Repayment Agreement I

Exhibit 10.24

Repayment Agreement I

Based on discussion of Board of Directors of Gold Horse International Inc, two parties: Inner Mongolia Gold Horse Industry Group and Inner Mongolia Jin Ma Hotel Co., Ltd. now execute and enter into this Repayment Agreement. It is now agreed as follows about loan to Inner Mongolia Gold Horse Industry Group from Inner Mongolia Jin Ma Hotel Co., Ltd amounting to 9,432,226.13 RMB:

I: It is agreed that Inner Mongolia Gold Horse Industry Group will pay 4.50 million RMB to Inner Mongolia Jin Ma Hotel Co., Ltd before 30 ^th September 2008.

II: It is further agreed that Inner Mongolia Gold Horse Industry Group will pay 2 million RMB to Inner Mongolia Jin Ma Hotel Co., Ltd before October 2008, pay 1.50 million RMB before November, and pay 1,432,223.13 RMB before December.

This Repayment Agreement is binding upon two parties, and become ef