UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

|X|   Quarterly Report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934
      For the quarterly period ended September 30, 2005

|_|   Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act
      of 1934
      For the transition period ___________________ to _________________.

                        Commission File Number 333-52721

                             ----------------------

                           LANBO FINANCIAL GROUP, INC.
        (Exact name of small business issuer as specified in its charter)

            Nevada                                    02-0497440
(State or other jurisdiction of           (IRS Employer Identification No.)
incorporation or organization)

                      c/o West Windsor Professional Center
                                51 Everett Drive
                                   Suite A-20
                             West Windsor, NJ 08550
                    (Address of principal executive offices)

                                  609-799-1889
                (Issuer's telephone number, including area code)

      Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes |X| No |_|

      Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act): Yes |_| No |X|

      There were 27,142,856 shares of the Company's common stock outstanding as
of November 11, 2005.

      Transitional Small Business Disclosure Format (Check one): Yes |_| No |X|
<PAGE>

PART I - FINANCIAL INFORMATION................................................3

         Item 1.  Condensed Financial Statements and Notes thereto............3

         Item 2.  Management's Discussion and Analysis or Plan of Operation...8

         Item 3.  Controls and Procedures.....................................21

PART II - OTHER INFORMATION...................................................21

         Item 1.  Legal Proceedings...........................................21

         Item 2.  Changes in Securities and Use of Proceeds...................21

         Item 3.  Defaults Upon Senior Securities.............................21

         Item 4.  Submission of Matters To a Vote of Security Holders.........21

         Item 5.  Other Information...........................................21

         Item 6.  Exhibits and Reports on Form 8-K............................21


                                       2
<PAGE>

PART I -          FINANCIAL INFORMATION

Item 1.  Condensed Financial Statements and Notes thereto.

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                 AS OF SEPTEMBER 30, 2005 AND DECEMBER 31, 2004

<TABLE>
<CAPTION>
                                            ASSETS
                                                                                        September 30       December 31,
                                                                                            2005               2004
                                                                                        ------------       ------------
                                                                                        (Unaudited)         (Audited)
                                                                                        ------------       ------------
<S>                                                                                     <C>                <C>
CURRENT ASSETS:
    Cash                                                                                $  1,962,614       $    199,956
    Cash - restricted                                                                      1,745,672          1,508,376
    Accounts receivable, trade, net of allowance for doubtful
       accounts of $955,551 and $370,246 as of September 30, 2005 and
       December 31, 2004, respectively                                                    10,238,336          3,790,974
    Other receivables, net of allowance for doubtful accounts of $367,506
       and $1,090,852 as of September 30, 2005 and December 31, 2004, respectively         2,368,383             23,313
    Other receivables - related party                                                         14,987                 --
    Prepaid expense                                                                        9,243,634          5,952,638
                                                                                        ------------       ------------
       Total current assets                                                               25,573,626         11,475,257
                                                                                        ------------       ------------

REAL ESTATE HELD FOR DEVELOPMENT OR SALE                                                  28,107,428         27,571,614
                                                                                        ------------       ------------

PLANT AND EQUIPMENT, net                                                                   5,399,879          2,545,782
                                                                                        ------------       ------------

LONG-TERM INVESTMENT                                                                              --          2,598,430
                                                                                        ------------       ------------

OTHER ASSETS:
    Deferred charges - net                                                                        --                825
                                                                                        ------------       ------------
       Total other assets                                                                         --                825
                                                                                        ------------       ------------

          Total assets                                                                  $ 59,080,933       $ 44,191,908
                                                                                        ============       ============

                            LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
    Accounts payable, trade                                                             $  1,997,910       $  5,789,210
    Advances from customers                                                                9,131,389          2,172,476
    Accrued liabilities                                                                      453,250          4,223,608
    Income taxes and other taxes payable                                                  12,091,717          6,930,841
    Other payables                                                                         3,880,865            190,655
    Other payables - related party                                                         5,893,289          5,881,000
    Short term loans payable - bank                                                        5,571,000          7,623,000
                                                                                        ------------       ------------
       Total current liabilities                                                          39,019,420         32,810,790
                                                                                        ------------       ------------

    Long term loans payable - bank                                                         6,809,000          4,235,000
                                                                                        ------------       ------------

             Total liabilities                                                            45,828,420         37,045,790
                                                                                        ------------       ------------

SHAREHOLDERS' EQUITY:
    Preferred stock, $0.001 par value, 10,000,000 shares authorized,
       no shares issued and outstanding
    Common stock, $0.001 par value, authorized 50,000,000 shares,
       35,714,286 shares issued and outstanding                                               35,715             35,715
    Paid-in-capital                                                                        8,634,109          8,634,109
    Statutory reserve                                                                      1,859,899          1,859,899
    Retained earnings                                                                      8,213,074          2,376,395
    Owner contribution receivable                                                         (5,760,000)        (5,760,000)
    Accumulated other comprehensive income                                                   269,716                 --
                                                                                        ------------       ------------
       Total shareholders' equity                                                         13,252,513          7,146,118
                                                                                        ------------       ------------
          Total liabilities and shareholders' equity                                    $ 59,080,933       $ 44,191,908
                                                                                        ============       ============
</TABLE>


The accompanying notes are an integral part of this statement.


                                       3
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

     CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (LOSS)
     FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

<TABLE>
<CAPTION>
                                                          Three months ended                     Nine months ended
                                                     -------------------------------       ------------------------------
                                                             September 30                           September 30
                                                     -------------------------------       ------------------------------
                                                         2005               2004               2005              2004
                                                     ------------       ------------       ------------      ------------
                                                     (Unaudited)        (Unaudited)        (Unaudited)       (Unaudited)
                                                     ------------       ------------       ------------      ------------
<S>                                                  <C>                <C>                <C>               <C>
GROSS REVENUES                                       $  8,838,676       $  3,615,649       $ 28,439,877      $ 26,203,674

COST OF SALES                                           5,869,712          3,424,167         17,569,327        18,376,446
                                                     ------------       ------------       ------------      ------------

GROSS PROFIT                                            2,968,964            191,482         10,870,550         7,827,228

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES              881,443            314,909          1,972,972         1,146,093
                                                     ------------       ------------       ------------      ------------

INCOME (LOSS) FROM OPERATIONS                           2,087,521           (123,427)         8,897,578         6,681,135

REVERSE MERGER TRANSACTION EXPENSE                             --         (2,892,945)                --        (2,892,945)
OTHER INCOME (EXPENSES), net                              (30,801)           316,861            153,032           (74,678)
                                                     ------------       ------------       ------------      ------------

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES         2,056,720         (2,699,511)         9,050,610         3,713,512

PROVISION FOR INCOME TAXES                                733,809            (37,289)         3,213,931         2,099,743
                                                     ------------       ------------       ------------      ------------

NET INCOME (LOSS)                                       1,322,911         (2,662,222)         5,836,679         1,613,769

OTHER COMPREHENSIVE INCOME (LOSS):
    Foreign currency translation adjustment               269,716                 --            269,716                --
                                                     ------------       ------------       ------------      ------------
COMPREHENSIVE INCOME (LOSS)                          $  1,592,627       $ (2,662,222)      $  6,106,395      $  1,613,769
                                                     ============       ============       ============      ============

BASIC AND DILUTED INCOME (LOSS)
    PER COMMON SHARE                                 $       0.04       $      (0.14)      $       0.17      $       0.08
                                                     ============       ============       ============      ============

BASIC AND DILUTED WEIGHTED AVERAGE
    COMMON SHARES OUTSTANDING                          35,714,286         19,312,888         35,714,286        19,294,838
                                                     ============       ============       ============      ============
</TABLE>

The accompanying notes are an integral part of this statement.


