Abstract: The research on basic model, architecture, key technologies and system implementation is the hot topic of cloud computing in academic community and IT industry. By analyzing the characteristics of two existed types of cloud computing systems, including vertical cloud system and hybrid cloud system, three important and challenging issues of building a production cloud computing system are observed, which are efficiently supporting of heterogeneous application load modes, multi-tenant resource leasing, and adopting a uniform system to consolidate massive cloud resources. Upon these problems, this paper introduces the construction and goals of LingCloud, presents an asset-leasing model based architecture of LingCloud, and analyses the key technologies of LingCloud, involving asset partition management, virtual network management, virtual appliance management, virtual cluster leasing framework, and global user management in cloud. At present, the LingCloud system has been implemented and deployed in the real-world environments. According to the evaluation, LingCloud is better than other related systems of OpenNebula and Enomaly ECP in the aspects of uniformity, flexibility, security, usability, and efficiency. The performance result shows that the logic deployment speed in LingCloud is 4.1 times of that in the OpenNebula and VIDA hybrid system in the case of 64 virtual machines deployment concurrently.