U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 10-KSB

                                  (Mark One)

              [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 2007

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

       For the transition period from ______________ to ______________

                       Commission File Number 000-52695

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

                      GREATER ASIA REALTY HOLDINGS, LTD.
            (Exact name of registrant as specified in its charter)

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

           Delaware
-------------------------------                   ---------------------------
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                        Identification No.)

     c/o Tay Chong Weng, President
    M-3-19 Plaza Damas, Sri Hartamas
         Kuala Lumpur, Malaysia                              50480
----------------------------------------                  -----------
(Address of principal executive offices)                   (zip code)
`
     Registrant's telephone number, including area code:  (603) 2178-4947

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

        Securities registered under Section 12(b) of the Exchange Act:

                                     None.

        Securities registered under Section 12(g) of the Exchange Act:

                   Common Stock, $0.0001 par value per share
                   -----------------------------------------
                               (Title of Class)


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Check whether the issuer is not required to file reports pursuant to Section 13
or 15(d) of the Exchange Act. [ ]

Check  whether  the  issuer  (1)  has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange  Act 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. Yes
[X] No [ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation  S-B  ({section}229.405  of  this chapter) contained herein, and  no
disclosure  will  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-KSB or any amendment to this Form 10-KSB. [X]

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

The issuer's revenues for fiscal year end December 31, 2007 were $0.

As of March 12, 2008, there were 16,415,000 shares of common stock,  par  value
$.0001 per share, outstanding, 25,000 of which were held by non-affiliates.

Transitional  Small  Business  Disclosure  Format  (check one): Yes [ ] No [X]

                     DOCUMENTS INCORPORATED BY REFERENCE:

                                     NONE

                          FORWARD-LOOKING STATEMENTS

Certain  statements  made in this Annual Report on Form  10-KSB  are  "forward-
looking statements" (within  the  meaning  of the Private Securities Litigation
Reform Act of 1995) regarding the plans and objectives of management for future
operations. Such statements involve known and  unknown risks, uncertainties and
other  factors that may cause actual results, performance  or  achievements  of
Greater  Asia  Realty Holdings, Ltd. (the "Company") to be materially different
from any future  results,  performance  or achievements expressed or implied by
such forward-looking statements. The forward-looking statements included herein
are   based   on  current  expectations  that  involve   numerous   risks   and
uncertainties.  The  Company's  plans  and  objectives  are  based, in part, on
assumptions involving the continued expansion of business. Assumptions relating
to the foregoing involve judgments with respect to, among other  things, future
economic, competitive and market conditions and future business decisions,  all
of  which  are  difficult or impossible to predict accurately and many of which
are beyond the control  of  the  Company.  Although  the  Company  believes its
assumptions  underlying the forward-looking statements are reasonable,  any  of
the assumptions  could  prove  inaccurate  and,  therefore,  there  can  be  no
assurance  the forward-looking statements included in this Report will prove to
be accurate. In light of the significant uncertainties inherent in the forward-
looking statements included herein particularly in view of the current state of
our operations,  the  inclusion of such information should not be regarded as a
statement by us or any  other  person  that  our  objectives  and plans will be
achieved.  Factors  that  could cause actual results to differ materially  from
those expressed or implied  by such forward-looking statements include, but are
not limited to, the factors set  forth  herein  under  the headings "Business,"
"Plan of Operation" and "Risk Factors". We undertake no obligation to revise or
update publicly any forward-looking statements for any reason.


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                                    PART I

ITEM 1. DESCRIPTION OF BUSINESS.

ORGANIZATION AND BUSINESS SUMMARY

       We were incorporated on January 30, 2007, in the  State of Delaware.  We
were formed with the stated purpose of conducting any lawful business activity.
However, our purpose is to engage in the real estate business in Malaysia.

       We are considered a development stage company.  To  date, our activities
have consisted of startup and organizational activities, the development of our
business plan and the raising of initial seed financing through the sale of our
securities.

       On  December  3,  2007, we filed with the U.S. Securities  and  Exchange
Commission ("SEC") a registration  statement,  on  Form  SB-2  as  amended,  in
connection with a proposed $500,000 initial public offering of 500,000 units at
$1.00  per  unit,  each  consisting  of  one share of common stock, two Class A
warrants  and four Class B warrants. The registration  statement  was  declared
effective by  the  SEC  on  January 16, 2008. We have not sold any Units in the
offering to the date of this report.

       Our primary objective  is  to  acquire,  make  necessary renovations and
operate real properties to generate current positive cash  flow  while  holding
such properties for possible long-term appreciation and resell.

       To  date  we  have not purchase any property. Our plan is to acquire  at
least one property within  3  months after the completion of our initial public
offering. At that point, we would  anticipate  acquiring residential properties
in the $100,000 to $500,000 range (all amounts in  this  registration statement
are  in  US$  Dollars,  unless  otherwise  noted).  We  expect to  acquire  the
properties  using  cash,  mortgage  financing  or  our  common  stock   or  any
combination thereof. We anticipate that the majority of the properties acquired
will be in Kuala Lumpur, Malaysia. If we decide to sell a property, we will  do
it ourselves to the extent deemed practical. If necessary, broker services will
be used to expedite a given sale.

       The  address of our principal executive office is at c/o Tay Chong Weng,
M-3-19 Plaza  Damas,  Sri  Hartamas,  Kuala  Lumpur  50480,  Malaysia,  and our
telephone number at this location is (603) 2178-4947.

       We  have no recent operating history and no representation is made,  nor
is any intended,  that  we  will be able to carry on future business activities
successfully.  We may not have  the ability to acquire property that will be of
material value to us.  Our management  plans  to investigate, research, and, if
justified, attempt to acquire properties.  We currently  have  no commitment or
arrangement,  written  or oral, to participate in any property acquisition  and
management cannot predict  the  nature of any potential property acquisition it
may ultimately consider. Management  will  have  broad discretion in its search
and negotiations for any property acquisition.

TYPES OF PROPERTIES WE MAY ACQUIRE

       We intend to acquire the following types of properties:

       Residential:   We will seek single-family homes,  residential  units  in
existing  buildings  and   residential   apartment  buildings.   We  will  seek
properties  in  low  to  middle  income areas.   In  general,  our  residential
properties  will be located in Kuala  Lumpur,  Malaysia  or  elsewhere  in  the
Malaysian Federation.  We estimate that the range of values for our residential
properties will be from $100,000 to $500,000 per property.

       Commercial:   We  may  seek offices and retail stores for acquisition as
commercial  properties.  We will  seek  properties  in  commercially  developed

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areas, such as  industrial  parks  and in urban centers. We will initially seek
properties located in Kuala Lumpur,  Malaysia  and  may  expand  to other areas
later  within the Malaysian Federation.  The estimated range of value  for  our
commercial properties will be $500,000 to $1,000,000 per project.

       Undeveloped Properties:  We will seek undeveloped property for resale or
development.   We  will seek parcels which are in developed or developing areas
and will be likely candidates for future development.  These properties will be
sought primarily in  Johor  Bahru,  Malaysia.  The estimated range of value for
our undeveloped properties will be $1,000,000 to $5,000,000 per project.

       Conversion of Existing Structures:   We  will  seek  under  utilized  or
abandoned  commercial  properties  for  conversion to residential use.  We will
convert buildings to achieve their highest  and best use.  We do not anticipate
implementing plans for conversion of existing  structures  until  after we have
acquired  other  properties and have established our business operations.   The
estimated range of  value  and  costs  for  a  conversion  project  is at least
$2,500,000.

OUR BUSINESS POLICIES WITH RESPECT TO ACQUIRING AND FINANCING PROPERTIES

       The  following is a discussion of our business policies with respect  to
acquisition, development, financing and certain other activities.  Our policies
have been determined  by  our  Board  of  Directors  and,  although  the  Board
currently  does  not  contemplate  any  changes  to the policies, the Board may
change these policies without a vote or other approval of stockholders.

ACQUISITION AND DEVELOPMENT POLICIES

       Our business and growth strategies are designed to maximize total return
to stockholders over the medium term of approximately  one  to  three years and
the  long  term of more than three years. Our current policies contemplate  the
possibility of (1) direct ownership of income producing real estate properties,
including  ownership   through   wholly-owned   Malaysian   subsidiaries,   (2)
acquisition  of  unimproved  property  for  development  or resale, and (3) the
acquisition and conversion of existing structures, which will  involve  turning
commercial  properties  into residential properties.   At the present time,  we
are  interested in suitable  properties  located  in  Kuala  Lumpur,  Malaysia.
Eventually  we  will  seek  properties  throughout  the  Malaysian  Federation.
Generally, we intend to hold our properties for the long term. However,  we may
sell  properties  when  we  believe  the  economic benefits to our stockholders
warrant  such  action.  Our  policy will be to  acquire  assets  primarily  for
possible capital gain.

       Although we have no formal plan as to the allocation of assets among our
investments, we generally intend  after startup to limit investment in a single
property to a maximum of 50% of our  total  assets.  We  expect  to fund future
development  and  acquisitions  utilizing  funds from future offerings  of  our
securities, issuances of our equity securities,  sale  or  exchange of existing
properties,  borrowed  funds  and retained cash flow.  We believe  our  capital
structure  is  advantageous  because   it  permits  us  to  acquire  additional
properties by issuing equity securities  in  whole  or in part as consideration
for  the  acquired properties, and our equity securities  may  be  our  primary
consideration for acquisition during our startup phase.

