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

                                   FORM 10-QSB

[x]      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended June 30, 2004

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

                  For the transition period from __________ to __________

                  Commission File Number 000-32585


                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                     (FORMERLY PARALLAX ENTERTAINMENT, INC.)
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

             TEXAS                                        75-2713701
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

                       18 Fl.-2, No. 6, Sec. 4 Xinyi Road,
                                 Da-An District
                          Taipei City, Taiwan ROC, 106
          (Address of principal executive offices, including zip code.)

                                 886 2 2700 5195
              (Registrant'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  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     [   ]



Issuers involved in Bankruptcy Proceedings during the past Five Years.
         Not Applicable.

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the latest  practicable date: July 31, 2004 - 6,630,614 shares of
Common Stock

Transitional Small Business Issuer Format
YES        [  ]             NO     [ X ]



<PAGE>
<TABLE>
<CAPTION>

                          PART I FINANCIAL INFORMATION

Item 1. Financial Statements.


                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS



                                                         June 30,       June 30,
                                                           2004           2003
                                                       -----------    -----------
<S>                                                    <C>            <C>
Current assets:

     Cash                                              $   129,777    $      --
                                                       -----------    -----------

Total current assets                                   $   129,777    $      --
                                                       ===========    ===========

Liabilities:

Accounts payable and accrued liabilities               $     7,730    $     1,000
Advances from a former director                             12,064          8,919
Advances from director                                       4,542           --
                                                       -----------    -----------

Total liabilities                                           24,336          9,919
                                                       -----------    -----------

Stockholders' equity (deficit):

Common stock, $0.01 par value; 200,000,000
     shares authorized; $0.01 par value;
     6,630,614 and 30,614 shares issued
     and outstanding, respectively                          66,306            306
Additional paid in capital                               5,146,181      5,047,181
Accumulated deficit                                     (5,107,046)    (5,057,406)
                                                       -----------    -----------

                                                           105,441         (9,919)
                                                       -----------    -----------

Total liabilities and stockholders' equity (deficit)   $   129,777    $      --
                                                       ===========    ===========
</TABLE>


                             See Accompanying Notes.



                                       2
<PAGE>
<TABLE>
<CAPTION>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS





                                          Three Months Ended             Six Months Ended
                                        June 30,       June 30,       June 30,       June 30,
                                          2004           2003           2004           2003
                                      -----------    -----------    -----------    -----------
<S>                                   <C>            <C>            <C>            <C>

Revenues                              $      --      $      --      $      --      $      --
                                      -----------    -----------    -----------    -----------


Selling, general and administrative
    expenses                               25,292          2,817         47,495          4,904
                                      -----------    -----------    -----------    -----------

Loss from operations                      (25,292)        (2,817)       (47,495)        (4,904)
                                      -----------    -----------    -----------    -----------

Net loss                              $   (25,292)   $    (2,817)   $   (47,495)   $    (4,904)
                                      ===========    ===========    ===========    ===========

Net loss per common share             $    (0.004)   $     (0.09)   $    (0.008)   $     (0.16)
                                      ===========    ===========    ===========    ===========

Weighted average number of common
    shares outstanding                  6,630,614         30,614      5,897,180         30,614
                                      ===========    ===========    ===========    ===========
</TABLE>















                             See Accompanying Notes.



                                       3
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS




                                                          June 30,     June 30,
                                                            2004         2003
                                                         ---------    ---------
Cash used in operating activities:

Net loss                                                 $ (47,495)   $  (4,904)

     Adjustments to reconcile
     net loss to net cash used in operating
     activities:

        Increase in accounts payable
           and accrued liabilities                           7,730       (4,015)
                                                         ---------    ---------
                  Cash used in operating activities        (39,765)      (8,919)
                                                         ---------    ---------

Cash flows from financing activities:

        Proceeds from issuance of common stock             165,000         --
        Advances from directors                              4,542        8,919
                                                         ---------    ---------
                  Cash flows provided by financing
                    activities                             169,542        8,919
                                                         ---------    ---------

Net increase in cash                                       129,777         --

Cash, beginning of period                                     --           --
                                                         ---------    ---------

Cash, end of period                                      $ 129,777    $    --
                                                         =========    =========

Interest paid                                            $    --      $    --
                                                         =========    =========







                             See Accompanying Notes.

