UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
  
 FORM 10-KSB
 
 
 
 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
 ACT OF 1934
 For The Fiscal Year Ended: December 31, 2010
   ̈ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934
  CHINA CULTURE RESORTS HOLDINGS, INC.
 (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
  Delaware
52260
To be applied(State or other jurisdiction of
(Commission file number)
(IRS Employer Identificationincorporation)

Number)
 Room 1819 Mingyong Building
 No.60 Xian Road, Shekekou District
 Dalian, China 116021
 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
  Issuer's telephone number, Including Area Code: 13909840703
  Securities registered pursuant to Section 12(b) of the Act: None
  Securities registered pursuant to Section 12(g) of the Act:
  Common Stock, par value $0.0001 per share
  Check whether the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.
  Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No  ̈
  Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendments to this Form 10-KSB. x
  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) YES x NO  ̈
 
 The issuer's revenues for the fiscal year ended December 31, 2010 were $0.
  The aggregate market value of the common stock held by non-affiliates of the issuer was $0.00 on December 31, 2010.
  As of December 31, 2010, there were 11,390,000 shares of common stock, $.0001 par value per share, outstanding.
  The following documents are incorporated by reference: None.
  Transitional Small Business Disclosure Format (check one): Yes  ̈  No x
  
  TABLE OF CONTENTS
  PagePART IItem 1
Description of Business
2Item 2
Description of Property
8Item 3
Legal Proceedings
8Item 4
Submission of Matters to a Vote of Security Holders
8PART IIItem 5
Market for Common Equity and Related Stockholder Matters
9Item 6
Management's Discussion and Analysis or Plan of Operation
9Item 7
Financial Statements
10Item 8
Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
10Item 8A
Controls and Procedures
10Item 8B
Other Information
11PART IIIItem 9
Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(A) of the Exchange Act
12Item 10
Executive Compensation
13Item 11
Security Ownership of Certain Beneficial Owners and Management
13Item 12
Certain Relationships and Related Transactions
14Item 13
Exhibits
14Item 14
Principal Accountant Fees and Services
14
  
  PART I
 ITEM 1. DESCRIPTION OF BUSINESS
  (a) Business Development
  China Culture Resorts Holdings, Inc. (the "Company" or the "Registrant") was incorporated in the State of Delaware on July 20, 2006. Since inception, the Company has been engaged in organizational efforts and obtaining initial financing. The Company was formed as a vehicle to pursue a business combination and has made no efforts to identify a possible business combination. As a result, the Company has not conducted negotiations or entered into a letter of intent concerning any target business. The business purpose of the Company is to seek the acquisition of, or merger with, an existing company.
  (b) Business of Issuer
  The Company, based on proposed business activities, is a "blank check" company. The SEC defines those companies as "any development stage company that is issuing a penny stock, within the meaning of Section 3 (a)(51) of the Exchange Act, and that has no specific business plan or purpose, or has indicated that its business plan is to merge with an unidentified company or companies." Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. Management does not intend to undertake any efforts to cause a market to develop in our securities, either debt or equity, until we have successfully concluded a business combination. The Company intends to comply with the periodic reporting requirements of the Exchange Act for so long as we are subject to those requirements.
  The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company's principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.
  The analysis of new business opportunities has and will be undertaken by or under the supervision of the officers and directors of the Registrant. The Registrant has considered potential acquisition transactions with several companies, but as of this date has not entered into any Letter of Intent or other agreement with any party. The Registrant has unrestricted flexibility in seeking, analyzing and participating in potential business opportunities. In its efforts to analyze potential acquisition targets, the Registrant will consider the following kinds of factors:
  (a) Potential for growth, indicated by new technology, anticipated market expansion or new products;
  (b) Competitive position as compared to other firms of similar size and experience within the industry segment as well as within the industry as a whole;
  (c) Strength and diversity of management, either in place or scheduled for recruitment;
  (d) Capital requirements and anticipated availability of required funds, to be provided by the Registrant or from operations, through the sale of additional securities, through joint ventures or similar arrangements or from other sources;
  (e) The cost of participation by the Registrant as compared to the perceived tangible and intangible values and potentials;
 
