EXHIBIT 10.5




         Construction Permit for a Construction Project of
                 the People's Republic of China

                                Serial No.: 00 (jian) 2003?949


     In accordance with the provisions of Article 8, Construction Law
of the People's Republic of China, through examination, this construction
project is incompliance with construction conditions and is permitted to
construct.  The certificate is hereby issued.




 Issuing organ:    Seal of Beijing Development and Reconstruction
                   Commission


 Date: September 28, 2003




Construction unit       Beijing Dahua Real Estate Development Ltd.
- -----------------

Name of project         Housing project
- ---------------

Location of
construction            Beiqijia Township, Changping District
- -------------

Scale of construction   23,188 square meters
- ---------------------

Contract price (Yuan)   20.8692 million yuan
- ---------------------

Design unit             Jingdong Design Academy of the General Equipment
- -----------             Department of the People's Republic of China


Construction unit       Beijing Xinji Construction Co., Ltd.
- -----------------

Supervision unit        Beijing Aocheng Construction Supervision Co., Ltd.
- ----------------

Commencing date         October 2003
- ---------------

Completion date          June 2004
- ---------------


NOTE:

4 A-type housings, 6 B-type housings, 6 C-type housings, 10 D-type housings,
27 E-type housings, 8 F-type housings, 15 G-type housings.



NOTICE:


   1.   The certificate shall be placed at the construction site, and used
        as the construction voucher.

   2.   No provision of the certificate shall be changed without approval of
        the issuing organ.

   3.   The construction administrative authority has the rights to check the
        certificate.

   4.   The project owner shall commence construction within three months from
        the date of the issuance hereof. The postponement procedure shall be
        dealt with when construction is overdue. If the postponement procedures
        are not dealt with or the duration of postponement exceeds the legal
        time, the permit shall be automatically invalid.

   5.   Any construction without the permit shall be deemed illegal
        construction, and penalty will be imposed in accordance with the
        provisions of the Construction Law of the People's Republic of China.