                                       4
<PAGE>

           LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

         CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
      FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

<TABLE>
<CAPTION>


                                                      Number         Common        Paid in        Statutory      Retained
                                                     of shares        stock        capital        reserves       earnings
                                                   -------------  -------------  -------------  -------------  -------------
<S>                                                   <C>         <C>            <C>            <C>            <C>
BALANCE, January 1, 2004, audited                     19,285,714  $      19,286  $   6,085,641  $     686,579  $   2,228,775

   Recapitalization as a result of merger              2,500,000          2,500            167
   Reverse merger expense payable in common stock

   Net Income                                                                                                      1,613,769
   Dividend distributed                                                                                           (3,204,549)

                                                   -------------  -------------  -------------  -------------  -------------
BALANCE, September 30, 2004, unaudited                21,785,714  $      21,786  $   6,085,808  $     686,579  $     637,995

   Net Income                                                                                                      2,911,720
   Recapitalization as a result of merger
   Stock issued for reverse merger expense            13,928,572         13,929      2,548,301
   Adjustment to statutory reserve                                                                  1,173,320     (1,173,320)

                                                   -------------  -------------  -------------  -------------  -------------
BALANCE, December 31, 2004, audited                   35,714,286  $      35,715  $   8,634,109  $   1,859,899  $   2,376,395

   Net Income                                                                                                      5,836,679
   Foreign currency translation adjustments

                                                   -------------  -------------  -------------  -------------  -------------
BALANCE, September 30, 2005, unaudited                35,714,286  $      35,715  $   8,634,109  $   1,859,899  $   8,213,074
                                                   =============  =============  =============  =============  =============

<CAPTION>
                                                                                          Accumulated
                                                       Owner         Reverse merger           other
                                                   contribution     expenses payable      comprehensive
                                                    receivable       in common stock         income         Totals
                                                   -------------      -------------       -------------  -------------
<S>                                                <C>                <C>                 <C>            <C>
BALANCE, January 1, 2004, audited                  $  (5,760,000)     $                   $              $   3,260,281

   Recapitalization as a result of merger                                                                        2,667
   Reverse merger expense payable in common stock                         2,534,345                          2,534,345

   Net Income                                                                                                1,613,769
   Dividend distributed                                                                                     (3,204,549)

                                                   -------------      -------------       -------------  -------------
BALANCE, September 30, 2004, unaudited             $  (5,760,000)     $   2,534,345       $          --  $   4,206,513

   Net Income                                                                                                2,911,720
   Recapitalization as a result of merger                                                                           --
   Stock issued for reverse merger expense                               (2,534,345)                            27,885
   Adjustment to statutory reserve

                                                   -------------      -------------       -------------  -------------
BALANCE, December 31, 2004, audited                $  (5,760,000)     $          --       $          --  $   7,146,118

   Net Income                                                                                                5,836,679
   Foreign currency translation adjustments                                                     269,716        269,716

                                                   -------------      -------------       -------------  -------------
BALANCE, September 30, 2005, unaudited             $  (5,760,000)     $          --       $     269,716  $  13,252,513
                                                   =============      =============       =============  =============
</TABLE>


                                       5
<PAGE>

                         LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

                             CONSOLIDATED STATEMENTS OF CASH FLOWS
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

<TABLE>
<CAPTION>
                                                                          2005           2004
                                                                      -----------    -----------
                                                                      (Unaudited)    (Unaudited)
                                                                      -----------    -----------
<S>                                                                   <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income                                                        $ 5,836,679    $ 1,613,769
    Adjustments to reconcile net income to cash
      provided by operating activities:
        Reverse merger transaction expense                                     --      2,534,345
        Depreciation                                                      159,879        127,568
        Gain on sale of investment                                       (192,134)            --
      (Increase) decrease in assets:
        Change in restricted cash                                        (237,296)       (18,599)
        Accounts receivable - trade                                    (6,447,362)    (3,451,614)
        Other receivables                                              (1,861,070)     1,547,144
        Other receivables - related party                                 (14,987)       466,247
        Inventories                                                      (535,814)       833,563
        Employee advances                                                      --         36,945
        Prepaid expense                                                (3,290,996)    (2,664,199)
        Deferred charges                                                      825         (1,576)
      Increase (decrease) in liabilities:
        Accounts payable                                               (3,791,300)     1,520,662
        Advances from customers                                         6,958,913      3,158,644
        Accrued liabilities                                            (3,770,358)            --
        Income taxes and other taxes payable                            5,160,876      2,879,146
        Other payables                                                  3,032,758         37,624
        Other payables - related parties                                   12,289        121,000
                                                                      -----------    -----------
         Net cash provided by operating activities                      1,020,902      8,740,669
                                                                      -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Purchase of equipment and automobiles                                 (49,960)    (1,345,182)
                                                                      -----------    -----------
         Net cash used in investing activities                            (49,960)    (1,345,182)
                                                                      -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Dividend distribution                                                      --     (3,204,549)
    Proceeds from owners contribution receivable                               --      1,080,000
    Cash received through merger                                               --          5,977
    Payments on short term loan                                        (2,052,000)    (4,235,000)
    Borrowing on long term notes payable                                2,574,000             --
                                                                      -----------    -----------
         Net cash provided by (used in) financing activities              522,000     (6,353,572)
                                                                      -----------    -----------

EFFECT OF EXCHANGE RATE CHANGES ON CASH                                   269,716             --
                                                                      -----------    -----------

INCREASE  IN CASH                                                       1,762,658      1,041,915

CASH, beginning of period                                                 199,956        476,355
                                                                      -----------    -----------

CASH, end of period                                                   $ 1,962,614    $ 1,518,270
                                                                      ===========    ===========

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES
    Accounts payable and accrued liabilities assumed through merger   $        --    $     3,310
                                                                      ===========    ===========
</TABLE>

<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Background

On November 12, 2004, Lanbo Financial Group, Inc. (the "Company" or "Lanbo")
changed its name from Micro Interconnect Technology, Inc. to Lanbo Financial
Group, Inc.

The Company was organized under the laws of the State of Nevada on February 11,
1998. The Company had planned to license internally developed patented processes
that would improve the production of printed circuit boards. The Company
discontinued its patent licensing business effective November 4, 2003.

On September 29, 2004, Lanbo entered a Share Exchange Agreement ("Exchange
Agreement") with Lanbo Financial Investment Company Group Limited ("LFIC"), all
of the stockholders of LFIC ("LFIC Stockholders"), and Keating Reverse Merger
Fund, LLC, a Delaware limited liability company ("KRM Fund"). Under the Exchange
Agreement, the Company acquired all of the outstanding capital stock of LFIC in
exchange for the Company's issuance to LFIC Stockholders of 19,285,714 shares of
the Company's common stock.

The purchase of LFIC and the issuance of Lanbo common stock has been accounted
for as a reverse acquisition presented as a recapitalization, except no goodwill
or other intangible assets are recorded.

