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 September 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)

                      Suite 1502, No.333 ,Zhaojiabang Road
                                  Shanghai, PRC
          (Address of principal executive offices, including zip code.)

                                86 (21) 64228337
              (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:  November 15, 2004 - 6,636,614 shares
of Common Stock

Transitional Small Business Issuer Format
Yes [ ] No [X]


<PAGE>

                                      INDEX



PART I - FINANCIAL INFORMATION                                           Page
                                                                         ----

Item 1.  Financial Statements.

         Sunrise Real Estate Development Group, Inc.
         Unaudited Condensed Financial Statements for the
         Three and Nine Months ended September 30, 2004 and 2003          F-1

                  Balance Sheets
                  September 30, 2004 (unaudited) and
                  December 31, 2003 (audited)                             F-2

                  Statements of Operations
                  for the three and nine months ended
                  September 30, 2004 and 2003 (unaudited)                 F-3

                  Statements of Cash Flows
                  for the three and nine months ended
                  September 30, 2004 and 2003 (unaudited)                 F-4

                  Notes to Financial Statements (unaudited)            F-5 - F-6


Item 2.  Management's Discussion and Analysis.                             2

Item 3.  Controls and Procedures.                                         12

PART II - OTHER INFORMATION                                               13


SIGNATURES                                                                14



<PAGE>

                         PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements.





                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                    UNAUDITED CONDENSED FINANCIAL STATEMENTS
                       FOR THE THREE AND NINE MONTHS ENDED
                           SEPTEMBER 30, 2004 AND 2003














<PAGE>
<TABLE>
<CAPTION>

                   Sunrise Real Estate Development Group, Inc.

                                 Balance Sheets

(Expressed in US Dollars)



                                                         September 30,     December 31,
                                                              2004             2003
                                                         -------------    -------------
                                                          (Unaudited)       (Audited)
<S>                                                      <C>              <C>
ASSETS

Current assets
  Cash and cash equivalents                              $     118,797    $        --
                                                         -------------    -------------
  Total current assets                                         118,797             --
                                                         -------------    -------------
Total assets                                             $     118,797    $        --
                                                         =============    =============


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued expenses                  $      14,055    $        --
  Amount due to a director (Note 3)                              4,532             --
  Amount due to a former director (Note 3)                        --             12,064
                                                         -------------    -------------
  Total current liabilities                                     18,587           12,064
                                                         -------------    -------------


Commitments and contingencies

Stockholders' equity
  Common stock, par value $0.01 per share;
    200,000,000 shares authorized; 6,636,614 and
    30,614 shares issued and outstanding, respectively
                                                                66,366              306
  Additional paid-in capital                                 5,158,185        5,047,181
  Accumulated losses                                        (5,124,341)      (5,059,551)
                                                         -------------    -------------
  Total stockholders' equity                                   100,210          (12,064)
                                                         -------------    -------------
Total liabilities and stockholders' equity               $     118,797    $        --
                                                         =============    =============
</TABLE>










      See accompanying notes to unaudited condensed financial statements.

                                       F-2

<PAGE>
<TABLE>
<CAPTION>

                   Sunrise Real Estate Development Group, Inc.

                            Statements of Operations


(Expressed in US Dollars)



                                           Three Months Ended           Nine Months Ended
                                              September 30,                September 30,
                                      --------------------------    --------------------------
                                          2004           2003           2004           2003
                                      -----------    -----------    -----------    -----------
                                      (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
<S>                                   <C>            <C>            <C>            <C>

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

General and administrative expenses       (14,493)          (800)       (64,790)        (5,704)
                                      -----------    -----------    -----------    -----------

Operating loss                            (14,493)          (800)       (64,790)        (5,704)
                                      -----------    -----------    -----------    -----------

Loss before income tax                    (14,493)          (800)       (64,790)        (5,704)

Income tax                                   --             --             --             --
                                      -----------    -----------    -----------    -----------

Net loss                              $   (14,493)   $      (800)   $   (64,790)   $    (5,704)
                                      ===========    ===========    ===========    ===========


Loss per share - basic and diluted    $    (0.002)   $    (0.005)   $     (0.01)   $    (0.037)
                                      ===========    ===========    ===========    ===========

Weighted average common shares
  outstanding - basic and diluted       6,631,081        153,264      6,631,081        153,264
                                      ===========    ===========    ===========    ===========
</TABLE>


















      See accompanying notes to unaudited condensed financial statements.

