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

                                   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, 2001

[ ]  TRANSITION  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934

                         Commission File No. 33-26787-D

                         China Global Development, Inc.
              -----------------------------------------------------
             (Exact name of Registrant as specified in its charter)

           Nevada                                             87-0403828
-------------------------------                      ---------------------------
(State or other jurisdiction of                           (IRS Employer
incorporation or organization)                            Identification No.)


                           1400 Quail Street, Ste. 138
                             Newport Beach, CA 92660
               ----------------------------------------------------
              (Address and zip code of principal executive offices)

Registrant's telephone number, including area code: (949) 250-1147

Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE

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

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-KSB. [ X ]


Revenue for the year ended December 31, 2001 were $0.


State the  aggregate  market  value of the voting  stock held by  non-affiliates
computed by reference  to the price at which the stock was sold,  or the average
bid and asked prices of such stock, of a specified date within the past 60 days.
At May 10,  2001,  the  aggregate  market  value  of the  voting  stock  held by
non-affiliates  was  2,106,248  shares  held by  non-affiliates  at $0.60  for a
aggregate market value of $1,263,749.

As of May 10, 2002, the registrant had 17,106,248  shares of common stock issued
and outstanding.

Documents incorporated by reference: None.



<PAGE>

                                TABLE OF CONTENTS

                                     PART I
                                                                      Page No.
ITEM 1. DESCRIPTION OF BUSINESS                                             3
ITEM 2. DESCRIPTION OF PROPERTIES                                           5
ITEM 3. LEGAL PROCEEDINGS                                                   5
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                 5

                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS                                                         6
ITEM 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR
PLAN OF OPERATION                                                           7
ITEM 7. FINANCIAL STATEMENTS                                                8
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE                                         8

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS,
AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a)
OF THE EXCHANGE ACT                                                         9
ITEM 10. EXECUTIVE COMPENSATION                                            10
ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT                                                      10
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS                    10

                                     PART IV

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K                                  11
SIGNATURES                                                                 12
FINANCIAL STATEMENTS                                               F-1 - F-10


<PAGE>

                                     PART I

ITEM 1. DESCRIPTION OF BUSINESS

General

China Global  Development,  Inc.  (formerly  iBonzai.com,  (the  "Company")  was
organized on December 26, 1991 as a Delaware  corporation under the name of Life
Medical  Technologies,  Inc. in the  business of  bringing  new medical  product
technology  to the health care market place.  In 1995,  the Company cut back its
operations  and  eliminated  most  staffing.  From  1996 to  1999,  the  Company
maintained  a  skeleton  crew to  maintain  and ship  existing  orders  from its
inventory,  but  conducted  no  marketing  or  research  and did not develop any
additional products. By mid 1997, all employees were laid off and part time help
was maintained to handle the existing  sales and shipping of products.  By 1999,
sales had declined to minimal levels and all remaining  assets were  distributed
to its wholly  owned  subsidiary  (see  below) and sold off to two of its former
employees.

The  Company  acquired  several  subsidiaries  in 1995,  but either sold off all
entities by the end of 1998 or allowed the entities to lapse into  nonexistence.
As of December 31, 1999, only the parent corporation, Life Medical Technologies,
Inc. remained.

In  approximately  March of 2000, the Company changed its name from Life Medical
Technologies, Inc. to I-SIM International Corporation. Subsequently, the Company
changed its name back to Life Medical  Technologies,  Inc.

On May 11,  2000,  the  Company  acquired  all the of equity of  Virtual  Market
Solutions.com,  Inc., a  privately-held  Nevada  corporation  doing  business as
iBonZai.com  ("iBonzai") in exchange for 9,250,000 shares to two officers of the
company.  As  a  result  of  the  acquisition,  iBonZai  became  a  wholly-owned
subsidiary of the Company.  Due to the change in the Internet industry following
the U.S.  market break in the end of the second quarter of 2000, VMS experienced
substantial  obstacles  in  developing  its  business as a provider of broadbank
backbone,  billing services and technical support to internet service providers.
As  the  general  and  Internet  industry  economic   conditions   continued  to
deteriorate during the first half of 2001,  management  suspended operations and
laid  off all its  employees.  Following  the  events  of  September  11,  2001,
management determined that it was in the best interest of the Company to rescind
the acquisition of VMS.  Effective  November 28, 2001, the Company rescinded the
acquisitin  of VMS in an effort  to  complete  a  restructure  of the  Company's
capital and shed itself of debt.  The  financial  statements  for the year ended
December 31, 2001 refer to  financial  numbers at December 31, 2000 in which the
financial information of VMS has been removed (except for any debt guaranteed or
assumed by the Company).  As part of the rescission,  VMS retained all assets of
the Company and the debt, as well as the accrued interest on the notes remaining
with iBonzai.com,  Inc. As such,  9,250,000 shares of the Company's common stock
was rescinded,  and the Company's  additional  paid-in capital,  and accumulated
deficit was returned to the books.

The  financial  statements  reflect  the  position  of the  Company,  as if, the
acquisition  of  VMS  did  not  take  place,  however,  the  assumption  of  the
liabilities remains with the Company as part of the rescission agreement. Due to
the  assumption  of the  liabilities  the expenses  for the Company  amounted to
$129,320 and $1,150,594 for the years 2001 and 2000 respectively.

