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| Delaware                                                       |   | 98-0203281                        |
|----------------------------------------------------------------|--------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |

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|                           |                                                                                           |                                                                                                                | Page             |
|--------------------------------|------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|------------------|
|                           |                                                                                           |                                                                                                                |             |
| PART I - FINANCIAL INFORMATION |                                                                                           |
|                           |                                                                                           |                                                                                                                |             |
|                           | ITEM 1 - FINANCIAL STATEMENTS                                                                  |                                                                                                                |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | Unaudited Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2010 and 2011 | 3                |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | Condensed Consolidated Balance Sheets as of December 31, 2010 and March 31, 2011 (Unaudited)                   | 4                |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | Unaudited Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2010 and 2011 | 5                |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | Notes to Condensed Consolidated Financial Statements                                                                | 6 – 8 |
|                           |                                                                                           |                                                                                                                |             |
|                           | ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 9                                                                                                                   |
|                           |                                                                                           |                                                                                                                |             |
|                           | ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                            | 11                                                                                                                  |
|                           |                                                                                           |                                                                                                                |             |
|                           | ITEM 4 - CONTROLS AND PROCEDURES                                                               | 11                                                                                                                  |
|                           |                                                                                           |                                                                                                                |             |
| PART II - OTHER INFORMATION    |                                                                                           |
|                           |                                                                                           |                                                                                                                |             |
|                           | ITEM 1 - LEGAL PROCEEDINGS                                                                     | 11                                                                                                                  |
|                           |                                                                                           |                                                                                                                |
|                           | ITEM 6 - EXHIBITS                                                                              | 12                                                                                                                  |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | SIGNATURES                                                                                                          | 13               |

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|                                                                     |   | Three Months Ended March 31, |       |
|--------------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                     |   | 2010                         |       |   | 2011 |   |   | 2011 |   |
|                                                                     |   | HK$’000                |       |   | HK$’000 |   |   | US$’000 |   |
|                                                                     |   |                         |       |   |   |   |   |   |   |
| Operating Revenues                                                       |   |                         |       |   |   |   |   |   |   |
| Rental income                                                            |   |                         | 184        |   |   |   | 193 |   |   |   | 25 |   |
| Total operating revenues                                                 |   |                         | 184        |   |   |   | 193 |   |   |   | 25 |   |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                                       |   |                         |       |   |   |   |   |   |   |   |   |   |
| Rent and related expenses                                                |   |                         | (23        | ) |   |   | (22 | ) |   |   | (2 | ) |
| Depreciation                                                             |   |                         | (86        | ) |   |   | (86 | ) |   |   | (11 | ) |
| Other selling and administrative expenses                                |   |                         | (162       | ) |   |   | (184 | ) |   |   | (24 | ) |
| Total operating expenses                                                 |   |                         | (271       | ) |   |   | (292 | ) |   |   | (37 | ) |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Loss from operations                                                     |   |                         | (87        | )  |   |   | (99 | )  |   |   | (12 | )  |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Non-operating expenses                                                   |   |                         |       |   |   |   |   |   |   |   |   |   |
|     Interest expenses                                     |   |                         | (54        | ) |   |   | (53 | ) |   |   | (7 | ) |
| Total non-operating expenses                                             |   |                         | (54        | ) |   |   | (53 | ) |   |   | (7 | ) |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                                                 |   |                         | (141       | ) |   |   | (152 | ) |   |   | (19 | ) |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                               |   |                         | --         |   |   |   | -- |   |   |   | -- |   |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Net loss and total comprehensive loss                                    |   |                         | (141       | ) |   |   | (152 | )  |   |   | (19 | ) |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Loss per share of common stock (in HK cents/US cents)- Basic and diluted |   |                         | (0.50      | ) |   |   | (0.54 | ) |   |   | (0.07 | )  |
|                                                                     |   |                         |       |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares of common stock outstanding            |   |                         | 28,329,353 |   |   |   | 28,329,353 |   |   |   | 28,329,353 |   |

