PEAK INTERNATIONAL LTD
LETTER AGREEMENT DATED NOVEMBER 1, 2001
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>3
<FILENAME>dex1014.txt
<DESCRIPTION>LETTER AGREEMENT DATED NOVEMBER 1, 2001
<TEXT>
<PAGE>


                                                                   EXHIBIT 10.14


November 1, 2001


Mr. Jack Menache
Vice President Administration
Peak International Limited
44091 Nobel Drive
P.O. Box 1767
Fremont, CA 94538
U.S.A.


Dear Mr. Menache,

RE: INDUSTRIAL DEVELOPMENT - KANGLE INDUSTRIAL CITY, HENGGANG TOWN, LONGGANG
    DISTRICT, SHENZHEN, PR CHINA

Further to our inspection and discussions regarding the above mentioned
development we would like to propose the following two options for your
consideration.

Option 1
--------

Agency

FPDSavills to be appointed for a period of 6 months as your consultant, advisor
and exclusive agent for the disposal of the property, (subject to the exclusion
described below).

Function & Duties of FPDSavills

(a)  Identifying prospective purchaser/tenants for the Development and
conducting personalised mailshots, cold call campaigns, co-ordinating approved
media advertising, and using best endeavors to create opportunities to commence
dialogue with decision makers of targeted companies.

(b)  When necessary and appropriate, market the Development to prospects
overseas, by making use of it's international office associates, it's US network
- Trammell Crow Company or such other contacts to achieve global coverage and
marketing of the Development when necessary.

(c)  In consultation with PEAK, FPDSavills will prepare, develop and implement a
marketing programme appropriate to the prevailing market conditions.

(d)  Advise on the current market conditions with regard to rents, sale prices
and payment terms.

(e)  Advise on the suitability of subdivision.

<PAGE>
                                                                      2


(f)  To position the development in the market and ensure that PEAK is kept
informed to allow response to changing market conditions.

(g)  To coordinate all enquiries in conjunction with PEAK and to negotiate
acceptable terms and conditions.

(h)  To report the progress of the disposal on bi-weekly basis.

Method of Disposal

Although we will be principally pursuing a vacant possession sale on a whole lot
basis, we will keep other options open. We believe that to lease out the whole
lot or subdivide into three sections vertically is sound in the current market.

We suggest the property be marketed by way of Private Treaty. Private Treaty
will allow us to fully explore each inquiry and to offer the greatest degree of
flexibility to PEAK and interested parties.

Marketing

The principal method of marketing will involve direct contact with potential
users. FPDSavills have a database of over 50,000 companies covering all business
sectors, size and country of origin. We will select 500 of them from our
database. The first tear targets (100 companies) will be contacted and the
property will be presented to them.

The marketing campaign will also include the following :

(a)  Flyer
     -----

         We recommend that 1,000 copies of a high quality A4 size flyer should
         be produced which will create an immediate image of quality and
         prestige for this development, whilst remaining informative. The flyer
         will be distributed to the wider selection of companies from our
         database including overseas prospects.

(b)  Web-site
     --------

         We will put the development on to our corporate web site. A photograph
         and full development details will be included to facilitate further
         enquiry from the www.

         With your consent, we will list the property in the Shenzhen Real
         Estate Exchange Centre. The exchange centre is a government web site
         and exchange centre for property transactions.

(c)  Press Advertising
     -----------------
         We would recommend using the following publications:


<PAGE>
                                                                      3



         Newspaper:    South China Morning Post - Major English newspaper in HK
                       Hong Kong Economic Times - Major Chinese business post in
                       HK Shenzhen Special Zone Daily - Major daily in Shenzhen

(d)  Cold-calling
     ------------

         Whilst many of our competitors wait for their telephones to ring in
         response to a press advertisement, staff at FPDSavills carry out a
         pro-active marketing campaign through cold-calling which achieves
         impressive results.

(e)  Banner
     ------

         We wish to erect one large banner on the building. This banner will be
         of a high quality and striking design and will include FPDSavills
         telephone numbers.

(f)  Press Releases
     --------------

         FPDSavills, with assistance from a P.R. consultancy, will draft press
         releases throughout the marketing campaign and will use its strong
         connections with the Press to ensure that there is plenty of coverage
         for the project.

Target Market

We believe the most likely purchaser/tenant will be an end-user who requires
immediate space. Our target market would be :

(a) Large industrial space users who currently operate in Shenzhen or Guangdong
area;

(b) MNC with an immediate requirement in the area.

(c) Large warehouse space users operating in the area.

Other than the end users, we will also target the main developers in Shenzhen.