LFIC was incorporated on September 24, 2003 in the territory of the British
Virgin Islands. The authorized capital of the Company is $10,800,000 and
10,800,000 registered shares with a par value of $1.00 per share. The Company is
an investment holding company and does not have any activities other than some
general administrative expenses. As of September 30, 2005, LFIC through its
wholly owned subsidiary, Xian New Star Real Estate Development Co.,Ltd.
("Newstar"), principally engaged in the construction, development, and sale of
residential units in the People's Republic of China ("PRC").

Newstar was established during May 1992 as a state-owned enterprise, whose
former name is Xian New Star Group Real Estate Development Co. Ltd, and was
formerly subjected to logistics department of Lan Zhou Military area of the
People's Liberation Army of China. Newstar was reorganized as a limited
liability company with equity capital invested by management personnel in
September 1999. Newstar is a Chinese registered limited liability company with a
legal structure similar to a regular corporation and a limited liability
company. The Articles of Association provide for a 54 year term beginning
September 7, 1999 with registered capital of approximately $3,140,000
(RMB26,000,000). On March 28, 2002, the registered capital of Newstar was
increased to approximately $6,050,000 (RMB50,000,000).

On September 16, 2003, LFIC, a non-operating investment holding company,
acquired a 100% interest in Newstar for $6,840,000 (RMB 56,505,430). In
accordance with laws governing foreign acquisitions of a Chinese registered
limited liability company, there were two payment terms for this purchase. The
first payment was equal to at least 15% of the total purchase price of Newstar
and was paid on December 31, 2003. The second payment of the remaining balance
was due on December 31, 2004. The Company obtained the approval of the Foreign
Trade and Economic Cooperation Commission of Xi'an City on December 22, 2003.
The business term is 50 years starting on December 24, 2003. Newstar's
registered capital is $6,050,000 (RMB 50,000,000) and the total investment is
approximately $6,840,000 (RMB 56,505,430). The first payment of $1,080,000 was
made on December 30, 2003 from LFIC to Newstar. This payment was made in
accordance with the requirements of the acquisition; the funds have disbursed to
the previous stockholders of Newstar as of September 30, 2005.


                                       6
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Background, (continued)

During November 2003, LFIC issued 6,840,000 shares of common stock to the
identical owners of Newstar in consideration of a promissory note payable from
the former Newstar owners totaling $6,840,000 with a first payment equal to at
least 15% of the total promissory note payable on December 31, 2003 and the
second payment of the remaining balance payable on December 31, 2004. As a
result of this transaction, the former owners of Newstar exercised control over
LFIC. The initial payment of $1,080,000 was made during November 2003. The
remaining balance of $5,760,000 was due on December 31, 2004 and is secured by a
pledge of the common stock in Lanbo issued to the LFIC Stockholders pursuant to
the Exchange Agreement. The former owners of Newstar extended this payment to
June 30, 2006.

The purchase of Newstar and the issuance of LFIC common stock has been accounted
for as a reverse acquisition presented as a recapitalization, except no goodwill
or other intangible assets are recorded.

Note 2 - Summary of significant accounting policies

The reporting entity

The consolidated financial statements of the Company reflect the activities of
its 100% owned subsidiary, LFIC, and LFIC's 100% owned subsidiary, Newstar. The
consolidated financial statements have been presented as if the acquisition of
the subsidiary occurred during 1999 due to common management and ownership. The
consolidated financial statements generally reflect only the activities of
Newstar at its historical cost since the parent company, LFIC had no activities
for the years ended December 31, 2002 and 2001. The Company's financial
statements are prepared in conformity with accounting principles generally
accepted in the United States of America.

Reclassifications

Certain amounts in the accompanying financial statements have been reclassified
to conform to 2005 presentation.

Real estate held for development and sale

Real estate consists of finished residential unit sites and residential unit
sites under development, completed residential units and residential units under
construction. The Company leases the land for the residential unit sites under
land right leases with various terms from the PRC. Real estate held for
development and sale is stated at the lower of cost or net realizable value.
Expenditures for land development are capitalized and allocated to development
projects by the specific identification method. Costs are allocated to specific
units based on the ratio of the unit sales price to the estimated total project
sales price times the total project costs.


                                       7
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies, (continued)

Real estate held for development and sale, (continued)

The following summarizes the components of real estate inventory at September
30, 2005 and December 31, 2004:

                                                September 30,      December 31,
                                                     2005              2004
                                                 -----------       -----------
                                                 (Unaudited)        (Audited)
                                                 -----------       -----------
XingXing Litu Ming Yuan                          $   142,923       $   146,926
XingXing Ming Yuan                                        --            45,133
XingXing Home In                                     622,819         2,000,413
XingXing Gang Wen                                  2,268,299         2,755,720
Xinxing 24G                                          638,659                --
                                                                   -----------
XingXing JunJin Yuan                               6,282,782        16,722,369
                                                 -----------       -----------

Real estate held for sale and rent                 9,955,482        21,670,561
                                                 -----------       -----------

XingXing JunJin Yuan                               7,554,178         2,371,571
TownDu Machine Manufacture                         3,608,895         3,529,482
Xinxing 24G                                        6,988,873                --
                                                 -----------       -----------

Real estate under construction                    18,151,946         5,901,053
                                                 -----------       -----------

Total                                            $28,107,428       $27,571,614
                                                 ===========       ===========

The Company capitalizes interest, which is expensed as housing units and
building lots are sold. For the nine months ended September 30, 2005 and 2004,
interest incurred and capitalized by the Company was $823,104 and $542,129
respectively. Capitalized interest expensed for the same periods was $368,787
and $119,728, respectively.

Management evaluates the recoverability of its real estate inventories using
several factors including, but not limited to, management's plans for future
operations, recent operating results and projected cash flows. The Company has
not recognized any impairment loss of real estate inventories for the nine
months ended September 30, 2005 and 2004.

Foreign currency translation

The reporting currency of the Company is the US dollar. The Company uses its
local currency, Renminbi, as their functional currency. Results of operations
and cash flow are translated at average exchange rates during the period, and
assets and liabilities are translated at the end of period exchange rates.

Translation adjustments resulting from this process are included in accumulated
other comprehensive income in the statement of shareholders' equity and amounted
to $269,716 and $0 as of September 30, 2005 and December 31, 2004, respectively.
The balance sheet amounts with the exception of equity at September 30, 2005
were translated at 8.07 RMB to $1.00 USD as compared to 8.26 RMB at December 31,
2004. The equity accounts were stated at their historical


                                       8
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies, (continued)

Foreign currency translation, (continued)

rate. The average translation rate of 8.22 RMB for the nine months ended
September 30, 2005 was applied to income statement accounts.

Transaction gains and losses that arise from exchange rate fluctuations on
transactions denominated in a currency other than the functional currency are
included in the results of operations as incurred. These amounts are not
material to the financial statements.

Revenue recognition

Real estate sales are reported in accordance with the provisions of Statement of
Financial Accounting Standard No. 66, "Accounting for Sales of Real Estate".
Profit from the sales of development properties, less 5% business tax, is
recognized by the full accrual method when the sale is consummated. A sale is
not considered consummated until (a) the parties are bound by the terms of a
contract, (b) all consideration has been exchanged, (c) any permanent financing
of which the seller is responsible has been arranged, (d) all conditions
precedent to closing have been performed, (e) the seller does not have
substantial continuing involvement with the property, and (f) the usual risks
and rewards of ownership have been transferred to the buyer.

Sales transactions not meeting all the conditions of the full accrual method are
accounted for using the deposit method of accounting. Under the deposit method,
all costs are capitalized as incurred, and payments received from the buyer are
recorded as a deposit liability. Real estate rental income, less 5% business
tax, is recognized on the straight-line basis over the terms of the tenancy
agreements.