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PHYSICAL

|                                                                                                                                                                             |   |   |   |   | As of             |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|-------------------|--------|
|                                                                                                                                                                             |   | Note   |   |   | December 31, 2010 |   |   | March 31, 2011(Unaudited) |   |
|                                                                                                                                                                             |   |   |   |   | HK$’000     |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                           |   |   |   |   |              |   |   |   |   |   |   |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |
| Current assets                                                                                                                                                                   |   |   |   |   |              |   |   |   |   |   |   |   |
| Cash and bank balances                                                                                                                                                           |   |   |   |   |              | 14     |   |   |   | 4 |   |   |   | 1 |   |
| Trade receivables                                                                                                                                                                |   |   |   |   |              | 13     |   |   |   | 13 |   |   |   | 2 |   |
| Management fees and utility deposits                                                                                                                                             |   |   |   |   |              | 24     |   |   |   | 24 |   |   |   | 3 |   |
| Total current assets                                                                                                                                                             |   |   |   |   |              | 51     |   |   |   | 41 |   |   |   | 6 |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |
| Bank deposits, collateralized                                                                                                                                                    |   |   |   |   |              | 82     |   |   |   | 82 |   |   |   | 11 |   |
| Property, plant and equipment, net of accumulated depreciation     of HK$2,325 as of March 31, 2011 (December 31, 2010: HK$2,239)                            |   |   |   |   |              | 10,549 |   |   |   | 10,463 |   |   |   | 1,341 |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |
| Total assets                                                                                                                                                                     |   |   |   |   |              | 10,682 |   |   |   | 10,586 |   |   |   | 1,358 |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                                                                                              |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |
| Bank loans                                                                                                                                                                       |   |   | 3      |   |              |   | 10,102 |   |   |   | 9,966 |   |   |   | 1,278 |   |
| Other payables                                                                                                                                                                   |   |   |   |   |              |   | 247 |   |   |   | 237 |   |   |   | 30 |   |
| Due to a stockholder                                                                                                                                                             |   |   | 5      |   |              |   | 826 |   |   |   | 1,028 |   |   |   | 132 |   |
| Total current liabilities                                                                                                                                                        |   |   |   |   |              |   | 11,175 |   |   |   | 11,231 |   |   |   | 1,440 |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                                                                                                    |   |   | 6      |   |              |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Common stock, par value US$0.001 each, 100 million shares of     stock authorized; 28,329,353 shares of stock issued and     outstanding |   |   |   |   |              |   | 221 |   |   |   | 221 |   |   |   | 28 |   |
| Additional paid-in capital                                                                                                                                                       |   |   |   |   |              |   | 73,608 |   |   |   | 73,608 |   |   |   | 9,437 |   |
| Accumulated losses                                                                                                                                                               |   |   |   |   |              |   | (74,322 | ) |   |   | (74,474 | ) |   |   | (9,547 | ) |
| Total stockholders' deficit                                                                                                                                                      |   |   |   |   |              |   | (493 | ) |   |   | (645 | ) |   |   | (82 | ) |
|                                                                                                                                                                             |   |   |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                                                                                                       |   |   |   |   |              |   | 10,682 |   |   |   | 10,586 |   |   |   | 1,358 |   |

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|                                                                                                |   |   |   |   | Three Months Ended March 31, |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|--------|--------|------------------------------|--------|
|                                                                                                |   | Note   |   |   | 2010                         |   |   | 2011 |   |   | 2011 |   |
|                                                                                                |   |   |   |   | HK$’000                |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |
| Cash flows from operating activities                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |
| Net loss                                                                                            |   |   |   |   |                         | (141   | ) |   |   | (152 | ) |   |   | (19 | ) |
| Adjustments to reconcile net loss to net cash used in     operating activities: |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                                                        |   |   |   |   |                         | 86     |   |   |   | 86 |   |   |   | 11 |   |
| Changes in working capital:                                                                         |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
| Trade receivables                                                                                   |   |   |   |   |                         | (13    | ) |   |   | -- |   |   |   | -- |   |
| Management fees and utility deposits                                                                |   |   |   |   |                         | (1     | ) |   |   | -- |   |   |   | -- |   |
| Other payables                                                                                      |   |   |   |   |                         | 18     |   |   |   | (10 | ) |   |   | (2 | ) |
|                                                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
| Net cash used in operating activities                                                               |   |   |   |   |                         | (51    | ) |   |   | (76 | ) |   |   | (10 | ) |
|                                                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
| Repayment of bank loans                                                                             |   |   |   |   |                         | (133   | ) |   |   | (136 | ) |   |   | (17 | ) |
| Net advance from a stockholder                                                                      |   |   | 5      |   |                         |   | 169 |   |   |   | 202 |   |   |   | 26 |   |
| Net cash provided by financing activities                                                           |   |   |   |   |                         |   | 36 |   |   |   | 66 |   |   |   | 9 |   |
|                                                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                           |   |   |   |   |                         |   | (15 | ) |   |   | (10 | ) |   |   | (1 | ) |
|                                                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                                    |   |   |   |   |                         |   | 22 |   |   |   | 14 |   |   |   | 2 |   |
|                                                                                                |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                          |   |   |   |   |                         |   | 7 |   |   |   | 4 |   |   |   | 1 |   |

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| End of maturity |   | Interest rate  |   | Principal     |   |
|-----------------|--------|----------------|--------|---------------|--------|
|            |   |           |   | 2010          |   |   | 2011 |   |   | 2011 |   |
|            |   |           |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|            |   |           |   |          |   |   |   |   |   |   |   |
| 2026            |   | 2.1% per annum |   |          | 10,102 |   |   |   | 9,966 |   |   |   | 1,278 |   |

