Pugui Travel · Co-Creation Convention

This Convention is a binding agreement between Pugui Travel ("the Platform") and backers participating in Old-House Co-Creation Projects ("Backers" or "Owners"). The core principle is "de-financialization" — what Backers receive are consumption rights (exclusive stay rights + eco-points), not financial returns, equity, or guarantees of any kind. This Convention is established in accordance with applicable laws and regulations.

2.1 Premium Credits: Backers pre-pay consumption value in exchange for future stay rights and eco-points at a designated resort. This is a consumption contract, NOT an investment, loan, or equity subscription. 2.2 Stay Rights: The right to stay at designated room types for free during the agreed period. Stay rights are non-transferable, non-redeemable for cash, and non-refundable (except as provided in Article 5). 2.3 Eco-Points: Consumption points awarded monthly based on the project's operational performance and the Backer's share percentage. Points can be used for room discounts, workshop bookings, dining, etc. at any Pugui property. Points cannot be redeemed for cash. 2.4 Share Percentage: The percentage of consumption rights a Backer holds in a given project, determined at the time of participation, used to calculate monthly eco-point awards. 2.5 Skill Swap: Professional skills (design, development, photography, operations, etc.) exchanged for equivalent consumption value and share percentage. Skill value is assessed through mutual agreement between the Platform and the Backer.

3.1 Premium Credit Participation: Backer pays a lump sum (CNY) to acquire share percentage in the project. Minimum amounts are stated on each project page. 3.2 Skill Swap Participation: Backer submits a professional skills proposal. After Platform assessment, the equivalent share percentage is determined. No cash payment is involved; a Skill Swap Agreement must be signed. 3.3 Process: (a) Browse projects and choose participation type → (b) Submit interest → (c) Platform conducts alignment interview → (d) Both parties confirm share percentage and sign electronic agreement → (e) Backer pays (Premium Credits) or submits skills proposal (Skill Swap) → (f) Rights take effect.

4.1 Stay Rights: Backers enjoy annual free stay days proportional to their share percentage. Stays can be split across multiple visits with minimum 7 days advance booking. Rights are valid during the project's operational period. 4.2 Eco-Points: Awarded monthly based on actual operational performance (occupancy rate, total revenue, etc.), calculated automatically by the Platform. Points are credited within 5 business days of the following month. Valid for 36 months from issuance. 4.3 Honorary Owner Status: Backer's Club membership card upgrades to limited-edition "Honorary Owner" design with exclusive service access. 4.4 Right to Information: Backers have the right to view monthly operational data (occupancy, revenue, point calculation details) via the Owner Dashboard, published by the 5th of each month.

5.1 Cooling-off Period: Within 7 calendar days of payment, Backers may withdraw without cause. The Platform will refund 100% of the paid amount within 15 business days. 5.2 Pre-operation Exit: If the project fails to reach "In Operation" status within 12 months of the Backer's participation, the Backer may withdraw. The Platform will refund 100% of the paid amount, less the market-value equivalent of any used stay days. 5.3 Post-operation Exit: After the project enters "In Operation" status, Backers may transfer their share percentage to a third party (subject to Platform approval) but may not demand buyback or refund from the Platform. Earned eco-points are non-refundable. 5.4 Platform Termination: In case of force majeure or Platform-caused project termination, the Platform will refund a pro-rata portion based on remaining operational period and settle outstanding points.

6.1 Participation under this Convention constitutes a consumption activity, NOT an investment, financing, or financial activity regulated under securities or banking laws. 6.2 Backers should fully understand that eco-point awards depend on actual operational performance and are subject to fluctuation. The Platform makes no commitment or guarantee regarding minimum point awards. 6.3 The market value of stay rights may fluctuate due to market conditions, project performance, and other factors. The Platform does not guarantee the market value of stay rights. 6.4 The Platform strongly advises: participate rationally based on your financial situation. Premium credit payments should come from discretionary funds, not borrowed money. 6.5 The Platform prohibits any form of share speculation or rights scalping. Upon discovery, the Platform reserves the right to cancel all of the Backer's rights without refund.

The Platform will collect, use, and protect Backer personal information in accordance with the Pugui Travel Privacy Policy. Backer rights data (share, points, stay records) is stored encrypted and will not be disclosed to third parties without authorization. Monthly operational data will be published to all Backers with personally identifiable information redacted.

This Convention is governed by the laws of the People's Republic of China. Any dispute arising from or in connection with this Convention shall first be resolved through friendly negotiation. If negotiation fails, either party may submit the dispute to the competent court at the Platform's domicile.

This Convention takes effect upon publication. The Platform may revise this Convention in accordance with legal changes or business needs. Revised versions will be posted on the Platform website and take effect 7 days after publication. Continued participation constitutes acceptance of the revised Convention.