       We intend to locate suitable properties through the use of licensed real
estate brokers who will be advised of our requirements.  It is anticipated that
the sellers  of the properties will pay any broker commissions or fees relating
to the sale of properties to us.

FINANCING POLICIES

       We intend  to  make  additional  investments in properties and may incur
indebtedness to make those investments. We  have no limitation on the number or
amount of secured indebtedness or mortgages that  may  be  placed on any one of
our future properties.

       Secured indebtedness incurred by us may be in the form of purchase money
obligations  to  the sellers of properties, publicly or privately  placed  debt
instruments, or financing from banks, institutional investors or other lenders.

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This indebtedness  may  be recourse to all or any part of our assets, or may be
limited to the particular  property  to  which  the  indebtedness  relates. The
proceeds  from  any  borrowings  by  us  may  be  used for refinancing existing
indebtedness, for financing development and acquisition  of properties, for the
payment of dividends and for working capital.

       If the Board determines to raise additional equity  capital,  the  Board
has  the authority, generally without stockholder approval, to issue additional
common  stock, preferred stock or other of our capital stock in any manner (and
on such terms and for such consideration) as it deems appropriate, including in
exchange  for  property.  Existing  stockholders  have  no  preemptive right to
purchase  shares issued in any offering, and any such offering  might  cause  a
dilution of a stockholder's investment in us.

COMPETITION

       The  first  competitive  consideration  is  to  locate  real  estate for
purchase that is within our pricing limitations and is considered to be  priced
right  for  the market in that particular area. The competition for real estate
is intense, and includes firms as small as one person working out of their home
to multi-national conglomerates.

       Once a  property  is  acquired,  the first task is to complete necessary
repairs and renovations. When the property  is  available  for  sale, the major
risk  factor  is to conclude a profitable sale. In this regard, a problem  with
some properties  is the individuals who agree to a purchase contract may not be
qualified to receive  mortgage  financing.  The  time  period  of  removing the
property  from  the  market  and  then  discovering  that the purchaser is  not
mortgage  qualified  is  costly  in terms of reduced profits  when  a  sale  is
concluded.

       Our  profit  potential is wholly  dependent  upon  the  ability  of  our
officers and employees  to  purchase  property  and  resell it at a price level
which will provide profits to us. There is no assurance  that  these objectives
will  be  realized.  It is reasonable to assume that any property acquired  and
prepared for resale will  eventually  be  sold.  However,  it  may  be  that an
eventual resale will be at a loss.

       Because  of  the  nature  of  this business there are no statistics that
indicate the number of investors in the  business  or  the  financial extent of
their activities. We will basically be in the same competitive  position as any
other investor seeking to purchase real estate in our anticipated price range.

GOVERNMENTAL REGULATIONS, APPROVAL, COMPLIANCE

       The   purchase  and  sale  of  real  estate  is  essentially  a  private
transaction. We do not expect that environmental laws of Malaysia will have any
impact on our  planned  real estate purchases, either in terms of compliance or
cost  or  otherwise.  We  do   not   intend  to  purchase  any  property  where
environmental concerns exist.

FOREIGN OWNERSHIP REGULATION OF MALAYSIA

       There are three main areas of regulation  of  real property in Malaysia.
First, the National Land Code of 1965 is the most significant  legal regulation
of  real  estate transactions. Second, the constitution of Malaysia  gives  the
national government responsibility and rights in regulating property ownership.
Third, Malaysia is subdivided into 14 states that each has their own land rules
for the regulation of the ownership of land and buildings.

       The  National  Land  Code was altered in 1992 to add controls on foreign
purchase of real property. Specifically, the Code requires foreigners to obtain
permission from the government  for  the purchase of agricultural, residential,
or commercial land. Industrial land is excluded from this restriction.

       There are other significant restrictions.  For example, foreign purchase
of residential or commercial real estate for investment and not owner occupancy
must be made through the formation of a Malaysian company that has not only 70%
ownership  by  Malaysian  citizens,  but  also  30%  ownership   by  indigenous

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Malaysians.  In  addition,  in any multi-unit residential development,  foreign
ownership is limited to specific percentages of overall units based on the type
of multi-unit development: 10%  of  attached  and  semi-detached  homes, 30% of
multi-family or vacation homes.

       In  recent  years,  the  Malaysian  government  has  relaxed  its  rules
restricting  foreign  property  ownership  with  the hope to stimulate the real
estate  market  and to clear the inventory of commercial  projects  constructed
during the boom years before the 1997-98 Asian financial crisis. The new rules,
affected on April  25,  2001  allow  non-Malaysians  to  purchase  all types of
properties without having to set up a company with local equity partners. Based
on  the rules, foreigners can also buy into projects on which construction  has
not started  and  borrow  from  local banks to finance their property purchases
based on the new rules.

       Nevertheless, the rule that  any  property bought by non-Malaysians must
be priced at a minimum of 250,000 Ringgit  (about  US$78,554.60  on  03-05-2008
exchange rate) has not been changed. In the past, foreigners had to establish a
local  firm  with  49  percent  Malaysian  equity  in order to buy a commercial
property. Additionally, they had to obtain approval from the Foreign Investment
Committee. To induce foreign companies, the government  now  let  foreign firms
own offices costing 250,000 Ringgit and above without local equity partners.

EMPLOYEES

       It  is anticipated that the only employee of this business in  the  near
future will  be  our  President. All other operative functions, such as repairs
and/or  renovations  to  the   real  estate  will  be  handled  by  independent
contractors or consultants.

INVESTMENT POLICIES

       The following is a discussion  of our investment policies regarding real
estate and interests in real estate, real  estate  mortgages  and securities of
businesses engaged in real estate activities.  Also included is a discussion of
our policies regarding securities, lending and borrowing money,  management  of
investments and related activities.

       Our  policies have been determined by our Board of Directors.  The Board
does not currently  contemplate  any  changes  to these policies.  However, the
Board may change the policies without a vote or other approval of shareholders.

REAL ESTATE AND INTERESTS IN REAL ESTATE

       We  propose  to  invest  in  a  variety of real  estate  properties  and
interests.  These investments will primarily involve personal residences (homes
and units in apartment buildings) and entire  residential buildings, commercial
properties, undeveloped land and existing commercial  properties for conversion
to residential use.

       There are no limitations on the percentages of our  assets  which may be
invested in any one property or type of property.  After startup, we  intend to
limit investment in a single property to a maximum of 50% of our total  assets.
We do not have any policy which imposes a limitation on the number or amount of
mortgages which may be placed on any one piece of property. Our policy will  be
to acquire assets primarily for possible capital gain.

INVESTMENTS IN REAL ESTATE MORTGAGES

       We  do  not currently propose to invest in mortgages on properties owned
by others.  We do  not  propose  to  engage  in  any activities relating to the
origination, servicing or warehousing of mortgages.

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SECURITIES OF BUSINESSES ENGAGED IN REAL ESTATE ACTIVITIES OR OTHER BUSINESSES

       We  do  not  currently  propose  to invest in securities  of  businesses
primarily engaged in real estate activities or other businesses.

SECURITIES, LENDING AND BORROWING MONEY AND RELATED ACTIVITIES

       We have not engaged in any of the following activities since inception:

        o issuing senior securities

        o lending or borrowing money

        o investing in the securities of others for the purpose of acquiring
          control

        o underwriting the securities of others

        o purchasing and selling portfolio securities

        o offering securities in exchange for property

        o repurchasing our outstanding securities

       In connection with the acquisition  of  properties  in  the  future,  we
propose  to  engage in borrowing money and in offering our equity securities to
property owners  as  a  means  of paying for property acquisitions.  We have no
specific policy regarding the extent  to which properties will be acquired with
borrowed funds or our equity securities.   Our  method  of  paying for property
acquisitions  will  depend  on  the type of property, the requirements  of  the
seller, the value as collateral of the property, the market price of our equity
at the time of such acquisitions and other factors.

MANAGEMENT OF INVESTMENTS

       We do not have in place or  propose  to  make any arrangements regarding
the use of other businesses to manage or service  our  properties,  service our
mortgages or provide investment advisory services.

RISK FACTORS

YOU  SHOULD  CAREFULLY REVIEW AND CONSIDER THE FOLLOWING RISKS AS WELL  AS  ALL
OTHER INFORMATION CONTAINED IN THIS ANNUAL REPORT ON FORM 10-KSB, INCLUDING OUR
FINANCIAL STATEMENTS AND THE NOTES TO THOSE STATEMENTS. THE FOLLOWING RISKS AND
UNCERTAINTIES   ARE   NOT  THE  ONLY  ONES  FACING  US.  ADDITIONAL  RISKS  AND
UNCERTAINTIES OF WHICH  WE  ARE  CURRENTLY  UNAWARE OR WHICH WE BELIEVE ARE NOT
MATERIAL  ALSO  COULD  MATERIALLY  ADVERSELY  AFFECT  OUR  BUSINESS,  FINANCIAL
CONDITION, RESULTS OF OPERATIONS, OR CASH FLOWS.  TO  THE  EXTENT  ANY  OF  THE
INFORMATION   CONTAINED  IN  THIS  ANNUAL  REPORT  CONSTITUTES  FORWARD-LOOKING
INFORMATION, THE  RISK  FACTORS  SET  FORTH  BELOW  ARE  CAUTIONARY  STATEMENTS
IDENTIFYING  IMPORTANT  FACTORS THAT COULD CAUSE OUR ACTUAL RESULTS FOR VARIOUS
FINANCIAL REPORTING PERIODS  TO  DIFFER  MATERIALLY FROM THOSE EXPRESSED IN ANY
FORWARD-LOOKING  STATEMENTS  MADE  BY OR ON OUR  BEHALF  AND  COULD  MATERIALLY
ADVERSELY EFFECT OUR FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS.