                                       3
<PAGE>


On January 10,  2002,  the Company  was merged into  Ibonzai.com,  Inc. a Nevada
corporation,  for the purposes of changing  corporate  domicile.  On January 15,
2002,  the  Company  changed  its name to China  Global  Development,  Inc.  and
effected a 1 for 25 reverse stock split.  Capitalization remained at 100,000,000
shares of  common  stock  having a par  value of $.001 per share and  10,000,000
shares of preferred stock having a par value of $.001 per share.

On May 14,  2002, the Company acquired all of the issued and outstanding  shares
of Rainbow  Light  Global  Corporation,  a British  Virgin  Islands  Corporation
("Rainbow").  Rainbow is the owner of 95% of the shares of Beijing  Baxian  Real
Estate  Development  Company Limited,  a People's  Republic of China corporation
engaged in the property development and construction  industries in the People's
Republic of China.

China  Development  (Group) founded in 1991, is one of Beijing - China's largest
and first privately owned  enterprises  authorized by the Chinese  government to
receive  construction  contracts from overseas.  Its core business  include real
estate investment and development on first-class  hotel,  resorts,  villas,  and
residential and commercial centers throughout Beijing,  Shanghai, Jinan, Tianjin
and  other  provinces  in  China.  Over  the  years,  the  company  won  various
construction contracts from Cisco, Avaya, Honeywell, and other major fortune 500
companies in the U.S. as well as International conglomerates in Europe and Asia.
Recently,  the Company completed a major development project building the Baxian
Villa Resort in Beijing along with its  surrounding  commercial and  residential
complexes  totaled in 60 hectares.  The resort  consists of more than 600 villas
with different architectural styles and elegant country clubs.

Two major projects  currently  underway  include the construction of two 5 start
resorts, the Beiya Garden and Chenhao Resort,  nearby the proposed Olympic Games
Village  for 2008  Olympic  Game in China.  Both  constructions  reside  just 12
kilometers  away from the proposed  Olympic Games  Villages.  The resorts sit on
over 200,000 and 180,000 square meter estate.  So far,  36,000 square meters has
already completed for residency.

The Company is highly  decorated  as the  premier  developer  in China,  and has
earned its reputation by maintaining highest standards in quality and safety. In
fact, the Company  received ISO 9002  Certification in October 2000 and was also
acknowledged by the International Standard System.

Success of the Company is much owed to China government's  commitment  reforming
the national and economic policies. As China emerges to become an industrialized
nation,  the government  continues  spending  heavily on instrascture and public
works, and reforming national policies to attract foreign investments.  With 1.3
billion  consumers  clamoring for a new goods and services,  analysts  expect 25
percent year-on-year  increase in foreign direct investment.  Foreign investment
in China in 2001 has already  topped $50 billion.  Perhaps  China  governement's
most  aggressive  spending is on the Capital,  Beijing,  in preparation  for the
Olympic 2008.  Beijing has vowed to spend $20 billion towards  constructions  on
dozens of sport  facilities  and  expansion of current  expressways  and various
infrastructures over the next 8 years. The improvements not only will spur local
economy,  but also  re-define  Beijing  as a major  commerce  attraction  in the
investment  arena.  With More than $3 billion foreign  investments in connection
with the 2008 Olympic,  the company  expects to receive more contracts and boost
revenues to a record  high.  The  benefits  the Company  enjoys from the Olympic
2008, however,  will be far smaller when compared to the impact on China's entry
to the World  Trade  Organization  (WTO).  On  November  15,  2001,  World Trade
Organization (WTO) agreed for China's entry into the organization. This historic
event sparks  corporate  leaders  around the world to establish  its presence in
China. The State Statistical Bureau expects this entry to boost long-term growth
on the economy  that is already  topping 8 percent  during the first 6 months of
2001, while nations around the world suffer economic recess.

                                       4
<PAGE>

Over the years, China Baochen Corporation  constructed more than quality resorts
and  landmark  buildings,  it also  built a  reputation  around  the  world as a
world-class real estate developer and investment  company in China.  Through its
reputation,  the company continues expanding its business relations in corporate
communities around the world. With the flourishing economy in China, the company
is poised to dominate  foreign  investments in the real estate  development  and
delivers high returns on investment as it promised to current shareholders.

ITEM 2. DESCRIPTION OF PROPERTIES

The Company maintains a US office at 1400 Quail Street, Ste. 138, Newport Beach,
CA 92660.  This office suite is provided to the Company free of charge by one of
its officers and directors.  The Company's  principal  offices are maintained at
the office of its  subsidiary,  Beijing Boxian Real Estate  Development  Company
Limited.  Seventh  District  North,  Chung-Ping  Region,  Beijing,  PRC. At this
location the Company  occupies all four stories of a four story office  building
and club located in an upscale residential area in Beijing, China. This facility
has approximately forty thousand square feet.