                                      F-3
<PAGE>

                   Sunrise Real Estate Development Group, Inc.

                            Statements of Cash Flows
                Increase/(Decrease) in Cash and Cash Equivalents

(Expressed in US Dollars)



                                                          Nine Months Ended
                                                            September 30,
                                                         2004           2003
                                                     -----------    -----------
(Unaudited) (Unaudited)
Cash flows from operating activities
  Net loss                                           $   (64,790)   $    (5,704)
      Adjustments to reconcile net loss to
        net cash used in operating activities
      Change in:
        Accounts payables and accrued expenses            14,055         (3,215)
                                                     -----------    -----------

Net cash used in operating activities                    (50,735)        (8,919)
                                                     -----------    -----------

Cash flows from financing activities
   Proceeds from issuance of common stock, net           165,000           --
   Advance from a director                                 4,532          8,919
                                                     -----------    -----------

Net cash provided by financing activities                169,532          8,919
                                                     -----------    -----------


Net increase in cash and cash equivalents                118,797           --

Cash and cash equivalents at beginning of period            --             --
                                                     -----------    -----------
Cash and cash equivalents at end of period           $   118,797    $      --
                                                     ===========    ===========

















      See accompanying notes to unaudited condensed financial statements.

                                      F-4
<PAGE>

                   Sunrise Real Estate Development Group, Inc.

                     Notes to Unaudited Financial Statements

(Expressed in US Dollars)



NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Sunrise Real Estate Development Group, Inc. (formerly  "Parallax  Entertainment,
Inc.") ("the Company") was incorporated in Texas on 10 October 1996. The Company
changed its name to Sunrise Real Estate  Development  Group,  Inc.  effective 12
December  2003  following  a change in the  majority  stockholder.  The  Company
re-entered the development stage after December 2003. Formerly,  the Company was
in the business of licensing,  acquiring,  marketing and  distributing  recorded
music. Beginning January 2004, the Company began a search to acquire real estate
development  activities and to raise  additional  capital.  In January 2004, the
Company  raised  $165,000 of equity  capital  though the  issuance of  6,600,000
common stock shares in a Regulation S offering.

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.


NOTE 2 -Basis of Presentation

The  accompanying  financial data as of September 30, 2004 and December 31, 2003
and for the three and nine months  ended  September  30, 2004 and 2003 have been
prepared by the Company, without audit, pursuant to the rules and regulations of
the  Securities  and  Exchange  Commission.  Certain  information  and  footnote
disclosures  normally  included in financial  statements  prepared in accordance
with generally  accepted  accounting  principles  have been condensed or omitted
pursuant to such rules and regulations.  However,  the Company believes that the
disclosures are adequate to make the information presented not misleading. These
financial statements should be read in conjunction with the financial statements
and the  notes  thereto  included  in the  Company's  audited  annual  financial
statements for the year ended December 31, 2003.

The  preparation  of financial  statements in conformity  with general  accepted
accounting  principles  requires  management to make  estimates  that affect the
reported  amounts  of  assets,  liabilities,   revenues  and  expenses  and  the
disclosure of contingent  assets and  liabilities.  Actual  results could differ
from these estimates.

In the  opinion of  Management,  all  adjustments  (which  include  only  normal
recurring  adjustments)  necessary  to present  fairly the  financial  position,
results of  operations  and cash flows as of September 30, 2004 and December 31,
2003 and for the three and nine months ended  September 30, 2004 and 2003,  have
been  made.  The  results  of  operations  for the three and nine  months  ended
September  30, 2004 and 2003 are not  necessarily  indicative  of the  operating
results for the full year.



                                      F-5
<PAGE>

                   Sunrise Real Estate Development Group, Inc.

                     Notes to Unaudited Financial Statements



NOTE 3 - RELATED PARTY

A related  party is an entity that can control or  significantly  influence  the
management  or  operating  policies  of another  entity to the extent one of the
entities may be prevented from pursuing its own  interests.  A related party may
also be any party the entity deals with that can exercise that control.

Amount due to a director

The Company,  from time to time,  received from or made repayment to a director.
The amount due to a director does not bear any interest, is unsecured,  and does
not have clearly defined terms of repayment.