Plant and equipment, net

Plant and equipment are recorded at cost. Depreciation is computed using the
straight-line method over the estimated useful lives of the assets. Depreciation
expense for the nine months ended September 30, 2005 and 2004 amounted to
$159,879 and $127,568, respectively. Estimated useful lives of the assets are as
follows:

                                                Estimated Useful Life
                                                ---------------------
Buildings                                              20 years
Machinery and equipment                               1-3 years
Vehicles                                              5-6 years
Electronic equipment                                  2-5 years
Office furniture                                      4-5 years

Construction in progress includes engineering costs, insurance costs, wages,
interests and other costs relating to construction in progress. Construction in
progress balances are transferred to equipment when the related assets are ready
for their intended use. No depreciation is provided for construction in
progress.

Maintenance, repairs and minor renewals are charged directly to expenses as
incurred. Major additions and betterment to property and equipment are
capitalized.


                                       9
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies, (continued)

Plant and equipment, net (continued)

Long-term assets of the Company are reviewed annually as to whether their
carrying value has become impaired. The Company considers assets to be impaired
if the carrying value exceeds projected future cash flows from related
operations. The Company also re-evaluates the periods of amortization to
determine whether subsequent events and circumstances warrant revised estimates
of useful lives. No impairment loss was recognized for the nine months ended
September 30, 2005 and 2004.

Plant and equipment consist of the following at September 30, 2005 and December
31, 2004:

                                                 September 30,      December 31,
                                                      2005              2004
                                                  -----------       -----------
                                                  (Unaudited)        (Audited)
                                                  -----------       -----------
Buildings and improvements                        $ 6,240,529       $ 3,253,916
Machinery and equipment                               101,738            99,436
Transportation equipment                              166,019           156,667
Furniture and fixture                                  84,308            89,477
                                                  -----------       -----------
       Totals                                       6,592,594         3,599,496
Accumulated depreciation                             (881,719)         (749,751)
Reserve for impaired assets                          (310,996)         (303,963)
                                                  -----------       -----------
       Property and equipment, net                $ 5,399,879       $ 2,545,782
                                                  ===========       ===========

Accounts receivable, trade

Accounts receivable, trade consists of balances due from customers for the sale
of residential units in the PRC. In cases where the customers deposit more than
50% of the total purchase price, the Company may defer the remaining purchase
price. These deferred balances are unsecured, bear no interest and are due
within one year from the date of the sale.

Accounts receivable of the Company are reviewed annually as to whether their
carrying value has become impaired. The Company considers the assets to be
impaired if the balances are greater than one year old.

Accounts receivable consist of the following at September 30, 2005 and December
31, 2004:

                                               September 30,        December 31,
                                                    2005                2004
                                               ------------         -----------
                                               (Unaudited)           (Audited)
                                               ------------         -----------
Accounts receivable                            $ 11,193,887         $ 4,161,220
  Allowance for bad debts                          (955,551)           (370,246)
                                               ------------         -----------
Accounts receivable, net                       $ 10,238,336         $ 3,790,974
                                               ============         ===========


                                       10
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies, (continued)

Other receivables

Other receivables consist of various cash advances to unrelated companies and
individuals with which management of the Company have business relationships.
These amounts are not related to operations of the Company, are unsecured,
non-interest bearing and generally are short term in nature.

Other receivables are reviewed annually as to whether their carrying value has
become impaired. The Company considers the assets to be impaired if the balances
are greater than one year old. As of September 30, 2005 and December 31, 2004,
the Company has established an allowance for doubtful accounts of $367,506 and
$1,090,852, respectively.

Prepaid expenses

Prepaid expenses consist of balances paid to contractors and vendors for
services and materials that have not been performed or received and generally
relate to the development and construction of residential units in the PRC.

Long term investment

During the year 2003, Newstar made the following investments. In accordance with
Accounting Research Bulletin 51, as amended, the Company has accounted for these
two investments based on the equity method due to control not resting with the
Company and governmentally imposed uncertainties which cast significant doubt on
the Company's ability to control the subsidiary. During 2004, the Company began
to transfer the ownership; however, due to restrictions imposed by the Chinese
government and approvals required from former employees, control of the
investments does not rest with the Company. According to a resolution of the
board of directors of Newstar dated May 10, 2004, Newstar will transfer its
whole equity capital in the above two investment companies in the near future.
On December 26, 2004 the board of directors reevaluated and confirmed its
decision.

In accordance with a resolution of the board of directors of Newstar dated May
18, 2005 and the investments transfer agreements dated June 21, 2005, Newstar
sold its investment in Xian Xin Da Di Science Development Ltd. and Xian Xin Li
Moca Material Ltd. to Shanxi XinXing Construction Company ($2,178,000) and Mr.
Liu Shao Ming ($484,000) for the total consideration of $2,662,000 which
resulted in a gain of $191,060. As of June 21, 2005, the balance of the
investments are as follows:

<TABLE>
<CAPTION>
                                                           December 31,                        June 21,
        Investee             Initial Cost    Ownership        2004            (Loss)             2005
--------------------------   ------------    ---------     ----------        --------         ----------
<S>                           <C>               <C>        <C>               <C>              <C>
Xian Xin Da Di Science
   Development Ltd.           $2,299,000        95%        $2,107,940        $ (3,460)        $2,104,480

Xian Xin Li Moca
   Material Ltd                  484,000        80%           490,490         (15,255)           475,235
                              ----------                   ----------        --------         ----------
Totals                        $2,783,000                   $2,598,430        $(18,715)        $2,579,715
                              ==========                   ==========        ========         ==========
</TABLE>

Shanxi XinXing Construction Company has transferred a building at an agreed upon
value (90% of appraised value) amounting to $2,841,942 to Newstar as payment for
acquiring the above


                                       11
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies, (continued)

Long term investment, (continued)

investments. The agreed upon value of the building exceeded the purchase price
by $663,942, this amount has been reflected as a payable to Shanxi XinXing
Construction Company on the accompanying balance sheet.

Use of estimates

The preparation of financial statements in conformity with generally accepted
accounting principles of the United States of America requires management to
make estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes. Management believes
that the estimates utilized in preparing its financial statements are reasonable
and prudent. Actual results could differ from these estimates.

Cash and concentration of risk

Cash includes cash on hand and demand deposits in accounts maintained with
state-owned banks within the PRC. Total cash in state-owned banks at September
30, 2005 and December 31, 2004 amounted to $1,778,611 and $100,309 ,
respectively, of which no deposits are covered by insurance. The Company has not
experienced any losses in such accounts and believes it is not exposed to any
risks on its cash in bank accounts.

Cash-restricted

The Company, through its bank agreements, is required to maintain certain
amounts which buyers have deposited with the Company which allows the buyers to
obtain mortgage loans from the bank. These balances are subject to withdrawal
restrictions totaling $1,745,672 and $1,508,376, as of September 30, 2005 and
December 31, 2004, respectively.

Financial instruments

Statement of Financial Accounting Standards No. 107, "Disclosures About Fair
Value of Financial Instruments" (SFAS 107), requires disclosure of the fair
value of financial instruments held by the Company. SFAS 107 defines the fair
value of financial instruments as the amount at which the instrument could be
exchanged in a current transaction between willing parties. The Company
considers the carrying amount of cash, accounts receivable, other receivables,
accounts payable, accrued liabilities and other payables to approximate their
fair values because of the short period of time between the origination of such
instruments and their expected realization and their current market rate of
interest.

