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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 and nine-month periods ended September 30, 2009 and 2010 | 3                |
|                           |                                                                                           |                                                                                                                                   |             |
|                           |                                                                                           | Condensed Consolidated Balance Sheets as of December 31, 2009 (Audited) and September 30, 2010 (Unaudited)                        | 4                |
|                           |                                                                                           |                                                                                                                                   |             |
|                           |                                                                                           | Unaudited Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2009 and 2010                 | 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                                                               | 12                                                                                                                                     |
|                           |                                                                                           |                                                                                                                                   |             |
| PART II - OTHER INFORMATION    |                                                                                           |
|                           |                                                                                           |                                                                                                                                   |             |
|                           | ITEM 1 - LEGAL PROCEEDINGS                                                                     | 12                                                                                                                                     |
|                           |                                                                                           |                                                                                                                                   |
|                           | ITEM 6 - EXHIBITS                                                                              | 13                                                                                                                                     |
|                           |                                                                                           |                                                                                                                                   |             |
|                           |                                                                                           | SIGNATURES                                                                                                                             | 14               |

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|                                                          |   | Three months ended September 30, |       |   | Nine months ended September 30, |   |
|---------------------------------------------------------------|--------|----------------------------------|------------|--------|---------------------------------|--------|
|                                                          |   | 2009                             |       |   | 2010                            |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2010 |   |
|                                                          |   | HK$’000                    |       |   | HK$’000                   |   |   | US$’000 |   |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Revenue                                             |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Rental income                               |   |                             | 171        |   |                            |   | 202 |   |   |   | 26 |   |   |   | 418 |   |   |   | 550 |   |   |   | 71 |   |
| Total operating revenues                                      |   |                             | 171        |   |                            |   | 202 |   |   |   | 26 |   |   |   | 418 |   |   |   | 550 |   |   |   | 71 |   |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                            |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Rent and related expenses             |   |                             | (23        | )      |                            |   | (23 | ) |   |   | (3 | ) |   |   | (70 | ) |   |   | (69 | ) |   |   | (9 | ) |
|     Depreciation                          |   |                             | (86        | )      |                            |   | (86 | ) |   |   | (11 | ) |   |   | (248 | ) |   |   | (258 | ) |   |   | (33 | ) |
| Other selling and administrative expenses                |   |                             | (79        | )      |                            |   | (158 | ) |   |   | (20 | ) |   |   | (243 | ) |   |   | (459 | ) |   |   | (59 | ) |
| Total operating expenses                                      |   |                             | (188       | )      |                            |   | (267 | ) |   |   | (34 | ) |   |   | (561 | ) |   |   | (786 | ) |   |   | (101 | ) |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                          |   |                             | (17        | )      |                            |   | (65 | ) |   |   | (8 | ) |   |   | (143 | ) |   |   | (236 | ) |   |   | (30 | ) |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-operating expenses                                        |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Interest expenses                     |   |                             | (56        | )      |                            |   | (53 | ) |   |   | (7 | ) |   |   | (169 | ) |   |   | (161 | ) |   |   | (21 | ) |
| Total non-operating expenses                                  |   |                             | (56        | )      |                            |   | (53 | ) |   |   | (7 | ) |   |   | (169 | ) |   |   | (161 | ) |   |   | (21 | ) |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                                      |   |                             | (73        | )      |                            |   | (118 | ) |   |   | (15 | ) |   |   | (312 | ) |   |   | (397 | ) |   |   | (51 | ) |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                    |   |                             | --         |   |                            |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss and total comprehensive loss                         |   |                             | (73        | )      |                            |   | (118 | ) |   |   | (15 | ) |   |   | (312 | ) |   |   | (397 | ) |   |   | (51 | ) |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share of common stock (in cents)                     |   |                             | (0.26      | )      |                            |   | (0.42 | ) |   |   | (0.05 | )  |   |   | (1.10 | ) |   |   | (1.40 | ) |   |   | (0.18 | )  |
|                                                          |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares of common stock outstanding |   |                             | 28,329,353 |   |                            |   | 28,329,353 |   |   |   | 28,329,353 |   |   |   | 28,329,353 |   |   |   | 28,329,353 |   |   |   | 28,329,353 |   |