Amount due to a former director

The amount due to a former  director of $12,064 does not bear any  interest,  is
unsecured,  and repayable on demand.  In connection  with the change in majority
shareholders  in December 2003, the former director agreed to exchange the above
debt for 6,000 shares of common stock after a 1 for 500 reverse  stock split and
a 1 for 5 reverse stock split in January 2003 and December 2003, respectively.

On September 24, 2004, the former director  exchanged the $12,064 debt for 6,000
shares of common stock.


NOTE 4 - SUBSEQUENT EVENTS

On August 31, 2004, the Company,  Lin Ray Yang Enterprise Ltd., a British Virgin
Islands  company  ("LRY")  and  Lin,  Chi-Jung,  an  individual  and  agent  for
beneficial shareholders of "LRY", Ace Develop Properties,  Ltd. ("Ace Develop"),
Planet Technology  Corporation ("Planet") and Systems and Technology Corporation
("Systems"), entered into that certain exchange agreement that the Company issue
10,000,000  shares  of common  stock to the  beneficial  shareholders,  or their
designees,  in  exchange  for all  outstanding  capital  stock  of  "LRY".  This
agreement was closed on October 5, 2004. Lin,  Chi-Jung is Chairman of the Board
of Directors  of the  Company,  the  President  of "LRY" and the  principal  and
controlling  shareholder  of "Ace Develop".  Regarding the 10,000,000  shares of
common stock of the Company issued in this  transaction,  8,500,000  shares were
issued to "Ace  Develop",  750,000  shares were  issued to "Planet"  and 750,000
shares were issued to "Systems".

On August 31, 2004, the Company,  Sunrise Real Estate Development Group, Inc., a
Cayman Islands company  ("CY-SRRE") and Lin,  Chi-Jung,  an individual and agent
for the beneficial shareholder of "CY-SRRE", Ace Develop Properties,  Ltd. ("Ace
Develop"),  entered into that certain exchange  agreement that the Company issue
5,000,000 shares of common stock to the beneficial shareholder or its designees,
in exchange for all outstanding  capital stock of "CY-SRRE".  This agreement was
closed on October 5, 2004.  Lin,  Chi-Jung is Chairman of the Board of Directors
of the Company,  the President of "CY-SRRE"  and the  principal and  controlling
shareholder of "Ace Develop".











                                      F-6

<PAGE>

Item 2.  Management's Discussion and Analysis.

GENERAL

This section of the 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  statements  are subject to certain
risks and  uncertainties  that could cause actual  results to differ  materially
from historical results or our predictions.

OVERVIEW

We were incorporated in the State of Texas on October 11, 1996. Until July 2002,
we  were  engaged  in the  business  of  licensing,  acquiring,  marketing,  and
distributing high quality recorded music for a variety of music formats. On July
29, 2002,  Gust Kepler,  the then  president  and  majority  shareholder  of the
Company  acquired  all  of  the  assets  and  business  and  assumed  all of the
liabilities  of the Company.  Since that time up to October 5, 2004, we have had
no business activity of any kind.

Also on July 29, 2002, Gust Kepler sold  controlling  interest in the Company to
Yarek Bartosz who resides in Calgary,  Canada.  Mr. Bartosz became president and
then owned a majority,  51% (78,400  shares),  of the outstanding  shares of the
Company.  On  October  28,  2003,  Olympus  Investment  Corporation,   a  Burnei
corporation,  based in Taipei,  Taiwan,  purchased  all of the 78,400  shares of
common stock owned by Mr. Bartosz, and then became the majority, 51% shareholder
of the Company.

Effective  December 22, 2003, the name of the Company,  Parallax  Entertainment,
Inc. was changed to Sunrise Real Estate  Development  Group, Inc. Also effective
December 22, 2003, the outstanding shares of common stock,  153,262 shares, were
reverse  split,  one for five,  resulting  in 30,653  shares  being  issued  and
outstanding,  post reverse split. Thereafter,  on December 27, 2003, the Company
sold in a private  placement to non-US persons  6,600,000 shares of common stock
for $0.025 per share,  an  aggregate  of  $165,000.  The  Company  relies on the
Regulation S exemption from the registration  requirements of the Securities Act
of 1933 in connection with this private placement.