Marketing Cost

As part of our services, FPDSavills will execute the marketing campaign. The
cost of the marketing tools will not exceed the amounts set forth below unless
Peak gives its prior written (email acceptable) consent Any cost in excess of
the amount set forth below not approved by Peak shall be borne by FPD Savills:

<TABLE>
<CAPTION>
Tools                  Costs (HK$)            Remarks
-------------------------------------------------------------------------------------------------------
<S>                    <C>                    <C>
                                              ---------------------------------------------------------

                                              ---------------------------------------------------------
Flyers                 50,000                 1,000 colour flyers of top quality including picture,
                                              location plan and key attributes (including photographer)

P.R.                   FPDS' services         Continuous press about the property, interest, market,
                                              price etc. etc.

Mailshots              5,000                  Including Airmail overseas

Advertisement          50,000                 Both in HK or China

Banner                 20,000                 Produce in Shenzhen

--------------------------------------------------------------------------------------------------------
TOTAL                  HK$125,000
</TABLE>

<PAGE>
                                                                      4


Fees

A commission of 1.25% of the purchase price (or 0.75% from each of Peak and the
buyer) will be charged upon the closing of an agreement. Alternatively, the
first one and a half months rental shall be paid to Agent. To allow us to
apportion the substantial time necessary for the success of the project and to
cover the expenses relating to time and travel to Shenzhen we propose a monthly
retainer fee of HK$30,000 for November and December, and HK$20,000 thereafter.
This fee will be deducted from the commission upon the successful disposal.
Agent shall bear all of its own expenses incurred in performing its duties
hereunder.

Exclusion: Notwithstanding anything to the contrary herein, no commission shall
be payable and this agreement shall terminate in the event that Peak enters into
a letter of intent or other agreement with Shenzhen Henggang Economic
Development Corporation (or its related companies) for the sale, lease or other
disposal of the property. In the event of such transaction, Peak will pay an
additional amount to Agent in the amount of 50% of the retainer theretofore
paid.

The reasons we request retainers for China work is that the volume of work
involved in marketing a property in China far exceeds that of a similar property
in Hong Kong. The market in China is not mature and every facet of the job is
affected from initial statutory searches through to the final sale contracts;
everything takes more time and effort. To dedicate the volume of time necessary
to effectively market a project of this nature it is essential that we have the
retainer in place.

To try to give you a better understanding of how time is valued in Hong Kong I
have attached hereto our rate on hourly charge and obtained some comparative
hourly charge rates from other professional service providers for your
reference. The cost of transportation is also attached for your reference.

We are very keen to be appointed on this project. However without the retainer
we will be unable to dedicate the time we believe is required from a sole and
exclusive agent operating from Hong Kong.


<PAGE>
                                                                      5


Option 2

FPDSavills to be appointed on general agent (non-exclusive) basis for a period
of 6 month with a clause to terminate the instruction by giving the other party
one-month advance notice.

The main function and Duties of the Agent is to introducing prospective
tenant/purchaser to the development. FPDSavills will market the development on a
re-active basis. The office in Shenzhen and/or Guangzhou will run this.

Fee

A commission of 1.5% of the purchase price or one and a half month rental
whichever applicable will be charged upon a successful disposal.

I believe the above is in order. Michael and I are looking forward to working
with you in the near future.

Yours sincerely,
For and on behalf of
FPDSavills (Hong Kong) Limited

/s/ Woody Lam
-------------------------------
Woody Lam   B.S.Sc., M.Sc., MRICS, AHKIS, RPS (G.P.)
Director, Industrial Department

(E A Licence: 100284)


Encl.


<PAGE>
                                                                      6



APPENDIX

1.   Hong Kong Professional Charge Rates HK$ / hour
<TABLE>
<CAPTION>
     Profession Level                Law             Chartered Surveyor             Accounting
     ------------------------------- --------------- ------------------------------ -------------------
<S>                                  <C>             <C>                            <C>
     Partner / Director              $4,500          $3,200                         $4,750
     Manager                         $2,600          $1,500                         $2,250
</TABLE>

     *        These figures were obtained from Simmons & Simmons (Lawyers),
              FPDSavills and PriceWaterhouseCoopers (Accounting).

     Two inspections a month would push the monthly bill above the HK$30,000
     we are requesting. This only takes into account the time involved in
     two inspections.

2.   Expenses relating to travel to Shenzhen and Henggang Town :

     Transport - Ferry $230 (HK to Shenzhen & return)

     Transport - Train $220 (HK to Shenzhen & return)

     Transport - Cab $400 (Shenzhen to Property & return)

     Transport - Hire car $2,000 (HK to Property & return)

     Visa $100 / visit





</TEXT>
</DOCUMENT>