WE HAVE NO OPERATING HISTORY ACCORDINGLY; NO INDICATION OF OUR FUTURE
PERFORMANCE EXISTS.

       We  are  a  newly  organized  development  stage  company,  having  been
incorporated on January 30, 2007, and  have  a  very  limited operating history
from which to evaluate our business and prospects. We have  had no revenues. We
had a loss of $6,366 from January 30, 2007 (inception) to December 31, 2007. An

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investor  in  our  securities  must  consider  the uncertainties, expenses  and
difficulties frequently encountered by companies  such  as ours that are in the
early stages of development. Furthermore an investor in our company should take
special note of the fact that we operate in a highly competitive industry.  Our
operations  may never generate significant revenues and we  may  never  achieve
profitable operations. An investor should consider the likelihood of our future
success to be  highly speculative in light of our limited operating history, as
well as the problems,  limited  resources,  expenses,  risks  and complications
frequently encountered by similarly situated companies in the early  stages  of
development. To address these risks, we must, among other things:

       o be successful in raising capital,

       o identify properties with income and appreciation potential,

       o effectively manage and lease those properties which we acquire,

       o effectively manage our growth by using leverage, and

       o attract, retain and motivate qualified personnel.

       If we are unable to successfully  address these risks, our business plan
may  not  yield  the  results  we anticipate, and  as  such  our  prospects  of
profitability may be delayed or we may never achieve profitability.

WE WILL HAVE DIFFICULTY LOCATING  SUITABLE  INVESTMENTS  BECAUSE OF OUR LIMITED
CAPITAL AND DUE TO COMPETITION FROM BETTER CAPITALIZED COMPANIES.

       Identifying, completing and realizing returns on real estate investments
have  generally  been  highly  competitive,  and  involve  a  high   degree  of
uncertainty.  We  will  be competing for investments primarily with individuals
and other small businesses  which  may  have  more  financial resources than we
have.  Because  of  our  limited  resources, we will have  more  difficulty  in
acquiring properties than our competition,  which  may  be  better capitalized.
There  can  be  no  assurance  that  we  will  be  able to locate and  complete
investments which satisfy our rate of return objective  or  realize  upon their
value or that we will be able to fully invest our available capital.

WE MAY ACQUIRE A PROPERTY THAT MEETS OUR INVESTMENT CRITERIA; HOWEVER,  DUE  TO
UNFORESEEN CIRCUMSTANCES, THE PROPERTY MAY NOT PERFORM AS EXPECTED.

       We  intend to acquire existing properties to the extent that they can be
acquired  with  advantageous  terms  and  meet  our  investment  criteria.  Our
investment  criteria  is  to generally acquire either commercial or residential
properties in the $100,000  to  $1,000,000  cost  range, including any required
renovation, with an expected profit on resale of 25%  to  50%.  Acquisitions of
properties  entail  general  investment  risks associated with any real  estate
investment,  including  the  risk that investments  will  fail  to  perform  as
expected, the estimates of the  cost  of  improvements  to  bring  an  acquired
property up to standards established for the intended market position may prove
inaccurate  and  the  occupancy  rates  and  rents  achieved  may  be less than
anticipated.

ACTUAL RENOVATION COSTS MAY BE SUBSTANTIALLY HIGHER THAN THE ESTIMATE  WE  USED
WHEN WE ACQUIRED A PROPERTY.

       Initially  we  intend  to  acquire  only  complete  properties which may
require some renovation. There are a number of risks which we  face, including;
the risk that we do not properly estimate the renovation costs;  the  risk that
renovation and lease of the property may not be completed timely, resulting  in
increased  debt  service  cost;  the  risk  that  material  shortages  or labor
shortages  and  other  factors  outside  our  control,  may  cause delays, also
resulting in increased debt service cost; and the risk of inability  or  delays

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in  obtaining  any  required  zoning,  land-use,  building, occupancy and other
required  governmental  permits  and  authorizations. In  addition,  renovation
activities,  regardless  of  whether or not  they  are  ultimately  successful,
typically require a substantial portion of management's time and attention.

OUR BUSINESS PLAN CURRENTLY EXPECTS  TO  UTILIZE DEBT FINANCING TO ACQUIRE SOME
OF OUR PROPERTIES.

       We do not currently have any debt financing,  however, we anticipate the
need of obtaining debt financing as we add additional properties in the future.
The  following  items relating to debt financing do not  currently  affect  us;
however, we do expect them to impact us in the future:

       Leverage -  Some  of our real estate investments may utilize a leveraged
capital structure, in which case a third party lender would be entitled to cash
flow generated by such investments  prior  to  us  receiving  any  return. As a
result  of  such leverage, we would be subject to the risks normally associated
with debt financing,  including  the  risk  that  cash flow from operations and
investments  will be insufficient to meet required payments  of  principal  and
interest, the  risk  that existing debt (which in most cases will not have been
fully amortized at maturity)  will  not  be  able  to be refinanced or that the
terms of such refinancing will not be as favorable to  us,  and  the  risk that
necessary  capital  expenditures  for  such  purposes  as renovations and other
improvements  will not be able to be financed on favorable  terms  or  at  all.
While such leverage  may  increase  our  returns  or  the  funds  available for
investment,  it  also will increase the risk of loss on a leveraged investment.
If we default on secured  indebtedness,  the  lender may foreclose and we could
lose our entire investment in the security for such loan. Because we may engage
in  portfolio  financings where several investments  are  cross-collateralized,
multiple investments  may be subject to the risk of loss. As a result, we could
lose our interest in performing  investments  in the event such investments are
cross-collateralized with poorly performing or  nonperforming  investments.  In
addition,  recourse debt, which we reserve the right to obtain, may subject our
other assets to risk of loss.

       Risk  of Rising Interest Rates - We may incur indebtedness in the future
that bears interest at a variable rate or may be required to refinance our debt
at higher rates.  Accordingly,  increases  in interest rates could increase our
interest expense and adversely affect our financial  condition  and  results of
operations.

       Covenants  -  Various  credit  facilities or other debt obligations  may
require  us to comply with a number of financial  and  other  covenants  on  an
ongoing basis.  Failure  to comply with such covenants may limit our ability to
borrow funds or may cause a default under our then-existing indebtedness.

       No Limitation on Debt  - Our organizational documents do not contain any
limitation on the amount of indebtedness we may incur. We also have the ability
to use a more highly leveraged business strategy than typically used by REITs.

       Accordingly, we could become  highly leveraged, resulting in an increase
in debt service that could increase the risk of default on our indebtedness.

INVESTMENTS IN REAL ESTATE ARE ILLIQUID,  WHICH  COULD  RESULT  IN  SIGNIFICANT
LOSSES IN THE EVENT OF A DOWNTURN IN THE REAL ESTATE MARKET.

       Investments  in  real  estate  will be highly illiquid. Such illiquidity
limits our ability to modify our portfolio  in  response to changes in economic
or other conditions. Illiquidity may result from  the absence of an established
market  for  our  investments as well as legal or contractual  restrictions  on
their resale by our company.

BECAUSE  OUR  BUSINESS   DEPENDS   ON   THE   ACQUISITION  OF  PROPERTIES,  THE
UNAVAILABILITY OF PROPERTIES COULD REDUCE OUR REVENUES OR NEGATIVELY AFFECT OUR
RESULTS OF OPERATIONS.

9

<PAGE>

       Our  operations  and revenues are highly dependent  on  our  ability  to
expand our portfolio of properties.  We  may  compete  for available properties
with  persons  and  entities  that  possess  significantly  greater  financial,
marketing and other resources. Competition generally may reduce  the  amount of
property available as well as increase the bargaining power of property  owners
seeking to sell. An inability to effectively carry out any of our sales/leasing
activities  may  reduce  our  revenues  or  negatively  affect  our  results of
operations.

A  DETERIORATION  OF REGIONAL OR NATIONAL ECONOMIC CONDITIONS COULD REDUCE  OUR
REVENUES MORE SPECIFICALLY  AN  ECONOMIC  DOWNTURN IN MALAYSIA COULD REDUCE OUR
REVENUES OR OUR ABILITY TO DEVELOP OUR BUSINESS.

       Our  ability  to lease and in the future  sell  any  properties  we  may
acquire could be affected  due  to  a  deterioration  of  regional  or national
economies, because we plan to acquire properties only in Malaysia. Any economic
downturn  in  Malaysia  could  reduce  our revenues or our ability to grow  our
business.

POOR RELATIONS WITH TENANTS COULD NEGATIVELY  IMPACT  OUR BUSINESS, WHICH COULD
CAUSE OUR REVENUES OR RESULTS OF OPERATIONS TO DECLINE.

       As  a  landlord,  we may be expected by tenants from  time  to  time  to
resolve any real or perceived  issues  or disputes that may arise in connection
with their occupation of our property. Any  efforts  made  by  us  in resolving
these issues or disputes could be deemed unsatisfactory by the affected tenants
and  any  subsequent  action  by  these tenants, including withholding rent  or
refusing to vacate the property could  negatively affect our ability to collect
rent and/or re-let our properties, which  could  cause  a  delay  in our income
stream/cash  flow  and  cause revenues or results of operations to decline.  In
addition, we could be required  to  make  material  expenditures related to the
settlement of these issues or disputes.