As reported under Item 1.01 of its Form 8-K dated August 31, 2004 filed with the
Commission,  the  registrant,   Sunrise  Real  Estate  Development  Group,  Inc.
("Sunrise"),  Lin Ray Yang  Enterprise  Ltd., a British Virgin  Islands  company
("LRY") and Lin, Chi-Jung,  an individual and agent for beneficial  shareholders
of LRY, i.e. Ace Develop  Properties,  Ltd. ("Ace Develop"),  Planet  Technology
Corporation  ("Planet")  and Systems  and  Technology  Corporation  ("Systems"),
entered into that certain  Exchange  Agreement that provides for Sunrise's issue
of ten (10) million  shares of common stock to the  beneficial  shareholders  of
LRY, or their designees,  in exchange for 100% of the outstanding  capital stock
of "LRY". This agreement closed on October 5, 2004. Lin, Chi-Jung is Chairman of
the Board of Directors and now also  President of Sunrise,  the President of LRY
and the principal and controlling  shareholder of Ace Develop. Of the 10,000,000
shares of common stock of Sunrise issued in this  transaction,  8,500,000 shares
were  issued to Ace  Develop,  750,000  shares were issued to Planet and 750,000
shares were issued to Systems.  The 10,000,000 shares issued in exchange for all
of the capital stock of LRY was  arbitrarily  determined by the Sunrise Board of
Directors and Lin,  Chi-Jung who is, as  aforesaid,  the Chairman of the Sunrise
Board of Directors and now also President of Sunrise.



<PAGE>

OVERVIEW - Continued

Also as  reported  under Item 1.01 of its Form 8-K dated  August 31,  2004 filed
with the Commission,  Sunrise,  the registrant,  Sunrise Real Estate Development
Group,  Inc.  a  Cayman  Islands  company  ("CY-SRRE")  and  Lin,  Chi-Jung,  an
individual and agent for the beneficial shareholder of CY-SRRE, i.e. Ace Develop
Properties, Ltd., entered into that certain Exchange Agreement that provides for
Sunrise's  issue of five (5) million  shares of common  stock to the  beneficial
shareholder of CY-SRRE or its designees, in exchange for 100% of the outstanding
capital  stock of  CY-SRRE.  This  agreement  closed on October  5,  2004.  Lin,
Chi-Jung  is  Chairman  of the  Board of  Directors  and now also  President  of
Sunrise, the President of CY-SRRE and the principal and controlling  shareholder
of Ace Develop.  The 5,000,000  shares of common stock of Sunrise issued in this
transaction  to Ace Develop in exchange for all of the capital  stock of CY-SRRE
was arbitrarily  determined by the Sunrise Board of Directors and Lin,  Chi-Jung
who is, as  aforesaid,  the Chairman of the Sunrise  Board of Directors  And now
also President of Sunrise.

Prior to the  closing  of the  aforesaid  Exchange  Agreements,  Sunrise  was an
inactive "shell" company. Following the closing, Sunrise, through its two wholly
owned  subsidiaries,  LRY and  CY-SRRE,  intends  to engage  in the real  estate
development and brokerage businesses in mainland China.

OPERATING EXPENSES

Operating expenses are comprised of general and administrative expenses.

TAXES

As Sunrise  operated at a loss in the year 2003 through the present,  it did not
incur any taxes.


RESULTS OF OPERATIONS

(a)      Operating loss
         From inception through September, 30, 2004, Sunrise had a total loss of
         $5,124,341. From January 1, 2004 to September 30, 2004, the accumulated
         loss was $64,790,  including the operating loss in the first quarter of
         $13,199.50  ,the operating loss in the second quarter of $37,098.00 and
         the operating  loss in the third quarter of  $14,492.50,  respectively.
         During all of 2003 fiscal year,  Sunrise was a "shell" company.  So for
         the nine months period ended September 30, 2003, the total  accumulated
         expense was $5,704,  and only $800 during its third  quarter.  In 2004,
         Sunrise sought to acquire a real estate development  operation in China
         and  professional  services  from lawyers and auditors were secured and
         paid for, accounting for the differences between the two periods.




<PAGE>

RESULTS OF OPERATIONS - Continued

(b)      Net loss
         There  was no  operating  revenue  for the  nine  months  period  ended
         September 30, 2004. Sunrise had a net loss $64,790.In comparison to the
         same period of 2003,  the total loss was $5,704.  The  increase of loss
         this year  resulted from paying  professional  service fees , including
         the fees for a consulting company, lawyers and accountants,  engaged to
         assist  Sunrise  in its  search to  acquire a real  estate  development
         company.  Total shares of the stock issued are  6,636,614  shares.  Net
         loss per share is $0.009 for the nine months ended September 30, 2004.