 (f) The extent to which the business opportunity can be advanced;
  (g) The accessibility of required management expertise, personnel, raw materials, services, professional assistance and other required items; and
  2
  (h) Other relevant factors.
  In applying the foregoing criteria, no one of which will be controlling, management will attempt to analyze all factors and circumstances and make a determination based upon reasonable investigative measures and available data. Potentially available business opportunities may occur in many different industries, and at various stages of development, all of which will make the task of comparative investigation and analysis ofsuch business opportunities extremely difficult and complex. Due to the Registrant's limited capital available for investigation, the Registrant may not discover or adequately evaluate adverse facts about the opportunity to be acquired.
  FORM OF ACQUISITION
  The manner in which the Registrant participates in an opportunity will depend upon the nature of the opportunity, the respective needs and desires of the Registrant and the promoters of the opportunity, and the relative negotiating strength of the Registrant and such promoters.
  It is likely that the Registrant will acquire its participation in a business opportunity through the issuance of common stock or other securities of the Registrant. Although the terms of any such transaction cannot be predicted, it should be noted that in certain circumstances the criteria for determining whether or not an acquisition is a so-called "tax free" reorganization under Section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), depends upon whether the owners of the acquired business own 80% or more of the voting stock of the surviving entity. If a transaction were structured to take advantage of these provisions rather than other "tax free" provisions provided under the Code, all prior stockholders would in such circumstances retain 20% or less of the total issued and outstanding shares of the surviving entity. Under other circumstances, depending upon the relative negotiating strength of the parties, prior stockholders may retain substantially less than 20% of the total issued and outstanding shares of the surviving entity. This could result in substantial additional dilution to the equity of those who were stockholders of the Registrant prior to such reorganization.
  The present stockholders of the Registrant will likely not have control of a majority of the voting shares of the Registrant following a reorganization transaction. As part of such a transaction, all or a majority of the Registrant's directors may resign and new directors may be appointed without any vote by stockholders.
  In the case of an acquisition, the transaction may be accomplished upon the sole determination of management without any vote or approval by stockholders. In the case of a statutory merger or consolidation directly involving the Company, it will likely be necessary to call a stockholders' meeting and obtain the approval of the holders of a majority of the outstanding shares. The necessity to obtain such stockholder approval may result in delay and additional expense in the consummation of any proposed transaction and will also give rise to certain appraisal rights to dissenting stockholders. Most likely, management will seek to structure any such transaction so as not to require stockholder approval.
  It is anticipated that the investigation of specific business opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require substantial management time and attention and substantial cost for accountants, attorneys and others. If a decision is made not to participate in a specific business opportunity, the costs theretofore incurred in the related investigation would not be recoverable. Furthermore, even if an agreement is reached for the participation in a specific business opportunity, the failure to consummate that transaction may result in the loss to the Registrant of the related costs incurred.
  3
  We presently have no employees. Our officers and directors are engaged in outside business activities and anticipate that he will devote to our business only several hours per week until the acquisition of a successful business opportunity has been consummated. We expect no significant changes in the number of our employees other than such changes, if any, incident to a business combination.
 RISK FACTORS
  AN INVESTMENT IN THE COMPANY IS HIGHLY SPECULATIVE IN NATURE AND INVOLVES AN EXTREMELY HIGH DEGREE OF RISK.
  OUR BUSINESS IS DIFFICULT TO EVALUATE BECAUSE WE HAVE NO OPERATING HISTORY.
  As the Company has no operating history or revenue and only minimal assets, there is a risk that we will be unable to continue as a going concern and consummate a business combination. The Company has had no recent operating history nor any revenues or earnings from operations since inception. We have no significant assets or financial resources. We will, in all likelihood, sustain operating expenses without corresponding revenues, at least until the consummation of a business combination. This may result in our incurring a net operating loss that will increase continuously until we can consummate a business combination with a profitable business opportunity. We cannot assure you that we can identify a suitable business opportunity and consummate a business combination.
  THERE IS COMPETITION FOR THOSE PRIVATE COMPANIES SUITABLE FOR A MERGER TRANSACTION OF THE TYPE CONTEMPLATED BY MANAGEMENT.
  The Company is in a highly competitive market for a small number of business opportunities which could reduce the likelihood of consummating a successful business combination. We are and will continue to be an insignificant participant in the business of seeking mergers with, joint ventures with and acquisitions of small private and public entities. A large number of established and well-financed entities, including small public companies and venture capital firms, are active in mergers and acquisitions of companies that may be desirable target candidates for us. Nearly all these entities have significantly greater financial resources, technical expertise and managerial capabilities than we do; consequently, we will be at a competitive disadvantage in identifying possible business opportunities and successfully completing a business combination. These competitive factors may reduce the likelihood of our identifying and consummating a successful business combination.