OUR BUSINESS OPERATIONS COULD BE SEVERELY IMPACTED OR  SHUT DOWN AS A RESULT OF
POLITICAL  OR  ECONOMIC  INSTABILITY AND/OR TERRORIST ACTIVITIES,  WHICH  COULD
RESULT IN A TOTAL LOSS OF ANY INVESTMENT YOU MAKE IN OUR SECURITIES.

       The terrorist situation  in  southern  Thailand  has  worsened, with 112
alleged  Islamic militants killed by Thai security forces in late  April  2006.
The risk of  this  spilling over into Malaysia's northern states is exacerbated
by the very porous border  between  the  two  countries.  Tight  control by the
government helps to limit internal interracial tensions, however, any terrorist
or  threatened  terrorist  activities  in  or near our business location  could
severely restrict our operations and reduce possible revenues. In addition, any
adverse   changes  to  the  current  economy,  political   climate,   currency,
environment for foreign businesses or security could reduce our revenues or our
ability to  grow  our  business,  which  would result in loss of revenues and a
total loss of your investment.

WE ARE SUBJECT TO THE MANY RISKS OF DOING  BUSINESS  INTERNATIONALLY, INCLUDING
BUT  NOT  LIMITED  TO  THE  DIFFICULTY  OF  ENFORCING  LIABILITIES  IN  FOREIGN
JURISDICTIONS.

       We  are  a  Delaware  corporation  and,  as  such,  are subject  to  the
jurisdiction of the State of Delaware and the United States courts for purposes
of  any  lawsuit, action or proceeding by investors herein. An  investor  would
have the ability  to  effect  service  of  process in any action on the company
within  the  United  States. In addition, we plan  to  register  as  a  foreign
corporation doing business in Malaysia and will be subject to the local laws of
Malaysia governing investors'  ability  to  bring actions in foreign courts and
enforce liabilities against a foreign private  issuer,  or any person, based on
U.S.  federal  securities  laws.  Generally,  a  final and conclusive  judgment
obtained  by  investors  in  U.S.  courts would be recognized  and  enforceable
against us in the Malaysian courts having jurisdiction without reexamination of
the merits of the case.

       Since our sole officer and director  reside  outside  the United States,
substantially  all  or a portion of his assets are located outside  the  United
States. As a result,  it may not be possible for investors to effect service of

10

<PAGE>

process within the United  States  upon such persons or to enforce against them
judgments obtained in United States  courts predicated upon the civil liability
provisions of the federal securities laws  of  the United States.  We have been
advised that, based on the political climate in  Malaysia, there is doubt as to
the enforceability of judgments obtained in U.S. Courts.

BECAUSE WE OPERATE IN A FOREIGN COUNTRY, OUR BUSINESS  IS  SUBJECT  TO  FOREIGN
CURRENCY  FLUCTUATIONS  AND RISKS WHICH COULD SEVERELY IMPACT OUR REVENUES  AND
RESULTS OF OPERATIONS.

       We conduct business  in  a  currency  other than the U.S. Dollar and the
Malaysian  Ringgit  has  been  floated against a basket  of  currencies,  which
include  the  Chinese  Renminbi.  We   will  have  exposure  to  exchange  rate
fluctuations. At some point in the future,  the  exchange  rate could fluctuate
substantially more which would cause us exposure to exchange  rate risk, as our
profits  would  then be subject to exchange rate fluctuations. Any  broad-based
regional currency  crisis  could  cause  a major shift in the exchange rate, as
could a dramatic collapse in the US dollar.   If  in the future, there are much
wider  fluctuations  in  the  exchange  rate, we would attempt  to  reduce  our
transaction and translation gains and losses associated with converting foreign
currency into U.S. Dollars by entering into  foreign exchange forward contracts
to hedge certain transaction and translation exposures.  Any  such  risks could
severely impact our revenues and results of operations, which could reduce  the
value of any investment you make in our securities.

IN  THE  EVENT  OUR  COMMON  STOCK  SHARE PRICE IS LESS THAN $5.00, PENNY STOCK
REGULATION MAY RESTRICT THE MARKETABILITY OF OUR SECURITIES AND CAUSE THE PRICE
OF OUR SECURITIES TO DECLINE.

       The Securities and Exchange Commission  has  adopted  regulations  which
generally  define  a  "penny stock" to be any equity security that has a market
price of less than $5.00  per share or an exercise price of less than $5.00 per
share. If our stock price declines  to  below  $5.00,  our common stock will be
subject to rules that impose additional sales practice requirements  on broker-
dealers. For transactions covered by these rules, the broker-dealer must make a
special suitability determination for the purchase of such securities  and have
received  the  purchaser's  written  consent  to  the  transaction prior to the
purchase and a risk disclosure document relating to the penny stock market. The
broker-dealer must also disclose the commission payable  to  both  the  broker-
dealer   and   the   registered  representative,  current  quotations  for  the
securities, and, if the  broker-dealer  is  the  sole market maker, the broker-
dealer must disclose this fact and the broker-dealer's  presumed  control  over
the  market.  Also,  monthly  statements  must  be sent disclosing recent price
information  for the penny stock held in the account  and  information  on  the
limited market  in  penny  stocks.  Consequently,  the  "penny stock" rules may
restrict the ability of broker-dealers to sell our securities  and  may  affect
the ability of investors to sell our securities in the secondary market and may
affect the price at which such purchasers can sell any such securities.

BECAUSE  WE  MAY  BE UNSUCCESSFUL IN RAISING AT LEAST $125,000 FROM OUR INITIAL
PUBLIC OFFERING TO  PURCHASE  OUR  FIRST  PROPERTY AND TO SATISFY OUR LIQUIDITY
NEEDS  FOR  THE NEXT 12 MONTHS, WE MAY BE UNABLE  TO  COMMENCE  OPERATIONS  AND
PURSUE OUR BUSINESS PLAN.

       We need  at  least $125,000 to purchase no more than one rental property
and commence operations.   We  may be unable to raise $125,000 from our initial
public offering of securities and  therefore  will  be  unable  to  pursue  our
business plan.

       If  we  are  unable  to  raise  at  least $125,000 in our initial public
offering of securities, we will attempt to borrow  funds  from  a bank or other
financial institution to satisfy our minimum cash requirements, up to $125,000,
to  initiate operations and purchase no more than one rental property.   If  we
are unable  to  borrow  funds  from  a bank or other financial institution, our
president and sole-director, Tay Chong  Weng,  has  agreed to lend us the money
required to satisfy our minimum cash requirements.

BECAUSE OUR SOLE OFFICER-DIRECTOR, AT HIS DISCRETION,  MAY  BORROW FUNDS FOR US
WITHOUT STOCKHOLDER APPROVAL, THE VALUE OF OUR SHARES MAY DECLINE.

11

<PAGE>

       Our  sole  officer-director  has  the right, in his sole discretion,  to
borrow  funds  on  our  behalf.  Our  sole officer-director  does  not  require
stockholder approval prior to borrowing.  Our  assets may be used as collateral
for  borrowings. If we have difficulty repaying these  borrowings  out  of  our
working  capital, we may be forced to liquidate assets at an inappropriate time
or default.  In the event of a default, our lender may dispose of collateral to
the detriment  of  our business and the value of our shares may decline and the
equity of our stockholders may be reduced or eliminated.

THE LOSS OF THE CONTINUED SERVICES OF TAY CHONG WENG COULD ADVERSELY AFFECT OUR
BUSINESS AND DECREASE THE VALUE OF OUR SECURITIES.

       Our executive  management  currently  consists solely of Tay Chong Weng.
Our  success depends on his continued employment  with  our  company.  We  will
continue  to  be  especially  dependent  on  the  services  of  Tay Chong Weng,
president and chief executive officer. Loss of his services for any substantial
time would materially adversely affect our results of operations  and financial
condition.  Subject  to  availability of sufficient funds, we plan to  consider
obtaining "key-man" insurance covering Tay Chong Weng.

CONTROL BY MANAGEMENT.

       Management currently owns 99.8% of all the issued and outstanding Common
Stock of the Company. Consequently,  management  has  the  ability to influence
control of the operations of the Company and, acting together,  will  have  the
ability  to  influence  substantially all matters submitted to stockholders for
approval, including:

        o Election of the board of directors;

        o Removal of any directors;

        o Amendment of the Company's certificate of incorporation or bylaws;
          and

        o Adoption of measures that could delay or prevent a change in control
          or impede a merger, takeover or other business combination.

       These stockholders will thus have substantial influence and control over
our management and affairs.  Accordingly,  this  concentration of ownership may
have the effect of impeding a merger, consolidation, takeover or other business
consolidation, or discouraging a potential acquirer  from making a tender offer
for our common stock.

WE HAVE NEVER PAID DIVIDENDS ON OUR COMMON STOCK.

       We have never paid dividends on our Common Stock  and  do  not presently
intend to pay any dividends in the foreseeable future. We anticipate  that  any
funds  available  for payment of dividends will be re-invested into the Company
to further our business strategy.

OUR BOARD OF DIRECTORS  HAS  THE  POWER TO ISSUE SHARES OF PREFERRED STOCK WITH
CERTAIN RIGHTS WITHOUT STOCKHOLDER APPROVAL.

