EQUIPMENT LEASE AGREEMENT

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                                                                    EXHIBIT 4.37

                            EQUIPMENT LEASE AGREEMENT

                                     Between

                HANGZHOU BIANFENG NETWORKING TECHNOLOGY CO., LTD.

                                       and

               SHENGQU INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD.

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                           EQUIPMENT LEASING AGREEMENT

THIS EQUIPMENT LEASING AGREEMENT ("this Agreement") is entered into on this 28th

day of December, 2004 by and between Hangzhou Bianfeng Networking Technology

Co., Ltd. ("Bianfeng"), a company organized and existing under the laws of the

People's Republic of China (the "PRC"), and Shengqu Information Technology

(Shanghai) Co., Ltd. ("Shengqu"), a wholly foreign-owned enterprise organized

and existing under the laws of the PRC. Each of Bianfeng and Shengqu shall

hereinafter individually be referred to as a "Party" and collectively as the

"Parties".

1 DEFINITIONS

Unless this Agreement otherwise defines or the context otherwise requires, the

following terms shall have the meanings given to them below when used in this

Agreement:

1.1   "Term" shall mean the term of this Agreement as stated in Article 2.3

      hereof.

1.2   "Equipment" shall mean the equipment leased by Shengqu to Bianfeng as

      requested by Bianfeng from time to time. The specific description of each

      piece of Equipment shall be set forth in a confirmation letter.