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Exhibit 10
Joint Venture Agreement
Party A: Greater China Media and Entertainment Corp., a company incorporated under the laws of the State of Nevada and trading on the NASD OTCBB under symbol “GCME”.
Address: 10th Floor, Building A, Tongyongguoji Center, No. 3 Jianguomenwai Road, Beijing China
Legal Representative: Wei, Xin
Position: Chairman
Party B: Beijing Star King Talent Agency Ltd. Co., a company organized and existing under the laws of People's Republic of China.
Address: No. 1205 HuiXin Building, Beijing, Peoples’ Republic of China
Legal Representative: Xu, Li
Position: General Manager
Whereas:
Party A and Party B reached an agreement for mutual benefit and joint development, both parties agree as follows:
1. Structure of Co-operation
1.1 A Joint Venture (JV) will be formed in Beijing China;
1.2 Registered Capital of the JV will be 1 million RMB, of which, 600,000 RMB of registered capital will be invested from Party A who will own 60% of the JV, the rest will be invested from Party B who will own 40% of the JV;
1.3 Party B will also transfer all the signed agency contracts (“Transferred Contracts”) to the JV.
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2. Rights with respect to the Transferred Contracts
2.1 JV is the beneficial owner of the Transferred Contracts;
3. Rights and Obligations
3.1 Rights and Obligations of Party A
3.1.1 Party A will invest 600,000 RMB as registered capital of the JV. Party A will own 60% of the JV; Party A will put 940,000 RMB in the new company as working capital according to the JV's Business Plan.
3.1.2 The board of the JV will have 3-5 members. Party A has the right to appoint the Chairman of the Board and 1- 2 other directors;
3.1.3. Party A has the right to appoint the CFO (Chief Financial Officer) of the JV;
3.1.4 Party A is responsible for raising the necessary capital for the development of the JV;
3.1.5 At the second anniversary of the JV, if JV generated 8 million RMB (about U$1 million) before tax profit, but Party B decided to terminate the cooperation, Party A has the right to get all the investment and all the loan to the JV from Party B, in addition, Party A has the right to own all the profit generated from the JV. Upon completion of the above mentioned transaction, Party B will transfer the entire ownership of the JV to Party A;
3.1.6 At the second anniversary of the JV, if JV generated 8 million RMB(about U$1 million