                                       4
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS


1.   ORGANIZATION AND BUSINESS

Sunrise Real Estate Development Group, Inc. (formerly  "Parallax  Entertainment,
Inc.") ("the  Company") was  incorporated  in Texas in October 1996. The Company
changed its name to Sunrise Real Estate  Development  Group,  Inc.  effective in
December 2003 following a change in the majority stockholder and a change in its
business and has re-entered the development stage. Beginning with the year 2004,
the  Company  intends to pursue  real estate  development  activities  and raise
additional  capital.  Formerly,  the Company  (Parallax)  was in the business of
licensing,  acquiring,  marketing and  distributing  recorded music. The Company
re-entered the development stage in 2004. Therefore,  the cumulative information
from inception is the same as the  information for the six months ended June 30,
2004.

The stockholders  approved a 1 for 500 reverse stock split and a 1 for 5 reverse
stock split in January and December 2003, respectively.  All share and per share
amounts have been retroactively restated to reflect these stock splits.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This  summary of  significant  accounting  policies  is  presented  to assist in
understanding the financial  statements.  The financial statements and notes are
representations  of the Company's  management,  which is  responsible  for their
integrity  and  objectivity.  These  accounting  policies  conform to accounting
principles  generally  accepted  in the United  States of America  and have been
consistently applied in the preparation of the financial statements.

Use of estimates
----------------

The process of preparing  financial  statements  in conformity  with  accounting
principles  generally  accepted in the United States of America requires the use
of estimates and  assumptions  regarding  certain types of assets,  liabilities,
revenues and expenses. Such estimates primarily relate to unsettled transactions
and  events  as of the  date  of the  financial  statements.  Accordingly,  upon
settlement,  actual results may differ from estimated accounts.

Foreign currency transactions
-----------------------------

Through the course of  business,  the Company has  received  services  that were
billed  in a  currency  other  than the  United  States  dollar,  the  Company's
functional   currency.   Management  has  elected  to  value  foreign   currency
transactions at average rates of exchange in effect during the reporting period.
Realized gains and losses from foreign  currency  transactions  are reflected in
the results of operations.



                                       5
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS



Cash and cash equivalents
-------------------------

For purposes of the  Statements of Cash Flows,  the Company  considers all short
term investments securities purchased with a maturity of three months or less to
be cash equivalents.

Revenue recognition
-------------------

The Company  previously sold records and  merchandise  (t-shirts,  posters,  and
other band  paraphernalia) via three separate mediums - booths set up at musical
events,  through  distributors on a consignment basis, and through retailers not
on a consignment  basis.  Records and  merchandise  sales at musical events were
cash  sales  and  were  recognized  when  payment  was  received.   Records  and
merchandise  sold through a distributor on a consignment  basis were  recognized
when the distributor notified the Company that a sale had been made. Records and
merchandise  sold  through  retailers  not  on  a  consignment  basis  were  not
returnable  and were  recognized in the period they were delivered to the buyer.
The Company has ceased such operations.

Net loss per common share
-------------------------

Net loss per common  share was computed by dividing the net loss by the weighted
average number of shares  outstanding  during the periods.  The weighted average
number of common  shares was  calculated  by taking the number of common  shares
outstanding and weighting them by the amount of time that they were outstanding.
Such per share amounts for 2003 have been retroactively  restated to reflect the
reverse stock splits discussed in Note 1.

Going concern
-------------

The Company's financial  statements have been presented on a going concern basis
that  contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.  The Company's  significant  operating  losses
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.  The Company is  reporting  cumulative  net losses
since inception of $5,107,046.  Management has plans to seek additional  capital
through a private  placement  and  public  offering  of its  common  stock.  The
financial   statements   do  not  include  any   adjustments   relating  to  the
recoverability  and  classification  of  recorded  assets,  or the  amounts  and
classification  of liabilities  that might be necessary in the event the Company
cannot continue in existence.