ITEM 3. LEGAL PROCEEDINGS

The Company is not aware of any pending legal proceedings against it, and is not
engaged in any legal proceedings  against any party. The possibility exists that
litigation  may arise from the  Company's  default  on the lease of the  Cascade
Building.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

On or about April 2000, the shareholders voted on the issuance of $500,000.00 of
90 day 10%  convertible  debentures  to be paid at each  one  year  anniversary.
Interest  is to be payable on the 15th day of the month  preceding  the month in
which the interest is to be paid. The debenture  holders are entitled to convert
the principal  amount of the  debenture,  in $1,000  increments,  into shares of
common stock of the Company at the  conversion  price of $.0543 per share.  The
motion was  approved by the vote of a majority of the  shareholders.

In January  2002,  a majority of the  Company's  shareholders  consented  to the
Company  merging with a Nevada  subsidiary for the purpose of changing  domicile
and changing its name to China Global Development, Inc.

                                       5
<PAGE>


                                     PART II

ITEM 5. MARKET  PRICE FOR  REGISTRANT'S  COMMON  EQUITY AND RELATED  STOCKHOLDER
        MATTERS

The company  currently has issued and  outstanding  17,106,248  shares of common
stock owned by approximately  192  shareholders of record.  During the preceding
two fiscal years the Company has not paid any dividends on its Common Stock, and
the Company does not  anticipate  that it will pay dividends in the  foreseeable
future.  The future payment of dividends,  if any, on the common stock is within
the  discretion  of the Board of  Directors  and will  depend  on the  Company's
earnings,  its capital requirements,  and financial condition and other relevant
factors. A history of the stock price of the Company is as follows:

Period                         High                            Low
------                         ----                            ---
2000
1st Quarter                      $ 0                           $ 0
2nd Quarter                     7.25                          4.38
3rd Quarter                     6.25                          2.38
4th Quarter                     4.13                          0.88

2001
1st Quarter                     $.21                          $.17
2nd Quarter                      .04                           .03
3rd Quarter                      .04                           .03
4th Quarter                      .03                           .02

The foregoing  quotes do not reflect the 1:25 reverse split  effected on January
15, 2002. The Company's shares trade on the OTC:BB under symbol CGDP.

                                       6
<PAGE>

Item 6. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

 Effective  November 28, 2001,  the Company  rescinded the  acquisition  of VMS.
Therefore,  the financial  statements  reflect the position of the Company as if
the  acquisition  of VMS did not take  place.  However,  the  assumption  of the
liabilities remain with the Company as part of the recission agreement.

Year Ended December 31, 2001 Compared to the Year Ended December 31, 2000

Revenues.  The Company  reported no revenues for either the year ended  December
31, 2001 or the year ended December 31, 2000.  The absence of revenues  resulted
because  effective  November 28, 2001, the Company  rescinded the acquisition of
VMS in a effort to complete a  restructuring  of the Company's  capital and shed
itself  of debt.  Because  of the  rescinding  of the  acquisition  of VMS,  the
financial  statements  for the year ended  December  31, 2001 refer to financial
information at December 31, 2000 where the financial information of VMS has been
removed (except for any debt guaranteed or assigned by the Company.

General  and  Administrative  Expenses.   General  and  administrative  expenses
decreased  by  $1,057,787  or 96.58% to $37,354 for the year ended  December 31,
2001 from  $1,095,141  for the year  ended  December  31,  2000.  Because of the
assumption of liabilities  under the recission  agreement,  the Company remained
responsible  for the expenses of VMS and reflect the costs of operation for each
year. The expenses for the year ended December 31, 2001 are  significantly  less
than those of the year ended December 31, 2000,  because early in the year 2001,
the Company suspended operations and laid off its staff.

Interest Expense. Interest expense increased by $50,590 or 123.9% to $91,418 for
the year ended  December 31, 2001 from  $40,828 for the year ended  December 31,
2000. This increase in interest  expense  resulted  because of the assumption of
$886,603 in VMS obligations.  The obligations  existed for the entire year 2001,
but for only a portion of the year 2000.  Interest  expense also  increased as a
result of increased  loans from  shareholders.

Other  Expenses.  Other  expenses  decreased by $14,500 to $0 for the year ended
December  31, 2001 from  $14,500 for the year ended  December  31,  2000.  Other
expenses  represent the debt on a truck of VMS, the liability  which was assumed
by the Company,  but the vehicle taken back by VMS when the VMS  transaction was
rescinded.

As a result of the  foregoing,  the Company's net operating  loss decreased from
$1,150,469  for the year ended  December 31, 2000 to $128,772 for the year ended
December 31, 2000.

Liquidity and Capital Resources

As of December 31, 2001 and December 31, 2000, the Company had no cash,  current
assets or assets of any kind,  but had  liabilities  $886,478 as of December 31,
2000 and $948,542 as of December 31, 2001.  This is the result of the  recission
of the VMS acquisition but the assumption of its liabilities.

                                       7
<PAGE>

Cash used by operating  activities  totaled  $31,841 for the year ended December
31, 2001 compared with  $1,130,325  for the year ended  December 31, 2000.  This
decrease in Cash used by operating activities totaled $31,841 for the year ended
December  31,2001 compared with $1,130,325 for the year ended December 31, 2000.
This  decrease  in cash used in  operating  activities  is  attributable  to the
reduced  net  operating  loss  which  was  partially  offset by an  increase  in
payables. There was no cash flow or cash used in investing activities for either
the year ended December 31, 2000 or the year ended December 31, 2001.