       Our  Certificate of Incorporation  authorizes  the  issuance  of  up  to
20,000,000 shares  of Preferred Stock with designations, rights and preferences
determined from time  to time by its Board of Directors. Accordingly, our Board
of Directors is empowered,  without  stockholder  approval,  to issue shares of
Preferred Stock with dividend, liquidation, conversion, voting, or other rights
which could adversely affect the voting power or other rights of the holders of
the  Common  Stock.  In  the  event of issuance, the Preferred Stock  could  be
utilized, under certain circumstances, as a method of discouraging, delaying or
preventing a change in control  of  the  Company.  Although  we have no present

12

<PAGE>

intention to issue any shares of our authorized Preferred Stock,  there  can be
no assurance that we will not do so in the future.

ITEM 2. DESCRIPTION OF PROPERTY.

       We  do  not  currently  own any property or real estate of any kind. Our
address is located at c/o Tay Chong  Weng,  M-3-19  Plaza  Damas, Sri Hartamas,
Kuala Lumpur 50480, Malaysia. The phone number at this location  is (603) 2178-
4947.

ITEM 3. LEGAL PROCEEDINGS.

       Presently, there are not any material pending legal proceedings to which
the  Company is a party or as to which any of its property is subject,  and  no
such proceedings  are  known  to  the  Company to be threatened or contemplated
against it.

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

       None.

                                    PART II

ITEM 5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL
BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES.

COMMON STOCK

       Our  Certificate of Incorporation  authorizes  the  issuance  of  up  to
250,000,000 shares  of  Common  Stock. Our common stock has never been publicly
traded.  As of March 12, 2008, there  were  two holders of record of our Common
Stock. Subject to the sponsorship of a market maker, shares of our common stock
will be traded in the over-the-counter market  on  the  OTC Electronic Bulletin
Board after our shares become legally eligible to trade.

PREFERRED STOCK

       Our  Certificate  of  Incorporation  authorizes the issuance  of  up  to
20,000,000 shares of Preferred Stock. The Company has not yet issued any of the
Preferred Stock.

DIVIDEND POLICY

       The Company has not declared or paid any  cash dividends on Common Stock
and  does  not intend to declare or pay any cash dividend  in  the  foreseeable
future. The payment of dividends, if any, is within the discretion of the Board
of Directors  and  will  depend  on the Company's earnings, if any, its capital
requirements and financial condition  and  such  other  factors as the Board of
Directors may consider.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

STOCK OPTION PLAN

       On  November  2,  2007, our shareholder and director  adopted  the  2007
Greater Asia Realty Holdings,  Ltd.  Stock Option Plan. The plan authorizes the
granting of options to purchase up to 1,000,000 shares of our common stock. The
board's responsibility will include the selection of option recipients, as well
as, the type of option granted and the  number  of shares covered by the option
and the exercise price. No options have been granted  under  the plan as of the
date of this report.

13

<PAGE>

       Plan  options may either qualify as non-qualified options  or  incentive
stock options  under  Section  422  of the Internal Revenue Code. Any incentive
stock option granted under the plan must  provide  for  an exercise price of at
least  100% of the fair market value on the date of such grant  and  a  maximum
term of  ten  years.  If  the  employee  owns  more  than 10% of our stock, the
exercise price of any incentive option granted must be  at  least  110% of fair
market value and must be exercised within five years after the grant.

       All  of our officers, directors, key employees and consultants  will  be
eligible to receive  non-qualified  options  under  the  plan.  Only  officers,
directors  and  persons  who  are  formally  employed  by  Greater  Asia Realty
Holdings, Ltd. are eligible to receive incentive options.

       All incentive options are non-assignable and non-transferable, except by
will or by the laws of descent and distribution. If an optionee's employment is
terminated for any reason other than death or disability, the stock option will
lapse on the earlier of the expiration date or three months following  the date
of  termination. If the optionee dies during the term of employment, the  stock
option  will  lapse  on the earlier of the expiration date of the option or the
date one-year following  the  date of death. If the optionee is permanently and
totally disabled within the meaning of Section 22(e)(3) of the Internal Revenue
Code, the plan option will lapse  on  the earlier of the expiration date of the
option or one year following the date of such disability.

RECENT SALES OF UNREGISTERED SECURITIES

       We sold the following equity securities  that  were not registered under
the Securities Act since our incorporation on January 30,  2007 to December 31,
2007.

       With  our formation on January 30, 2007, we issued 1,390,000  shares  to
our founder Mr.  Tay Chong Weng. Mr. Tay Chong Weng paid $139 for these shares,
which were issued pursuant to an exemption from registration under Section 4(2)
of the Securities Act.

       On February  12,  2007,  we  issued  15,000,000  shares  to our founding
shareholder  Mr. Tay Chong Weng. The shares were issued for the development  of
our business concept  and  plan  and  valued  at $1,500. The shares were issued
pursuant to an exemption from registration under Section 4(2) of the Securities
Act.

       On November 14, 2007, we issued 25,000 shares to our securities counsel,
Gary  L. Blum, Esq. The shares were issued for legal  services  and  valued  at
$2,500. The shares were issued pursuant to an exemption from registration under
Section 4(2) of the Securities Act.

       The  issuance  of  these shares was exempt from registration pursuant to
Section 4(2) of the Securities  Act  of 1933. All of these shares were acquired
for investment purposes only and without  a  view  to distribution. The persons
who  received  these shares were fully informed about  matters  concerning  the
Company, including  its  business,  financial  affairs  and  other  matters and
acquired the securities for their own accounts.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS

PLAN OF OPERATION

       The following plan of operation provides information which we believe is
relevant  to  an assessment and understanding of our results of operations  and
financial condition.  The  discussion  should  be read along with our financial
statements and notes thereto. We are a development  stage  company.  Because we
have  not  generated  any  revenue,  we  intend to report our plan of operation
below.

       The   following   discussion  and  analysis   contains   forward-looking
statements, which involve  risks  and  uncertainties.  Our  actual  results may
differ  significantly  from  the  results, expectations and plans discussed  in
these forward-looking statements.

14

<PAGE>

       Our operations have been devoted primarily to developing a business plan
and raising capital for future operations and administrative functions. Because
of  uncertainties  surrounding  our  development,   we   anticipate   incurring
development stage losses in the foreseeable future. Our ability to achieve  our
business  objectives  is  contingent  upon  our  success  in raising additional
capital until adequate revenues are realized from operations.

       During the next twelve months, we expect to take the  following steps in
connection with the development of our business and the implementation  of  our
plan of operations:

       Raising  Capital  -  we  hope  to raise $500,000 through the sale of our
securities in our initial public offering.  We  may  find it difficult to raise
that amount of capital required of us to commence full  operation,  because  we
are a development stage company with no history of operation.  Provided that we
are  successful  in  raising  a  minimum  of  $125,000  from the initial public
offering, we believe we can commence operations on a limited scale for at least
twelve months.  In this event, we will only invest in properties  that generate
positive  cash flow.  If only the minimum amount or an amount not substantially
in excess of  the  minimum  amount is raised in the initial public offering, we
will need to raise additional  funds  from  other sources to expand operations.
There can be no assurance that we will be successful  in raising the capital we
require through the sale of our securities. However, our  president  and  sole-
director,  Mr.  Tay  Chong  Weng,  has  agreed to lend us up to $125,000, for a
minimum term of 12 months with an interest  rate  equivalent  to  the Citibank,
N.A.  prime  rate  if  we  are unable to raise a minimum of $125,000 from  this
offering.  Mr. Tay Chong Weng  has  represented  to  us  that  he  has  readily
available liquid funds in excess of $125,000.

       Acquiring Properties - we intend to notify real estate brokers operating
in geographical  areas  of  interest  to us that we are interested in acquiring
suitable developed or undeveloped properties.   When appropriate properties are
identified, we will negotiate for an acceptable purchase  price  and terms.  As
consideration  for  any  acquisition, we would use our capital, our equity  and
borrowed funds secured by the property acquired.

       Relationships with  Banks  - management intends to use the startup phase
to introduce us to banks and other  lending institutions that may be interested
in making secured loans to us in order to pay for properties.

       Development of Properties - if we acquire undeveloped properties we will
try to determine appropriate development plans for the property.  We may engage
outside consultants and property managers  to  assist  us  in  developing these
plans.

       Each  of  these  steps  present  significant risks with respect  to  our
ability to implement our plan of operations,  which  are discussed in the "Risk
Factors" section of this report.

       We intend to grow through internal development, strategic alliances, and
acquisitions   of   properties.   Because  of  uncertainties  surrounding   our
development and limited operating history,  we anticipate incurring development
stage losses in the foreseeable future. Our ability  to  achieve  our  business
objectives  is contingent upon our success in raising additional capital  until
adequate revenues are realized from operations.

       There  is  intense competition in the real estate investment market with
other companies that  are  much  larger  and both national and international in
scope and which have greater financial resources  than we have.  At present, we
require additional capital to make our full entrance into this industry.

       We  have filed a registration statement with  the  U.S.  Securities  and
Exchange Commission,  in part, because we believe that an early registration of
our equity securities will  minimize  some of the barriers to capital formation
that otherwise exist. By having a registration  statement  in place, we believe
that  we  will  be  in  a  better  position, either to conduct a future  public
offering  of  our  securities  or  to  undertake   a   private  placement  with
registration rights, than if we were a privately held company.  Registering our
shares may help minimize the liquidity discounts we may otherwise  have to take
in  a  future financing because investors will have a high degree of confidence

15

<PAGE>

that the  Rule 144(c)(1) public information requirement will be satisfied and a
public market may exist to effect Rule 144(g) broker transactions.