                                       6
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS



Advance royalties and recording costs
-------------------------------------

Advance  royalties and recording  costs have been charged to expense as incurred
because,  based on performance and current  popularity of the Company's artists,
it is not possible to determine  if the  advances  and  recording  costs will be
collectible from future royalties.


3.   INCOME TAXES

The  Company  has  net  operating  loss  carry  forwards  for  tax  purposes  of
approximately $2,750,000 at December 31, 2003. These carry forwards will expire,
if not utilized in 2011-2017.  At December 31, 2003,  the Company had a deferred
tax asset of  approximately  $1,040,000  attributable to the loss carry forward,
which was offset entirely by a valuation allowance of an equal amount. There are
no other material deferred tax assets or liabilities.

4.   RELATED PARTIES

The  amount  due to a  former  director  of  $12,064  is  non-interest  bearing,
unsecured  and is due on  demand.  In  connection  with the  change in  majority
stockholders  discussed  in Note 1, the former  director  received  an option to
exchange  the above  debt for 6,000  shares of common  stock  (adjusted  for the
reverse stock split  discussed in Note 1). The option allows the former director
one year to exercise the option.

The amount due to a director of $4,542 is non-interest bearing, unsecured and is
due on demand.

5.   ISSUANCE OF COMMON STOCK

In January  2004,  the Company  raised  $165,000 of equity  capital  through the
issuance of 6,600,000 common stock shares in a Regulation S offering.




                                       7
<PAGE>

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF INTERIM FINANCIAL INFORMATION
Cautionary Statement Regarding Forward-looking Statements

     This section of this report includes a number of forward-looking statements
that  reflect  our current  views with  respect to future  events and  financial
performance.  Forward-looking  statements  are often  identified  by words like:
believe, expect, estimate,  anticipate, intend, project and similar expressions,
or words which,  by their nature,  refer to future events.  You should not place
undue certainty on these forward-looking statements,  which apply only as of the
date of our report.  These  forward-looking  states are subject to certain risks
and  uncertainties  that could cause actual  results to differ  materially  from
historical results or our predictions.

     We currently  have limited  working  capital.  We may have to rely on loans
from our  officers  and  directors  if we deplete  all of our  capital  until we
complete an acquisition or merger. On a long-term basis,  liquidity is dependent
on  commencement of operation and receipt of revenues,  additional  infusions of
capital,  and debt financing.  While we may be receiving sufficient infusions of
capital from our officers and directors,  we will not be generating any revenues
until the completion of a merger or acquisition  and we will not take any action
to acquire debt financing  other than infusions of capital from our officers and
directors.

Plan of Operation.

     We are in a development  stage and have not conducted any operations  since
we ceased our recorded music  operations  over 21 months ago. We will be relying
on cash on hand and  infusions  from our officers and  directors in order to pay
accounting  and  legal  costs  associated  with  filing  our  reports  with  the
Securities and Exchange  Commission  and any fees due the State of Texas.  Other
than the foregoing, we do not anticipate spending any money.

     We  anticipate  that  until a business  combination  is  completed  with an
acquisition candidate, we will not generate revenues and may continue to operate
at  a  loss  after  completing  a  business  combination,   depending  upon  the
performance of the acquired  business.  We seek acquisition or merger candidates
with ongoing operations.

     On April 19, 2004, we signed a  non-binding  letter of intent to merge with
Shanghai  Xinjiyang Realty  Consulting  Company and Lin Ray Yang Enterprise that
are based in mainland  China.  These  companies  are involved in the real estate
brokerage  and real estate  development  business,  respectively.  The letter of
intent  provides  that we will  issue  15,000,000  shares to  acquire  these two
companies. However, no definitive agreement has been signed to acquire either of
these  companies.  There is no assurance  that a merger with either company will
occur.




                                       8
<PAGE>

Results of Operations  for quarter and six months ended June 30, 2004 verses for
the quarter and six months period ended June 30, 2003.