Cash flows from financing activities totaled $31,841 for the year ended December
31, 2001  compared to  $1,130,325  for the year ended  December 31,  2000.  This
decrease  resulted  from reduced  proceeds from  borrowings  and the issuance of
common stock.

In the  past,  the  Company  has  funded  its  operations  from  the sale of its
products,  the sale of common  stock and loans from  various  sources.  With the
recission  of the VMS  acquisition,  the  Company  no  longer  had any  business
operations.  However,  with the  acquisition of Rainbow Light  Corporation,  the
Company  again  has an  operating  business  and  should  be  able  to  generate
sufficient  cash flow to cover its operating  needs for at least the next twelve
months.

ITEM 7. FINANCIAL STATEMENTS

The financial statements of the Company are set forth immediately  following the
signature page to this form 10-KSB.

ITEM 8.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
         FINANCIAL DISCLOSURE

CPA Network, LLC was the principal accountant for the Company for the year 2000.
For the  year  2001  Bierwolf,  Nilson  &  Associates,  LLC  was  the  principal
accountant.

In  connection,  with the audit of the fiscal year ended December 31, 2000 there
were  no  disagreements  with  CPA  Network,  LLC on any  matter  of  accounting
principles or practices,  financial statement  disclosure,  or auditing scope or
procedures, which disagreements if not resolved to their satisfaction would have
caused them to make  reference in  connection  with their opinion to the subject
matter of the disagreement,  and the CPA Network LLC has not advised the Company
of any reportable events.

The  accountants'  reports of CPA Network,  LLC on the  financial  statements of
iBonzai.com (formerly Life Medical, Inc.) did not contain any adverse opinion or
disclaimer of opinion,  nor were they qualified as to audit scope, or accounting
principles,  but there was the  uncertainty  of a going  concern  due to lack of
operations and operating capital.



                                       8
<PAGE>


                                    PART III

ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS

Compliance with Section 16(a) of the Exchange Act

The following  table sets forth as of May 10, 2002, the name,  age, and position
of each  executive  officer and director and the term of office of each director
of the Company.

Directors and Executive Officers, Promoters and Control Persons

Name                 Age      Position
----                 ---      --------
Bao Hua Zheng        47       Chairman  of the Board of Directors and President
Yu Chen Zhang        55       Vice-Chairman of  the  Board  of  Directors,  Vice
                              President, Chief Operating Officer
Baldwin Yung         32       Secretary / Treasurer and Director


Business Experience

Bao Hua Zheng. Mr. Zheng joined the Company following the acquisition of Rainbow
Light  Global  Corporation  and  its  subsidiary.  Beijing  Baxian  Real  Estate
Development  Company  Limited  (Subsidiary).  Mr.  Zheng began the  Subsidiary's
operations  in 1991 and has since  formed other real estate  development  groups
which have developed villa resorts,  commercial centers manufacturing facilities
and warehouse in several cities in China.

Yuchen Zhang. Mr. Zhang joined the Company  following the acquisition of Rainbow
Light Global  Corporation and its  Subsidiary.  Mr. Zhang is responsible for the
day to day operation of the  Subsidiary,  a position he has held since 1991. Mr.
Zhang has in excess of thirty years of experience in the real estate development
business ranging from operations and marketing to management.

Baldwin Yung. Mr. Yung joined the Company  following the  acquisition of Rainbow
Light Global Corporation and its Subsidiary. Mr. Yung has more than twelve years
of experience in the financial and accounting professions. From 1990 to 1993 Mr.
Yung was employed by Price  Waterhouse  Coopers LLP.  From 1993 through 1996 Mr.
Yung was employed by Pannell Kerr and Forster.  In 1997 Mr. Yung founded Digital
Media Works, an application service provider in video rendering technology.  For
the past four years,  Mr.  Yung has served as a  financial  advisor to small and
medium sized businesses.

                                       9
<PAGE>

Term of Office

The  Directors  named  above will  serve  until the next  annual  meeting of the
Company's  shareholders.  All directors are elected for one year terms. Officers
hold their  positions  at the  pleasure  of the Board of  Directors,  absent any
employment contract.

Compliance with Section 16(a) of the Exchange Act

Under the securities  laws of the United States,  the Company's  directors,  its
executive officers and any person holding more than ten percent of the Company's
common  stock are required to report their  initial  ownership of the  Company's
Common Stock and any subsequent  changes in that ownership to the Securities and
Exchange  Commission and the Company is required to disclose any failure to file
by these  dates  during  2001.  To the  Company's  knowledge,  all of the filing
requirements were satisfied on a timely basis during the year ended December 31,
2001.

ITEM 10. EXECUTIVE COMPENSATION

Compensation  of Executive  Officers and Directors No officers or directors have
been paid more than  $60,000  annually OR received any  compensation  during the
year.