       We believe  that  the cost of registering our securities and undertaking
the required disclosure obligations  will  be more than offset by being able to
get better terms for future financing efforts.

OFF-BALANCE SHEET ARRANGEMENTS

       The Company does not have any off-balance  sheet  arrangements that have
or are reasonably likely to have a current or future effect  on  the  Company's
financial  condition,  changes  in  financial  condition, revenues or expenses,
results  of operations, liquidity, capital expenditures  or  capital  resources
that is material to investors.

ITEM 7. FINANCIAL STATEMENTS.





                      GREATER ASIA REALTY HOLDINGS, LTD.
                         (A DEVELOPMENT STAGE COMPANY)

                         AUDITED FINANCIAL STATEMENTS

                              DECEMBER 31, 2007


<TABLE>
<CAPTION>
     FINANCIAL STATEMENTS
<S>                                                          <C>

     Report of Independent Registered Public Accounting Firm      F-1

     Balance Sheet                                                F-2

     Statements of Operations                                     F-3

     Statement of Changes in Stockholders' Equity (Deficit)       F-4

     Statements of Cash Flows                                     F-5

     Notes to Financial Statements                                F-6

</TABLE>





16

<PAGE>

                              STAN J.H. LEE, CPA
                       2160 North Central Rd. Suite 203
                              Fort Lee, NJ 07024
                      794 Broadway, Chula Vista, CA 91910
                         619-623-7799 Fax 619-564-3408



            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


TO THE BOARD OF DIRECTORS AND STOCKHOLDERS
GREATER ASIA REALTY HOLDINGS, LTD.
(A DEVELOPMENT STAGE COMPANY)

We have audited the accompanying balance sheet of Greater Asia Realty Holdings,
Ltd. as at  December  31, 2007 and the related statements of operation, changes
in shareholders' equity  and  cash  flows  for the period from January 30, 2007
(inception)  to  December  31,  2007.  These  financial   statements   are  the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.

We  conducted  our audit in accordance with the standards of the Public Company
Accounting Oversight  Board  (United  States).  Those standards require that we
plan  and perform the audit to obtain reasonable assurance  about  whether  the
financial  statements  are  free  of  material  misstatement. 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 Greater  Asia Realty Holdings,
Ltd.  as at December 31, 2007, and the results of its operation  and  its  cash
flows for  the period from January 30, 2007 (inception) to December 31, 2007 in
conformity with U.S. generally accepted accounting principles.

The financial  statements  have  been  prepared  assuming that the Company will
continue  as  a  going  concern.   As  discussed in Note  3  to  the  financial
statements, the Company has not established  any source of revenue to cover its
operating costs and losses from operations raises  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.


/s/ STAN J.H. LEE, CPA
----------------------------------
STAN J.H. LEE, CPA
January 5, 2008
Chula Vista CA





         REGISTERED WITH THE PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD

17

<PAGE>
<TABLE>
<CAPTION>

                      GREATER ASIA REALTY HOLDINGS, LTD.
                        (A DEVELOPMENT STAGE COMPANY)
                                BALANCE SHEET

                                                                 AS AT
                                                                DECEMBER
                                                                31, 2007
                                                              ------------
<S>                                                           <C>
                                   ASSETS

    CURRENT ASSETS

          Cash                                                $         --
                                                              ------------

    TOTAL CURRENT ASSETS                                                --
                                                              ------------

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


                 LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)

    CURRENT LIABILITIES

          Shareholder Advances                                $      1,127
          Accounts Payable                                           1,100
                                                              ------------

    TOTAL CURRENT LIABILITIES                                        2,227
                                                              ------------

          TOTAL LIABILITIES                                          2,227


    STOCKHOLDERS' EQUITY (DEFICIT)

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

         Common stock ($.0001 par value, 250,000,000
          shares authorized; 16,415,000 shares issued and
          outstanding as of December 31, 2007)                       1,642

         Additional paid-in capital                                  2,497

         Deficit accumulated during development stage               (6,366)
                                                              ------------
    TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                            (2,227)

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

    TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)        $         --
                                                              ============
</TABLE>

                       See Notes to Financial Statements

                                      F-2

18

<PAGE>
<TABLE>
<CAPTION>

                    GREATER ASIA REALTY HOLDINGS, LTD.
                      (A DEVELOPMENT STAGE COMPANY)
                        STATEMENTS OF OPERATIONS


                                                           JANUARY 30, 2007
                                                             (INCEPTION)        CUMULATIVE
                                                               THROUGH        SINCE INCEPTION
                                                             DECEMBER 31,     AT DECEMBER 31,
                                                                 2007              2007
                                                           ---------------    ---------------
<S>                                                        <C>                <C>

    REVENUES

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

    TOTAL REVENUES                                                      --                 --

    GENERAL & ADMINISTRATIVE EXPENSES
        Organization and related expenses                              139                139
        General and admistrative expenses                            6,227              6,227
                                                           ---------------    ---------------

    TOTAL GENERAL & ADMINISTRATIVE EXPENSES                          6,366              6,366
                                                           ---------------    ---------------

    NET LOSS                                               $        (6,366)   $        (6,366)
                                                           ===============    ===============


    BASIC LOSS PER SHARE                                   $         (0.00)   $         (0.00)
                                                           ===============    ===============

    WEIGHTED AVERAGE NUMBER OF
      COMMON SHARES OUTSTANDING - BASIC AND
      DILUTED                                                   16,415,000         16,415,000
                                                           ===============    ===============
</TABLE>

                       See Notes to Financial Statements

                                      F-3

19

<PAGE>
<TABLE>
<CAPTION>

                                                GREATER ASIA REALTY HOLDINGS, LTD.
                                                  (A DEVELOPMENT STAGE COMPANY)
                                     STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                   FROM JANUARY 30, 2007 (INCEPTION) THROUGH DECEMBER 31, 2007


                                                                                                  DEFICIT
                                                                                                ACCUMULATED
                                          COMMON           COMMON           ADDITIONAL            DURING
                                           STOCK            STOCK             PAID-IN           DEVELOPMENT
                                                           AMOUNT             CAPITAL              STAGE           TOTAL
                                         ----------      ----------         ----------          -----------     ----------
<S>                                      <C>             <C>                <C>                 <C>             <C>

Shares issued for formation expenses
at $.0001 per share, January 30, 2007
(inception)                               1,390,000      $      139         $       --          $       --      $      139

Shares issued for services rendered at
$.0001 per share, February 12, 2007      15,000,000           1,500                 --                  --           1,500

Shares issued for services rendered at
$.10 per share, November 14, 2007            25,000               3              2,497                  --           2,500

Net loss, for the period ended
December 31, 2007                                --              --                 --              (6,366)         (6,366)
                                         ----------      ----------         ----------          -----------     ----------
Balance,  December 31, 2007              16,415,000      $    1,642         $    2,497          $   (6,366)     $   (2,227)
                                         ==========      ==========         ==========          ===========     ==========
</TABLE>

                       See Notes to Financial Statements

                                      F-4

20

<PAGE>
<TABLE>
<CAPTION>

                                 GREATER ASIA REALTY HOLDINGS, LTD.
                                   (A DEVELOPMENT STAGE COMPANY)
                                     STATEMENTS OF CASH FLOWS

                                                                                               CUMULATIVE
                                                                          JANUARY 30, 2007        SINCE
                                                                            (INCEPTION)        (INCEPTION)
                                                                              THROUGH            THROUGH
                                                                            DECEMBER 31,       DECEMBER 31,
                                                                                2007              2007
                                                                          ---------------    ---------------
<S>                                                                       <C>                <C>

    CASH FLOWS FROM OPERATING ACTIVITIES

        Net income (loss)                                                 $        (6,366)   $        (6,366)

        Issuance of stock for formation expenses                                      139                139

        Issuance of stock for services rendered                                     4,000              4,000
                                                                          ---------------    ---------------

         NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES              $        (2,227)   $        (2,227)

    CASH FLOWS FROM INVESTING ACTIVITIES

         NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES              $            --    $            --
                                                                          ---------------    ---------------

    CASH FLOWS FROM FINANCING ACTIVITIES

        Advances from stockholder                                                   1,127              1,127
        Accounts payable                                                            1,100              1,100
                                                                          ---------------    ---------------

         NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES              $         2,227    $         2,227
                                                                          ---------------    ---------------

        NET INCREASE (DECREASE) IN CASH                                   $            --    $            --

        CASH AT BEGINNING OF YEAR                                                      --                 --
                                                                          ---------------    ---------------

        CASH AT END OF YEAR                                               $            --    $            --
                                                                          ===============    ===============

    NONCASH INVESTING AND FINANCING ACTIVITIES:

    Common stock issued for services rendered                             $         4,139    $         4,139
                                                                          ===============    ===============

    SUPPLEMENTAL DISCLOSURES OF CASH FLOW
    INFORMATION:

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

    Income taxes paid                                                     $            --    $            --
                                                                          ===============    ===============
</TABLE>

                       See Notes to Financial Statements

                                      F-5

21

<PAGE>

                      GREATER ASIA REALTY HOLDINGS, LTD.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
     FOR THE PERIOD FROM JANUARY 30, 2007 (INCEPTION) TO DECEMBER 31, 2007


NOTE 1.  ORGANIZATION AND DESCRIPTION OF BUSINESS

Greater Asia Realty Holdings, Ltd.  (the  "Company")  was  incorporated  in the
State  of Delaware on January 30, 2007 in order to create and realize value  by
identifying  and  making  opportunistic  real  estate investments by the direct
acquisition, rehabilitation, financing and management  of  real  properties  in
Malaysia.

NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION - DEVELOPMENT STAGE COMPANY

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

ACCOUNTING METHOD

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

USE OF ESTIMATES

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

CASH EQUIVALENTS

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

INCOME TAXES

Income taxes are provided in accordance with Statement of Financial  Accounting
Standards No. 109 (SFAS 109), Accounting for Income Taxes. A deferred tax asset
or  liability  is recorded for all temporary differences between financial  and
tax reporting and  net  operating  loss  carryforwards.   Deferred  tax expense
(benefit)  results  from the net change during the year of deferred tax  assets
and liabilities. Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management,  it  is more likely than not that some portion of
all of the deferred tax assets will  be  realized.   Deferred  tax  assets  and
liabilities  are  adjusted  for the effects of changes in tax laws and rates on
the date of enactment. There were no current or deferred income tax expenses or
benefits due to the Company not having any material operations for period ended
December 31, 2007.

22

<PAGE>

                      GREATER ASIA REALTY HOLDINGS, LTD.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
     FOR THE PERIOD FROM JANUARY 30, 2007 (INCEPTION) TO DECEMBER 31, 2007


NOTE 2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

BASIC EARNINGS (LOSS) PER SHARE

In February 1997, the FASB issued  SFAS  No.  128,  "Earnings Per Share", which
specifies  the  computation,  presentation  and  disclosure   requirements  for
earnings  (loss) per share for entities with publicly held common  stock.  SFAS
No. 128 supersedes  the provisions of APB No. 15, and requires the presentation
of basic earnings (loss)  per  share and diluted earnings (loss) per share. The
Company has adopted the provisions  of  SFAS No. 128 effective January 30, 2007
(inception).

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

IMPACT OF NEW ACCOUNTING STANDARDS

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

NOTE 3. GOING CONCERN

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

NOTE 4. RELATED PARTY TRANSACTIONS

On  January  30,  2007, the Company issued 1,390,000 shares of common stock for
$139  in  services  to   the  founding  shareholder  of  the  Company  to  fund
organizational start-up costs.

On February 12, 2007, the  Company  issued 15,000,000 shares of common stock to
the founding shareholder for the development  of our business concept and plan.
The services were valued at $1,500.

As of December 31, 2007, the Company owed the President  and CEO of the Company
an  outstanding  balance  of $1,127 for expenses incurred on  its  behalf.  The
advance is non-interest bearing and no interest has been accrued.







23

<PAGE>

                      GREATER ASIA REALTY HOLDINGS, LTD.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
     FOR THE PERIOD FROM JANUARY 30, 2007 (INCEPTION) TO DECEMBER 31, 2007


NOTE 5.  SHAREHOLDER'S EQUITY

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

On February  12,  2007, the Company issued 15,000,000 shares of common stock to
our founding shareholder  for the development of our business concept and plan.
The services were valued at $1,500.

On November 14, 2007, the Company  issued 25,000 shares of common stock to Gary
L. Blum for legal services rendered  in  connection with the Company's proposed
public offering of securities. The services were valued at $2,500.

The stockholders' equity section of the Company  contains the following classes
of capital stock as of December 31, 2007:

       o Common stock, $0.0001 par value: 250,000,000 shares authorized;
         16,415,000 shares issued and outstanding.

       o Preferred stock, $0.0001 par value: 20,000,000 shares authorized; but
         not issued and outstanding.

NOTE 6. STOCK OPTION PLAN

On November 2, 2007, the Company adopted the 2007 Greater Asia Realty Holdings,
Ltd. Stock Option Plan  ("Plan").  The  Plan provides for the issuance of up to
1,000,000 shares for options over a ten-year  period.  Under  provisions of the
Plan, the purchase price for a share of stock subject to the options  shall not
be  less than 100% of the fair market value of the stock at the date of  grant.
As of December 31, 2007 no options had been granted under the Plan.

NOTE 7. PROPOSED INITIAL PUBLIC OFFERING

On December  3,  2007,  the Company filed with the U.S. Securities and Exchange
Commission, a registration   statement   on   Form   SB-2  in connection with a
proposed $500,000 initial public offering of 500,000 units at  $1.00  per unit,
each  consisting  of one share of common stock, two Class A warrants  and  four
Class B warrants. The Company will manage the offering without any underwriter.
The Company plans to  have its officers sell the Units without any discounts or
other commissions. As at  December  31,  2007, the filing has not been declared
effective by the U.S. Securities and Exchange Commission.

24

<PAGE>

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

None.

ITEM 8A. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures.

       We maintain disclosure controls and  procedures  that  are  designed  to
ensure  that information required to be disclosed in our reports filed pursuant
to the Exchange  Act is recorded, processed, summarized and reported within the
time periods specified  in  the SEC's rules, regulations and related forms, and
that  such  information  is  accumulated  and  communicated  to  our  principal
executive officer and principal  financial  officer,  as  appropriate, to allow
timely decisions regarding required disclosure.

       Our  management  is  also responsible for establishing  and  maintaining
adequate internal control over  financial  reporting.   The  Company's internal
control  over  financial reporting is designed to provide reasonable  assurance
regarding  the reliability  of  financial  reporting  and  the  preparation  of
financial  statements  for  external  purposes  in  accordance  with  generally
accepted accounting principles.

       Our internal  control  over  financial reporting includes those policies
and procedures that:

        o Pertain to the maintenance of records that, in reasonable detail,
          accurately and fairly reflect the transactions and dispositions of
          the assets of Greater Asia Realty Holdings, Ltd.;

        o Provide reasonable assurance that transactions are recorded as
          necessary to permit preparation of financial statements in accordance
          with generally accepted accounting principles, and that our receipts
          and expenditures are being made only in accordance with
          authorizations of Greater Asia Realty Holdings, Ltd.'s management and
          directors; and

        o Provide reasonable assurance regarding prevention or timely detection
          of unauthorized acquisition, use or disposition of our assets that
          could have a material effect on the financial statements.

       As  of  December  31,  2007,  we  carried  out an evaluation, under  the
supervision and with the participation of our principal  executive  officer and
our  principal  financial  officer  of  the  effectiveness  of  the  design and
operation  of our disclosure controls and procedures. Based on this evaluation,
our principal  executive  officer and our principal financial officer concluded
that our disclosure controls and procedures were effective as of the end of the
period covered by this report.

Changes in Internal Controls.

       There have been no changes  in  our  internal  controls  over  financial
reporting during the period covered by this report that has materially affected
or is reasonably likely to materially affect our internal controls. This annual
report  does not include a report of management's assessment regarding internal
control over  financial  reporting  or  an  attestation report of the company's
registered  public accounting firm due to a transition  period  established  by
rules of the SEC for newly public companies.

ITEM 8B. OTHER INFORMATION.

       On January  16,  2008,  the  Company  announced  the  commencement of an
initial public offering of 500,000 Units, each Unit consists of  one  share  of
its  common  stock, two Class A warrants exercisable at $0.50 for one year from
the date of the  prospectus, and four Class B warrants exercisable at $0.75 for
two years from the  date of the prospectus. Each warrant entitles the holder to
acquire one share of  common  stock.  The Units are priced at an initial public

25

<PAGE>

offering  price  of  $1.00 per Unit. A registration  statement  covering  these
securities was filed by  the  Company  on Form SB-2, as amended, on December 3,
2007 with the U.S. Securities and Exchange Commission and declared effective on
January 16, 2008.


                                   PART III

ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY.

(a) Identification of Directors and Executive Officers. The following table
sets forth certain information regarding the Company's directors and executive
officers for the fiscal year ended December 31, 2007:

Name               Age     Position                      Term
----               ---     --------                      ----
Tay Chong Weng     70      President, Chief Executive    January 30, 2007 to
                           Officer, Chief Financial      Present
                           Officer and Director

       The Company's officers and directors are elected annually for a one year
term or until their respective successors  are  duly  elected  and qualified or
until their earlier resignation or removal.

       TAY  CHONG  WENG,  age 70, has served as our President, Chief  Executive
Officer,  Chief Financial Officer  and  Director  since  our  incorporation  in
January 30,  2007.  For  the  past  five years, Mr. Tay Chong Weng is a private
investor, devoting most of his time managing his own investment in real estate,
including  residential real estate investments  as  well  as  income  producing
properties.  His  real  estate  experience  involved  the  purchase and sale of
properties, but did not include any development of unimproved  property  or the
conversion of existing structures for new uses.

(b) Significant Employees.

       As  of  the  date hereof, the Company has no significant employees other
than Mr. Tay Chong Weng.

(c) Family Relationships.

       None.

(d) Involvement in Certain Legal Proceedings.

       There  have been  no  events  under  any  bankruptcy  act,  no  criminal
proceedings and  no  judgments,  injunctions, orders or decrees material to the
evaluation of the ability and integrity  of  any  director,  executive officer,
promoter or control person of Company during the past five years.

COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

       Section 16(a) of the Exchange Act requires the Company's  directors  and
officers,  and persons who beneficially own more than 10% of a registered class
of the Company's equity securities, to file reports of beneficial ownership and
changes in beneficial  ownership  of  the  Company's securities with the SEC on
Forms 3, 4 and 5. Officers, directors and greater  than  10%  stockholders  are
required  by  SEC  regulation  to  furnish  the  Company  with  copies  of  all
Section 16(a) forms they file.

       Based solely on the Company's review of the copies of the forms received
by   it   during   the   fiscal  year  ended  December  31,  2007  and  written
representations that no other  reports were required, the Company believes that
no persons who, at any time during such fiscal year, was a director, officer or
beneficial owner of more than 10%  of  Common  Stock  failed to comply with all
Section 16(a) filing requirements during such fiscal year.

26

<PAGE>

CODE OF ETHICS

       On  February  18,  2008,  the Company adopted a formal  code  of  ethics
statement for senior financial officers, employees, and the principal executive
officers (the "Code of Ethics") that  is  designed  to  deter wrongdoing and to
promote  ethical  conduct and full, fair, accurate, timely  and  understandable
reports that the Company  files  or submits to the U.S. Securities and Exchange
Commission and others.  A form of  the  Code  of  Ethics  is attached hereto as
Exhibit  14.1.  Requests  for copies of the Code of Ethics should  be  sent  in
writing to Greater Asia Realty  Holdings,  Ltd., Attention: Mr. Tay Chong Weng,
President, M-3-19 Plaza Damas, Sri Hartamas, Kuala Lumpur, Malaysia 50480.

NOMINATING COMMITTEE

We  have not adopted any procedures by which  security  holders  may  recommend
nominees to our Board of Directors.

AUDIT COMMITTEE

The Board of Directors acts as the audit committee. The Company does not have a
qualified  financial expert at this time because it has not been able to hire a
qualified candidate.  Further,  the  Company  believes  that  it has inadequate
financial resources at this time to hire such an expert. The Company intends to
continue to search for a qualified individual for hire.

ITEM 10. EXECUTIVE COMPENSATION.

Executive Compensation

       Our sole director does not currently receive and has never  received any
compensation for serving as a director to date.  In addition, at present, there
are  no ongoing plans or arrangements for compensation of any of our  officers.
However,  we  expect to adopt a plan of reasonable compensation to our officers
and employees when and if we become operational and profitable.

Stock Option Plan

       On November  2,  2007,  our  shareholder  and  director adopted the 2007
Greater Asia Realty Holdings, Ltd. Stock Option Plan. The  plan  authorizes the
granting of options to purchase up to 1,000,000 shares of our common stock. The
board's responsibility will include the selection of option recipients, as well
as, the type of option granted and the number of shares covered by  the  option
and the exercise price. No options have been granted under the plan.

       Plan  options  may  either qualify as non-qualified options or incentive
stock options under Section  422  of  the  Internal Revenue Code. Any incentive
stock option granted under the plan must provide  for  an  exercise price of at
least  100% of the fair market value on the date of such grant  and  a  maximum
term of  ten  years.  If  the  employee  owns  more  than 10% of our stock, the
exercise price of any incentive option granted must be  at  least  110% of fair
market value and must be exercised within five years after the grant.
All of our officers, directors, key employees and consultants will be  eligible
to  receive non-qualified options under the plan. Only officers, directors  and
persons  who  are  formally  employed by Greater Asia Realty Holdings, Ltd. are
eligible to receive incentive options.

       All incentive options are non-assignable and non-transferable, except by
will or by the laws of descent and distribution. If an optionee's employment is
terminated for any reason other than death or disability, the stock option will
lapse on the earlier of the expiration  date or three months following the date
of termination. If the optionee dies during  the  term of employment, the stock
option will lapse on the earlier of the expiration  date  of  the option or the
date  one-year following the date of death. If the optionee is permanently  and
totally disabled within the meaning of Section 22(e)(3) of the Internal Revenue

27

<PAGE>

Code, the  plan  option will lapse on the earlier of the expiration date of the
option or one year following the date of such disability.

Employment Agreements

       We have not  entered  into  any  employment  agreements  with any of our
employees, and employment arrangements are all subject to the discretion of our
board of directors.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS.

       The following tables set forth certain information as of March 12, 2008,
regarding  (i) each person known by the Company to be the beneficial  owner  of
more than 5%  of  the  outstanding  shares of Common Stock, (ii) each director,
nominee  and  executive officer of the  Company  and  (iii)  all  officers  and
directors as a group.

                                Amount and Nature
Name and                        of Beneficial             Percentage
Address                         Ownership                 of Class
-------                         ---------                 --------

Tay Chong Weng (1)              16,390,000                 99.8%
M-3-19, Plaza Damas,
Sri Hartamas 50480
Kuala Lumpur, Malaysia

All Directors and               16,390,000                 99.8%
Officers as a Group
(1 individual)

----------------------
    (1) Tay Chong Weng is the sole officer and director of the Company.


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

       Upon formation  on  January  30,  2007,  the  Board  of Directors issued
1,390,000 shares of common stock for $139 in services to Mr.  Tay  Chong  Weng,
the founding shareholder of the Company, to fund organizational start-up costs.
The shares were issued pursuant to Section 4(2) of the Securities Act of 1933.

       On February 12, 2007, the Board of Directors issued 15,000,000 shares of
common stock to our founding shareholder Mr. Tay Chong Weng for the development
of  our  business  concept  and  plan.  The services were valued at $1,500. The
shares were issued pursuant to Section 4(2) of the Securities Act of 1933.

       We utilize the office space and equipment of our stockholder at no cost.
Management estimates such amounts to be immaterial.

       On  November  1,  2007,  Mr. Tay Chong  Weng  agreed,  in  a  letter  of
commitment to us, that if we do not  receive  the  minimum  amount  required to
proceed  with  our  business  plan,  from  our initial public offering or other
financings, he will lend up to $125,000 to us  for  at  least  12  months  with
interest  at  Citibank's  prime  rate. Mr. Tay Chong Weng has represented to us
that he has readily available liquid funds in excess of $125,000.

       Except as otherwise indicated  herein,  there have been no related party
transactions,  or  any  other  transactions  or relationships  required  to  be
disclosed pursuant to Item 404 of Regulation S-B.

28

<PAGE>

ITEM 13. EXHIBITS.

Index to Exhibits

Exhibit     Description
-------     -----------
*1.1        Form of Subscription Agreement

*3.1        Certificate of Incorporation, as filed with the Delaware Secretary
            of State on January 30, 2007

*3.2        By-laws

*3.6        Class A Redeemable Warrant Agreement including Form of Class A
            Redeemable Warrant Certificate

*3.7        Class B Redeemable Warrant Agreement including Form of Class B
            Redeemable Warrant Certificate

*4.1        Specimen Common Stock Certificate

*10.1       Letter Commitment of Mr. Tay Chong Weng to Lend Funds dated
            November 1, 2007

*10.4       2007 Greater Asia Realty Holdings, Ltd. Stock Option Plan

14.1        Corporate Code of Ethics and Conduct, adopted February 18, 2008

23.1        Consent of Stan J.H. Lee, CPA, Independent Registered Public
            Accounting Firm

31.1        Certification of the Company's Principal Executive Officer and
            Principal Financial Officer pursuant to Section 302 of the
            Sarbanes-Oxley Act of 2002, with respect to the registrant's
            Annual Report on Form 10-KSB for the year ended December 31, 2007.

32.1        Certification of the Company's Principal Executive Officer and
            Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as
            adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

--------------------------------
*   Filed  as  an  exhibit  to  the  Company's  Registration  Statement on Form
    SB-2, as filed with the U.S. Securities and Exchange Commission on December
    3, 2007, and incorporated herein by this reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

       Stan  J.H.  Lee,  CPA  is  the  Company's independent registered  public
accounting firm.

AUDIT FEES

       The  aggregate  fees  billed by Stan  J.H.  Lee,  CPA  for  professional
services rendered for the audit  of  our annual financial statements and review
of financial statements included in our  quarterly  reports  on  Form 10-QSB or
services that are normally provided in connection with statutory and regulatory
filings were $2,150 for the fiscal year ended December 31, 2007.

29

<PAGE>

AUDIT-RELATED FEES

       There  were  no  fees  billed  by  Stan J.H. Lee, CPA for assurance  and
related services that are reasonably related to the performance of the audit or
review of the Company's financial statements for the fiscal year ended December
31, 2007.

TAX FEES

       There  were  no  fees  billed by Stan J.H.  Lee,  CPA  for  professional
services for tax compliance, tax  advice,  and tax planning for the fiscal year
ended December 31, 2007.

ALL OTHER FEES

       There were no fees billed by Stan J.H Lee, CPA for other products and
services for the fiscal year ended December 31, 2007.

AUDIT COMMITTEE'S PRE-APPROVAL PROCESS

       The Board of Directors acts as the audit  committee  of the Company, and
accordingly,  all  services  are approved by all the members of  the  Board  of
Directors.



                                  SIGNATURES

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

                                        GREATER ASIA REALTY HOLDINGS, LTD.


                                        By: /s/ Tay Chong Weng
                                            ----------------------------------
                                              Tay Chong Weng, President

Dated: March 12, 2008


       Pursuant to the requirements of the Securities  Exchange  Act  of  1934,
this  report  has  been  signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

NAME                           OFFICE                      DATE
----                           ------                      ----

/s/ Tay Chong Weng             President, Secretary,       March 12, 2008
----------------------         Treasurer, Chief
Tay Chong Weng                 Accounting Officer,
                               and Director



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