----

|                                                                                                                                                                              |   |   |   |   |                       |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|----------------------------|---------|
|                                                                                                                                                                              |   | Note   |   |   | December 31, 2009(Audited) |    |   | As ofSeptember 30, 2010(Unaudited) |   |
|                                                                                                                                                                              |   |   |   |   | HK$’000              |    |   | HK$’000 |   |   | US$’000 |   |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                            |   |   |   |   |                       |    |   |   |   |   |   |   |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |
| Current assets                                                                                                                                                                    |   |   |   |   |                       |    |   |   |   |   |   |   |
|     Cash and bank balances                                                                                                                                         |   |   |   |   |                       | 22      |   |   |   | 9 |   |   |   | 1 |   |
|     Trade receivables                                                                                                                                         |   |   |   |   |                       | --      |   |   |   | 13 |   |   |   | 2 |   |
|     Management fees and utility deposits                                                                                                                           |   |   |   |   |                       | 23      |   |   |   | 24 |   |   |   | 3 |   |
| Total current assets                                                                                                                                                              |   |   |   |   |                       | 45      |   |   |   | 46 |   |   |   | 6 |   |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
|     Bank deposits, collateralized                                                                                                                                  |   |   |   |   |                       | 82      |   |   |   | 82 |   |   |   | 11 |   |
|     Property, plant and equipment, net of accumulated depreciation of HK$2,153     as of September 30, 2010 (December 31, 2009: HK$1,895) |   |   |   |   |                       | 10,893  |   |   |   | 10,635 |   |   |   | 1,363 |   |
|                                                                                                                                                                         |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
| Total assets                                                                                                                                                                      |   |   |   |   |                       | 11,020  |   |   |   | 10,763 |   |   |   | 1,380 |   |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                                                                                               |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
|     Long-term bank loans - current portion                                                                                                                         |   | 3      |   |   |                       | 538     |   |   |   | 546 |   |   |   | 70 |   |
|     Other payables                                                                                                                                                 |   |   |   |   |                       | 234     |   |   |   | 231 |   |   |   | 30 |   |
|     Due to Principal Stockholder                                                                                                                                   |   | 5      |   |   |                       | --      |   |   |   | 545 |   |   |   | 70 |   |
| Total current liabilities                                                                                                                                                         |   |   |   |   |                       | 772     |   |   |   | 1,322 |   |   |   | 170 |   |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
| Long-term bank loans - non-current portion                                                                                                                                        |   | 3      |   |   |                       | 10,101  |   |   |   | 9,691 |   |   |   | 1,242 |   |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
| 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                                                                                                                                             |   |   |   |   |                       | (73,682 | ) |   |   | (74,079 | ) |   |   | (9,497 | ) |
| Total stockholders' equity                                                                                                                                                        |   |   |   |   |                       | 147     |   |   |   | (250 | )  |   |   | (32 | )  |
|                                                                                                                                                                              |   |   |   |   |                       |    |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                                                                                                        |   |   |   |   |                       | 11,020  |   |   |   | 10,763 |   |   |   | 1,380 |   |