ITEM 11.  SECURITY  OWNERSHIP  OF  CERTAIN BENEFICIAL  OWNERS AND MANAGEMENT

The following  table sets forth as of May 10, 2002, the name and address and the
number of shares of the Company's common stock, $0.001 per share, held of record
or beneficially  by each person who held of record,  or was known by the Company
to own  beneficially,  more than 5% of the issued and outstanding  shares of the
Company's common stock,  and the name and  shareholdings of each director and of
all officers and directors as a group:

Name and Address                Number of Shares                      Percent
Of Beneficial Owner             Beneficially Owned

 Bao Hua Zheng
999 Rosalind Road
San Marino, CA 91108                4,333,333                         25.33%

Yu Chen Zhang
Beying, China                       4,333,333                         25.33%

Baldwin Yung
1400 Quail St., #138
Newport Beach, CA 92660                     -

All officers and directors as a
Group (2 persons)                   6,666,666                         50.66%



                                       10
<PAGE>

Item 12. Certain Relationships and Related Transactions

During the year 2000, Scott Hoskings,  the former President was issued 9,012,500
per  reverse  split  shares  in  conjunction  with the  acquisition  of  Virtual
Marketing Solutions.

As a result of the acquisition of Rainbow Light Global Corporation,  Messrs. Bao
Hua  Zheng,  the  Company's  President  and Yu Chen  Zhang  the  Company's  Vice
President were each issued 4,333,333 post reverse split common shares.

 Item 13. Exhibits, and Reports on Form 8-K

(b)  The following 8-K reports have been submitted during the past year:

     (1)  On June 12, 2001 reporting a change in certifying accountants.

     (2)  On January 31, 2002 reporting a change in the state of  incorporation,
          a reverse split of the company's shares and a change in management.

     (3)  On April 2, 2002 reporting a change in certifying accountants.



                                       11
<PAGE>

                          Index to Financial Statements

                                                                     Page No.

Independent Auditors Report of Bierwolf Nilson & Associates            F-2

Balance Sheets as of December 31, 2001 and December 31, 2000           F-3

Statement of Operations for the years ended December 31, 2001
and December 31, 2000                                                  F-4

Statement of Stockholders Equity as of December 31, 2001               F-5

Statement of Cash Flows for the years ended December 31, 2001
and December 31, 2000                                                  F-6

Notes to Financial Statements                                   F-7 - F-10

                                       13
<PAGE>


                          INDEPENDENT AUDITORS' REPORT


To the Board of Directors and Stockholders of
iBonZai.com, Inc.
Holladay, Utah

We have audited the accompanying balance sheet of iBonZai.com,  Inc. (a Delaware
Corporation)  as of December 31, 2001 and 2000,  and the related  statements  of
income,  retained  earnings,  and cash  flows for the years  then  ended.  These
financial  statements are the  responsibility of the Company's  management.  Our
responsibility is to express and opinion on these financial  statements based on
our audits.

We conducted our audit in accordance with generally accepted auditing standards,
in the  Unites  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  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 iBonZai.com,  Inc. at December
31,  2001 and 2000,  and the  results of its  operations  and cash flows for the
years then ended, in conformity with generally accepted  accounting  principles,
in the United States of America.

The  accompanying   financial   statements  have  been  prepared  assuming  that
iBonzai.com,  Inc., will continue as a going concern. As discussed in Note #4 to
the financial statements,  iBonzai.com, Inc., has suffered recurring losses from
operations and has a net capital  deficiency that raises substantial doubt about
the  Company's  ability to continue as a going  concern.  Management's  plans in
regard to these matters are also described in Note #4. The financial  statements
do not  include  any  adjustments  that might  result  from the  outcome of this
uncertainty.



/S/ Bierwolf, Nilson & Associates
Bierwolf, Nilson & Associates
Salt Lake City, UT
May 6, 2002


<PAGE>
                              iBonZai.com, Inc.
                                  Balance Sheet
                                   December 31

<TABLE>

                                     ASSETS
                                                                 2001          2000
<S>                                                         <C>             <C>


     TOTAL ASSETS                                            $        -     $       -
                                                             ==========      =========



                      LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
   Accounts Payable                                          $    5,305     $        -
   Line of Credit                                                45,500         45,500
   Interest Payable                                             132,246         40,828
   Short-term Loans                                             730,991        765,650
   Shareholder Loans                                             20,000         20,000
                                                             ----------      ----------
     Total Current Liabilities                                  934,042        871,978

Long Term Liabilities:
   Vehicle Loan                                              $   14,500     $   14,500
                                                             ----------      ----------
     Total Long Term Liabilities                                 14,500         14,500
                                                             ----------      ----------
     Total Liabilities                                          948,542        886,478
                                                             ----------      ----------

Stockholders's Equity:
   Preferred Stock; 5,000,000 Shares
     Authorized at $.001 Par Value;
     No Shares Issued and Outstanding                                 -              -
   Common Stock, $.001 Par Value;
      50,000,000 Shares Authorized;
     5,404,497 and 4,923,406 Shares
     Issued and Outstanding Respectively                          5,405          4,924
   Additional Paid in Capital                                 2,188,828      2,122,601
   Accumulated Deficit                                       (3,142,775)    (3,014,003)
                                                            ------------    -----------
     Total Stockholders' Equity                                (948,542)      (886,478)
                                                            ------------    -----------
     Total Liabilities and Equity                           $         -     $        -
                                                            ============    ===========
</TABLE>