     We had zero operating revenues in both quarters an six months periods. SG&A
expenses were $25,292 and $47, 495 for the quarter and six months, respectively,
ended June 30,  2004  compared  to $2,817 and  $4,904  for the  quarter  and six
months,  respectively,  ended June 30, 2003. Since we did not have any revenues,
our net losses were equal to our SG&A expenses for those respective periods.

     Again we are no longer in the business of licensing,  acquiring, marketing,
and  distributing  high quality  recorded  music for a variety of music formats.
Accordingly,  the  foregoing  information  will not be  indicative of our future
operations.

Liquidity and Capital Resources

     As of  June  30,  2004,  we  have  cash  assets  of  $162,468  and  minimum
liabilities  other than  accrued  payables  to  professionals  assisting  in the
preparation  of our SEC  reports.  In the first  quarter  of 2004,  the  Company
recorded  the  sale of  6,600,000  shares  of  common  stock  to non- US  person
investors  for US  $0.025  per  share or US  $165,000.  The  Company  relied  on
Regulation S as its exemption from the registration  requirements of the federal
Securities Act of 1933 in connection with these sales to non-US persons.

     We have limited funds to seek a combination  candidate.  In the event these
funds are spent without  finding an acquisition or  combination  candidate,  any
further  activities  are  expected to be funded by loans from our  officers  and
directors.




Item 3.  Controls and Procedures

     (a)  Evaluation of disclosure controls and procedures.

          The  President  and  Principal  Financial  Officer of the Company have
          conducted  an  evaluation  of  the   effectiveness  of  the  Company's
          disclosure  controls and procedures  pursuant to Rule 13a-14 under the
          Securities  Exchange Act of 1934 as of a date (the "Evaluation  Date")
          within 90 days prior to the  filing  date of this  report.  Based upon
          that  evaluation,  they concluded that, as of the Evaluation Date, the
          Company's   disclosure  controls  and  procedures  were  effective  in
          ensuring  that  all  material  information  relating  to  the  Company
          required  to be filed in this  report has been made known to them in a
          timely manner.


                                       9
<PAGE>

     (b)  Changes in internal controls.

          There have been no significant  changes made in the Company's internal
          controls or in other factors that could significantly  affect internal
          controls subsequent to the Evaluation Date.


                           PART II - OTHER INFORMATION


Items 1, 2, 3, 4 and 5 - Not applicable.


Item 6.  Exhibits and Reports on Form 8-K

     (a)  Exhibits

          31.1 Certificate  of  Principal  Executive  Officer  required  by Rule
               13a-14(a)  or Rule  15d-14(a) of the  Securities  Exchange Act of
               1934,  as adopted  pursuant to Section 302 of the  Sarbanes-Oxley
               Act of 2002 (filed herewith).

          31.2 Certificate  of  Principal  Financial  Officer  required  by Rule
               13a-14(a)  or Rule  15d-14(a) of the  Securities  Exchange Act of
               1934,  as adopted  pursuant to Section 302 of the  Sarbanes-Oxley
               Act of 2002 (filed herewith).

          32.1 Certificate  of Chief  Executive  Officer  pursuant  to 18 U.S.C.
               Section  1350,  as  adopted   pursuant  to  Section  906  of  the
               Sarbanes-Oxley Act of 2002 (filed herewith).

          32.2 Certificate of Chief  Financial  Officer  pursuant to 18 U. S. C.
               Section  1350,  as  adopted   pursuant  to  Section  906  of  the
               Sarbanes-Oxley Act of 2002 (filed herewith).

     (b)  Reports on Form 8-K. None



















                                       10
<PAGE>

                                    SIGNATURE

     Pursuant to the  requirements  of the Exchange Act, the  Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized, on this 12th day of August, 2004.

                               SUNRISE REAL ESTATE DEVELOPMENT
                               GROUP, INC.
                               (Registrant)

                               BY: /s/ Chiu, Chi-Yuan
                                  -------------------
                                  Chiu, Chi-Yuan, President, Principal Executive
                                  Officer and Director























                                       11