  FUTURE SUCCESS IS HIGHLY DEPENDENT ON THE ABILITY OF MANAGEMENT TO LOCATE AND ATTRACT A SUITABLE ACQUISITION.
  The nature of our operations is highly speculative and there is a consequent risk of loss of your investment.The success of our plan of operation will depend to a great extent on the operations, financial condition and management of the identified business opportunity. While management intends to seek business combination(s) with entities having established operating histories, we cannot assure you that we will be successful in locating candidates meeting that criterion. In the event we complete a business combination, the success of our operations may be dependent upon management of the successor firm or venture partner firm and numerous other factors beyond our control.
  THE COMPANY HAS NO EXISTING AGREEMENT FOR A BUSINESS COMBINATION OR OTHER TRANSACTION.
  We have no arrangement, agreement or understanding with respect to engaging in a merger with, joint venture with or acquisition of, a private or public entity. No assurances can be given that we will successfully identify and evaluate suitable business opportunities or that we will conclude a business combination. Management has not identified any particular industry or specific business within an industry for evaluation. We cannot guarantee that we will be able to negotiate a business combination on favorable terms, and there is consequently a risk that funds allocated to the purchase of our shares will not be invested in a company with active business operations.
  4
  MANAGEMENT INTENDS TO DEVOTE ONLY A LIMITED AMOUNT OF TIME TO SEEKING A TARGET COMPANY WHICH MAY ADVERSELY IMPACT OUR ABILITY TO IDENTIFY A SUITABLE ACQUISITION CANDIDATE.
  While seeking a business combination, management anticipates devoting no more than a few hours per week to the Company's affairs. Our officers have not entered into written employment agreements with us and are not expected to do so in the foreseeable future. This limited commitment may adversely impact our ability to identify and consummate a successful business combination.
  THE TIME AND COST OF PREPARING A PRIVATE COMPANY TO BECOME A PUBLICREPORTING COMPANY MAY PRECLUDE US FROM ENTERING INTO A MERGER OR ACQUISITION WITH THE MOST ATTRACTIVE PRIVATE COMPANIES.
  Target companies that fail to comply with SEC reporting requirements may delay or preclude acquisition. Sections 13 and 15(d) of the Exchange Act require reporting companies to provide certain information about significant acquisitions, including certified financial statements for the company acquired, covering one, two, or three years, depending on the relative size of the acquisition. The time and additional costs that may be incurred by some target entities to prepare these statements may significantly delay or essentially preclude consummation of an acquisition. Otherwise suitable acquisition prospects that do not have or are unable to obtain the required audited statements may be inappropriate for acquisition so long as the reporting requirements of the Exchange Act are applicable.
  THE COMPANY MAY BE SUBJECT TO FURTHER GOVERNMENT REGULATION WHICH WOULD ADVERSELY AFFECT OUR OPERATIONS.
  Although we will be subject to the reporting requirements under the Exchange Act, management believes we will not be subject to regulation under the Investment Company Act of 1940, as amended (the "Investment Company Act"), since we will not be engaged in the business of investing or trading in securities. If we engage in business combinations which result in our holding passive investment interests in a number of entities, we could be subject to regulation under the Investment Company Act. If so, we would be required to register as an investment company and could be expected to incur significant registration and compliance costs. We have obtained no formal determination from the Securities and Exchange Commission as to our status under the Investment Company Act and, consequently, violation of the Act could subject us to material adverse consequences.
  ANY POTENTIAL ACQUISITION OR MERGER WITH A FOREIGN COMPANY MAY SUBJECT US TO ADDITIONAL RISKS.
  If we enter into a business combination with a foreign concern, we will be subject to risks inherent in business operations outside of the United States. These risks include, for example, currency fluctuations, regulatory problems, punitive tariffs, unstable local tax policies, trade embargoes, risks related to shipment of raw materials and finished goods across national borders and cultural and language differences. Foreign economies may differ favorably or unfavorably from the United States economy in growth of gross national product, rate of inflation, market development, rate of savings, and capital investment, resource self-sufficiency and balance of payments positions, and in other respects.
  THERE IS CURRENTLY NO TRADING MARKET FOR OUR COMMON STOCK.
  Outstanding shares of our Common Stock cannot be offered, sold, pledged or otherwise transferred unless subsequently registered pursuant to, or exempt from registration under, the Securities Act and any other applicable federal or state securities laws or regulations. These restrictions will limit the ability of our stockholders to liquidate their investment.
  5
  OUR BUSINESS WILL HAVE NO REVENUES UNLESS AND UNTIL WE MERGE WITH OR ACQUIRE AN OPERATING BUSINESS.
  We are a development stage company and have had no revenues from operations. We may not realize any revenues unless and until we successfully merge with or acquire an operating business.
  THE COMPANY INTENDS TO ISSUE MORE SHARES IN A MERGER OR ACQUISITION, WHICH WILL RESULT IN SUBSTANTIAL DILUTION.