Income taxes

The Company has adopted Statement of Financial Accounting Standards No. 109,
"Accounting for Income Taxes" (SFAS 109). SFAS 109 requires the recognition of
deferred income tax liabilities and assets for the expected future tax
consequences of temporary differences between income tax basis and financial
reporting basis of assets and liabilities. Provision for income taxes consist of
taxes currently due plus deferred taxes. There are no deferred tax amounts at
September 30, 2005 and 2004.


                                       12
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies, (continued)

Income taxes, (continued)

The charge for taxation is based on the results for the year as adjusted for
items, which are non- assessable or disallowed. It is calculated using tax rates
that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is accounted for using the balance sheet liability method in
respect of temporary differences arising from differences between the carrying
amount of assets and liabilities in the financial statements and the
corresponding tax basis used in the computation of assessable tax profit.

In principle, deferred tax liabilities are recognized for all taxable temporary
differences, and deferred tax assets are recognized to the extent that it is
probably that taxable profit will be available against which deductible
temporary differences can be utilized.

Deferred tax is calculated at the tax rates that are expected to apply to the
period when the asset is realized or the liability is settled. Deferred tax is
charged or credited to the income statement, except when it is related to items
credited or charged directly to equity, in which case the deferred tax is also
dealt with in equity. Deferred tax assets and liabilities are offset when they
relate to income taxes levied by the same taxation authority and the Company
intends to settle its current tax assets and liabilities on a net basis.

The Company through its subsidiary, Newstar, is governed by the Income Tax Law
of the PRC concerning Chinese registered limited liability company prior to
December 24, 2003. Under the Income Tax Laws of the PRC, Chinese enterprises are
generally subject to an income tax at an effective rate of 33% (30% state income
taxes plus 3% local income taxes) on income reported in the statutory financial
statements after appropriate tax adjustments, unless the enterprise is located
in a specially designated region for which more favorable effective tax rates
are applicable.

The provision for income taxes at September 30 consisted of the following:

                                                      2005              2004
                                                   ----------        ----------
Provision for China income and local tax           $3,213,931        $2,099,743
Deferred taxes                                             --                --
                                                   ----------        ----------
       Total provision for income taxes            $3,213,931        $2,099,743
                                                   ==========        ==========

The following table reconciles the U.S. statutory rates to the Company's
effective tax rate at September 30:

                                                        2005             2004
                                                       ------           ------
U.S. statutory rates                                     34.0%            34.0%
Foreign income not recognized in USA                    (34.0)           (34.0)
China income taxes                                       33.0             33.0
                                                       ------           ------
       Total                                             33.0%            33.0%
                                                       ======           ======


                                       13
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies, (continued)

Advances from customers

Advances from customers consist of amounts paid to the Company for the sale of
residential units in the PRC. In the PRC, the customer will generally obtain
permanent financing for the purchase of their residential unit prior to the
completion of the project. The lending institution will provide the funding to
the Company upon the completion of the financing rather than the completion of
the project. The Company receives these funds and recognizes them as a current
liability until the revenue can be recognized in accordance with Statement of
Financial Accounting Standard No. 66, "Accounting for Sales of Real Estate". As
of September 30, 2005 and December 31, 2004, the Company has advance payments
from customer which amounted to $9,131,389 and $2,172,476, respectively.

Other payables

Other payables consist of payables due to vendors for various expenses or
materials purchased for projects and cash advances from unrelated companies,
individuals and employees which are unsecured and are both interest and
non-interest bearing and generally are short term in nature. Other payables
amounted to $3,880,865 and $190,655 as of September 30, 2005 and December 31,
2004, respectively.

Note 3 - Consolidated financial statements and condensed footnotes

The interim consolidated financial statements presented herein have been
prepared by the Company and include the unaudited accounts of the Company and
its subsidiaries. All significant inter-company accounts and transactions have
been eliminated in the consolidation.

These consolidated financial statements have been prepared in accordance with
generally accepted accounting principles in the United States for interim
financial information and the instructions to Form 10-QSB and Article 10 of
Regulation S-X. Certain information and footnote disclosures normally included
in financial statements presented in accordance with generally accepted
accounting principles have been condensed or omitted. Management of the Company
believes the disclosures made are adequate to make the information presented not
misleading. The condensed consolidated financial statements should be read in
conjunction with Lanbo's audited financial statements for the years ended
December 31, 2004 and 2003 and notes thereto included in Lanbo's Form 10-KSB,
dated March 31, 2005.

In the opinion of management, the unaudited consolidated financial statements
reflect all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position of the Company as of
September 30, 2005 and the results of operations for the three months and nine
months ended Sept. 30, 2005 and 2004, respectively. Interim results are not
necessarily indicative of full year performance because of the impact of
seasonal and short-term variations.

Note 4 - Supplemental disclosure of cash flow information

Income taxes paid amounted to $172,039 and $81,070 for the nine months ended
September 30, 2005 and 2004, respectively. Interest paid for the nine months
ended September 30, 2005 and 2004 amounted to $1,172,662 and $542,129,
respectively.


                                       14
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 4 - Supplemental disclosure of cash flow information, (continued)

Non cash transaction

The Company received a building with a value of $2,841,942 as payment from
ShanXi XinXing Construction for purchasing the investment in XinDaDi and
XinLiMoCa for the amount of $2,178,000. The agreed upon value of the building
exceeded the purchase price by $663,942, this amount has been reflected as a
payable to Shanxi XinXing Construction Company on the accompanying balance
sheet. The portion of the investment sold to Mr. Liu Shao Ming generated a
receivable of $484,000 which has been reflected as other receivable from Mr. Liu
Shao Ming on the accompanying balance sheet.

Note 5 - Short-term loans payable - bank

Short term loans payable represent amounts due to various banks and are due on
demand or normally within one year. These loans generally can be renewed with
the banks. Short term loans payable at September 30, 2005 and December 31, 2004,
consisted of the following:

                                                    September 30,   December 31
                                                        2005           2004
                                                     ----------     ----------
                                                     (Unaudited)     (Audited)
                                                     ----------     ----------
Commercial Bank Weilai Branch
       due July 26, 2006  monthly interest
       at 0.7905%, guaranteed by the Company
       Xing Xing Mansion and Ming Yuan Projects      $5,571,000     $5,445,000

Commercial Bank Weilai Branch
       due January 16, 2005 monthly interest
       at 0.59474%, guaranteed by the Company
       Xing Xing Home In Project                             --      2,178,000
                                                     ----------     ----------
          Total                                      $5,571,000     $7,623,000
                                                     ==========     ==========

Note 6 - Long-term loans payable - bank

Long term debt at September 30, 2005 and December 31, 2004, consisted of the
following:

                                                     September      December 31
                                                        2005           2004
                                                     ----------     ----------
                                                     (Unaudited)     (Audited)
                                                     ----------     ----------
Construction Bank Zhuque Road Branch
       Due May 25, 2007, monthly interest
       at 0.5758%, guaranteed by the Company
       Xing Xing JunJin Yuan Project                 $4,333,000     $4,235,000

Construction Bank Zhuque Road Branch
       Due July 6, 2007, monthly interest
       at 0.576%, guaranteed by the Company
       Xing Xing JunJin Yuan Project                  2,476,000             --
                                                     ----------     ----------
          Total                                      $6,809,000     $4,235,000
                                                     ==========     ==========


                                       15
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 6 - Long-term loans payable - bank, (continued)

As of September 30, 2005, principal payments on long term debt are as follows:

                  2005                                $       --
                  2006                                        --
                  2007                                 6,809,000
                                                      ----------
                                                      $6,809,000
                                                      ==========

Total interest expense on all bank debt for the nine months ending September 30,
2005 and 2004 amounted to $1,172,662 and $542,129, respectively.