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| Payables during the following periods according to bank     repayment terms notices |   |   | Principal     |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|---------------|--------|
|                                                                                                    |   |   | 2010          |   |   | 2011 |   |   | 2011 |   |
|                                                                                                    |   |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                                                    |   |   |          |   |   |   |   |   |   |   |
| 2011 / 2012                                                                                             |   |   |          | 547    |   |   |   | 550 |   |   |   | 71 |   |
| 2012 / 2013                                                                                             |   |   |          | 559    |   |   |   | 561 |   |   |   | 72 |   |
| 2013 / 2014                                                                                             |   |   |          | 570    |   |   |   | 573 |   |   |   | 73 |   |
| 2014 / 2015                                                                                             |   |   |          | 582    |   |   |   | 586 |   |   |   | 75 |   |
| 2015 / 2016                                                                                             |   |   |          | 595    |   |   |   | 598 |   |   |   | 77 |   |
| Thereafter                                                                                              |   |   |          | 7,249  |   |   |   | 7,098 |   |   |   | 910 |   |
|                                                                                                    |   |   |          |   |   |   |   |   |   |   |   |   |   |
|                                                                                                    |   |   |          | 10,102 |   |   |   | 9,966 |   |   |   | 1,278 |   |

| (i)     | leasehold properties in Hong Kong with a net book value of HK$10,288,000 and HK$10,359,000 as of March 31, 2011 and December 31, 2010 respectively; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)    | fixed deposits of HK$82,000 as of March 31, 2011 and December 31, 2010; and                                                                         |
| (iii)   | joint and several guarantee provided by the Principal Stockholder and his spouse.                                                                   |

|              |   | Three months ended March 31, |   |
|-------------------|--------|------------------------------|--------|
|              |   | 2010                         |   |   | 2011 |   |   | 2011 |   |
|              |   | HK$’000                |   |   | HK$’000 |   |   | US$’000 |   |
| Cash paid for:    |   |                         |   |   |   |   |   |   |   |
| Interest expenses |   |                         | 54     |   |   |   | 53 |   |   |   | 7 |   |

|                                                                |   | Three months ended March 31, |   |
|---------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                |   | 2010                         |   |   | 2011 |   |
|                                                                |   | HK$’000                |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                |   |                         |   |   |   |   |   |   |   |
| Balance at beginning of period                                      |   |                         | --     |   |   |   | 826 |   |   |   | 106 |   |
|                                                                |   |                         |   |   |   |   |   |   |   |   |   |   |
| Advance from the Principal Stockholder                              |   |                         | 107    |   |   |   | 114 |   |   |   | 15 |   |
| Repayment to the Principal Stockholder                              |   |                         | (19    | ) |   |   | -- |   |   |   | -- |   |
| Expenses paid by the Principal Stockholder on behalf of the Company |   |                         | 81     |   |   |   | 88 |   |   |   | 11 |   |
|                                                                |   |                         |   |   |   |   |   |   |   |   |   |   |
| Net (repayment to) advance from the Principal Stockholder           |   |                         | 169    |   |   |   | 202 |   |   |   | 26 |   |
|                                                                |   |                         |   |   |   |   |   |   |   |   |   |   |
| Balance at end of period                                            |   |                         | 169    |   |   |   | 1,028 |   |   |   | 132 |   |

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|               |   | December 31,2010 |   |   | As of March 31,2011 |   |
|--------------------|--------|------------------|--------|--------|---------------------|--------|
|               |   | HK$’000    |   |   | HK$’000       |   |   | US$’000 |   |
|               |   |             |   |   |                |   |   |   |   |
| Within one year    |   |             | 628    |   |                |   | 628 |   |   |   | 81 |   |
| In the second year |   |             | 320    |   |                |   | 189 |   |   |   | 24 |   |
|               |   |             |   |   |                |   |   |   |   |   |   |   |
|               |   |             | 948    |   |                |   | 817 |   |   |   | 105 |   |

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ITE

|                       |   | Three Months Ended March 31, |   |
|----------------------------|--------|------------------------------|--------|
|                       |   | 2010                         |   |   | 2011 |   |
|                       |   |                         |   |   |   |   |
| Operating Revenues         |   |                         | 100.00 | % |   |   | 100.00 | % |
|                       |   |                         |   |   |   |   |   |   |
| Total operating expenses   |   |                         | 147.28 | % |   |   | 151.30 | % |
|                       |   |                         |   |   |   |   |   |   |
| Operating loss             |   |                         | (47.28 | %) |   |   | (51.30 | %) |
|                       |   |                         |   |   |   |   |   |   |
| Loss before income taxes   |   |                         | (76.63 | %) |   |   | (78.76 | %) |
|                       |   |                         |   |   |   |   |   |   |
| Provision for income taxes |   |                         | --     |   |   |   | -- |   |
|                       |   |                         |   |   |   |   |   |   |
| Net loss                   |   |                         | (76.63 | %) |   |   | (78.76 | %) |

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IT

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| 31.1   | Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934                        |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                    |
| 31.2   | Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934                        |
|   |                                                                                                                                                    |
| 32.1   | Certification of the Company's Chief Executive Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |                                                                                                                                                    |
| 32.2   | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002           |

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| May 12, 2011 | /s/ Ngai Keung Luk                           |
|--------------|----------------------------------------------|
|         | Ngai Keung Luk                               |
|         | Chairman and Chief Executive Officer         |
|         | (Principal Executive Officer)                |
|         |                                         |
|         |                                         |
| May 12, 2011 | /s/ Darrie Lam                               |
|         | Darrie Lam                                   |
|         | Chief Financial Officer                      |
|         | (Principal Financial and Accounting Officer) |