  Our certificate of incorporation authorizes the issuance of a maximum of 100,000,000 shares of common stock and a maximum of 20,000,000 shares of referred stock. Any merger or acquisition effected by us may result in the issuance of additional securities without stockholder approval and may result in substantial dilution in the percentage of our common stock held by our then existing stockholders. Moreover, the common stock issued in any such merger or acquisition transaction may be valued on an arbitrary or non-arm's-length basis by our management, resulting in an additional reduction in the percentage of common stock held by our then existing stockholders. Our Board of Directors has the power to issue any or all of such authorized but unissued shares without stockholder approval. To the extent that additional shares of Common Stock or Preferred Stock are issued in connection with a business combination or otherwise, dilution to the interests of our stockholders will occur and the rights of the holders of Common Stock might be materially adversely affected.
  THE COMPANY HAS CONDUCTED NO MARKET RESEARCH OR IDENTIFICATION OF BUSINESS OPPORTUNITIES, WHICH MAY AFFECT OUR ABILITY TO IDENTIFY A BUSINESS TO MERGE WITH OR ACQUIRE.
  The Company has neither conducted nor have others made available to us results of market research concerning prospective business opportunities. Therefore, we have no assurances that market demand exists for a merger or acquisition as contemplated by us. Our management has not identified any specific business combination or other transactions for formal evaluation by us, such that it may be expected that any such target business or transaction will present such a level of risk that conventional private or public offerings of securities or conventional bank financing will not be available. There is no assurance that we will be able to acquire a business opportunity on terms favorable to us. Decisions as to which business opportunity to participate in will be unilaterally made by our management, which may act without the consent, vote or approval of our stockholders.
  BECAUSE WE MAY SEEK TO COMPLETE A BUSINESS COMBINATION THROUGH A "REVERSE MERGER", FOLLOWING SUCH A TRANSACTION WE MAY NOT BE ABLE TO ATTRACT THE ATTENTION OF MAJOR BROKERAGE FIRMS.
  Additional risks may exist since we will assist a privately held business to become public through a "reverse merger." Securities analysts of major brokerage firms may not provide coverage of our Company since there is no incentive to brokerage firms to recommend the purchase of our common stock. No assurance can be given that brokerage firms will want to conduct any secondary offerings on behalf of our post-merger company in the future.
  6
  WE CANNOT ASSURE YOU THAT FOLLOWING A BUSINESS COMBINATION WITH AN OPERATING BUSINESS, OUR COMMON STOCK WILL BE LISTED ON NASDAQ OR ANY OTHER SECURITIES EXCHANGE.
  Following a business combination, we may seek the listing of our common stock on NASDAQ or the American Stock Exchange. However, we cannot assure you that following such a transaction, we will be able to meet the initial listing standards of either of those or any other stock exchange, or that we will be able to maintain a listing of our common stock on either of those or any other stock exchange. After completing a business combination, until our common stock is listed on the NASDAQ or another stock exchange, we expect that our common stock would be eligible to trade on the OTC Bulletin Board, another over-the-counter quotation system, or on the "pink sheets," where our stockholders may find it more difficult to dispose of shares or obtain accurate quotations as to the market value of our common stock. In addition, we would be subject to an SEC rule that, if it failed to meet the criteria set forth in such rule, imposes various practice requirements on broker-dealers who sell securities governed by the rule to persons other than established customers and accredited investors. Consequently, such rule may deter broker-dealers from recommending or selling our common stock, which may further affect its liquidity. This would also make it more difficult for us to raise additional capital following a business combination.
  THERE IS NO PUBLIC MARKET FOR OUR COMMON STOCK, NOR HAVE WE EVER PAID DIVIDENDS ON OUR COMMON STOCK.
  There is no public trading market for our common stock and none is expected to develop in the foreseeable future unless and until the Company completes a business combination with an operating business and suchbusiness files a registration statement under the Securities Act of 1933, as amended. Additionally, we have never paid dividends on our Common Stock and do not presently intend to pay any dividends in the foreseeable future. We anticipate that any funds available for payment of dividends will be re-invested into the Company to further its business strategy.
  AUTHORIZATION OF PREFERRED STOCK.
  Our Certificate of Incorporation authorizes the issuance of up to 20,000,000 shares of preferred stock with designations, rights and preferences determined from time to time by its Board of Directors. Accordingly, our Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights which could adversely affect the voting power or other rights of the holders of the common stock. In the event of issuance, the preferred stock could be utilized, under certain circumstances, as a method of discouraging, delaying or preventing a change in control of theCompany. Although we have no present intention to issue any shares of its authorized preferred stock, there can be no assurance that the Company will not do so in the future.
  CONTROL BY MANAGEMENT.
  Management currently owns 100% of all the issued and outstanding capital stock of the Company. Consequently, management has the ability to control the operations of the Company and will have the ability to control substantially all matters submitted to stockholders for approval, including:
  ·      Election of the board of directors;
  ·      Removal of any directors;
  ·      Amendment of the Company's certificate of incorporation or bylaws; and
  ·      Adoption of measures that could delay or prevent a change in control or impede a merger, takeover or other business combination.