              The accompanying notes are an integral part of these
                             financial statements.
<PAGE>


                                iBonZai.com, Inc.
                             Statement of Operations
                         For the Years Ended December 31



                                                2001                2000
                                         ------------------  -----------------
Revenues
   Sales                                 $        -          $        -
                                         ------------------  ---------------


Operating Expenses
   General & Administrative                    37,354            1,095,141
                                         -----------------   ---------------

       Total Operating Expenses                37,354            1,095,141
                                         ------------------  ---------------
       Operating (Loss)                       (37,354)          (1,095,141)
                                         ------------------  ---------------

Other Revenue (Expense)
   Interest                                  (91,418)              (40,828)
   Other Expense                                   -               (14,500)
                                         ------------------  ---------------

       Total Other Expenses                  (91,418)              (55,328)
                                         ------------------  ---------------

       Net (Loss)                        $  (128,772)         $ (1,150,469)
                                         ==================  ===============

       Basic and Diluted Income
     (Loss) per Share                    $    (0.024)         $     (0.053)
                                         ==================  ===============

       Weighted Average
       Common Shares                       5,257,225            21,693,068
                                         =================== ===============


              The accompanying notes are an integral part of these
                             financial statements.


<PAGE>

                              iBonZai.com, Inc.
                        Statement of Stockholders' Equity
                                December 31, 2001
<TABLE>

                                       Preferred Stock                   Common Stock
                                                                                                       Paid-In
                                                                                                                       Accumulated
                                    Stock           Amount           Stock            Amount           Capital           Deficit
                               ---------------  -------------   ---------------  ---------------   ---------------  ----------------
<S>                                 <C>          <C>              <C>             <C>              <C>

Balance, December 31, 1999            -         $      -           25,423,216      $    25,423        $ 1,838,111     $ (1,863,534)

Stock issued for Services at
$.001 Per Share                       -                -           21,346,317           21,346                  -                -

Shares Canceled for Services
Not Performed                         -                -          (20,684,317)         (20,684)                 -                -

Shares Canceled for Services
Not Performed                         -                -          (25,000,000)         (25,000)                 -                -

Shares Issued for Services at
$.001 Per Share                       -                -            3,653,683            3,654                  -                -

Shares Issued for Cash in
Relation to Private Placement
at $1.54 Per Share                    -                -              184,507              185            284,490                -

Loss for the Year Ended
December 31, 2000                     -                -                   -                 -                  -       (1,150,469)
                               ---------------  -------------    -----------      ---------------   ---------------  ---------------

Balance, December 31, 2000            -                -            4,923,406            4,924          2,122,601       (3,014,003)

Shares Issued for Services at
$.001 Per Share                       -                -              100,000              100                  -                 -

Shares Issued to Satisfy Debt
at $.24 Per Share                     -                -              273,093              273             66,227                 -

Shares Issued for Services at
$.001 Per Share                       -                -              107,998              108                  -                 -

Loss for the Period Ended
December 31, 2001                     -                -                    -                 -                 -          (128,772)
                               ---------------  -------------       -----------  ---------------    ---------------  ---------------

Balance, December 31, 2001            -         $      -            5,404,497      $      5,405       $ 2,188,828     $  (3,142,775)
                               ===============  =============       ===========  ==============     ===============  ===============
</TABLE>

              The accompanying notes are an integral part of these
                             financial statements.


<PAGE>

                                iBonZai.com, Inc.
                             Statement of Cash Flows
                        For the Years Ended December 31,
<TABLE>


                                                               2001           2000
                                                            -----------   ------------
<S>                                                         <C>          <C>

Cash Flows from Operating Activities
     Net Income (Loss)                                      $ (128,772)  $  (1,150,469)
     Adjustments to Reconcile Operating Income
       To Net Cash Provided by Operating Activities:
       Stock Issued/(Canceled) for Services                        208         (20,684)
     Changes in Current Assets and Liabilities:
       Increase (Decrease) in Accounts Payable                   5,305          40,828
       Increase (Decrease) in Interest Payable                  91,418               -
                                                            -----------   -------------

         Net Cash Provided (Used) by
         Operating Activities                                 (31,841)      (1,130,325)

Cash Flows from Investing Activities

       Net Cash Provided (Used) by
       Investing Activities                                         -               -
                                                            -----------   --------------

Cash Flows from Financing Activities:
     Proceeds from Line of Credit                                   -          45,500
     Proceeds from Short term Loans                            31,841         765,650
     Proceeds from Shareholder Loans                                -          20,000
     Proceeds from Issuance of Common Stock                         -         284,675
     Increase in Vehicle Loan                                       -          14,500
                                                            -----------   --------------

       Net Cash Provided (Used) from
       Financing Activities                                     31,841      1,130,325

       Increase (Decrease) in Cash                                   -              -
                                                            -----------   --------------

       Cash at Beginning of Period                                   -              -
                                                            -----------   --------------

       Cash at End of Period                                $        -     $        -
                                                            ===========  =================

Noncash transactions:
     Convert Debentures into Common Stock                   $   66,500     $        -
     Stock for Services                                     $      208     $  (20,684)


