • Modification and Termination of Contract
  • Miscellaneous

Document Metadata

Filed: April 6th, 2011