  Our management owns 100% of our issued and outstanding common stock. Accordingly, this concentration of ownership by itself may have the effect of impeding a merger, consolidation, takeover or other business consolidation, or discouraging a potential acquirer from making a tender offer for the common stock.
  7
  THIS REGISTRATION STATEMENT CONTAINS FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO US, OUR INDUSTRY AND TO OTHER BUSINESSES.
  These forward-looking statements are based on the beliefs of our management, as well as assumptions made by and information currently available to our management. When used in this prospectus, the words "estimate," "project," "believe," "anticipate," "intend," "expect" and similar expressions are intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are subject to risks and uncertainties that may cause our actual results to differ materially from those contemplated in our forward-looking statements. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this prospectus. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events.
  ITEM 2. DESCRIPTION OF PROPERTY.
  The Company neither rents nor owns any properties. The Company currently has no policy with respect to investments or interests in real estate, real estate mortgages or securities of, or interests in, persons primarily engaged in real estate activities.
 ITEM 3. LEGAL PROCEEDINGS.
  There are not presently any material pending legal proceedings to which the Registrant is a party or as to which any of its property is subject, and no such proceedings are known to the Registrant to be threatened or contemplated against it.
  ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS.
  For the period from the inception of the Company on July 20, 2006 to December 31, 2010 there have been no matters submitted to the vote of the security holders.
  8
  PART II
  ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
  (a) Market Information. The Company's common stock is not trading on any stock exchange. There has been no market activity in its stock since its inception through the date of this filing.
  (b) Holders. As of December 31, 2010 there were two holders of our common stock.
  (c) Dividends. We have not paid any dividends on our common stock to date and do not intend to pay dividends prior to the completion of a business combination. The payment of dividends in the future will be contingent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will be within the discretion of our then board of directors. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends in the foreseeable future.
  ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
  The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. The Company will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.
  The Company does not currently engage in any business activities that provide cash flow. The costs of investigating and analyzing business combinations for the next 12 months and beyond such time will be paid with amounts to be loaned to or invested in us by our stockholders, management or other investors.
  During the next twelve months we anticipate incurring costs related to:
  (i) filing of Exchange Act reports, and
  (ii) costs relating to consummating an acquisition.
  We believe we will be able to meet these costs through amounts, as necessary, to be loaned to or invested in us by our stockholders, management or other investors.
  The Company may consider a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital, but which desires to establish a public trading market for its shares, while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering.
  Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.
  9
  Our management anticipates that it will likely be able to effect only one business combination, due primarily to our limited financing, and the dilution of interest for present and prospective stockholders, which is likely to occur as a result of our management's plan to offer a controlling interest to a target business in order to achieve a tax free reorganization. This lack of diversification should be considered a substantial risk in investing in us, because it will not permit us to offset potential losses from one venture against gains from another.
  The Company anticipates that the selection of a business combination will be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking even the limited additional capital which we will have and/or the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.
  We do not currently intend to retain any entity to act as a "finder" to identify and analyze the merits of potential target businesses.
  ITEM 7. FINANCIAL STATEMENTS.
  Please see the audited financial statements beginning on page F-1 located elsewhere in this annual report on Form 10-KSB and incorporated herein by reference.
  ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
  None.
  ITEM 8A. CONTROLS AND PROCEDURES.
  The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's Exchange Act reports is recorded, processed and summarized and is reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure control procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
  As of the date of this report, the Chief Executive Officer carried out an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based upon the evaluation, the Company's Chief Executive Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information required to be included in the Company's periodic SEC filings. There have been no significant changes in the Company's disclosure controls and procedures or in other factors, which could significantly affect disclosure controls subsequent to the date the Company's management carried out its evaluation. During theperiod covered by this Annual Report on Form 10-KSB, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 10
  ITEM 8B. OTHER INFORMATION.
  None.
  11
  PART III
  ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.
  (a) Identification of Directors and Officers.
  A. Identification of Directors and Officers. The current officers and directors will serve for one year or until their respective successors are elected and qualified. They are:
  Name

