SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB

            ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

                         COMMISSION FILE NUMBER: 0-26029


                          ASIAN STAR DEVELOPMENT, INC.
             ______________________________________________________
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)




       NEVADA                                           88-0866395
_______________________                     ____________________________________
(STATE OF ORGANIZATION)                     (I.R.S. EMPLOYER IDENTIFICATION NO.)


                        UNIT D-E, 15/F LEVER TECH CENTRE
                              69-71 KING YIP STREET
                                    KWUN TONG
                                     KOWLOON
                                    HONG KONG
                    ________________________________________
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)


                                 (852) 2721-0936
               __________________________________________________
               REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE



CHECK WHETHER THE ISSUER (1) FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION
13 OR 15(D) OF THE EXCHANGE ACT DURING THE PAST 12 MONTHS AND (2) HAS BEEN
SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES [X]

THERE ARE 17,246,015 SHARES OF COMMON STOCK OUTSTANDING AS OF March 31, 2002


<PAGE>


                          ASIAN STAR DEVELOPMENT, INC.




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



              UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

   FOR THE THREE AND TWELVE MONTHS ENDED MARCH 31, 2002 AND DECEMBER 31, 2001


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









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                          ASIAN STAR DEVELOPMENT, INC.

                                   FORM 10-QSB

                                TABLE OF CONTENTS


                                                                            PAGE

PART 1        FINANCIAL INFORMATION


ITEM 1     CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

           Consolidated Condensed Balance Sheets as of December 31, 2001
           and March 31, 2002                                              F - 1

           Consolidated Condensed Statements of Operations for the Three
           Months Ended March 31, 2001 and 2002                            F - 2

           Consolidated Condensed Statements of Cash Flows for the Three
           Months Ended March 31, 2001 and 2002                            F - 3

           Notes to Consolidated Condensed Financial Statements        F-4 to 10


<PAGE>


ITEM 1. UNAUDITED FINANCIAL STATEMENTS

<TABLE>
<CAPTION>


                          ASIAN STAR DEVELOPMENT, INC.

                      CONSOLIDATED CONDENSED BALANCE SHEETS
                            (EXPRESSED IN US DOLLARS)




                                                                       DECEMBER 31,            MARCH 31,
                                                                           2001                  2002
                                                                       (AUDITED)             (UNAUDITED)
<S>                                                                    <C>                    <C>

                                                             ASSETS

CURRENT ASSETS
Cash and cash equivalents                                              $          0           $  47,164
                                                                       ____________           _________
 Total current and total assets                                        $          0           $  47,164
                                                                       ============           =========


                                              LIABILITIES AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES
Due to a shareholder                                                   $          0           $  53,984
Accrued expenses                                                                  0              30,000
                                                                       ____________           _________
 Total current liabilities and total liabilities
                                                                                  0              83,984
                                                                       ____________           _________

SHAREHOLDERS' DEFICIT
  Common Stock, $.001 par value; 1,000,000,000 shares
        authorized; 8,623,008 shares outstanding
                                                                              8,623               8,623
  Additional paid in capital                                             19,776,856             446,326
  Retained deficit                                                       19,785,479            (491,769)
                                                                       ____________           _________
  Total shareholders' deficit                                                     0             (36,820)

  Total liabilities and shareholders deficit
                                                                       $          0           $  47,164
                                                                       ============           =========

</TABLE>


                                       F-1


<PAGE>

<TABLE>
<CAPTION>


                          ASIAN STAR DEVELOPMENT, INC.
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                            (EXPRESSED IN US DOLLARS)


                                                                                FOR THE THREE MONTHS ENDED MARCH 31,
                                                                                  2002                       2001
<S>                                                                            <C>                        <C>

Revenue, net                                                                   $      105                 $   273,457

Cost of sales                                                                           0                    (229,141)
                                                                               __________                 ___________
Gross profit                                                                            0                      44,316
                                                                               __________                 ___________

Selling, general and administrative expenses                                      (36,925)                   (151,177)
Other income, net                                                                       0                         654
                                                                               __________                 ___________

Loss before income taxes                                                          (36,820)                   (106,207)

Income taxes                                                                            0                           0
                                                                               __________                 ___________

Net loss                                                                       $  (36,820)                $  (106,207)
                                                                               ==========                 ===========

Net loss per share basic and diluted                                           $     0.00                 $      0.00
                                                                               ==========                 ===========
Weighted average number of common shares outstanding - basic and
    diluted                                                                     8,623,008                  15,746,015
                                                                               ==========                 ===========


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

</TABLE>


                                      F-2


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<TABLE>
<CAPTION>


                          ASIAN STAR DEVELOPMENT, INC.

           CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
                            (EXPRESSED IN US DOLLARS)


                                                                                      FOR THE THREE MONTHS ENDED
                                                                                               MARCH 31,
                                                                                       2001                 2002
<S>                                                                                  <C>                 <C>

CASH FLOWS FROM OPERATING ACTIVITIES
      Net loss                                                                       $(106,207)          $ (36,820)
      Adjustments to reconcile net loss to    net cash provided by/(used
        in) operating activities
     Depreciation and amortization                                                    $ 57,606                   0
     Changes in operating assets and Liabilities:
     Prepayments                                                                        (6,024)                  0
     Inventories                                                                         1,451                   0
     Other assets                                                                       (1,212)                  0
     Accounts payable                                                                  (17,159)                  0
     Other payables                                                                    (20,043)                  0
     Accrued expenses                                                                  (50,666)             30,000
                                                                                     _________           _________

     NET CASH USED IN OPERATING ACTIVITIES                                            (142,254)             (6,820)
                                                                                     _________           _________

     CASH FLOWS FROM INVESTING ACTIVITIES
     Purchases of construction materials and fixed assets
                                                                                           (91)                  0
                                                                                     _________           _________

     NET CASH USED IN INVESTING ACTIVITIES                                                 (91)                  0
                                                                                     _________           _________

     CASH FLOWS FROM FINANCING ACTIVITIES
     Advances from a shareholder                                                        68,517              53,984
                                                                                     _________           _________

     NET CASH PROVIDED BY FINANCING ACTIVITIES                                          68,517              53,984
                                                                                     _________           _________

NET INCREASE/(DECREASE) IN CASH AND CASH
     EQUIVALENTS                                                                       (73,828)             47,164

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
                                                                                       114,832                   0
                                                                                     _________           _________

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                           $  41,004           $  47,164
                                                                                     =========           =========


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

</TABLE>


                                      F-3


<PAGE>



                          ASIAN STAR DEVELOPMENT, INC.

              Notes to Consolidated Condensed Financial Statements


NOTE 1      - BASIS OF PRESENTATION
_______________________________________

The accompanying consolidated financial statements as of December 31, 2000 and
March 31, 2001 and for the three months ended March 31, 2000 and 2001, of Asian
Star Development, Inc and its subsidiaries (the "Company") have been prepared in
accordance with accounting principles generally accepted in the United States
and with instructions to Form 10-Q and Regulation S-X. All significant
inter-company balances have been eliminated on consolidation. The balance sheet
as of December 31, 2000 was derived from audited financial statements included
in the Company's Form 10-K for the year ended December 31, 2000 (the "Form
10-K"). The financial statements at March 31, 2001 and for the three months
ended March 31, 2000 and 2001 have not been audited by independent accountants.
Certain information and footnote disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to requirements of the Securities and
Exchange Commission. However, the Company believes that the disclosures included
in the accompanying quarterly financial statements and footnotes are adequate to
make the information presented not misleading. These quarterly financial
statements should be read in conjunction with the financial statements and the
notes thereto included in the Company's Form 10-K.

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

The consolidated financial statements are reported in US Dollars ("$").

In the opinion of management, all normally recurring adjustments necessary to
present fairly the financial position as of March 31, 2001, results of
operations and cash flows for the three months ended March 31, 2000 and 2001,
have been made. However, these results are not necessarily indicative of the
operating results for any other interim period or for the full year.

The Company and its subsidiaries suffered losses of $106,207 and 36,820, for the
first quarter ended March 31, 2001, and 2002, respectively, and had negative
working capital as of March 31, 2001, and 2002. Historically, one of the
Company's directors and major shareholders provided the Company with substantial
sources of finance for the operations of the Company.

The directors and major shareholders have confirmed their intention to provide
continuing financial support so as to enable the Company to meet its liabilities
as and when they fall due and carry on its business without a significant
curtailment of operations for the foreseeable future. The directors believe that
the Company will continue as a going concern and consequently have prepared the
financial statements on a going concern basis.


                                      F-4


<PAGE>




                          ASIAN STAR DEVELOPMENT, INC.