Note 7 - Earnings per share

The Company adopted Statement of Financial Accounting Standards No. 128,
"Earnings per Share" (SFAS 128). SFAS 128 requires the presentation of earnings
per share (EPS) as Basic EPS and Diluted EPS. There are no differences between
Basic and Diluted EPS for the three months and nine months ended September 30,
2005 and 2004.

The weighted average numbers of shares used calculate EPS reflect the additional
shares issue from the merger acquisition on September 2004 retroactively
starting January 1, 2003.

Note 8 - Retirement benefit plans

Regulations in the PRC require the Company to contribute to a defined
contribution retirement plan for all permanent employees. During 2002, the
Company established a retirement pension insurance, unemployment insurance,
health insurance and house accumulation fund for the employees during the term
they are employed. The amount of those benefits is made at 34% of monthly basic
salaries of the current employees. For the nine months ended September 30, 2005
and 2004, the Company made contributions in the amount of $33,378 and $3,308
respectively.

Note 9 - Related party transactions and contingencies

During November 2003, LFIC issued 6,840,000 shares of common stock to the
identical owners of Newstar in consideration of a promissory note payable from
the former Newstar owners totaling $6,840,000 with a first payment equal to at
least 15% of the total promissory note payable on December 31, 2003 and the
second payment of the remaining balance payable on December 31, 2004. As a
result of this transaction, the former owners of Newstar exercised control over
LFIC. The initial payment of $1,080,000 was made during November 2003. The
remaining balance of $5,760,000 was due on December 31, 2004 and is secured by a
pledge of the common stock in Lanbo issued to the LFIC Stockholders pursuant to
the Exchange Agreement. The former Newstar owners agreed to extend this payment
to June 30, 2006.

Note 10 - Shareholders' equity

On September 29, 2004, Lanbo entered the Exchange Agreement with LFIC, LFIC
Stockholders, and the KRM Fund. Under the Exchange Agreement, the Company
acquired all of the outstanding capital stock of LFIC in exchange for the
Company's issuance to LFIC Stockholders of 19,285,714 shares of the Company's
common stock.


                                       16
<PAGE>

                  LANBO FINANCIAL GROUP, INC. AND SUBSIDIARIES

            CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 10 - Shareholders' equity, (continued)

During 2003, the Company entered agreements with certain individuals to render
services in connection with a reverse merger transaction and obtaining a public
company listing in the United States. On September 27, 2004, these agreements
were terminated and replaced by a single agreement to render services in
connection with a reverse merger transaction, obtaining a public company listing
in the United States, assistance with obtaining capital, and assistance with
potential future acquisition targets. Pursuant to the agreement, LFIC agreed to
pay a consultant fee totaling $193,600, a commission fee of 2% of total funds
raised by LFIC and 39% equity interest in the United States public company. For
the year ended December 31, 2004, the Company has recognized this expense as a
reverse merger transaction expense.

In connection with the Exchange Agreement, the Company also entered a financial
advisory agreement with Keating Securities, LLC ("Keating Securities"), a
registered broker-dealer, under which Keating Securities will be compensated by
the Company for its advisory services rendered to the Company in connection with
this transaction. The transaction advisory fee is $150,000. The financial
advisory agreement also appoints Keating Securities as the Company's exclusive
placement agent for private and public offerings of the Company's securities
during the one year period following the closing of the Exchange Agreement. As
of December 31, 2004, the Company has accrued expenses of $115,000 related to
this agreement. For the year ended December 31, 2004, the Company has recognized
this expense as a reverse merger transaction expense. The financial advisory
agreement was terminated as of August 15, 2005.

Based on the Exchange Agreement, the Company agreed to issue an additional
13,928,572 shares of the Company's common stock to various individuals and
entities (the "New Stockholders") that have provided consulting, legal and
advisory services to LFIC in connection with the merger. The Company has
determined the value of these shares to be equal to the book value of the net
value of the Company at the date of the Exchange Agreement, which was
approximately $0.18 per share. During November 2004, the Company issued these
shares in accordance with the agreement. As of December 31, 2004, the Company
has recognized a reverse merger transaction expense of $2,534,345. On September
19, 2005, the Company's Board of Directors approved the transfer to the Company
of 8,571,430 shares held by the New Stockholders to reflect a reduction in the
consulting services being provided.

The Company has not granted warrants or options for the nine months ended
September 30, 2005 and for the year ended December 31, 2004 and 2003. The
Company has no warrants or options outstanding as of September 30, 2005 and
December 31, 2004.


                                       17
<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation.

Forward-Looking Statements

This Discussion and Analysis or Plan of Operation contains forward-looking
statements within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act, including our statements regarding factors increases in
sales and marketing expenditures, commitment of resources, and reduction in
operating costs and the possible further reduction of personnel and suspension
of salary increases and capital expenditures. Any statements contained herein
that are not statements of historical fact may be deemed to be forward-looking
statements. For example, words such as "may," "will," "should," "estimates,"
"predicts," "potential," "continue," "strategy," "believes," "anticipates,"
"plans," "expects," "intends," and similar expressions are intended to identify
forward-looking statements. You should not place undue reliance on these
forward-looking statements. Actual results could differ materially from those
anticipated in these forward-looking statements as a result of a number of
factors, including: our good faith assumptions being incorrect, our ability to
design and produce products accepted by customers, our business expenses being
greater than anticipated due to competitive factors or unanticipated
developments, changes in political and economic conditions in the People's
Republic of China, our ability to retain management and key personnel, our
ability to meet our growth strategies, including the acquisition of businesses
and raising of additional funds in connection therewith. The forward-looking
statements may also be impacted by the additional risks faced by us as described
in this Report and in our filings with the Securities and Exchange Commission
(the "SEC"). All forward-looking statements included in this Report are based on
information available to us on the date here of, and we assume no obligation to
update any such forward-looking statements.

Critical Accounting Policies

The discussion and analysis of our financial conditions and results of
operations is based upon our financial statements, which have been prepared in
accordance with generally accepted accounting principles in the United States of
America ("GAAP"). The preparation of these financial statements requires us to
make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities. See "Summary of Significant Accounting Policies" in Note 2 to
the Consolidated Financial Statements included in this report for our critical
accounting policies. No significant changes in our critical accounting policies
have occurred since December 31, 2004.

Background

Lanbo Financial Group, Inc. ("Lanbo," "we," "our" or "us"), through its wholly
owned subsidiary New Star Real Estate Development Co. ("Newstar"), is
principally engaged in the construction, development and sale of residential
real estate units in the People's Republic of China (the "PRC" or "China").
Newstar originally operated as a state-owned enterprise, during which time it
completed a number of significant real estate development and construction
projects in Xi'an, including the Xinxing Great Wall Building, Xinxing
Residential Community, Xinxing Mansion and Xinxing Merchants Square. Newstar has
a leading position in the regional Xi'an real estate market, and we intend to
continue investing in the Xi'an market, as well as neighboring areas.