Age

PositionWang Xiao Peng

45

Present, Chief Executive Officer and DirectorChin Yung Kong

55

Director
  Wang Xiao Peng is the President, Chief Executive Officer and Director of the Company. Mr. Wang was born in 1963 and is a member of the Chinese Kuomintang Party Revolution Committee. His previous positions were that of an office manager of Hebei Kanshou University, a journalist of Hebei Qingnian, and a general manager of Hebei Qingnian Industry Ltd. In 1997, he became the chairman of Hebei Circum- Bohai Sea Group LTD, China Resort Holdings Ltd. and Century Skysong TV & Movie Holding Inc..
  Chin Yung Kong is the Director of the Company. Mr. Chin was born in 1953 in Malaysia and he is graduated from University of Hull. U.K and also a Certified Public Accountant’s in Singapore and Malaysia. Mr. Chin is the CEO and Executive Director of QMIS Capital Finance Pte Ltd and QMIS Group Finance Ltd. During the past five years, Mr. Chin was mainly involved in IPOs and other corporate finance transactions for both Singapore and foreign companies. He has also worked in the Singapore and Shanghai offices of an international auditing firm for six years as an audit deputy manager. Mr. Chin is also currently the CEO of QMIS Bank Ltd U.K. QMIS Finance Investment Ltd. QMIS Finance Securities Ltd. QMIS Finance Investment Guarantee Ltd. (Hong Kong).
  B. Significant Employees. None
  C. None
  D. Involvement in Certain Legal Proceedings. None
  E. The Board of Directors acts as the Audit Committee and the Board has no separate committees. The Company has no qualified financial expert at this time because it has not been able to hire a qualified candidate. Further, the Company believes that it has inadequate financial resources at this time to hire such an expert. The Company intends to continue to search for a qualified individual for hire.
  (b) Section 16(a) Beneficial Ownership Compliance.
  Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our executive officers and directors and persons who own more than 10% of a registered class of our equity securities to file with the Securities and Exchange Commission initial statements of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership of the our common stock and other equity securities, on Form 3, 4 and 5 respectively. Executive officers, directors and greater than 10% shareholders are required by the Securities and Exchange Commission regulations to furnish our company with copies of all Section 16(a) reports they file. Based solely on our review of the copies of such reports received by us, and on written representations by our officers and directors regarding their compliance with the applicable reporting requirements under Section 16(a) of the Exchange Act, we believe that, with respect to the fiscal year ended December 31, 2010, our officers and directors, and all of the persons known to us to own more than 10% of our common stock, filed all required reports on a timely basis.
  (c) Code of Ethics.
  We currently do not have a code of ethics. Upon consummation of a business combination, we intend to adopt a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.
  12
  (c) Board Committees and Designated Directors.
  We currently do not have any committees. It is intended that the board of directors will establish an Audit Committee upon the consummation of a business combination. The board of directors will take all reasonable actions to ensure that one of the members of the Audit Committee will be an "audit committee financial expert," as such term is defined in the rules of the Securities and Exchange Commission. We will evaluate establishing such committees in the future.
  ITEM 10. EXECUTIVE COMPENSATION.
  The Company's officer and director does not receive any compensation for his services rendered to the Company since inception, has not received such compensation in the past, and is not accruing any compensation pursuant to any agreement with the Company. No remuneration of any nature has been paid for or on account of services rendered by a director in such capacity. The Company's officers and directors intend to devote no more than a few hours a week to our affairs.
  The officers and directors of the Company will not receive any finder's fee, either directly or indirectly, as a result of his efforts to implement the Company's business plan outlined herein.
  It is possible that, after the Company successfully consummates a business combination with an unaffiliated entity, that entity may desire to employ or retain one or a number of members of our management for the purposes of providing services to the surviving entity. However, the Company has adopted a policy whereby the offer of any post-transaction employment to members of management will not be a consideration in our decision whether to undertake any proposed transaction.
  No retirement, pension, profit sharing, stock option or insurance programs or other similar programs have been adopted by the Company for the benefit of its employees.
  There are no understandings or agreements regarding compensation our management will receive after a business combination that is required to be included in this table, or otherwise.
  ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
  (a) Security ownership of certain beneficial owners.
  The following table sets forth, as of December 31, 2010, the number of shares of Common Stock owned of record and beneficially by executive officers, directors and persons who hold 5% or more of the outstanding Common Stock of the Company. Also included are the shares held by all executive officers and directors as a group.
  Percent ofName and, as

Number of Shares


Common StockAppropriate, Address of

of Common Stock


BeneficiallyBeneficial Owner

Beneficially Owned


Owned (1)Wang Xiao Peng


1,390,000



12.2
%Chin Yung Kong (2)


10,000,000



87.8
%QMIS Finance Securities  Ltd. (2)


10,000,000



87.8
%Current officer and director  as a group  (2 persons)


11,390,000



100.0
%
  (1) Based upon 11,390,000 shares of Common Stock issued and outstanding as of December 31, 2010.
 (2) Mr. Chin Yung Kong is the sole beneficial owner of QMIS Finance Securities Ltd., a Delaware corporation.
  13
  ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
  Except as otherwise indicated herein, there have been no related party transactions, or any other transactions or relationships required to be disclosed pursuant to Item 404 of Regulation S-B.
  ITEM 13. EXHIBITS
  (a) Exhibits:
 31.1
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002(1)
  32.1
Certification of Chief Executive Officer and Chief Financial Officer pursuant to pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(1)
  3.1
Certificate of Incorporation (1)
  3.2
By-laws (1)
 (b) The following documents are filed as part of the report:
  1. Financial Statements: Balance Sheet, Statement of Operations, Statement of Stockholder's Equity, Statement of Cash Flows, and Notes to Financial Statements.
  ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES.
  The firm of Stan J.H. Lee acts as our principal accountant. Our former sole officer and director paid $1,500 on our behalf to Stan J.H. Lee, CPA during the year ended December 31, for its annual audit of our financial statements. We have not paid Stan J.H. Lee, CPAany fees for the fiscal year ending December 31, 2010 for audit related or tax fees, or for any other services.
 