              Notes to Consolidated Condensed Financial Statements


NOTE 2     - LAND USAGE RIGHT, LAND IMPROVEMENT AND CONSTRUCTION IN PROGRESS
________________________________________________________________________________

MAPLE CITY (LAND OCCUPANCY TERM: 70 YEARS)

The Maple City project, which is developed by the Company, comprises three
parcels of land which are close to each other. The land usage rights
certificates of the Maple City project stipulate a lease term of 70 years
commencing from 1993 and the total area is approximately 74,000 square meters.
The land was contributed by a local Chinese partner to the Company at no
consideration. It was the original intention of the Company to build a hotel,
commercial and entertainment complex on these parcels of land. The concrete
structural work of the project was completed by a PRC registered and
wholly-owned subsidiary, Honstar Entertainment Centre Ltd. During the period, no
construction costs were incurred for this project as management prefers to hold
the project development until a recovery of the property market in China.

In 2001, management ascertained that the carrying value of the maple City
project may not be recoverable as no future cash flows from this project can be
projected.

Land usage rights, land improvement and construction in progress comprise the
following:

                                                 2001                 2002
   Land usage rights                                -                    -
   Land improvement                         1,876,701                    -
   Construction in progress                   139,920                    -
   Overhead costs  *                          405,761                    -
                                           _______________________________

                                           $2,422,382                   $-
                                           ===============================


*  Overhead costs represent all accumulated indirect costs such as project
   supervisors' salaries, certain travel and administrative expenses, and legal
   fees related to the projects. The accumulated overhead costs are allocated to
   the respective projects based on the actual time spent on each project.




NOTE 3      - COMMITMENTS AND CONTINGENCIES
_______________________________________________

FINANCING RESOURCE DEPENDENCY

The operating activities of the Company was substantially financed by one of the
Company's directors through either capital infusion or loans, and funds raised.

Management believes that the completion of the Company's projects on a timely
basis will depend significantly on additional funding available to the Company
through debt and/or equity financing in the near future and a recovery of the
property market in China. There will be no assurance that such financing will be
available, or if so, at terms beneficial to the Company.


NOTE 4      - COMMON STOCK, ADDITIONAL PAID-IN CAPITAL
__________________________________________________________

There was no share of Common Stock issued during the three months ended March
31, 2001 or 2002. All share options granted to employees and consultants were
expired as of March 31, 2001.

NOTE 5      - SEGMENTAL ANALYSIS
____________________________________

                                             3 months ended     3 months ended
REVENUE                                      March 31, 2001     March 31, 2002
Operating income from Cafeteria business        235,002                  -
Contracting income from Water World              24,002                  -
Commission income from sales of souvenir         14,255                  -
________________________________________________________________________________
                                                273,457                  -

GROSS (LOSS)/PROFIT CONTRIBUTION
Cafeteria business                                9,037                  -
Water World                                      24,200                  -
Sales of souvenir                                11,079                  -
________________________________________________________________________________
                                                44,316                   -
================================================================================

NOTE 6      - INCOME TAXES
______________________________

No corporate income tax has been provided for the year ended December 31, 2001
and 3 months ended March 31, 2002 as the Company suffered tax losses for the
year/period and has no taxable profits.

The Company and its subsidiaries account for income taxes using the asset and
liability method, which require an entity to recognise deferred tax liabilities
and assets. A full valuation allowance was provided due to the uncertainty that
deferred tax benefits will be realized in future years.


                                      F-8


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                          ASIAN STAR DEVELOPMENT, INC.

                      Management's Discussion and Analysis


LIMITED OPERATING HISTORY; ACCUMULATED DEFICIT; NEED FOR ADDITIONAL CAPITAL

There is limited historical financial information about the Company upon which
to base an evaluation of the Company's performance or to make a decision
regarding an investment in shares of Company's Common Stock. The Company has an
accumulated deficit of $16,758,327 and $491,769 as of March 31, 2001, and 2002,
respectively . The Company's cash and cash equivalents increased from $0 at
December 31, 2001 to $47,164 at March 31, 2002


<PAGE>



                                   SIGNATURES


     In accordance with the requirements of the Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                     ASIAN STAR DEVELOPMENT INC.



Date:  May 20, 2002                  By: /s/ STEPHEN CHOW
                                        --------------------------------
                                        Name:     Stephen Chow
                                        Title:    President