Contract

Assignment State Land Use Right Contract

by Sgoco Group Ltd
June 14th, 2010
 
Exhibit 10.29

Assignment State Land Use Right Contract

Date:
 
June 30, 2007
     
Assignor:
 
Jinjiang City Bureau of State Land and Recourse
     
Land Use Right Holder:
 
Guanke
     
Term:
 
June 29, 2007 to June 28, 2057
     
Official reference number:
 
Jin Di He [2007] Qing Xie Zi No. 244
     
Location:
 
Houlin Community, Luoshan Street, Jinjiang City, Fujian Province
     
Size:
 
65,331 square meter
     
Consideration:
 
RMB12,631,748 yuan, excluding city construction costs and title deed tax.
     
Use of Land:
 
Industrial
     
Covenants of Assignor:
 
Assignor shall not terminate the land use right during the term of the Contract, unless (i) there is a compelling public interests; and (ii) through due process. Upon termination, Assignor shall indemnify Guanke a fair value for the remaining term of the agreement and the constructions and facilities on the property.
     
   
If Guanke applies to renew the land use right one year before the expiration date of the agreement, Assignor shall consent unless for reasons of compelling public interests.
     
Covenants of Land Use Right Holder:
 
The Use of the land other than for industrial purpose shall be subject to consent of Assignor. Guanke has the right to assign, lease and mortgage the property entirely or partially to a third party upon receiving a Land Use Right Certificate and satisfaction of the following conditions: (i) Guanke has developed at least 25% of the property; and (ii) the land has been developed as suitable for industrial use.
     
   
Assignor is entitled to terminate the land use right without any indemnification to Guanke if there is no construction on the property within two year from December 31, 2008.

 
 

 
 
Dispute resolution:
 
Disputes should be submitted to competent People’s Court in China
     
Governing law:
 
Laws of the People’s Republic of China.