We intend to use the strength of our Newstar real estate business to capitalize
on the continued privatization trend in residential housing and other
state-owned enterprises in China. We believe that our management's experience in
acquiring state-owned enterprises, coupled with greater access for Chinese
businesses to public capital markets, will provide a competitive advantage.

Our company was organized under the laws of the State of Nevada on February 11,
1998. On September 29, 2004, we entered into a Share Exchange Agreement (the
"Exchange Agreement") with Lanbo Financial Investment Company Group Limited
("LFIC"), all of the stockholders of LFIC (the "LFIC Stockholders"), and Keating
Reverse Merger Fund, LLC, a Delaware limited liability company ("KRM Fund").
Under the Exchange Agreement, we acquired all of the outstanding capital stock
of LFIC in exchange for our issuance to the LFIC Stockholders and KRM Fund of
19,285,714 shares of our common stock.

Overview - Ongoing Projects

                                       18
<PAGE>

The table below provides information on the size and actual sales volume of our
ongoing real estate development projects for the nine months ended September 30,
2005.


                                         Sales area         Sales volume
         Name of project              (square meters)      (in thousands)
  ----------------------------        ---------------     ---------------
    Xinxing JunjingYuan                 43,643               $16,232
    Xinxing 24G                          6,191                 9,624
    Xinxing Gangwan                      3,471                 2,083
    Other projects                       1,732                   501
                                        ------               -------
             Total                      55,037               $28,440

Results of Operations for the Three-Month and Nine-Month Periods Ended September
30, 2005 and September 30, 2004.

Revenues. Revenues were $8.8 million and $28.4 million in the three-month and
nine-month periods ended September 30, 2005, respectively, as compared to $3.6
million and $26.2 million for the same periods in 2004, respectively, an
increase of 144.5% and 8.5%, respectively. We recognize revenue when a sale is
consummated, which only occurs when a project is completed. For the nine-month
period ended September 30, 2005, we had revenues of $16.2 million for Xinxing
JunjingYuan, $9.6 million for Xinxing-24G, $2.1 million for Xinxing Gangwan and
$0.5 million for other projects.

The increase in sales for the three and nine-month periods ended September 30,
2005 compared to the same periods last year, was due to an increase in our sales
in our Xingxing JunjingYuan and Xinxing-24G projects. This increase in sales
was, however, lower than we expected due to several new regulatory policies
governing the real estate market issued by the Chinese government this year. For
example, the People's Bank of China raised mortgage interest rates on March 16,
2005, thereby increasing the cost of acquiring a residence. In addition, "The
Notice of Stabilizing House Price" and "Further Strengthen the Macro Controlling
on Real Estate Market" issued by the State Council on March 26, 2005 and April
27, 2005, respectively, negatively impacted our revenues because potential
buyers, whose expectations of housing prices were affected by these reports, are
delaying purchases in anticipation of a decline in housing prices.

Cost of sales. The cost of sales consists of the cost of land development,
construction and interior design and decoration. Cost of sales was $5.9 million
and $17.6 million in the three-month and nine-month periods ended September 30,
2005, respectively, as compared to $3.4 million $18.4 million for the same
periods in 2004, respectively, an increase of 71.4% and a decrease of 4.4%,
respectively. As with revenue, we recognize cost of sales when a sale is
consummated, which only occur when a project is completed. Our cost of sales
increased for the three months ended September 30, 2005 as compared to the same
period for 2004 because we experienced a significant increase in sales during
the third quarter in 2005.

Cost of sales as a percentage of revenues was 66.4% for the three months ended
September 30, 2005 and 61.8% for the nine months ended September 30, 2005, as
compared to 94.7% and 70.1% for the same periods in 2004, respectively. The
decrease for the nine month period ended September 30, 2005, as compared to the
same period in 2004, is due to lower unit costs for the Xinxing JunjingYuan and
Xinxing-24G units sold in 2005 as compared to the units that were sold in 2004.
We have improved cost controls on our units for these projects.

Gross profit. Gross profit was $3.0 million and $10.9 million in the three-month
and nine-month periods ended September 30, 2005, respectively, as compared to
$0.2 million and $7.8 million for the same periods in 2004, respectively, an
increase of 1,450.5% and 38.9%, respectively. The increase in the third quarter
of 2005 of gross profit is primarily due to an increase of sales of units,
together with higher prices and lower cost of sales for the units sold in the
Xinxing-24G project as compared to units sold for our projects in 2004. The
Xinxing JunjingYuan and Xingxing 24G projects are in a better location, and we
have improved cost controls on our units for those projects. The gross profit of
sales for the nine-month period ended September 30, 2005 from Xinxing-24G was
$4.95 million and $4.33 million from Xinxing-JunjingYuan.

                                       19
<PAGE>

Net income (loss). Net income (loss) was $1.3 million and $5.8 million in the
three-month and nine-month periods ended September 30, 2005, respectively, as
compared to net loss of $2.7 million and net income of $1.6 million for the same
periods in 2004, respectively, an increase in income by $4.0 million and an
increase of 262.7%, respectively. The increase in net income is mainly due to an
increase in revenues with a decrease in cost of sales as a percentage of
revenues for the 2005 periods as compared to the same periods in 2004 and a one
time charge of $2.9 million incurred for reverse merger transaction expenses in
2004, offset by an increase in 2005 for general expenses relating to the ongoing
requirements of being a U.S. publicly company.

Selling, general and administrative expenses. SG&A expenses consist primarily of
advertising cost for sales, management overhead and general office expenses.
SG&A expenses were $0.9 million and $2.0 million in the three-month and
nine-month periods ended September 30, 2005, respectively, as compared to $0.3
million and $1.1 million for the same periods in 2004, respectively, an increase
of 178.0% and 72.1%, respectively. SG&A expenses have increased since we became
a U.S. public company in September 2004. Expenses that increased were legal,
auditing and consulting expenses in connection with our public reporting company
status. In addition, we have increased our marketing expenses, including
incurring approximately $0.3 million in marketing expenses related to the
Xinxing-24G project during the third quarter of 2005.

Other Comprehensive income. Other comprehensive income consists primarily of
foreign currency translation adjustment as fluctuation of local currency
exchange rate. Foreign currency translation adjustments were $269,716 and $0 as
of September 30, 2005 and December 31, 2004, respectively.

Liquidity and Capital Resources

As of September 30, 2005, we had $1,962,614 of cash and cash equivalents and $
(13,445,794) of working capital as compared to $199,956 and $(21,335,533),
respectively, at December 31, 2004. Our negative working capital is largely
attributable to our real estate holdings being classified as a long-term asset.
We believe that we currently generate sufficient cash from operating activities
to support our operations.

We typically generate positive cash flow from operations due to favorable gross
margins. Net cash provided by operating activities decreased to $1.1 million for
the nine months ended September 30, 2005, a decrease of 87.3%, compared to $8.7
million for the same period in 2004. The decrease primarily reflects an increase
in accounts, other receivables and prepaid expenses which was offset by an
increase in other payables and taxes payable.

Cash flow used in investing activities decreased to $49,960 for the nine months
ended September 30, 2005 from $1.3 million for the same period in 2004, a 62.8%
decrease. This was a direct result of our company purchasing less equipment in
the nine months ended September 30, 2005 as compared to the same period in 2004.

