Beijing Chengxiang Huamao Shopping Center (Beijing, China) Tenant Agreement - China Township Enterprises Investment & Development Co. Ltd. and Beijing B2B Information & Technology Co. Ltd.

                                         TENANT AGREEMENT NO. 1

Building-owner:  China Township Enterprises Investment & Development Co. Ltd.

Leaseholder:  Beijing B2B Information & Technology Co. Ltd.

The  building-owner  and the leaseholder agree to the following  agreement.  The
agreement  is to protect  legal  rights of both sides and make the right and the
incumbency clear.

1.       TENANT MARK:

a.       The  building-owner  leases  rooms  105,  106  and  107  of  overground
         fourteenth  floor,  Beijing  Chengxiang  Huamao  Shopping Center to the
         leaseholder  as  offices.  The  address  is A 23 Fuxing  Road,  Haidian
         District, Beijing. The area is counted for 132.51 square meters.

b.       Building Status: The building is framework  structure with ceramic tile
         outside,  alnico windows and doors, brick floor inside,  spraying wall,
         plasterboard top. The building also has Centralized Air-condition, Fire
         Control Alarm, Elevator and Proceeding Telephone System etc.

2.       TENANT PERIOD:

         The time period of the  agreement is from Dec.  9th,  1999 to Dec. 8th,
         2000.

3.       PAYMENT

a.       Unit and total price:  Unit price is 5.00 RMB Yuan  (including  0.5 RMB
         Yuan charge of building  management)  per square  meter per day.  Total
         price is 241830.75  RMB Yuan based on the area and 365 days every year.
         Day of seasons and months is calculated on the Gregorian calendar.

b.       Payment  period:  Rent  fee  is  paying  annually.  After  signing  the
         agreement,  the leaseholder should pay 50 percent of annual rent to the
         building-owner  at once. The second time of payment is in the middle of
         the renting  period.  The payment  should be kept going like this after
         the renting agreement extend.

4.       RIGHT AND INCUMBENCY OF LEASEHOLDER AND BUILDING-OWNER:

a.       This  agreement  is a  certificate  for  both  sides.  Leaseholder  and
         Building-owner must abide by it.

b.       The monthly rent in the agreement is confirmed by both sides.  The rent
         shall be re-arranged by both sides after expiration.

c.       The  building-owner  should  guarantee  the normal  operation  of water
         supply,   electric   supply,    air-condition   and   sanitation.   The
         building-owner  is also  responsible  for the  maintenance of the above
         equipment.

d.       After  confirmation of the agreement,  the  leaseholder  should pay the
         rent immediately.  Delay of telephone fee will result in additional 10%
         punitive charge.

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e.       During the lease period the  leaseholder  shall fulfill the  incumbency
         confirmed in the agreement. If the leaseholder wants to relet the rooms
         after expiration, the building-owner shall put out to lease continually
         and confirm a new agreement with leaseholder. If there is any fell-back
         action by  leaseholder  and any improper  action not  corrected in time
         during the  lease,  the  building-owner  has the right to  postpone  or
         refuse to the new agreement.

f.       The  leaseholder  is  responsible  for  taking  good care of all rooms,
         fitment and equipment in the rental  building.  Any  shattering  due to
         leaseholder  shall be repaired  and  compensated  by  leaseholder;  All
         public  equipments  such as  public  elevators,  wiring  sockets,  fire
         control  fitment  etc.  should  kept  carefully  by  leaseholder.   Any
         shattering  or  losing  shall be  assumed  by sides or  person of duty;
         Checking and  maintenance  by the building owner shall be cooperated by
         leaseholder.  Refusing to check and maintain is  forbidden.  Any losing
         caused by refusing to check and  maintain  shall be gone behind duty of
         leaseholder.

g.       The leaseholder  shall abide by all safe  management  rules of building
         material management. The building-owner keeps the right of going behind
         duty to any losing caused by disobeying the rules.

h.       The  requirement  of  releasing  the  agreement  shall be informed  the
         building-owner  by leaseholder a month ahead.  To finish the agreement,
         both sides shall transact the following procedures: (1) check rooms and
         fitment (2) settle all charges (3) settle fell-back charge and assuming
         charge.

i.       The agreement is in operation after confirmation.  Two copies with same
         format and same  effectiveness are kept by the  building-owner  and the
         leaseholder respectively.

j.       Any  things  and  proceeding  unaccounted  in the  agreement  shall  be
         arranged and confirmed with other complemental agreement by both sides.

Leaseholder: Beijing B2B Information & Technology Co. Ltd.

Consigner:

Building owner: China Township Enterprises Investment & Development Co. Ltd.

Consigner:


February 2nd, 2000


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