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|                                                                                      |   |   |   |   | Nine months ended September 30, |   |
|-------------------------------------------------------------------------------------------|--------|--------|--------|--------|---------------------------------|--------|
|                                                                                      |   | Note   |   |   | 2009                            |   |   | 2010 |   |   | 2010 |   |
|                                                                                      |   |   |   |   | HK$’000                   |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |
| Cash flows from operating activities                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |
|      Net loss                                                         |   |   |   |   |                            | (312   | ) |   |   | (397 | )  |   |   | (51 | )  |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                                              |   |   |   |   |                            | 248    |   |   |   | 258 |   |   |   | 33 |   |
| Changes in working capital:                                                               |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
|   Trade receivables                                                             |   |   |   |   |                            | --     |   |   |   | (13 | ) |   |   | (2 | ) |
|        Management fees and utility deposits            |   |   |   |   |                            | 91     |   |   |   | (1 | )  |   |   | -- |   |
|        Other payables                                  |   |   |   |   |                            | 41     |   |   |   | (3 | )  |   |   | -- |   |
|                                                                       |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                       |   |   |   |   |                            | 68     |   |   |   | (156 | )  |   |   | (20 | )  |
|                                                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
|      Acquisition of property, plant and equipment                     |   |   |   |   |                            | (300   | )  |   |   | -- |   |   |   | -- |   |
|                                                                  |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Net cash used in investing activities                                                     |   |   |   |   |                            | (300   | ) |   |   | -- |   |   |   | -- |   |
|                                                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
|      Repayment of long-term bank loans                                |   |   |   |   |                            | (395   | ) |   |   | (402 | ) |   |   | (52 | ) |
|      Net (repayment to) advance from Principal Stockholder            |   | 5      |   |   |                            | (7     | )  |   |   | 545 |   |   |   | 70 |   |
|                                                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Net cash (used in) provided by financing activities                                       |   |   |   |   |                            | (402   | ) |   |   | 143 |   |   |   | 18 |   |
|                                                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                 |   |   |   |   |                            | (634   | )  |   |   | (13 | ) |   |   | (2 | ) |
|                                                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                          |   |   |   |   |                            | 1,255  |   |   |   | 22 |   |   |   | 3 |   |
|                                                                                      |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                |   |   |   |   |                            | 621    |   |   |   | 9 |   |   |   | 1 |   |

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| End of maturity |   | Interest rate  |   | Principal     |   |
|-----------------|--------|----------------|--------|---------------|--------|
|            |   |           |   | 2009          |   |   | 2010 |   |   | 2010 |   |
|            |   |           |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|            |   |           |   |          |   |   |   |   |   |   |   |
| 2026            |   | 2.1% per annum |   |          | 10,639 |   |   |   | 10,237 |   |   |   | 1,312 |   |

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| Payable during the following periods   |   | Principal     |   |
|----------------------------------------|--------|---------------|--------|
|                                   |   | 2009          |   |   | 2010 |   |   | 2010 |   |
|                                   |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|                                   |   |          |   |   |   |   |   |   |   |
| Within one year                        |   |          | 538    |   |   |   | 546 |   |   |   | 70 |   |
| From the second year to 2026 |   |          | 10,101 |   |   |   | 9,691 |   |   |   | 1,242 |   |
|                                   |   |          |   |   |   |   |   |   |   |   |   |   |
|                                   |   |          | 10,639 |   |   |   | 10,237 |   |   |   | 1,312 |   |

| (i)     | leasehold properties in Hong Kong with a net book value of HK$10,430,000 and HK$10,643,000 as of September 30, 2010 and December 31, 2009 respectively; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)    | fixed deposits of HK$82,000 as of September 30, 2010 and December 31, 2009; and                                                                         |
| (iii)   | joint and several guarantee provided by the Principal Stockholder and his spouse.                                                                       |

|              | Three months endedSeptember 30, |   | Nine months endedSeptember 30, |
|-------------------|---------------------------------|--------|--------------------------------|
|              | 2009                            |   | 2010                           |   | 2010 |   | 2009 |   | 2010 |   | 2010 |
|              | HK$’000                   |   | HK$’000                  |   | US$’000 |   | HK$’000 |   | HK$’000 |   | US$’000 |
|              |                            |   |                           |   |   |   |   |   |   |   |   |
| Cash paid for:    |                            |   |                           |   |   |   |   |   |   |   |   |
| Interest expenses | 56                              |   | 53                             |   | 7 |   | 169 |   | 161 |   | 21 |