</TABLE>

              The accompanying notes are an integral part of these
                              financial statements.
<PAGE>

                                    Continued
                                iBonZai.com, Inc.
                        Notes to the Financial Statements
                                December 31, 2001

NOTE #1 - Organization and History

iBonZai.com,  Inc.  ("the  Company") was organized  under the  provisions of the
state of Delaware on December 26, 1991 as Life Medical  Technologies,  Inc. From
inception to December  31, 1995,  the Company  operated as a  development  stage
company  according to the  provisions  of SFAS 7,  "Accounting  and Reporting of
Development Stage  Enterprises".  At December 31, 1999, the Company's  financial
statements  consisted  of no assets or  liabilities,  however,  the  Company had
common  stock  issued in the amount of  $25,424;  additional  paid in capital of
$1,838,110; and an accumulated deficit of $(1,863,534).

Effective May 11, 2000, the Company acquired all of the equity of Virtual Market
Solutions.com,  Inc., a  privately-held  Nevada  Corporation,  doing business as
iBonZai.com  ("VMS"),  by issuing  9,250,000 shares of common stock in a reverse
merger  acquisition.  Following the merger the Company  consisted of; $27,858 in
current assets; $118,406 in net fixed assets;  $741,208 in liabilities;  $14,175
in common stock;  $1,016,811 in additional  paid-in  capital and an  accumulated
deficit of $(1,625,930).  In connection with the acquisition the Company assumed
$886,603 in VMS debt and obligations.

Due to the precipitous change in the Internet industry following the U.S. market
break in the end of the second  quarter  of 2000,  VMS  experienced  substantial
obstacles  in  developing  its  business  as a provider of  broadband  backbone,
billing  services and technical  support to internet service  providers.  As the
general and Internet  industry  economic  conditions  continued  to  deteriorate
during the first half of 2001,  management suspended operations and laid off all
its employees. Following the events of September 11, 2001, management determined
that it was in the best  interest of the Company to rescind the  acquisition  of
VMS.  Effective  November 28, 2001, the Company rescinded the acquisition of VMS
in an effort to complete a restructure of the Company's  capital and shed itself
of debt. The financial  statements for the year ended December 31, 2001 refer to
financial numbers at December 31, 2000 in which the financial information of VMS
has been removed (except for any debt guaranteed or assumed by the Company).  As
part of the rescission,  VMS retained all assets of the Company and the debt, as
well as the accrued  interest on the notes remaining with  iBonzai.com,  Inc. As
such,  9,250,000  shares of the Company's  common stock was  rescinded,  and the
Company's  additional paid-in capital,  and accumulated  deficit was returned to
the books.

The  financial  statements  reflect  the  position  of the  Company,  as if, the
acquisition  of  VMS  did  not  take  place,  however,  the  assumption  of  the
liabilities remains with the Company as part of the rescission agreement. Due to
the  assumption  of the  liabilities  the expenses  for the Company  amounted to
$129,320 and $1,150,594 for the years 2001 and 2000 respectively.

On January 10,  2002,  the Company was merged into  Ibonzai.com,  Inc., a Nevada
Corporation,  for the purposes of changing  corporate  domicile.  On January 15,
2002,  the  Company  changed its name to China  Global  Development,  Inc.,  and
effected a 1 for 25 reverse stock split.  Capitalization remained at 100,000,000
shares of  common  stock  having a par  value of $.001 per share and  10,000,000
shares of preferred stock having a par value of $.001 per share.


<PAGE>


                                iBonZai.com, Inc.
                        Notes to the Financial Statements
                                December 31, 2001

NOTE #2 - Significant Accounting Policies

A.   The Company uses the accrual method of accounting.
B.   Revenues and directly related expenses are recognized in the period when
     the goods are shipped to the customer.
C.   Primary  Earnings Per Share  amounts are based on the weighted  average
     number of shares outstanding at the dates of the financial  statements.
     Fully  Diluted  Earnings Per Shares shall be shown on stock options and
     other convertible  issues that may be exercised within ten years of the
     financial statement dates.
D.   Depreciation:   The cost of property and equipment is depreciated over
     the estimated useful lives of the related assets. The cost of leasehold
     improvements is depreciated (amortized) over the lesser of the length of
     the related assets or the estimated lives of the assets.   Depreciation
     is computed on the straight line method for reporting purposes and for
     tax purposes.
E.   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  reported
     amounts of revenues and expenses  during the reporting  period.  Actual
     results could differ from those estimates.

NOTE #3 - Income Taxes

     The Company  accounts for income taxes as related in Statement of Financial
Standards No. 109 "Accounting for Income Taxes".

Statement  of Financial  Accounting  Standards  No. 109 " Accounting  for Income
Taxes"  requires an asset and liability  approach for financial  accounting  and
reporting for income tax purposes.  This statement  recognizes (a) the amount of
taxes  payable  or  refundable  for  the  current  year  and  (b)  deferred  tax
liabilities  and assets for future  tax  consequences  of events  that have been
recognized in the financial statements or tax returns.

Deferred  income taxes result from temporary  differences in the  recognition of
accounting transactions for tax and financial reporting purposes.  There were no
temporary  differences at December 31, 2001 and earlier years;  accordingly,  no
deferred tax liabilities have been recognized for all years.