         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.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2004, we had cash assets of $118,797 and minimum liabilities
other than accrued  payables to  professionals  assisting in the  preparation of
this Form 10-QSB. 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.

As of September 30, 2004, our principal  sources of liquidity  included cash and
bank balances of $118,797,  which  decreased from $129,777 at June 30, 2004. The
decrease was mainly due to the  expenditures to fund the daily  operations.  Net
cash used in  operating  activities  was $10,980  during the three  months ended
September  30,  2004 and June 30,  2004 ,  respectively.  Net cash  provided  by
operating  activities  during the three  months  ended  September  30,  2004 was
primarily attributed to the issued 6,600,000 shares.

OFF-BALANCE SHEET ARRANGEMENTS

As of  September  30,  2004,  we have not  entered  into any  off-balance  sheet
arrangements with any individuals or entities.




<PAGE>

 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.

(b)      Changes in internal controls.

As reported under Item 2 above, Ace Develop  Properties,  Ltd., a British Virgin
Islands company,  was issued 13,500,000 shares of common stock of Sunrise on the
closing of the two  Exchange  Agreements  whereby  Sunrise  acquired  all of the
capital  stock  of Lin  Ray  Yang  Enterprises  Ltd.  and  Sunrise  Real  Estate
Development Group, Inc., a Cayman Islands  corporation.  As of October 11, 2004,
Sunrise, the Registrant,  has issued and outstanding 21,636,614 shares of common
stock. Ace Develop's said 13,500,000  shares represent  approximately 62% of the
issued and outstanding shares of Sunrise.

Lin,  Chi-Jung,  the Chairman of the Board of  Directors,  President  and CEO of
Sunrise, is the president,  principal  shareholder and the controlling person of
Ace Develop. Therefore, the 13,500,000 shares of common stock of Sunrise held of
record  by Ace  Develop  are  beneficially  owned  by Lin,  Chi-Jung  who is the
controlling  person  of  Sunrise  by virtue of  owning,  indirectly,  62% of the
outstanding shares of Sunrise and holding the offices of Chairman, President and
CEO of Sunrise, as aforesaid.

(c)      Departure of Directors or Principal  Officers;  Election of  Directors;
         Appointment of Principal Officers.

On October 11, 2004, Chiu, Chi-Yuan resigned as President and CEO of Sunrise and
Lin, Chi-Jung,  Sunrise's Chairman of the Board of Directors, was elected by the
Board the  President  and CEO of Sunrise to serve until his successor is elected
and  qualified.  Chiu,  Chi- Yuan  remains a member of the Board of Directors of
Sunrise.  See the discussion  concerning the closing of the Exchange  Agreements
and Lin, Chi-Jung and his affiliation with Ace Develop under Item 2 above. Since
2002, Lin,  Chi-Jung has been the Chairman of the Board of Directors of Shanghai
Xin Ji Yang Real Estate  Consultant Co., LTD. This company  provides real estate
consulting  and brokerage  services to the MAINLAND  China real estate  consumer
market.



<PAGE>

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.  None.

Item 2.  Changes in Securities.  None.

Item 3.  Defaults upon Senior Securities.  None.

Item 4.  Submission of Matters to a Vote of Securities Holders.  None.

Item 5.  Other Information.  None.

Item 6.  Exhibits

(a)      Exhibits: Exhibit Number and Brief Description.

         31.1     Section 302 Certification by the Corporation's Chief Executive
                  Officer. (Filed herewith).

         31.2     Section 302 Certification by the Corporation's Chief Financial
                  Officer. (Filed herewith).

         32.1     Section 906 Certification by the Corporation's Chief Executive
                  Officer. (Filed herewith).

         32.2     Section 906 Certification by the Corporation's Chief Financial
                  Officer. (Filed herewith).







<PAGE>

                                   SIGNATURES

         In accordance  with the  requirements  of the Exchange Act, the Company
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                     SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.


Date: November 15, 2004              By: /s/ Lin, Chi-Jung
                                        ----------------------------------------
                                        Lin, Chi-Jung, Chief Executive Officer


Date: November 15, 2004              By: /s/ Lo, Yi-Yun
                                        ----------------------------------------
                                        Lo, Yi-Yun, Chief Financial Officer