 (1) Incorporated by reference to the Registrant's Registration Statement on Form 10SB filed on August 25, 2006.
  14
  SIGNATURES
  Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.
  China Culture Resorts Holdings, Inc.
 (Registrant)
  Date: June 30, 2011By: /s/ Wang Xiao Peng(Signature)Wang Xiao Peng, President & DirectorPrincipal Executive OfficerPrincipal Financial OfficerPrincipal Accounting Officer)
  15


CHINA CULTURE RESORTS HOLDINGS, INC.


(a corporation in the development stage)





FINANCIAL STATEMENTS





December 31, 2010





INDEX TO FINANCIAL STATEMENTS
 
 PageFinancial StatementsBalance Sheet
1Statement of Operations
2Statement of Stockholder's Equity (deficit)
3Statement of Cash Flows
4Notes to Financial Statements
5




16





STAN J.H. LEE, CPA


2160 NORTH CENTRAL RD.  SUITE 209 * FORT LEE * NJ 07024


PO BOX 436402 * SAN DIEGO * CA 92143-6402


619-623-7799 * FAX 619-564-3408 * E-MAIL) STAN2U@GMAIL.COM





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM





To the Board of Directors and Stockholders China Culture Resorts Holdings, Inc. (A Development Stage Company)





We have audited the accompanying balance sheet of China Culture Resorts Holdings, Inc. as of December 31, 2008 and 2007 the related statements of operation, changes in shareholders' equity and cash flows for the fiscal years then ended. These financial statements are   the responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based on our audit.





We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).   Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial  reporting  as  a  basis  for  designing  audit  procedures  that  are appropriate  in the  circumstances,  but not for the  purpose of  expressing  an opinion on the  effectiveness  of the Company's  internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes  assessing  the  accounting principles used and  significant  estimates  made  by  management,  as  well as evaluating  the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.





In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of China Culture Resorts Holdings, Inc. as of December 31, 2008 and 2007,  and  the  results of its operation and its cash flows for  the fiscal years then ended in conformity with U.S. generally accepted accounting principles.





The financial statements have been prepared assuming that the Company will continue as a going concern.   As discussed in the notes to the financial statements, the Company's losses from operations and lack of short-term liquidity raise substantial doubt about its ability to continue as a going concern.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.




DRAFT





Stan J.H. Lee, CPA


June 20, 2011


Fort Lee, New Jersey










BALANCE SHEET


December 31, 2010





December 31, 2010


December 31,2009ASSETSCurrent assetsCash and cash equivalents

$
-


$
-Total current assets


-



-Total assets

$
-


$
-LIABILITIES AND STOCKHOLDER'S EQUITYCurrent liabilities


-



-Total liabilities


-



-Stockholders' equity(deficit)Preferred stock;$ .0001 par value, 20,000,000 shares authorized, none issued and outstanding


-



-Common stock; $.0001 par value, 100,000,000 shares authorized, 16,390,000 shares issued and outstanding, repectively


1,639



1,639Paid in capital


4,998,500



4,998,500Deficit accumulated during development stage


(5,000,139
)


(5,000,139
)Total stockholders' equity(deficit)

$
-


$
-Total liabilities and stockholders' equity(deficit)

$
-


$
-




See Notes to Financial Statements


1





STATEMENT OF OPERATIONS


For the period from July 20, 2006 (inception) to December 31, 2010


For the year ended

December 31, 2010


For the year ended

December 31, 2009


Cumulative from July

20, 2006 (inception)

to December 31,

2010Revenues

$
-


$
-


$
-Total revenues


-



-



-Operating costs and expensesOrganization and related expenses

$
-


$
-


$
5,000,139Total operating costs and expenses


-



-



-Net income(or loss)

$
-


$
-


$
(5,000,139
)Basic and diluted loss per common share

$
-


$
-


$
-Basic and diluted weighted average common shares outstanding


11,390,000



11,390,000



11,390,000




See Notes to Financial Statements




2





STATEMENT OF STOCKHOLDER’S EQUITY (DEFICIT)