The Company has cumulative net operating loss  carryforwards  of over $3,140,000
at December 31, 2001. No effect has been shown in the financial  statements  for
the net operating  loss  carryforwards  as the  likelihood of future tax benefit
from such net operating loss  carryforwards is highly  improbable.  Accordingly,
the potential tax benefits of the net operating  loss  carryforwards,  estimated
based upon  current tax rates at December  31, 2001 and 2000 have been offset by
valuation reserves of the same amount.

<PAGE>

                                  Continued
                                iBonZai.com, Inc.
                        Notes to the Financial Statements
                                December 31, 2001

NOTE #4 - Going Concern

         The  Company's  financial   statements  are  prepared  using  generally
accepted accounting  principles applicable to a going concern which contemplates
the realization of assets and liquidation of liabilities in the normal course of
business.  Currently,  the  Company  does  not  have  significant  cash or other
material assets, nor does it have an established  source of revenues  sufficient
to cover its operating costs and to allow it to continue as a going concern. The
Company is currently seeking equity funding through private  placements to raise
sufficient funds to satisfy current debt.

NOTE #5 - Net Earnings (Loss) Per Share

         Basic earnings  (loss) per common share (BEPS) is based on the weighted
average number of common shares outstanding during each period. Diluted earnings
(loss) per common share is based on shares outstanding  (computed as under BEPS)
and dilutive potential common shares.

The following  data shows the shares used in the computing loss per common share
including dilutive potential common stock;
<TABLE>
         <S>                                                                  <C>

         Common shares outstanding during the entire period.                       5,257,225

         Weighted average shares paid for, but not issued during the period.               -
                                                                               --------------

         Weighted average number of common shares used in basic EPS
              dilutive effect of options.                                          5,257,225
                                                                               --------------

         Weighted average number of common shares and dilutive potential
              common shares used in diluted EPS.                                   5,257,225
                                                                               ==============
</TABLE>

NOTE #6 - Related Party Transactions

During 2001 and 2000,  shareholders of the Company loaned the Company a total of
$369,491.  As  stated  in  Note  #1 of  these  financial  statements,  when  the
Agreements were rescinded, the Company assumed the amount noted above. The notes
are  unsecured,  bear  interest  at a rate  between  8% and 18%,  and are due on
demand. Total accrued interest to date on the notes is $76,824.
<PAGE>


                                iBonZai.com, Inc.
                        Notes to the Financial Statements
                                December 31, 2001


NOTE #7 - Short Term Loans

The Company has the following short term loans.                        2001
                                                                   ------------

         Short term loan, dated October 23, 2000, plus
           interest, payable annually at $18%, due on demand.      $    100,000

         Short term loan, dated May 16, 2000, plus interest,
           payable annually at 8%, due on demand.                       250,000

         Short term loan, dated May 23, 2000, plus interest,
           payable annually at 8%, due on demand.                        10,000

         Short term loan, dated November 5, 2001, plus interest,
           payable annually at 8%, due on demand.                         1,500
                                                                   -------------

                Total Short Term Loans                             $    361,500
                                                                   =============

Accrued interest on this loan at December 31, 2001 is $55,422.

NOTE #8 - Subsequent Events

iBonzai.com, Inc., was incorporated on December 31, 2001, in the State of Nevada
as a wholly owned subsidiary of iBonzai.com.  On January 10, 2002,  iBonzai.com,
Inc.,  the Delaware  corporate  was merged into  iBonzai.com,  Inc.,  the Nevada
corporation,  with the Nevada corporation being the surviving entity. On January
15, 2002, iBonzai.com, Inc., changed its name to China Global Development, Inc.,
effected a 1 for 25 reverse  stock split and  subsequent  to the  reverse  split
reauthorized the capitalization of 100,000,000 shares of common stock with a par
value of $.001 per share and 10,000,000  shares of preferred  stock having a par
value of $.001 per share. The new trading symbol of China Development,  Inc., is
"CGDP".

On January  18,  2002,  the  Company  issued  20,000  shares of common  stock in
satisfaction of approximately $85,000 in payables at December 31, 2001.


                                       12
<PAGE>


                                   SIGNATURES

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


                                China Global Development,  Inc.


                               By:/s/ Bao Hua Zheng
                                  -----------------------------
May 14, 2002                      Bao Hua Zheng
                                  President and Chief Executive Officer

                               By: /s/ Baldwin Yung
                                  ------------------------------
                                   Baldwin Yung
May 14, 2002                       Secretary / Treasurer and Chief Financial
                                   Officer


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  Company  and in the  capacities  and on the
dates indicated.


Signature                  Title                                 Date

/s/ Bao Hua Zheng    Chairman of the Board of Director
------------------   President and Chief Executive Officer       May 14, 2002
Bao Hua Zheng

/s/ Yu Chen Zhang    Vice Chairman of the Board of Directors
------------------   Vice President and Chief Operating Officer  May 14, 2002
Yu Chen Zhang

/s/ Baldwin Yung     Secretary/Treasurer and Director
------------------   Chief Financial Officer                     May 14, 2002
Baldwin Yung