Cash flows provided from financing activities was $0.5 million for the nine
months ended September 30, 2005, as compared to cash flow used in financing
activities of $6.3 million for the same period in 2004. This increase in cash
flow was due to dividends of $3.2 million and payments on short term loans of
$4.2 million, which substantially decreased in 2005. We also borrowed $2.6
million on long term notes payable during the nine months ended September 30,
2005.

As a result the Company generated an increase in cash for the period ending
September 30, 2005 of $1.7 million as compared to $1.0 million for the same
period in 2004.

Our accounts receivable, net of allowance for doubtful accounts, were
$10,238,336 as of September 30, 2005, as compared to $3,790,974 as of December
31, 2004. The increase in accounts receivable has negatively affected our cash
flow. Cash collections in 2004 were significantly better than in 2005. Bank
financing in 2005 is more difficult to obtain by the individual buyer, and our
company has to carry the receivable for a longer period of time before they are
paid off by the bank. Additionally, our customer accounts receivable have
increased as our revenue increases. Management believes that this is a normal
situation for the industry which is also affecting our competitors. We will
attempt to control the accounts receivable within a reasonable range and are
currently adopting measures to help decrease the accounts receivable for the
future. Management believes that it has taken adequate reserves for our accounts
receivable.

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<PAGE>

During November 2003, LFIC issued 6,840,000 shares of common stock to the
identical owners of Newstar in consideration of a promissory note payable from
the former Newstar owners totaling $6,840,000 with a first payment equal to at
least 15% of the total promissory note payable on December 31, 2003 and the
second payment of the remaining balance payable on December 31, 2004. As a
result of this transaction, the former owners of Newstar exercised control over
LFIC. The initial payment of $1,080,000 was made during November 2003.

In 2003, Newstar and its former stockholders undertook a series of transactions
whereby Newstar became a wholly owned subsidiary of LFIC and the former Newstar
stockholders became the stockholders of LFIC. In 2004, the LFIC Stockholders
completed a transaction pursuant to the Exchange Agreement whereby LFIC became a
wholly owned subsidiary of Lanbo and the LFIC Stockholders were issued shares in
Lanbo in exchange for their LFIC shares. Under Chinese law, as of September 30,
2005, $5,760,000 is required to be paid by LFIC to Newstar to complete the
capitalization validation process in connection with the privatization of
Newstar, formerly a state-owned enterprise. Such amount paid into Newstar would
be disbursed to the former stockholders of Newstar (who are the LFIC
Stockholders). As of September 30, 2005, the LFIC Stockholders have a balance of
$5,760,000 due to LFIC, secured by a pledge of the common stock in Lanbo issued
to the LFIC Stockholders pursuant to the Exchange Agreement. The Chinese
government has approved an extension to June 30, 2006 of the due date for
completing the capitalization validation process. Management believes that over
time, extensions from the Chinese government will be more difficult to obtain.
According to the equity transfer contract between Newstar and LFIC issued on Sep
10, 2003, failure to complete the capitalization validation of Newstar on time
would terminate the acquisition. We are currently considering our options for
completing the capital validation process of Newstar. We anticipate that we will
need to raise funds to complete this process.

Newstar is currently developing several projects, which will require financing.
First, in connection with our Xinxing JunjingYuan project, Newstar has entered
in a Loan Agreement with Construction Bank. The Loan Agreement provides for a
loan of RMB 35.0 million from Construction Bank to be applied to the
construction investment of our Xinxing JunjingYuan project. The loan was funded
on December 7, 2004, has a term of 30 months, and bears a fixed monthly interest
rate of 0.576%, calculated on a daily basis. The loan is subject to a fixed
monthly interest rate of 1.152% if it is not used for the construction
investment of the Xinxing JunjingYuan project and a fixed monthly interest rate
of 0.864% on overdue amounts. We also have a second loan with Construction Bank
for RMB 20.0 million on the same terms as the RMB 35.0 million loans described
above. The loans are secured by the property of and work in progress on the
Xinxing JunjingYuan project. We anticipate repaying these loans with the profits
generated by sales of units in the Xinxing JunjingYuan project and other
projects.

As of September 30, 2005, we had invested approximately $25.5 million in the
Xinxing JunjingYuan project. We have already invested $5.9 million in the
Xinxing-24G project. We require approximately $5.5 million to complete payment
on the approximately 25% remaining on the purchase price for Xinxing-24G, which
we expect to generate through profits on sales of units for the project. We will
need approximately $2.2 million for the project of the Tangdu Machine Factory
land. We expect to finance this through Chinese financial banks.

With economic growth, the Chinese government has implemented new investment
policies that allow for certain credit lines to finance real estate projects,
allow certain enterprises to use their equity as collateral to finance projects
and encourage companies to attract foreign capital. Land developers will have
alternative ways of financing real estate development. We believe that we will
be able to take advantage some of these opportunities in the future.
Additionally, our clients are increasingly financing their purchases through
mortgages and installment payment plans with favorable low interest rates
financed by banks, and borrowing from the Chinese government's housing reserve
funds.

Two reports, "The Notice of Stabilizing House Price" and "Further Strengthen the
Macro Controlling on Real Estate Market," were issued by the Chinese State
Council on May 9, 2005 and April 27, 2005. It was considered that, based on
these reports, potential buyers would delay purchases in anticipation of a
decline in housing prices. Housing prices in China, however, have continued to
increase, according to the house price report of the National Development and
Reform Commission issued on November 8, 2005. Management believes that the
increase in housing prices reflects an increase in buyers.

Off-Balance Sheet Arrangement

We do not have any off-balance sheet arrangements.

                                       20
<PAGE>

Item 3. Controls and Procedures

Our management has evaluated, with the participation of our principal executive
and financial officers, the effectiveness of our disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) as of the
end of the period covered by this report. Based on this evaluation, these
officers have concluded that, as of September 30, 2005, our disclosure controls
and procedures are effective to provide reasonable assurance that information
required to be disclosed by our company in reports that it files or submits
under the Exchange Act is accumulated and communicated to our management,
including our principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding
required disclosure.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

      We are not presently involved in litigation that we expect individually or
in the aggregate to have a material adverse effect on our financial condition,
results of operation or liquidity.

Item 2. Changes in Securities and Use of Proceeds.

      Not applicable.

Item 3. Defaults Upon Senior Securities.

      Not applicable.

Item 4. Submission of Matters To a Vote of Security Holders.

      Not applicable.

Item 5. Other Information.

      Not applicable.

Item 6. Exhibits.

            10.1  Stock Transfer Agreement, dated July 22, 2005, by and among
                  the Company and stockholders of the Company named therein.

            31.1  Certification of the Principal Executive Officer pursuant to
                  Section 302 of the Sarbanes-Oxley Act of 2002.

            31.2  Certification of the Principal Financial Officer pursuant to
                  Section 302 of the Sarbanes-Oxley Act of 2002.

            32.1  Certification of the Principal Executive Officer and Principal
                  Financial Officer pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.


                                       21
<PAGE>

                                   SIGNATURES

      In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                               LANBO FINANCIAL GROUP, INC.
                               (Registrant)


Date:  November 14, 2005          By:               /s/ Pingji Lu
                                        ----------------------------------------
                                  Name:  Pingji Lu
                                  Title: Chairman and Chief Executive Officer
                                  (Principal Executive Officer)


Date:  November 14, 2005          By:               /s/ Yulong Wan
                                        ----------------------------------------
                                  Name:  Yulong Wan
                                  Title:    Chief Financial Officer
                                  (Principal Financial Officer)