|                                                                |   | Nine months ended September 30, |   |
|---------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                |   | 2009                            |   |   | 2010 |   |
|                                                                |   | HK$’000                   |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                |   |                            |   |   |   |   |   |   |   |
| Balance at beginning of period                                      |   |                            | 7      |   |   |   | -- |   |   |   | -- |   |
|                                                                |   |                            |   |   |   |   |   |   |   |   |   |   |
| Advance from the Principal Stockholder                              |   |                            | 2,526  |   |   |   | 568 |   |   |   | 73 |   |
| Repayment to the Principal Stockholder                              |   |                            | (2,561 | ) |   |   | (31 | ) |   |   | (4 | ) |
| Expenses paid by the Principal Stockholder on behalf of the Company |   |                            | 28     |   |   |   | 8 |   |   |   | 1 |   |
|                                                                |   |                            |   |   |   |   |   |   |   |   |   |   |
| Net (repayment to) advance from the Principal Stockholder           |   |                            | (7     | )  |   |   | 545 |   |   |   | 70 |   |
|                                                                |   |                            |   |   |   |   |   |   |   |   |   |   |
| Balance at end of period                                            |   |                            | --     |   |   |   | 545 |   |   |   | 70 |   |

----

|               |   | December 31, 2009 |   |   | As of September 30,2010 |   |
|--------------------|--------|-------------------|--------|--------|-------------------------|--------|
|               |   | HK$’000     |   |   | HK$’000           |   |   | US$’000 |   |
|               |   |              |   |   |                    |   |   |   |   |
| Within one year    |   |              | 616    |   |                    |   | 609 |   |   |   | 78 |   |
| In the second year |   |              | 213    |   |                    |   | 242 |   |   |   | 31 |   |
|               |   |              |   |   |                    |   |   |   |   |   |   |   |
|               |   |              | 829    |   |                    |   | 851 |   |   |   | 109 |   |

----

|                       |   | Three months ended September 30 |    |    | Nine months ended September 30 |   |
|----------------------------|--------|---------------------------------|---------|---------|--------------------------------|--------|
|                       |   | 2009                            |    |    | 2010                           |   |   | 2009 |   |   | 2010 |   |
|                       |   |                            |    |    |                           |   |   |   |   |   |   |   |
| Operating Revenues         |   |                            | 100.00  | %  |                           |   | 100.00 | %  |   |   | 100.00 | %  |   |   | 100.00 | %  |
|                       |   |                            |    |    |                           |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses   |   |                            | (109.94 | %)      |                           |   | (132.18 | %) |   |   | (134.21 | %) |   |   | (142.91 | %) |
|                       |   |                            |    |    |                           |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations       |   |                            | (9.94   | %)      |                           |   | (32.18 | %) |   |   | (34.21 | %) |   |   | (42.91 | %) |
|                       |   |                            |    |    |                           |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes   |   |                            | (42.69  | %)      |                           |   | (58.42 | %) |   |   | (74.64 | %) |   |   | (72.18 | %) |
|                       |   |                            |    |    |                           |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes |   |                            | --      |    |                           |   | -- |   |   |   | -- |   |   |   | -- |   |
|                       |   |                            |    |    |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                   |   |                            | (42.69  | %)      |                           |   | (58.42 | %) |   |   | (74.64 | %) |   |   | (72.18 | %) |

----

----

----

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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           |

----

| November 12, 2010 | /s/ Ngai Keung Luk                           |
|-------------------|----------------------------------------------|
|              | Ngai Keung Luk                               |
|              | Chairman and Chief Executive Officer         |
|              | (Principal Executive Officer)                |
|              |                                         |
|              |                                         |
| November 12, 2010 | /s/ Darrie Lam                               |
|              | Darrie Lam                                   |
|              | Chief Financial Officer                      |
|              | (Principal Financial and Accounting Officer) |