For the period from July 20, 2006 (inception) to December 31, 2010




Common

Shares


Stock

Amount


Additional

Paid-in

Capital


Deficit

Accumulated in

Development

Stage


TotalBalance, 07/20/2006


1,390,000



139



0



0



139Net Loss, 12/31/2006


0



0



0



-139



-139Balance, 12/31/2006


1,390,000



139



0



-139



0Share issued to QMIS Finance Securities Ltd


10,000,000



1,500



4,998,500



0



5,000,000Net loss, 12/31/2007


0



0



0



-5,000,000



-5,000,000Balance, 12/31/2007


16,390,000



1,639



4,998,500



-5,000,139



0Net loss, 12/31/2008


0



0



0



-5,000,000



-5,000,000Balance, 12/31/2008


16,390,000



1,639



4,998,500



-5,000,139



0Net loss, 12/31/2009


0



0



0



-5000000



-5000000Balance, 12/31/2009


16390000



1639



4998500



-5000139



0Net loss, 12/31/2010


0



0



0



-5000000



-5000000Balance, 12/31/2010


16390000



1639



4998500



-5000139



0




3





STATEMENT OF CASH FLOWS


For the period from July 20, 2006 (inception) to December 31, 2010




For the year ended

December 31, 2010


For the year ended

December 31, 2009


Cumulative from

July 20, 2006

(inception) to

December 31,2010Cash flows from operating activitiesNet income(loss)

$
-


$
-



(5,000,139
)Common stock issued for service










5,000,139Changes in working capitalNet cash provided(used) in operating activitiesCash flows from investing activitiesNet cash used in investing activitiesNet change in cash and cash equivalentsCash and cash equivalents at beginning of period

$
-


$
-


$
-Cash and cash equivalents at end of period

$
-


$
-


$
-Non cash financing and investment activitiesCommon stock issued to founder for services rendered

$



$



$
5,000,139Supplemental cash flow informationInterest paid

$
-


$
-


$
-Income taxes paid

$
-


$
-


$
-




See Notes to Financial Statements




4




China Culture Resorts Holdings, Inc.


(a corporation in the development stage)


NOTES TO FINANCIAL STATEMENTS


December 31, 2010





NOTE 1.  ORGANIZATION AND DESCRIPTION OF BUSINESS





China Culture Resorts Holdings, Inc. (the "Company") was incorporated under the laws of the State of Delaware on July 20, 2006 and has been inactive since inception. The Company intends to serve as a vehicle to effect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business.





NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





BASIS OF PRESENTATION - DEVELOPMENT STAGE COMPANY





The Company has not earned any revenue from operations. Accordingly, the Company's activities have been accounted for as those of a "Development StageEnterprise" as set forth in Financial Accounting Standards Board Statement No. 7 ("SFAS 7"). Among the disclosures required by SFAS 7 are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows discloseactivity since the date of the Company's inception.





ACCOUNTING METHOD





The Company's financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on December 31,2010.





USE OF ESTIMATES





The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.





CASH EQUIVALENTS





The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.





INCOME TAXES





Income taxes are provided in accordance with Statement of Financial Accounting Standards No. 109 (SFAS 109), Accounting for Income Taxes. A deferred tax assetor liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when,in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. There were no current or deferred.





Continued,





5





NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)





Income tax expenses or benefits due to the Company not having any material operations for period ended December 31, 2010.





BASIC EARNINGS (LOSS) PER SHARE





In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. SFAS No. 128 supersedes the provisions of APB No. 15, and requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted the provisions of SFAS No. 128 effective July 20, 2006 (inception).





Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.





IMPACT OF NEW ACCOUNTING STANDARDS





The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position, or cash flow.





NOTE 3. GOING CONCERN





The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established any source of revenue to cover its operating costs. The Company will engage in very limited activities without incurring any liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.


NOTE 4.  SHAREHOLDER'S EQUITY





On July 20, 2006, the Board of Directors issued 1,390,000 shares of common stock for $139 in services to the founding shareholder of the Company to fund organizational start-up costs.





The Company has the following classes of capital stock as of December 31, 2010:





Common stock – 100,000,000 shares authorized; $0.0001 par value; 1,390,000 shares issued and outstanding.





On December 3, 2007 the Registrant authorized the issuance of 10,000,000 shares of its common stock, $.0001 par value per share, to QMIS Finance Securities Ltd., a Delaware corporation (”QMIS”), for services rendered, valued at US$5,000,000. The services provided by QMIS includes financial consultancy services for movie project feasibility studies, mergers and acquisition advisory, marketing analysis, financial planning, share capital structure and IT integration of computer systems. The shares will be issued with restrictive legends pursuant to Rule 144. In closing the private placement with QMIS, the Registrant relied on the exemption from the registration requirements of the Securities Act of 1933 provided by Regulation S promulgated thereunder. QMIS is owned and controlled by Mr. Chin Yung Kong, a Malaysia citizen, residing and doing business in Singapore and China.


Preferred stock – 20,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding.





6